Professional Documents
Culture Documents
(KWASU)
MALETE, KWARA STATE
College of Education
DEPARTMENT OF Entrepreneurship
Education
NAME:
oguntusi hafeez
olamilekan
LEVEL:
MATRIC NO:
200L
15/37EE/056
Course Title:
Business Practical 1
Course code:
EED219
1.
Definition
According to well-known professors William Pride, Robert Hughes, and Jack
Kapoor, business is 'the organized effort of individuals to produce and sell, for a
profit, the goods and services that satisfy society's needs.' A business, then, is an
organization which seeks to make a profit through individuals working toward
common goals. The goals of the business will vary based on the type of business
and the business strategy being used. Regardless of the preferred strategy,
businesses must provide a service, product, or good that meets a need of society in
some way.
There are three key characteristics that must be met to have a business. First
businesses must be the result of individuals working together in an organized way.
Second, businesses must satisfy a societal need. Third, businesses must seek to
make a profit.
NOTE: businesses are comprised of individuals working together in an organized
way in order to be successful. Businesses are organized around the resources
needed to be successful, as well as the type of business that is being operated.
Some businesses may be organized in a way that requires constant cooperation and
communication with other employees. Other businesses may not require as much
contact with other employees but may instead rely on automated workflows. They
must decide the best way to be organized based on their individual goals.
Businesses must also satisfy a need for society. For example, a grocery store
satisfies the need to be able to purchase food for ourselves and our families.
Another example of satisfying a societal need is a gas station that provides needed
fuel for most cars to operate.
Businesses must carefully consider what need they are meeting for society in order
to strategically plan for success. For example, society may have a limited interest in
purchasing a personal hovercraft for travel. Travel needs are currently met in other
ways, so a business focused solely on personal hovercraft may struggle more than
the gas station at meeting a definite need.
Finally, businesses are organizations which are profit-seeking, meaning that they
are not the same as non-profit organizations. Whereas non-profit organizations seek
donations and funding to meet a mission, such as feeding the homeless in a city, a
business organization's goal will be centered on profit. For example, a business
organization might be seeking to become the first four-star hotel in a city.
2.
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1.
Financial Literacy
Structure and Systems
Skill development
Everyone sells
Work environment
Compensation
Leadership: First and foremost, the owner of a successful business
business. This doesnt mean that the owner needs to be an accountant or have the
skills of a bookkeeper, but it does mean that the owner knows how to read and
understand financial reports and use them to make the best possible business
decisions. More importantly, the owner is capable of building a cash-flow plan to
project service and retail sales goals complete with a budget to manage expenses.
The result is a business that is fiscally solid and has the cash and resources to fund
growth. What you dont see are owners in a perpetual state of financial stress with
difficulty paying bills and retail shelves that have more room for dust than they do
products to sell. Cash is the fuel of business. Successful businesses learn and
master the skills to be financially responsible in order to ensure that they will have
enough fuel to achieve their goals.
4.
mastering the skills to use that knowledge to the best of your ability. A commitment to
training and education is non-negotiable for both technical and non-technical skill
development. And the ultimate measurement of a companys commitment to training
and education is found in its first-time client retention rate (the percentage of firsttime clients that return for a second visit within approximately 90 days). Skill
development is an investment in your brand and quality assurance. Getting better
is a company value. Got it?
6.
love/hate relationship. The love part is that selling is what every business is all
about. Everyone recognizes this. The hate part is best summed up by the fact that
not all people are comfortable with the concept of selling. Some people are natural
at it while others feel their gut twisting when in close proximity to a sales situation.
The process of selling is just like producing a hit Broadway show. There are writers,
choreographers, set designers, lighting and sound technicians, an orchestra and
the actors. The applause and success is earned by the collective efforts of all. It
doesnt matter what an individuals role is in a company his or her paycheck
depends on the companys collective ability to sell.
7.
Work environment: Success has a look. Its common for owners to ask
me, Whats the first and most important thing I can do to turn my business around?
More often than not, my response is, Clean it, paint it and refurbish it. Front door to
back door, everything about the facility should communicate and support its brand
identity. Every piece of equipment should work. Lighting fixtures should be
functioning. Walls, dcor, posters, pictures, bathrooms and dressing rooms should
be spotless. Reception areas should look organized and professional. Dress for
success applies to work environments too.
