(Entrep) Lesson#1

• Entrepreneurship is the activity of setting up a business or businesses, taking on financial risks in the hope of profit.
• An entrepreneur is a person who organizes and operates a business or businesses, and the term 'entrepreneur' comes from the French word 'entreprendre' which means 'to undertake'.
• There are two major types of entrepreneurs: Mega Entrepreneurs and Micro Entrepreneurs, both of whom are risk takers.
• Examples of Mega Enterprise include Google, Microsoft, and International Fast Food Chain.
• Examples of Micro Enterprise include Bakery, Tailoring, and grocery store.
• A Small Enterprise has fewer than 10 employees, a Medium Enterprise has 50-249 employees, and a Large Enterprise has 250 employees and more.
• The entrepreneurial process includes Discovery, Development of a Business Concept, Organizing Resources, Implementation, and Reaping the Returns.
• Discovery in the entrepreneurial process refers to the recognition of a business idea or the detection of opportunities that could make money for the entrepreneur.
• Development of a Business concept in the entrepreneurial process gives more details on how the general business idea can be realized.
• Organizing Resources in the entrepreneurial process is the process of Identifying, sourcing and financing human and non-human and other resources needed for the conduct of business.
• Implementation in the entrepreneurial process is the process of carrying out the business plan, including mechanism for confronting actual and potential rivals as well as responding to the various opportunities, challenges and developments.
• Reaping the Returns in the entrepreneurial process pertains to strategies related to the expansion of the business.
• Entrepreneurs can source their business ideas from existing products or services.
• Friends and classmates, starting as teammates in school projects, can eventually decide to put up a business.
• Creative thinking refers to thought processes about discovering new ideas, sometimes creative ideas start from a dream or an insight.
• Critical thinking refers to the systematic and rational way of providing answers to a question.
• Understanding of the problem and providing possible answers are part of critical thinking.
• Strategic thinking involves seeing the big picture, planning ahead and putting thought into action typically to gain a competitive advantage in business.
• Entrepreneurial decision-making involves how an entrepreneur decides from planning to implementing a business.
• From relatives, exposure at an early age can be a source of business ideas for entrepreneurs.
• Prior employment can be a source of business ideas for entrepreneurs.
• Decision-making skills can drive growth and profitability in an enterprise and the entrepreneur's journey.
• Existing products can be a source of business ideas for entrepreneurs.
• Characteristics of an Entrepreneur include being a risk taker, having a vision, being innovative, being a leader, being a good communicator, and having a strong work ethic.
• Entrepreneurial traits are important in the performance of a business.
• Logical Thinking is a systematic and rational approach to answering questions, used in decision-making and business idea development.
• Statistical Analysis is a systematic study of data from surveys, providing basic information and hypothesis testing.
• Market analysis is used to understand factors affecting demand for a product or service, determining socioeconomic and demographic reactions.
• SWOT analysis helps identify industry competition, strengths, weaknesses, opportunities, and threats, providing valuable insights for entrepreneurs to develop business ideas.
• Sociodemographic Changes include changes that affect both social and demographic factors at the same time.
• Product Differentiation involves altering the shape, contents and packaging of a product to create a brand that would establish loyalty from its customers and promote its own unique identity from other existing products.
• Change in Government Regulations can provide impetus for new products or services.
• Supplier of Major Inputs is a strategy where an increase in the price of raw materials can put pressure on firms to seek alternative types and sources of raw materials.
• Delphi technique is a method of generating ideas from a select group through rounds of consultations.
• Being creative is always a characteristic of an individual, used to generate new ideas.
• Creative Thinking permits people to question conventional wisdom, generate new original plans, and imaginative thinking to create ideas.
• Creative thinking is necessary in our daily lives, from arts and music to entrepreneurship and business.
• Creative Thinking is one of the types of thinking that influence the entrepreneurial process in decision-making.
• Creative thinking is a skill that must be developed and possessed by every entrepreneur, as it involves creating better solutions for a particular problem and making innovative ideas.
• Creative thinking can be formulated by brainstorming with employees, considering things that are not seen in the market by thinking more creatively.