GST 106 ASSIGNMENT FOR 100 LEVEL STUDENT OF FEDERAL UNIVERSITY OYE EKITI

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  FEDERAL UNIVERSITY OYE-EKITI

NAME

ADELOWO USMAN SOTOCHUKWHU

DEPARTMENT

 PHYSIC

MATRIC NUMBER 

PHY/12/1234

COURSE TITLE 

ENTERPRENURER SKILL

COURSE CODE  

GST 106

TOPIC

BUSINESS OF MY CHOICE

LECTURER IN CHARGE 

DR.FAMIWOLE

ITRODUCTION 

The reason why I choose snail farming as my future business is that Snails are derived from the wild life bank and are used as food, feed or source of revenue in given parts of the world. Usually unknown to animal production specialists trained in industrialized countries and often officially ignored also by the livestock services of their home areas, even though their meat often considered bush meat or game meat, may be appreciated and command a higher price than the more conventional animals.The two main areas of snail consumption in the World are Western Africa and Western Europe. Snails are invertebrates with soft bodies that are covered with hard Carcareous shells. Snails belong to the phylum of animals known as mollusca. Some other members of the mollusc are slugs, mussels and oysters. Many species of edible land snails are recognized but the popular species of economic interest is the West Africa giant snails. archachatina marginata and achatina achatina. Snail meat is high in protein (37-51%) compared to that of guinea pig (20.3%), Poultry (18.3%), Fish (18%), Cattle (17.5%), Sheep (16.4%) and Swine (14.5%). Iron content (45-59mg/kg), low in fat (0.05-0.08%) and contains almost all the amino acids needed for human nutrition. In addition to the nutritional value of snail meat, recent studies indicated that the glandular substances from edible snails cause agglutination of certain bacteria, which could be of value against a variety of ailments including whooping cough. In folk medicine, the bluish liquid obtained when the meat has been removed from the shell is believed to be good for infant's development. It is believed in some quarters that snail meat contains pharmacological properties of value in counteracting high blood pressure.

SNAIL FARMING

MEANING

Meaning of Snail farming: - is the Heliciculture, or snail farming is the process of farming or raising land snails specifically for human consumption. Or

Is the act of rearing and managing snail production in a farm for the purpose of producing snail in large quantity for meat and money or financial gain. This serve as means of employment to people, and source of vitamins.

THE MAJOR VARIOURS MARKETING OPPOURTUNITY IN THE BUSINESS

One of the most important aspects of snail farming is selling your snails. It involves getting

your snails into the market by educating, promotion and creating a brand image to encourage customers to buy your snails. Marketing creates awareness of your snail product and builds your company's brand and reputation. The consumer wants to know that the price is worth the value of the product. Also the producer needs to be customer-orientated as well as product orientated. Cater to the customer and you will usually always maintain this market.

The various market oppourtunity are

1. The demand for snail is higher than the supplies as such the market potential of snail is inexhaustible, locally and internationally.
2. This technology has been approved to be most lucrative farming venture presently, as it requires far less capital investment, while much profit is being generated in a considerable short period. It has lower risk compared to other livestock farming.
3. Snail farming in Nigeria is a virgin in the kingdom of livestock as a result the earlier investors   without doubt have bright prospects in exploring this venture.
4.  Virtually every part of snail is of vital use in Food, Pharmaceutical industry, manufacturing and fishing industries.
5.  Snail is an export commodity, which has value next to gold in overseas countries. It is a foreign exchange income earner of our days. Our climate is one of the best in snail breeding.
6.   Snail farming in Nigeria requires small capital and the running cost is very low, hence their feeds are very local
7.  Snail business indeed is a GEM in the livestock business. Therefore take advantage of the opportunity of being among the forerunners in this unbeatable venture.
8.  You can conveniently earn income a thousand fold higher than your present earning. You can keep your present job and do this on part time since it doesn't require much time.
9.  This is a real export market that earns foreign revenue without you running from pillar to post.
10.   This is not fiction but factual. Not imaginary but a reality. You too will share your view with others.
11. No stress, no time consuming, no odour, no noise and no irritation. 
12. Snail farming is a practicable and viable venture yet unexplored in Nigeria. If it has worked elsewhere, it will work in Nigeria.

SOURCE OF IDEA

• Investigate other markets.

