Entrepreneurship

• Relevance of Entrepreneurship to an Organization:

  1. Development of managerial capabilities
  2. Creation of organization
  3. Improving standard of living
  4. Means of economic development
• Development of managerial capabilities - this means that one of the benefits an entrepreneur gets is to develop his managerial skills
• Creation of organizations - which means that because of entrepreneurship, many organizations will exist
• Improving standard of living - this means that entrepreneurship can lift up the economic status of an individual
• Means of economic development - this means that not only life of the entrepreneur is improved but also the society where the business is located
• the word "entrepreneur" was derived from the french verb enterprendre, which means "to undertake"
• entrepreneur means to undertake
• Factors affecting entrepreneurship

  1. Personality factors
  2. Environmental factors
• Personality factors:

  1. Initiative
  2. Proactive
  3. Problem Solver
  4. Perseverance
  5. Persuasion
  6. A planner
  7. Risk taker
• Environmental factors:

  1. political
  2. climate
  3. legal system
  4. economic and social conditions
  5. market situations
• Initiative - doing things even before being told
• Proactive - which means he can classify opportunities and seize it
• Problem Solver - which means he can retain good relations with other people
• Perseverance - meaning he will pursue things to get done regardless of challenges
• Persuasion - means that he can entice people to buy even if they dont want to
• A Planner - he makes plans before doing things and does not fail to monitor it
• Risk Taker - which means that he is willing to gamble but he will calculate it
• Common Competencies in Entrepreneurship:

  1. Decisive
  2. Communicator
  3. Leader
  4. Opportunity Seeker
  5. Proactive
  6. Risk Taker
  7. Innovative
• Decisive - an entrepreneur must be firm in making decisions
• Communicator - an entrepreneur must have a convincing power
• Leader - an entrepreneur must have the charisma to be obeyed by his employees
• Opportunity seeker - an entrepreneur must have the ability to be the first to see business chances
• Proactive - an entrepreneur can control a situation by making things happen or by preparing for possible future problems
• Risk Taker - an entrepreneur has the courage to pursue business ideas
• Innovative - the entrepreneur has big business ideas and he does not stop improving and thinking of new worthwhile ideas for his business
• Core Competencies in Entrepreneurship:

  1. Economic and dynamic activity
  2. Innovative
  3. Profit Potential
  4. Risk Bearing
• Economic and Dynamic Activity - entrepreneurship is an economic activity because it involves the creation and operation of an enterprise with a view to creating value or wealth by ensuring optimum utilization of limited resources
• Innovative - The entrepreneur constantly looks for new ideas, thus he needs to be creative
• Profit Potential - the entrepreneur can be compensated by his profit coming from the operation
• Risk Bearing - the entrepreneur needs to gamble but wise enough to offset the risk
• Types of Entrepreneurs:

  1. Innovative Entrepreneurs
  2. Imitating Entrepreneurs
  3. Fabian Entrepreneurs
  4. Drone Entrepreneurs
  5. Social Entrepreneurs
• Innovative Entrepreneurs - they are those who always make new things by thinking of new ideas. They have the ability to think newer, better and more economical ideas
• Imitating Entrepreneurs - they are those who don't create new things but only follow the ideas of other entrepreneurs
• Fabian Entrepreneurs - they are skeptical about changes to be made in the organization. They dont initiate but follow only after they are satisfied
• Drone Entrepreneurs - they are those who live on the labor of others. They are die-hard conservatives even ready to suffer the loss of business
• Social Entrepreneurs - They are those who initiate changes and drive social innovation and transformation in the various fields such as education, health, human rights, environment and enterprise development
• Career opportunities of Entrepreneurship:

  1. Business Consultant
  2. Teacher
  3. Researcher
  4. Sales
  5. Business Reporter
• Business Consultant - with the expertise of in the fields of entrepreneurship, he can be a very good source of advices to other entrepreneurs and would be businessmen
• Teacher - a graduate of an entrepreneurship can use his knowledge in teaching
• Drone Entrepreneurs - they are those who live on the labor of others. They are die-hard conservatives even ready to suffer the loss of business