WEEK TWO-THREE: TYPES OF OCCUPATION
Factors Affecting Occupation
An occupation is any work or job people do to earn a living. The kind of occupation a person chooses is influenced by several factors that determine suitability and opportunity.
The following are the factors which affect occupation:
1.Education and Training: The level of education or training a person has determines the type of job they can do.
2. Natural Resources: The availability of natural resources influences the kind of occupation found in an area. For example, fishing near rivers and farming in fertile land.
Climate and Weather: Climatic conditions affect jobs. For instance, farming is common in areas with good rainfall.
3. Availability of Capital: People engage in occupations that they can afford to start or fund.
Government Policy: Government laws and regulations can encourage or restrict certain occupations.
4. Skills and Talent: Natural ability and personal interest influence the choice of occupation.
5. Cultural and Religious Beliefs: Some occupations are avoided or encouraged based on traditions or beliefs.
6. Technology and Modernization: Advancement in technology creates new occupations and changes old ones.
7. Demand for Goods and Services: People often choose occupations that are needed or profitable in their area.
Differences Between Direct and Indirect Services
Services are activities people perform to satisfy the needs of others for payment. Direct and indirect services differ based on how they relate to the public.
The following are the differences between direct and indirect services:
Direct Services are provided directly to people to meet their personal needs, while Indirect Services support production or the economy without direct contact with consumers.
Direct services include jobs like doctors, teachers, barbers, and drivers, while indirect services include bankers, factory workers, and engineers.
Direct services depend mainly on human effort and immediate contact with clients, while indirect services depend more on machinery, tools, and organization.
Payment for direct services is often made immediately, while in indirect services it may be made after production or over time.
Direct services focus on personal satisfaction, while indirect services focus on producing or distributing goods and other services.
Examples include:
Direct Services: Doctor, Teacher, Barber, Waiter, Driver.
Indirect Services: Banker, Mechanic, Engineer, Factory Worker, Accountant.
Ethics in Sourcing Chemicals
Ethics refers to the moral principles and acceptable standards that guide how people behave in business and society. In sourcing chemicals, ethics involves obtaining, handling, and distributing chemicals safely and responsibly to avoid harm to people or the environment.
The following are examples of ethics in sourcing chemicals:
Buying chemicals only from approved or licensed vendors.
Checking that chemicals are properly labeled and sealed.
Avoiding the purchase of fake or expired chemicals.
Ensuring all chemicals meet safety and quality standards.
Keeping accurate records of purchased chemicals.
Licensed Chemical Vendors
Licensed vendors are approved businesses authorized by government agencies to sell chemicals safely. They follow proper regulations and safety measures in their operations.
The following are reasons for buying chemicals from licensed vendors:
They supply safe and genuine chemicals.
They follow government and safety standards.
They give correct product information and safety guidelines.
They help prevent accidents and misuse of chemicals.
Good Handling Techniques
Handling chemicals properly helps to prevent accidents and ensure safety. It includes all the steps taken from receiving to storing and using chemicals correctly.
These include:
Reading and following chemical safety instructions.
Wearing protective gear such as gloves, goggles, and aprons.
Storing chemicals in cool, dry, and labeled containers.
Avoiding inhaling, tasting, or touching chemicals unnecessarily.
Keeping chemicals out of reach of children.
Good Distribution Practices
Distribution ethics ensures that chemicals are transported and supplied safely without causing harm or pollution.
The following are good distribution practices:
Using proper containers and packaging for transportation.
Labeling all containers clearly with names and hazards.
Avoiding spillage during delivery.
Ensuring the transporters are trained in chemical safety.
Delivering chemicals only to authorized users.
Proper Disposal of Chemicals
Proper disposal means getting rid of used or expired chemicals in a safe and environmentally friendly way. It prevents contamination of water, soil, and air.
The following are proper methods of disposing chemicals:
Following disposal instructions on chemical labels.
Using designated waste disposal centers.
Avoiding pouring chemicals into drains or on the ground.
Keeping waste chemicals separate from ordinary waste.
Reporting dangerous spills to the right authorities.
WEEK FOUR: ETHICS IN SOURCING CHEMICALS
Ethics in Sourcing Chemicals
Ethics refers to the moral principles and acceptable standards that guide how people behave in business and society. In sourcing chemicals, ethics involves obtaining, handling, and distributing chemicals safely and responsibly to avoid harm to people or the environment.