Some business ideas aren't suited to local consumption - but appeal greatly to a foreign market. My own little town is surrounded by acres of wild blueberries. For years the bushes produced berries that mainly fed bears and birds; B.C. has a thriving blueberry industry that doesn't leave room for a wild blueberry market. But one entrepreneur realized that there is a high demand for products such as these in Japan - and those same wild blueberries are now being harvested and shipped. Finding out about other cultures and investigating other market opportunities is an excellent way to find business ideas.

• Improve an existing product or service.

You know what they say about the person who builds a better mousetrap. That person could be you! A local entrepreneur has created an improved version of the hula hoop; it's bigger and heavier so hula-hoopers can control it more easily and do more tricks. How did she come up with this business idea? She thought hula hooping would be a fun thing to do with her daughter, but found the commercially available product too flimsy.

There are very few products (or services) that can't be improved. Start generating business ideas by looking at the products and services you use and brainstorming ideas as to how they could be better.

• Get on the bandwagon.

Sometimes markets surge for no apparent reason; masses of people suddenly "want" something, and the resulting demand can't be immediately met. For example, during the SARS epidemic, there was an insatiable demand for facial masks in several countries - and many entrepreneurs capitalized on this business idea.

A "bandwagon effect" is also created by larger social trends. There is much more of a demand for home-care services for the elderly than is currently being supplied. And the trend for pets to be treated as family members continues, creating demand for all kinds of pet-related services that didn't exist even ten years ago.

Look at existing businesses and the products and services they offer and determine if there's a need for more of those products or services. If there is, develop business ideas to fit the market gap.

• I Examine my own skill set for business ideas.

Do you have a talent or proven track record that could become the basis of a profitable business?

The other day I spoke to a man who had spent years managing cleaning services at a hospital. Today he runs his own successful domestic and business cleaning service. An ex-logger I know is now making his living as an artist; he creates "chainsaw sculptures" out of wood. And the examples of professionals who have started their own agencies or consulting service businesses are legion.

To find a viable business idea, ask yourself, "What have I done? What can I do? Will people be willing to pay for my products or services?"

THE CHALLENGES IN SNAIL BUSINESS

PREDATORS, PARASITES AND DISEASES

Snail farmers must be aware of several predators, parasites and diseases if mortality rates are to be kept to a minimum. Snails have many natural predators, including members of all major vertebrate groups, carnivorous snails, ground beetles, leeches and even predatory cater-pillars. Humans also pose great dangers to snails in the wild. Pollution and destruction of habitats have caused the extinction of some snail species in recent years. Human poachers pose a great danger to farm-grown snails as well!

PREDATORS

The major predators a snail farmer may have to deal with are field mice, rats and shrews, frogs and toads, thrushes, crows and domesticated birds such as ducks and turkeys, lizards and snakes, drilid and carabid beetles, and millipedes and centipedes. The frogs tend to take only the young snails, while the reptiles eat both eggs and snails of all ages.

PARASITES

In Ghanaian studies, the major parasite on snails was found to be a fly, Alluaudihella flavicornis. This species belongs to the same family as the housefly and the adult resembles the adult housefly. A. flavicornislays 20-40 eggs in the snail shell or on the snail. The eggs hatch in about one week and the small, cream-coloured worms start feeding on or in the body tissue. They feed until the body is re-duced to a putrefying mass, and then pupate within the shell. After a 10-day incubation period, the adults emerge. The best protection against these flies is to cover the pens with nylon mesh.

Ectoparasitic mites are sometimes found on the snails in hutch boxes. They seem to be secondary parasites, usually occurring on inactive snails. Some nematodes are known to attack European species of edible snails. However, there are no known reports of nematodes parasitising . A achatina

.

DISEASES

Little is known of the diseases which attack in West Africa. As snail farming increases inpopularity, more research will probably focus on this area. The main disease that has been reported to date is a fungal disease, spread through physical contact by the snails licking slime from each other's bodies. The two major diseases affecting European species may also affect African species, because the organisms that cause these diseases do occur in the natural range of . The first is a bacterial disease, caused by Pseudomonas; it leads to intestinal infections that may spread rapidly amongst dense snail populations. The second disease is caused by the fungus Fusarium, which parasitises the eggs of Helix aspersa. The affected eggs turn reddish-brown and development stops. This disease is commonly referred to as 'rosy eggs disease'.

