Entrepreneurship And Innovation In Modern Business Commerce Essay

In our mundane lives, we realise new manner of making things, new things are being produced and sold and new services are rendered, and most times people wonder where these thoughts comes from and who are those that are really conveying such thoughts that are helpful and utile to us. These are fundamentally pioneers and enterprisers.

Entrepreneurship is gotten from a Gallic word which means “ one who undertakes inventions, finance and concern penetration in an attempt to transform inventions into economic goods ” . It could be newA organizationsA or may be portion of regenerating an old administration in response to a recognized chance. The most obvious signifier of entrepreneurship is that of get downing newA concerns. EntrepreneurshipA is the act of being an enterpriser. Harmonizing to Harper 2003, he argued that entrepreneurship is defined as the human leaning to be watchful to gain administration. “ Entrepreneurship is a manner of thought, logical thinking, and moving that is chance obsessed, holistic in attack and leading balanced. ” Timmons & A ; Spinelli ( 2007 page 79 ) . Meyer G.D defines entrepreneurship as “ a scholarly field that seek to understand how chances to convey into existence future goods and services are developed, created and exploited by whom and with what fortunes ” .

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Bygrave says an Entrepreneur is the individual who perceives an chance and creates an organisation to prosecute it. An enterpriser is an person who accepts fiscal hazards and undertakes new fiscal ventures ( wisegeek ) . Harmonizing to Locket 2010, he said invention popularly defined as ‘the debut of freshnesss ; the change of what is established by the debut of new elements or signifiers ‘ and in commercial footings, as ‘the action of presenting a new merchandise into the market ; a merchandise freshly brought to the market ‘ and the action or procedure of introducing as doing ‘changes in something established, particularly presenting a new methods, thoughts or merchandises ‘ . Therefore, Theresa Ekwale in this survey will be critically evaluated as an enterpriser by analyzing her background and early experiences to happen out what encouraged her to be an enterpriser, Elementss of the entrepreneurial roadmap and their relationship with each other, the entrepreneurial and invention procedure in the endeavors. Besides, an look of the concern activities as a concern theoretical account and see the entrepreneurial chances ‘ dimensions and drivers, the function of societal networking or societal capital, the function of any ethical factors in the development of the endeavor, established theoretical models for entrepreneurship and invention, and any differences between theory and pattern.


She is a existent concern adult female, good-humored and really prudent in concern affairs particularly cordial reception. She holds a Bsc in Political Science and Business Administration. She is good admired by her equals because she stands tall in cordial reception concern where most people think it ‘s a “ adult male ‘s universe ” . She is an native of Edo State by birth but Delta State by matrimony and she has made a good impact on the Port Harcourt community of Rivers State. She has an array of several professional makings in Nigeria and Ghana.


Theresa Ekwale was born on the 10th of October 1962 into the household of Mr and Mrs Okpeka in Owan local authorities of Edo province, Nigeria. She is the first kid of four kids, her siblings are married but the youngest ( male child ) late graduated from the University of Calabar and is presently working for her. Her parents are retired civil retainers populating in Lagos, Nigeria.

Theresa finished both primary and secondary school in Edo province and afterwards attended a instructors ‘ college in Lagos where she obtained her instructors ‘ Grade II certification. Theresa had uncles in cordial reception industries, from that really immature head she started nursing the thought of holding the same concern. Soon after she got her learning certification, she decided to acquire married but her parents her non in support of her acquiring married because they wanted her to foster her instruction to university degree but Theresa insisted and got married promising that she would travel back afterwards. After her first two childs, she started her National certification in Education ( NCE ) after which she proceeded to make her first grade in the University of Calabar, Nigeria where she obtained a Bsc in Public and Business Administration, “ uniting household issues and instruction was a hard undertaking but because I was determined to win I remained focussed ” . Theresa worked as a primary and secondary school instructor both in Lagos and Calabar. She was subsequently asked to retire by the province authorities because she was non an native of the province. The retirement now gave her the chance to realize her dream.

