About the Book
Alaba Adekunle Ajiye, the author of the book, is a researcher, poet and banker. Ajiye was milled at the Federal University of Technology, Akure, and the University of Agriculture, Abeokuta, where he obtained a Master of Business Administration (MBA) as well as a bachelor’s degree. He is a process change consultant, business strategist and financial analyst.
Synopsis of the Book
The objectives of the book add to enable students, as well as independent entrepreneurs to develop and sharpen their skills of planning a business venture and mastering it, build talent trust in entrepreneurship, realign an enterprise for better returns, and reduce business risk to the barest minimum. Additional objectives are the promotion of a better business attitude and etiquette, promotion of entrepreneurial involvement in exports trading, propelling of potential entrepreneurs to take advantage of any of the highlighted investments and development of individual skills in entrepreneurial our management.
The book offers you a well-rounded academic education in entrepreneurship by combining the latest theory with a real-world outlook. It provides readers with a solid foundation of knowledge in entrepreneurship which will improve and develop the strategy focus through practical entrepreneurship that will prepare them to take bold initiative of starting a personal enterprise.
The book is segmented into thirteen chapters, technically christened modules.
Module One examines the question of who an entrepreneur is. An entrepreneur is the person who provides the capital, takes the risk, makes the decision and reaps the profit or meets the losses of his business. That investor who took a business initiative to an enviable height regarding return on equity and size is regarded as a successful entrepreneur. In Nigeria, the survivor rate of business is meagre, with most of them dying within the first five years of operation. The role played by an entrepreneur in an organisation is not only limited to making good returns on shareholders’ investment, bearing the risk of survival or failure of the company. Other roles played by the entrepreneur include taking perception of marketing opportunities that could be model or initiative, gaining, and over scarce resources like raw materials, managerial competence, labour as well as finance and human resources of the company, making purchasing inputs that may include the type of technology the organisation chooses to use, et cetera. The author also examines the subconcept of constraints of entrepreneurial growth in the chapter.
Module Two is based on the generic subject matter of business ownership structure. The ownership structure of an enterprise could be many forms. He could be in the form that could be controlled and owned by an individual, which is referred to as sole proprietorship or a one-man business. It could also take the form of partnerships, which could have a minimum of two partners. It can also be in the form of a limited company, which could either be public or private in ownership. Whatever category an entrepreneur belongs to, there are some rules, laws and the Companies and Allied Matters Act that determine the structure of formation of each business ownership. Others sub- concepts examined in the chapter are the nature of sole proprietorship, the nature of the partnership, as well as the significant differences between a limited liability company and a public liability company.
In Modules Three to Eight, the author analytical x-rays concepts about sources of funding for entrepreneurs, business planning and promotion, marketing guide to entrepreneurial success, entrepreneurship and the required strategy focus, issues on small and medium scale enterprises, and the impact of research and development on a business.
Module Nine is entitled Managing Entrepreneurial Risks. Once an entrepreneur commences business management to maintain solvency and long-run profitability, he must periodically reappraise its business situation and plan its overall program to fit the economic environment and business trends. Foresight management formulates company plans to provide for upswing phase of the business cycle. It also offers suitable cutback or contraction program for the recession phase as anticipated, prepare for future comprehensive ever-changing programs to ensure its facilities are technologically up-to-date and prepares for future business merger program; depending on its analysis and forecasts of external forces and trends. Business operation management must consistently institute programs to minimise risk and losses in business due to dynamism in economic environment and uncertainty of business, the unpredictability of human behaviour and natural forces or uprising that could constitute a risk. A good knowledge of nature and sources of risk is the first step in setting up calculated plans of either preventing or mitigating risk in businesses. The author identifies the sources of risk in businesses and losses as economic fluctuations, unstable policy, technological changes, new business policy by the government, loss location by personnel and property, liabilities to the public from products/visitation, was the situation, inadequate planning and mismanagement.
In Modules Ten to Twelve, the author didactically examines the concepts of entrepreneurship and profits, and evaluation of entrepreneurial growth indices, necessary accounting requirements to manage an enterprise, and exports as entrepreneur’s delight.
Module Thirteen is based on the subject matter of entrepreneur’s investment guide. Successful entrepreneurs around the world, may at one time or the other find themselves in the situation of choice of the enterprise. The stage is usually referred to as the decision point to investments. In some instances, investors may not even have any idea of what business will go into, despite financial backup. For every investment outline made, investors are expected to write a feasibility study to minimise risk elements associated with such business.
The strength of the book lies in its logical presentation and analysis. The author brilliantly discusses every concept in detail, sometimes reinforcing its analyses with calculations as well as graphics to achieve visual reinforcement of understanding. What’s more, the cover of the book is glossy, the print is sharp, and the inside pages are well laid out. The author also includes questions at the end of each chapter to arouse the reader’s active participation and application of concepts.
However, the primary weakness of this intellectual walking lies in its multiplicity of errors of grammar, punctuation, spelling, etc. it needs serious grammatical and graphological baptism to become textually born again. For instance, instead of the word Foreword, the word “forward” is used in pages (iii) and (v). On page 70 of the book, the phrase “in other to …” is used in place of “in order to.”
Do you want to succeed as an entrepreneur? Then you need to find and read the book.