8.
topics for owners and leaders. Commission, Team-Based Pay, fixed rate, sliding
scales, product/service charges, or independent contractor there is no one right way
that will serve the needs of all. But when all the debating is done, a compensation
program must achieve three goals.
3.
Implementing Laws
Enforcing Laws
Regulatory enforcement is the other primary role filled by regulatory agencies.
Agencies have a responsibility to monitor businesses to ensure they are complying
with regulations. Agencies vary on how they perform their enforcement
responsibilities, but we can take a look at a generalized process
1. Investigation
2. Decision
3. Appeal
Types of regulatory agency
1. NAFDAC
2. RMBC
NAFDAC
The National Agency for Food and Drug Administration and Control (NAFDAC)
is a Nigerian federal agency under the Federal Ministry of Health that is responsible
for regulating and controlling the manufacture, importation, exportation,
advertisement, distribution, sale and use of food, drugs, cosmetics, medical
devices, chemicals and packaged water. The organization was formed to checkmate
illicit and counterfeit products in Nigeria in 1993 under the country's health and safety
law. Adulterated and counterfeit drugs are a problem in Nigeria. In one 1989 incident,
over 150 children died as a result of paracetamol syrup containing diethylene glycol.
The problem of fake drugs was so severe that neighbouring countries such
as Ghana and Sierra Leone officially banned the sale of drugs, foods and beverages
products made in Nigeria. Such problems led to the establishment of NAFDAC, with
the goal of eliminating counterfeit pharmaceuticals, foods and beverages products
that are not manufactured in Nigeria and ensuring that available medications are
safe and effective. The formation of NAFDAC was inspired by a 1988 World Health
Assembly resolution requesting countries' help in combating the global health threat
posed by counterfeit pharmaceuticals.
In December 1992, NAFDAC's first governing council was formed. The council was
chaired by Tanimu Saulawa. In January 1993, supporting legislation was approved
as legislative Decree No. 15 of 1993. On January 1, 1994 NAFDAC was officially
established as a parastatal of the Federal Ministry of Health. NAFDAC replaced an
earlier Federal Ministry of Health body, the Direc
Functions of NAFDAC
NAFDAC has various basic functions. According to the requirements of its enabling
decree, the Agency was authorized to:
Undertake the registration of food, drugs, medical devices, bottled water and
chemicals
Control the exportation and issue quality certification of food, drugs, medical
devices, bottled water and chemicals intended for export
NAFDAC envisions that by making these functions known, that its actions will be
apparent in all sectors that deal with food, cosmetics, medical devices, bottled
water, and chemicals to the extent of instilling extra need for caution and compulsion
to respect and obey existing regulations both for healthy, living and knowledge of
certain sanctions or default. Despite the establishment of NAFDAC, the sale and use
of fake drugs did not end.
Achievements
NAFDAC has made several achievements over the years, including
The creation of six zonal and 36 state offices for easier accessibility, which are
being equipped to function effectively,
RMBC
Historical background
The Rwanda Medical and Dental Council is the authority responsible for
regulation of medical and dental practice in Rwanda. The Rwanda Medical and
Dental Council was established on May 31st 2003 following the promulgation of law
number 30/2001 of the 12th June 2001, which changed to the Law N 44/2012 of
14/02/2013 outlining the organization, functioning, and competence of the Medical
and Dental Council. The Rwanda Medical and Dental Council is a professional,
administrative and jurisdictional institution.
the three main types of financial institutions: depository, non- depository, and
investment.
COMMERCIAL BANK
The Central Bank of Nigeria was established by the CBN Act of 1958 and
commenced operations on July 1, 1959. The major regulatory objectives of the bank
as stated in the CBN Act are to: maintain the external reserves of the country,
promote monetary stability and a sound financial environment, and to act as a
banker of last resort and financial adviser to the federal government. The central
bank's role as lender of last resort and adviser to the federal government has
sometimes pushed it into murky regulatory waters. After the end of imperial rule the
desire of the government to become pro-active in the development of the economy
became visible especially after the end of the Nigerian civil war, the bank followed
the government's desire and took a determined effort to supplement any short falls in
credit allocations to the real sector. The bank soon became involved in lending
directly to consumers, contravening its original intention to work through commercial
banks in activities involving consumer lending. However, the policy was an offspring
of the indigenization policy at the time. Nevertheless, the government through the
central bank has been actively involved in building the nation's money and equity
centers, forming securities regulatory board and introducing treasury instruments into
the capital market.