She started her concern as a decorative store proprietor known as NIMA COSMECTICS in 1995 in Calabar and by 1998 she moved to Port Harcourt with her household where she continued with her decorative concern. In 1999, she opened a salon to tap the market from her location because there was no salon store running at that clip. The salon store was close to her decorative store so as to pull clients from both sides. In 2004 Theresa decided get down up a hotel concern called NIMA ( SUITES ) HOTEL, “ I enjoy cordial reception concern because I have the background due the class I read in the university which besides deal with people and am besides a good house keeper and I can state that I have excelled in a profession that is chiefly work forces ‘s concern and I have operated the concern for more than 5years now with the aid of my younger brother who works as the community relation officer ” . Theresa has now moved her decorative store and salon near to the hotel for better direction and besides advertisement and pulling client to her stores.

Theresa Ekwale is merrily married with four childs and is successful in her concern.


Nima ( Suites ) Hotel commenced trial tally operations in May 2004. The concern was funded with amount of N50, 000,000 ( Fifty million naira ) which includes furniture, adjustments and edifice equipments etc. Nima Hotel limited is a private company and with its well-structured aims geared entirely at supplying cordial reception services to give their guest the uttermost in GUEST SATISFACTION and personalised touch. It is geared towards entire committedness and personalised emphasis free services to their teeming invitee, which range from authorities to high degree patronages ( Oil and Gas ) . Nima hotel is a quiet place for quiet people who are looking for a topographic point to rest. It is merely a place far off from place ; its chief concern is hotel and catering.


The entrepreneurial route map includes: the laminitis who is normally the leader, chance which is created by the concern theoretical account which is an look of the entrepreneurial procedure consisting of the thought coevals, chance acknowledgment and development, the squad which is linked with societal capital and webs, the procedure and eventually, the resources.

( Beginning: Locket 2010 )

The leader ( laminitis ) : Entrepreneurial leading can be defined as a societal influence procedure intended to ease the find, rating, and development of entrepreneurial chances ( Covin and Slevin ) . The laminitis is at the bosom of the entrepreneurial procedure and ever the instigator of the concern thought. Based on the definition, the leader ( laminitis ) of Nima ( suites ) Hotel is Theresa Ekwale who thought of the thought of puting up a hotel when she noticed there was none around the location and it was close to a commercialised country. Theresa Ekwale being the instigator and Godhead, she was able to measure and research the chance identified.

Opportunity: Venkataraman and Harting in their article stated that “ an entrepreneurial chance is the opportunity for an person to show new value by presenting new merchandises or services to the society ” . Entrepreneurial chances contain possibilities for both an economic addition and a loss for the enterpriser prosecuting the thought. Knight ( 1921 ) pointed out an of import quality about entrepreneurial chances. He observed that one can non roll up more information or transport out more analysis before doing necessary investings to cut down uncertainness. Entrepreneurial chance can besides be seen as an external environmental status proposing the feasibleness of presenting and selling new merchandises, services, natural stuffs and besides organizing methods at monetary values transcending their production cost ( Hitt A. et Al 2002 ) .

The entrepreneurial chance for Theresa Ekwale was that she built her hotel near to a commercialized country in the purpose of aiming exiles from different companies and she was the first to get down up a hotel in that location and the lone individual who owns a hotel every bit good.

Team: The entrepreneurial squad have to make with all parties that are participated toward the success thought on the peculiar invention. The establishing entrepreneurial squad or get down up squad could be a good balanced start up squad with professional as portion of the squad and as such there will be entree to identify resources such as finance, selling, legal advisor, PR services etc ( locket 2009 ) . In the instance of Nima Hotel, the start up squad consisted of 3 persons ; Rufus Ekwale ( hubby ) who is the Chief executive officer of the hotel, Emmanuel Akhiemieho ( brother ) , who brought his experience gathered from the university to the constitution in term of organisational coordination. He has attended a struggle Resolution seminar ( USAID sponsored ) , held at the Metropolitan Hotel Calabar and herself holding experience in selling and advertisement. All these experience played a major function in the success narrative on the concern.

