lesson 1

• Relevance of Entrepreneurship to Organization

  1. Developments of managerial skills
  2. Creation of Organizations
  3. Improving Standard of living (economic status of an individual)
  4. Means of Economic Development (economic development of the society where business is located)
• Entrepreneurship came from the French word "ENTREPENDE" which means to undertake.
• Entrepreneurship means to undertake the risk of enterprise.
• Enterprise is created by an entrepreneur and the process is called entrepreneurship.
• Entrepreneur

  • innovator, willing to take risk and generate new ideas to make unique and profitable solutions to the present-day problems.
• Factors Affecting Entrepreneurship

  • Personality Factors
  • Environmental Factors
• Personality Factors

  1. Initiative - doing things before being told.
  2. Proactive - able to classify opportunities and seize it.
  3. Problem Solver - can retain good relations with other people.
  4. Perseverance - will pursue things to get done regardless of challenges.
  5. Persuasion - can entice people to purchase even if they don't intend to.
  6. A Planner - makes plan before doing things and does not fail to monitor it.
  7. Risk-Taker - willing to gamble but will calculate it first.
• Environmental Factors

  • politics
  • climate
  • legal system
  • economic conditions
  • social conditions
  • market situations