The following are examples of ethics in sourcing chemicals:
1. Buying chemicals only from approved or licensed vendors.
2. Checking that chemicals are properly labeled and sealed.
3. Avoiding the purchase of fake or expired chemicals.
4. Ensuring all chemicals meet safety and quality standards.
5. Keeping accurate records of purchased chemicals.
6. Licensed Chemical Vendors
Licensed vendors are approved businesses authorized by government agencies to sell chemicals safely. They follow proper regulations and safety measures in their operations.
The following are reasons for buying chemicals from licensed vendors:
They supply safe and genuine chemicals.
They follow government and safety standards.
They give correct product information and safety guidelines.
They help prevent accidents and misuse of chemicals.
Good Handling Techniques
Handling chemicals properly helps to prevent accidents and ensure safety. It includes all the steps taken from receiving to storing and using chemicals correctly.
These include:
Reading and following chemical safety instructions.
Wearing protective gear such as gloves, goggles, and aprons.
Storing chemicals in cool, dry, and labeled containers.
Avoiding inhaling, tasting, or touching chemicals unnecessarily.
Keeping chemicals out of reach of children.
Good Distribution Practices
Distribution ethics ensures that chemicals are transported and supplied safely without causing harm or pollution.
The following are good distribution practices:
Using proper containers and packaging for transportation.
Labeling all containers clearly with names and hazards.
Avoiding spillage during delivery.
Ensuring the transporters are trained in chemical safety.
Delivering chemicals only to authorized users.
Proper Disposal of Chemicals
Proper disposal means getting rid of used or expired chemicals in a safe and environmentally friendly way. It prevents contamination of water, soil, and air.
The following are proper methods of disposing chemicals:
Following disposal instructions on chemical labels.
Using designated waste disposal centers.
Avoiding pouring chemicals into drains or on the ground.
Keeping waste chemicals separate from ordinary waste.
Reporting dangerous spills to the right authorities.
WEEK FIVE: ENTREPRENEURSHIP
Entrepreneurship can be defined as the capacity and willingness to develop, organize and manage a business venture along with any of its risks to make a profit. It is the process of starting a business or other organization. Entrepreneurship is seen as an important course that needs to be taught in schools because it will bring about development that is necessary to meet the needs of the country.
Entrepreneur
The entrepreneur is the individual or group of people who develops a business model, acquires the human and other required resources, and is fully responsible for its success or failure. The entrepreneur is referred to as the owner of the business. The entrepreneur is the person who coordinates, controls and organizes the process of production to make a profit. It is one of the factors of production.
Enterprise
An enterprise is a business set up by an individual or group of individuals or by a government for providing goods and services for a purpose. An enterprise can be private, public or voluntary agency enterprise.
Business
A business is an economic activity performed to produce goods or services that provide satisfaction for the consumers.
Types of enterprises
Entrepreneurship can be in the form of the following ways:
1. Public Enterprise: A public enterprise is a venture or an organization set up either the local, state or federal government for the provision of essential social services for the people. Examples: Nigerian Television Authority (NTA) Public Educational Institutions etc.
2. Private Enterprise: A private enterprise is a business enterprise, which is set up by individuals or group to meet the needs of the people to make a profit and to provide employment for people. Examples of private enterprises in Nigeria are Dangote Sugar Company, African Independent Television (AIT) etc.
3. Voluntary agency enterprises: They are non-governmental organizations (NGO) set up by willing individuals, religious groups and people with common ideas to provide social and welfare services for society member. Examples of Non-Governmental Organizations are rotary club Nigeria, Boys Scout of Nigeria, The Nigerian Red Cross Society of Nigeria etc.
Business finance basics.