Procedure: the procedure has to make with the manner of thought and organising. It is regarded as the planning and activities that are put in topographic point to guarantee that the concern or new venture is accepted. Theresa started off with the decorative and salon stores when the thought of puting up her ain hotel came to mind. Her former house which she wanted to do a rented belongings was renovated and turned into a hotel.

Resources: Harmonizing to Hitt A. et al an entrepreneurial resources can be defined as an suited set of resources required to sort the entrepreneurial chances with the greatest possible returns and utilize a disciplined attack to use them. Entrepreneurial resources are the touchable and intangible assets a steadfast uses to work competitory imperfectnesss in markets. Examples of entrepreneurial resources include physical assets, fiscal resources, single resources, and organisational resources ( Barney 2005 ) . For Theresa, fiscal resource was N50, 000,000 ( loan from the bank ) and single resources were her hubby Rufus and her brother Emmanuel.

The Entrepreneurial and Innovation Process: The entrepreneurial procedure trades with all the maps, activities, and actions associated with comprehending chances and making organisations to prosecute them. It is driven by a lead enterpriser and an entrepreneurial squad.

( Beginning: Locket 2010 )

In instance Theresa had the thought of puting up her hotel but noticed there was none around her locality and its was besides a commecialised country. It was a clear chance for her to tap into the market so she utilised that chance as the lone hotel proprietor in a commercialized country.

A BUSINESS MODEL: is an architecture for merchandise, service and information flows, including a description of the assorted concern histrions and their functions ; and a description of the possible benefits from assorted concern histrions ; and a description of the beginnings of gross ( Locket 2010 ) .

Opportunity concern theoretical account: The entrepreneurial chance concern theoretical account is a description of the cardinal dimensions ( proposition ; people ; topographic point ; procedure ; net income ) and drivers ( social ; commercial ; legal ; technological ) that underpin any new concern thought to be exploited in an endeavor ( Locket 2010 ) . In Nima hotel, the dimensions back uping the concern theoretical account is: net income, procedure, topographic point, people and proposition and the jussive moods are: technological, legal, social and commercial. Below is the diagram of the chance concern faculty

( Beginning: Locket 2010 )

For Nima hotel ;

Prepostion: to offer clean, fresh and comfy accomdation and besides to advance toursim in Rivers province, Nigeria and facilitate recreational relaxation.

Peoples: they consist of the leader/ laminitis, invitee, squad, staffs etc.

Topographic point: its in a commercialized country which enhances backing.

Net income: it includes housing and leasing out halls for occasions.

THE ROLE OF SOCIAL NETWORKING OR SOCIAL CAPITAL: web can be defined as a set of nods either individuals or administration which is linked by a set of societal relationships ( friendly relationship, transportation of financess etc ) of a specific type ( Cooper A.C ) . Social capital is the connexions within and between societal webs it is the accretion of ‘goodwill ‘ non based strictly on economic exchanges ( Locket 2008 ) . Social capital refers to the resources available through webs of societal relationships possessed by an person or a societal unit ( Ghitulescu and Lean ) . An enterpriser needs networking accomplishments to sell their advanced thoughts every bit good as their trade name names. It ‘s a manner of making consciousness on the concern or merchandise and to possess societal capital, a individual must be related to others, and it is those others, non himself, who are the existent beginning of his or her advantage.

Entrepreneurs get support, and entree to distribution channels through the people they meet ( their societal web ) .

Theresa Ekwale was successful in the cordial reception concern as she already had an uncle who was into the same concern and a web of people around who she had talked to in the past refering the cordial reception concern. She besides had friends who were influential and helped in making consciousness for the concern. She had besides met with the proprietor of one of the biggest hotels in Port Harcourt, Nigeria “ Aristohouse hotel and casino ” who advised her on the scheme of puting up a hotel concern.


Theresa is now a successful and proud proprietor of a hotel. She was determined to win so that merely was portion of the drive force which helped her accomplish her dream and now Nima ( Suite ) hotel is one of the esteemed hotels in Port Harcourt, Rivers State, Nigeria.

Theresa Ekwale had a good entrepreneurial roadmap which helped in the success of her concern. She had a good balance of leading, squad work, chance and resources.


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