STRATEGIES FOR PROBLEM SOLVING AND INDUSTRY

SOLUTION TO PREDATOR EFFECT

In areas with high bird predation, it is necessary to place cover nets over the pens. Keeping some of the other predators out may require building fences around the pens. The fences should be between 15 and 30 cm high and dug well into the ground It is also advisable to set bait or traps outside the snail farm area. Leftover food should be removed daily from pens because some predators, particularly rats and field mice, are attracted by the uneaten food. These predators can decimate a farm in a few days. Some natural enemies of snails However, the main predators are humans looking for a nutritious meal at the snail farmer's expense. Snail farmers must introduce any legal measures they consider necessary to protect the farm against poachers.

SOLUTION TO DECEASE EFECTION

Basic hygiene prevents the spread odiseases. Pens should be cleaned out regularly to remove excreta and uneaten food, as well as any other decaying matter that may serve as substrate for pathogenic organisms. It is also advisable to sterilise the soil in hutch boxes by steaming or heating every time they are being prepared for a new batch of egg clutches (i.e. when the breeders are transferred to the boxes.

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SECTION 2

HOW TO CREAT A BUSINESS CONCEPT

From a young age you wanted to build your own empire and be your own boss. You knew you wanted to essentially set your own hours, do work you were genuinely passionate about and play by your own set of rules. Have you made the big leap yet? If not, take some time to think about a business concept that focuses on your interests, knowledge, skills and abilities. The first step to building your own empire is coming up with an idea and then laying the groundwork to get started.

STAGE 1

Consider your passions and interests. Jot down a couple of business ideas that you're not only passionate about, but which represent your skills and knowledge. For example, if you love boats, love sales and have been restoring boats as a hobby, consider starting a business doing boat sales and restoration.

STAGE 2

Pick three and four of the business ideas you jotted down and brainstorm; consider things like market, the financial responsibilities and your skill set for each idea. Take a couple of days to explore how and why you'd start each of these businesses. Give yourself at least a week or two and then decide which business would best suit your passions, finances, resources and lifestyle

STAGE 3

Once you're settled on a business idea, consider your target market and the types of services and/or products you'd offer and create a list.

STAGE 4

Consider why you'd start your business. How would your business make the life of an average consumer better or easier? What types of solutions are you providing? Consider how your business differs from your competitors. Figure out how and why you're better than the other people who provide the same products and/or services as you.

STAGE 5

What do you expect to gain from your business? Consider your business goals beyond profit. Does your business aim to better the community, are you hoping to expose more children to art, are you looking to provide an outlet for work-at-home moms?

STAGE 6

Think about a time line. When do you plan to launch and when do you plan to assess your business to see if its meeting your goals?

STAGE 7

Consider any potential risks in starting your business. Are legal issues a big concern? Are there political factors that may affect your business and its growth? Think about concerns with competitors. Is your business concept different enough that potential customers will select your business over the next? Is the market for your product or service slowly diminishing? Assessing risks will help you determine how viable your business concept is.

STAGE 8

Think about the human resources you need to make your business concept come to life. In some instances, a start-up may include just the owner; but many times the owner needs the help of others such a website designer, administrative assistant and even a financial officer.

STAGE 9

Think about your personal financial standing and what it means for your business. Calculate your first year's start-up expenses and then determine how much of your money you can contribute and how much you will need to borrow.

HOW TO CONDUCT GOOD MARKET RESEARCH

1. Determine your target market. A target market is the group or groups of people you will be promoting, advertising, and ultimately selling your product to. To find your market, you should begin by answering some simple questions:
2. Have the marketing manager and marketing researcher define the problem carefully and agree on research objectives.
3. Have the researcher help the manager to define the problem and suggest ways that research can help manager to take better decision.
4. Take the data you have collected and analyze it to figure out the specific groups within the market you are going to actively pursue as clients and customers.
5. Develop a plan for gathering information efficiently.
6. Present the plan to marketing management.
7. Have the Marketing manager research the cost of research plan before approving it.
8. Once you figure out your target market, make an effort to reach out to this group and find out what they think about your product. This is the heart of market research, and there are many ways to do it.