WEEK SIX: SUCCESSFUL ENTREPRNEUR
Some of the Nigerian Entrepreneurs who have made it and are worth noting and admiring are as follows:
S/N NAME COMPANY FOUNDED
1 AlikoDangote The Dangote Group
2 CosmasMaduka Coscharis Group
3 Femi Otedola Zenon Oil & Gas
4 Jim Ovia Visafone
5 Wale Tinubu Oando Petroleum
6 Stella Okoh Emzor Pharmaceutical Ind. Ltd
7 Raymond Dokpesi Daar Communication Plc.
INTERNATIONAL ENTREPRENEURS
S/N NAME COMPANY FOUNDED
1. Bill Gates Microsoft
2. Richard Branson Virgin Atlantic
3. Michael Dell Dell Computers
4. Steve Jobs Apple Computers
WEEK SEVEN: IMPORTANCE OF ENTREPRENEURSHIP
1. Entrepreneurs have the ability to bear risks and so create jobs by establishing businesses.
2. Wealth Creation; Individuals who search for business opportunities usually create wealth by
entering into entrepreneurship.
3. Contribution to Research and Development almost two-thirds of all innovations in the world are due to the efforts of entrepreneurs. Entrepreneurs thus make the world a better place to live in.
4. Personal Growth And Experiences; The individual has maximum capacity for growth and opportunity if he/she is into entrepreneurship.
5. Rewarding entrepreneurship is a challenging tasks, the rewarding in most cases is much more than what one expects.
6. Provision of self-sufficiency: The entrepreneur does not only become self-sufficient but he/she provides a goods standard of living for his employees.
WEEK EIGHT: FORMS OF BUSINESS ORGANIZATION
In Nigeria, business organizations can be broadly classified into:
1.Sole Proprietorship
2. Partnership
3. Private Limited Company
4. Public Limited Company
5. Co-operative Societies
6. State-owned Enterprises (Public Corporations)
1. Sole Proprietorship:
Definition: A business owned and run by one individual.
Features: Simple to establish, owner has full control, not a separate legal entity.
Advantages: Easy to form, direct control, low start-up costs.
Disadvantages: Unlimited liability, limited capital, business dies with owner.
2. Partnership:
Definition: A business owned by two to twenty persons who contribute resources.
Features: Governed by a partnership agreement, profits shared.
Advantages: Shared responsibility, more capital than sole proprietorship.
Disadvantages: Unlimited liability, risk of conflict, shared profits.
3. Private Limited Company (Ltd):
Definition: A business owned by a small group of shareholders.
Features: Separate legal entity, limited liability, cannot sell shares publicly.
Advantages: Limited liability, perpetual existence, access to more capital.
Disadvantages: More regulations, restricted share transfer, formation costs.
4. Public Limited Company (Plc):
Definition: A company whose shares can be publicly traded on the stock exchange.
Features: Large ownership, subject to stock exchange rules.
Advantages: Can raise large capital, limited liability, perpetual existence.
Disadvantages: High cost of compliance, risk of hostile takeover.
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5. Co-operative Societies:
Definition: Owned and operated by a group of people for mutual benefit.
Features: Democratic control, members share profits and risks.
Advantages: Promotes savings, limited liability, support for members.
Disadvantages: Limited capital, mismanagement risks.
6. State-owned Enterprises:
Definition: Businesses owned by the government.
Features: Serve public interest, often large-scale.
Advantages: Large capital base, support from government.
Disadvantages: Bureaucracy, inefficiency, political interference.
WEEK NINE: PARTNERSHIP AND LIMITED LIABILITY COMPANY
Partnership
This is another form of business which exist between two or more persons contribute their skills, money, own and managed a business organization with the sole purpose of making a profit. By law, the number of persons that could form a partnership is not less than two and not more than twenty.
Advantages of partnership
1. There is a diversity of talents among the partners.
2. There is usually more committed to work.
3. Only partners share profits.
4. More jobs are created.
5. More than one person usually makes sound business decisions.
6. Business risks and liabilities are shared.
7. A partners exit may not affect the business.
Disadvantages of partnership
1. The growth of the business is limited to how the partners manage the business.
2. The partnership is automatically terminated through death, bankruptcy or insanity of any of the partners.
3. Capital beyond the means of the partners may be difficult to obtain.
4. A disagreement between partners may affect the ability of the business to make a profit.
5. A decision is slower than in sole proprietorship.
6. Introduction of a new partner, if not managed well, may end the company.
Limited liability company
A limited liability company is a business enterprise established and owned in bits by individual who are called shareholders. In a limited liability company, the liability of the owners in case of liquidation is limited to the amount which each owner has invested in the company.
