A Mini Research on Growth & Expansion of Business

Topics: Entrepreneurship, Marketing, Mobile phone Pages: 11 (2771 words) Published: June 10, 2014

COURSE TITLE: Introduction to Entrepreneurship
LECTURER: Prof. Adetayo

Conduct a mini research on growth and expansion of business

Interview an entrepreneur

Questionnaire or other means of collecting information may be used (focus

must be on growth and expansion of business

Include brief history of the organization

Present your observation

A Mini Research on Growth and Expansion of Business: An Interview with Jay Alabraba, (an entrepreneur), Co-founder of Pagatech Nigeria Limited. What is Business Growth?
Business growth can be defined as the process of improving some measure of an enterprise's success. Business growth can be achieved either by boosting the top line or revenue of the business with greater product sales or service income, or by increasing the bottom line or profitability of the operation by minimizing costs. What is Business Expansion?

Business expansion is a business strategy in which growth is obtained by increasing the number of stores or locations in which customers can buy a company's products and services. Unlike relocation, business expansion entails opening up new stores in different physical locations while still maintaining the current business locations. It entails increasing the capacity of an enterprise to serve or meet the various needs of its market. It is therefore, the growth of a business' product and service offerings.

Who is an Entrepreneur?
An entrepreneur is someone who exercises initiative by organizing a venture, taking benefit of an opportunity and, as the decision maker, decides what, how, and how much of a good or service to produced or render. An entrepreneur supplies risk capital as a risk taker, monitors and controls

the business activities. The entrepreneur is usually a sole proprietor, a partner, or the one who owns the majority of shares in an incorporated venture.  An economist, Joseph Alois Schumpeter (1883-1950), defined entrepreneur as the ability to identify challenges around you, be able to create ideas to solve these challenges with the purpose of making profit. According to him, entrepreneurs are not necessarily motivated by profit but regard it as a standard for measuring achievement or success. Schumpeter discovered that they i. greatly value self-reliance,

ii. strive for distinction through excellence,
iii. are highly optimistic (otherwise nothing would be undertaken), and iv. always favor challenges of medium risk (neither too easy, nor ruinous). An entrepreneur is considered in this research as an individual that possesses drive, ambition, foresight and imagination to break through traditional barriers, overcome inertia and transform theory to practice. A self-motivating and initiative person. Brief History of Pagatech Limited

Pagatech was founded in early 2009 with a mission to transform lives by delivering innovative and universal access to financial services across Africa. Pagatech first product offering, Paga, is a direct to consumer mobile payments service launched to the general public in February 2011. Paga is an innovative, open, secure, and interoperable mobile payments platform that allows any person who has a mobile phone to transact electronically – thus turning the mobile phone into an electronic wallet.

Customers can use Paga to send cash, purchase airtime credit, pay bills, and pay retailers. Paga supports all phones, even the most basic SMS-enabled phone. Customers are also able to transact on Paga over the internet, via the Paga mobile application for java-enabled devices, and via USSD. Paga works on all mobile networks. Pagatech takes a multi-stakeholder approach to mobile payments and strongly believe that for mobile payments to achieve the goal of financial inclusion, network effects are required. This can be best achieved by bringing together multiple stakeholders and creating numerous avenues for the...

References: http://www.businessdictionary.com/definition/business-expansion.html
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