• Qualitative research is more exploratory and anecdotal. It is a good way to find out the kinds of feelings and needs people have about your product or service, but it is not statistically representative. Methods include focus groups and in-depth interviews. You could go to a skate park and ask skaters what they think of the logo and newspaper ad you have designed for your skateboard store.
• Quantitative research gets you solid statistics you can base your financial plans on. Surveys can be conducted by phone, in person, by mail, or on-line. The key to getting good research is to get a truly representative, random sample of your target market. For example, you wouldn't try to survey rich people by hanging out at the check cashing store.

9 After doing the research, the findings have to be analysed and interpreted. The findings can be interpreted in charts and tables.

10 Lastly, the marketing manager has to present the findings well and give his decisions after the research. This is a very important step as it is taken into consideration for future decisions. This is known as product testing.

11 Product testing can be done once you have a product and want to try it out on people. For e example, give people samples of cookies made with two recipes you are considering. Let them take home your new broom and dustpan to see if it works on the kind of floor they have.

PRODUCT OF PLANNING DEVELOPEMNT PROCESS

1. Idea Conception

New product planning typically commences with a great idea. Company marketers, financial experts and engineers hold brainstorming sessions to decide the types of products to add to their existing product lines. They may also plan new lines of products. Whatever the case, company employees usually devise product concepts to solve consumer problems or fill voids in the marketplace. They then decide which types of customers are most likely to buy their products. Sales and profitability are factored into the evaluation process to determine whether the product idea is viable.

2. Concept Statement

Product marketers use input from the idea generation session to start drafting a concept statement. A concept statement is a more specific version of the product idea or concept. It is the stage where companies determine what the product will look like, including special features, styles or dimensions. Product pricing and distribution are also determined as are the types of advertising and promotions that will be used to market the product. Many companies will create different versions of products before narrowing their concept statement down to one specific product. This allows for input from consumers who will ultimately determine the products' success.

3. Focus Groups

Focus groups are used to present the product idea to a group of consumers, according to Knowthis.com, an online marketing reference site. Focus groups are usually run at focus group facilities. Managers observe how consumers react to their product idea through one-way mirrors. The focus group session is typically run by a professional moderator or interviewer. This person uses a discussion guide or questionnaire to introduce the concept statement. They ask consumers if they would like the product as it is presented and whether or not they would purchase it. Companies use the input from focus groups to tweak their product concepts with respect to features, styles and price points.

4. Marketing Research Surveys

Marketing research surveys help quantify whether consumers will like and purchase the product. Companies often do hundreds of surveys to ensure that their results are valid and representative of the average consumer. This better ensures that the product will sell in the marketplace. Most companies hire marketing research agencies to conduct surveys by phone, mail or via the Internet. These professionals use experienced interviewers to conduct the surveys and computer software to tabulate survey results.

5. Product Development

Companies will usually start producing their products on a small scale if the survey results prove favorable. Companies start with smaller amounts of products so they can evaluate sales in specific markets. This helps them avoid high production costs if the product somehow fails. Products are usually produced for another phase of testing called beta testing.

6. Beta Testing

Companies will usually sell the initial products in two are more cities that are comparable in size and demographics like age and income. These tests can run several months to one or more years. During beta tests, companies advertise and promote their products as they planned when creating the concept statement. Financial managers then evaluate sales and profits. They then meet with product managers and engineers to determine whether further expansion is warranted.

THE LEGAL ISSUE IN STARTING A NEW BUSINESS

You will need to make sure that the business name you plan to use is not already being used by another business. You can do this by doing a name search with the appropriate state agency, which is usually the office of the Secretary of State. If your chosen name is not already in use, you can reserve it with the Secretary of State's office for a period of time, about 120 days, while you prepare your articles of incorporation, articles of organization, or a partnership agreement.

1. Your Business Structure

You will need to decide which business structure best suits your business.Your business could be structured as a sole-proprietorship,partnership, limited partnership, corporation, S-corporation, or limited liability company. To decide what form is best, you will need to consider liability issues associated with your business and which form will provide the best tax structure for your business.

2. Business Licenses

Depending on what type of business you plan to engage in, you may need a variety of licenses or permits. At a minimum, you will need a business license and tax registration. Read the related article on licensing requirements for more information.