Authorizing legislation
In 1948, an inquiry under the leadership of G.D Paton was established by the
colonial administration to investigate banking practices in Nigeria. Prior to the inquiry,
the banking industry was largely uncontrolled. The G.D Paton report, an offshoot of
the inquiry became the cornerstone of the first banking legislation in the country: the
banking ordinance of 1952. The ordinance was designed to prevent non viable
banks from mushrooming, and to ensure orderly commercial banking. The banking
ordinance triggered a rapid growth in the industry, with growth also came
disappointment. By 1958, a few numbers of banks had failed. To curtail further
failures and to prepare for indigenous control, in 1958, a bill for the establishment of
Central Bank of Nigeria was presented to the House of Representatives of Nigeria.
The Act was fully implemented on July 1, 1959, when the Central Bank of Nigeria
came into full operation. In April 1960, the Bank issued its first treasury bills. In May
1961 the Bank launched the Lagos Bankers Clearing House, which provided
licensed banks a framework in which to exchange and clear checks rapidly. By July
1, 1961 the Bank had completed issuing all denominations of new Nigerian notes
and coins and redeemed all of the West African Currency Board's previous money.
century. It was introduced to help reduce the burden of possible risk involved in trade
and as a result of this; it was initially indulged in by foreigners and not Nigerian
citizens. The increase in trade and commerce led to an increase in shipping and
banking activities, thus, making it necessary for there to be some form of risk back
up handled locally. The insurance companies in Europe appointed agents
(Merchants) to arrange insurance cover for their trading concerns. These agents had
the power of attorney to accept risks, but claims were still referred to the parent
company, thereby making the merchants insignificant. These agencies and the few
Nigerians employed in them had little or no knowledge of the insurance practice as
they were not exposed to insurance practice before then. The Royal Exchange
Assurance Company which was a London based body opened a branch office in
Lagos in 1921 and this was the first insurance company in Nigeria headed by Late
George Golding. It enjoyed monopoly as the only insurance company for a period of
about twenty-eight years when three others came up. (These three were the Legal
and General Assurance Society, Norwich Union Fire Insurance Society and the
Tobacco Insurance Company). By 1960, there were twenty-five insurance companies
in Nigeria. Of the twenty-five insurance companies in Nigeria by 1960, twenty-two
were foreign owned and three were indigenous. Patronage was however, quite low
as most Nigerians were not aware of insurance and its importance. With the lack of
proper legislation and awareness about the industry, there was a rapid and rather
unhealthy increase in the number of insurance companies after independence,
bringing the number of insurance companies in Nigeria to eighty by 1975. The first
legislation for the insurance industry was the Insurance Companies Act of
1961 which required registration with the Registrar, but was not effective in
implementation and was therefore easily breached. It was amended in 1964 by the
Insurance (Miscellaneous Provisions) Act 1964 and by 1976, both Acts were
repealed.
The insurance companies have, over the years, experienced certain challenges that
gave rise to the need for reforms and transformations. These challenges had
hampered the growth of the industry and had adverse effect of its efficacy to handle
the risk of those under its policy, thereby destroying the little faith the Nigerian people
had in the industry.
REFERENCES
About NAFDAC. 2005. Retrieved on 2006-03-27
^ Jump up to: a b NAFDAC: Battle against fake drugs. 2003-03-04. Retrieved on
2006-03-25
Jump up ^ The Director General: Prof. Dora Nkem Akunyili (OFR) Biography.
NAFDAC Nigeria. Retrieved on 2007-07-25
Jump up ^ Achievements. (2005). Retrieved on March 31, 2006, from
http://www.nafdacnigeria.org/achievements.html
E. O. Oloyede, The Bank Customer and Banking Law in Nigeria, Journal of African
Law, Vol. 19, No. 1/2, Spring, 1975
G. O. Nwankwo, Bank Lending in a Developing Economy: The Nigerian Experience,
Journal of African Law, Vol. 19, Spring, 1975
"Foreign reserves down, bank lending up as economy falters", Financial Times,
November 29, 1982
Ugo A. Okoroafor "Currency Restructuring in the CBN", cenbank.org, September 20,
2012