There are two major classes namely:
1. A company limited by share.
2. A company limited by guarantee.
1. A company limited by share:
This Company may either be a private limited company (having its official name ending as LTD) or a public limited company (having its official name ending as PLC). A private limited company is not permitted by law to offer its shares to the public. A public limited company is permitted to offer its share to the public and can have as many shareholders as it wants.
2. A company limited by guarantee:
This company is formed to promote public causes and not to make money. They cannot create nor sell shares in any form such companies depend on ordinations through charity, etc. as sources of their capital. Some of this company are called Non-Governmental Association (NGOs).
Features of limited liability companies
1. They have objectives which are contained in their memorandum of Association.
2. A limited liability company can outline its present owners.
3. It is a legal entity. It can sue or be sued.
4. Their account is audited yearly and published in the national newspaper for the public to see.
5. The liability of its owners is limited to the amount due to their shareholding.
6. They keep specific books of account.
Advantages of a limited liability company
1. It is a legal entity. That is, it is held responsible for its action.
2. The liability of shareholders of registered companies is limited. In the event of liquidation, the maximum that shareholders can lose is only their paid-up shares.
3. Through the sale of shares, much larger capital can be accessed.
4. The death or exit of any shareholder of the company does not necessarily affect the company's existence.
5. Shareholders are part owners of the company but are not responsible for the day-to-day running of the business.
Disadvantages of limited liability company
1. Individual shareholders have no control over the company's operations.
2. There is usually no secret about the operation of the business.
3. Lack of commitment of the employees may lead to failure of the business.
4. There is usually the burden of high tax, especially for the private company.
5. It involves a rigorous registration process.
Public liability company:
They are a business organization formed and owned by government and finances from the country's purse with the key objective of providing certain essential service to the member of the public. example include NNPC, NIPOST, NRC etc.
WEEK TEN: COOPERATIVE SOCIETIES
A co-operative society is a voluntary association of persons, businessmen, traders or organization with common needs and interests. The resources of members are pooled together to promote the economic and welfare interest of the members.
PRINCIPLES OF CO-OPERATIVE SOCIETIES
Co-operative societies are based on the following principles.
1. Open and Voluntary membership.
2. Democratic management and control: Decisions are taken by voting and each member of a co-operative society has one vote in all decisions taken by the society. In other words, voting does not depend on members shareholding.
3. Distribution of surplus (i.e. profits) based on participation or patronage.
4. Neutrality in race, politics and religion.
5. Encouragement of the habit of saving and thrift.
6. Promotion of education of members.
7. Protection of members from the exploitation of normal market forces.
8. Sale of only pure goods: All goods offered for sale must be good quality (not inferior or imitations).
TYPES OF CO-OPERATIVES SOCIETIES
1. Consumers' Co-operatives Society: This is formed by consumers who pool their resources together to buy essential commodities in bulk direct from manufacturers. Such commodities are then distributed or sold at reasonable prices to members.
2. Retails Co-operative Society: This is an association formed by many small independent retailers pooling their resources together and buying in bulk either from the manufacturers or wholesalers.
3. Wholesale Co-operative Societies: Association of wholesalers buying in large quantities from the Manufacturer.
4. Producers Co-operative Society: This is an association of producers of similar commodity who have come together for the promotion of the market for their products. They could also purchase tools and raw materials in bulk and share or sell them to members at reduced prices.
5. Credit and Thrift Co-operative Society: This is an association of low-income earners who jointly pool their resources or fund together by contributing on a weekly or monthly basis.
This type of society encourages saving habits among their members and grant loans to the members out of the accumulated fund.
The Loan attracts a low rate of interest. At times, however, non-members too can borrow from such a society but at a higher rate of interest.
At the end of the year, the surplus will be distributed to members as dividends. The members can also be afforded the opportunity of purchasing household need like television, fridge etc.
6. Multipurpose Co-operative Society: This is formed by existing co-operative societies. They undertake a variety of co-operative activities that is profitable and serving the interest of members
FUNCTIONS OF PRODUCERS CO-OPERATIVE SOCIETIES
1. Negotiation for better prices from buyers
2. Provision of Joint transport facilities
3. Provision of specialist advice
4. Provision of Information
5. Provision of short loans/Facilitation of loans from specialized institution e.g. World Bank Assisted FADAMA Project
6. Provision of Joint Storage Facilities
7. Education of Members