3. Non-Disclosure Agreements

If you will be setting up financing for your business or entering into contracts with suppliers, you should consider confidentiality and non-disclosure agreements. Since these outside firms will have access to business information that you may want to keep private, you should consider having them sign these agreements. If you are ordering a thousand gizmos for your grand opening, you don't want the supplier to call your competitor to see if they want a thousand gizmos so that they can offer them on the same day. The more confidential information your business plan contains, the more important these agreements are. Use AllLaw's FREE nondisclosure form for your business.

4. Zoning

When you are selecting the location for your business, you will need to make sure it is properly zoned for the type of business you plan to operate. It is not okay to just assume that, if your business is of the same type as the one that is currently there, the zoning is appropriate. Zoning may have changed while the other business was operating, and that business might have been provided an exemption that won't be provided to yours.

SOURCE OF INNOVATION

Savvy business owners understand that the best business plan will fail without a solid business model. A business model is defined as the proprietary methodology used to attract, service, and retain customers. Simply put - Great business execution + lousy business model = a lousy business. You can't outsmart or out-execute a stale business model.

All business models do go stale at some point. All you have to do is look at former dynasties gone bad such as: Blockbuster, Playboy, Sears, Compaq, and General Motors to see how business model innovation is critical to company success.

So how does an existing business improve the business model? The best source of business model innovation is you. Who knows the industry or your business better than you or your staff? However, if you are looking to augment your own ideas, here are six places to find innovative business models:1. Business books with case studies
Successful business owners learn from other successful business owners. One of the best ways to innovate your business model is to learn from the real life success and failed stories of other businesses. Think of all the great stories and case studies in Tom Peter's book In Search of Excellence. Peter's notes are interesting, however, what makes the book stand out are the proven facts and studies. Avoid high-theory business books without actionable content. Plenty of authors pepper real-world case studies into their work - Focus on these books and you can take meaningful action from everything you read.2. Competitors
If you can shut off your ego, you have much to can learn from your competitors. Borrow their best practices and throw away their worst practices. Don't forget to include indirect competitors in your list. For instance, the indirect competitors of a restaurant might be: dieting, grocery stores, fast food, and dinner co-ops. 3. Consultants
Much like bumblebees cross-pollinate flowers, consultants collect best-practices and cross-pollinate between businesses. Find a seasoned consultant with experience in different industries to get the most best practices.4. Great companies outside your industry
Many businesspeople are closed-minded when it comes to finding ideas from outside their own industry, when the truth is best practices and business ideas can be found anywhere. In fact, my experience is that the best best-practices always come from outside the industry. Outsiders do not have the same constraints as those working in an industry a long time, therefore, they are free to think more creatively. Work to find the commonality with their business rather than the differences. Most of the time it is the title insurance company that has the best practice for the metal working job shop. That is, the oddball industry with seemingly no relevance to yours probably has the best ideas.
5. Read the crystal ball
Your ability to predict the future within your industry can be a powerful source of business model innovation. Once a year, look into your crystal ball to evaluate if your current business model matches your vision of the future of the industry. What trends can you ride? What markets are becoming commoditized? How can we de-emphasize or exit these markets with little disruption?6. Employees
Employees have a wealth of experience outside your business, both personally and professionally. They can bring best practices with them from their previous employers, family, friends, and general life experiences. Additionally, forward-thinking employees can be an excellent source of business model innovation.

Remember, every year that goes by, your business model, if unaltered, gets weaker. You need to refresh your business model every so often to stay competitive.

REFERENCE

Jim Muehlhausen, author of "The 51 Fatal Business Errors and How to Avoid Them. President of CEO Focus, a national organization of business owners and is also a non-practicing lawyer and CPA.

National Mail order Association: what all brand, CEOs m must know about developing great new product consumer insight must be kept 'in sight' Jack Gordan and Bill Vernick planning innovation; ideation 101

Jim, Krystle C., Ben Rubenstein, Tom Viren and 22 others: on how to Conduct Market Research

Dr. S.A Olowe. Phd, Md,Bsc, CEO Saint Samon and son Heliciculture,center: SANGO Ota Abeokuta ogun state, Nigeria

Dr. Famiwole:,Entrepreneur lecturer Federal University Oye Ekiti, Ekiti State Nigeria

THE THY CONSULTING 4, Ismail AbdulAzeez Street, Singer Bus Stop, Ewupe,  Sango Ota, Ogun State.

Nigeria

source FUOYE Library