MODULE 1

• Entrepreneurship: This is a proactive of developing a business venture to make a profit.
• Entrepreneurship: It involves seeking opportunities for a market, establishing, and operating a business opportunity, and assessing it's risk and rewards through close monitoring of operations.
• Entrepreneurship: the process of designing, launching and running a new business, which is often initially a small business.
• Entrepreneurship: the capacity and willingness to develop, organize and manage a business venture along with any of its risks to make a profit
• Entrepreneurship: the recognition of opportunities (needs, wants, problems, and challenges) and the use or creation of resources to implement innovative ideas for new, thoughtfully planned ventures.
• Creating a sound business plan along with efficient and effective operation of the business, will not only benefit the entrepreneur but also the entire society and the economy.
• Societal and Economic Benefits of Entrepreneurship:

  • produces more jobs that equate to an increase to national income
  • introduces new and innovative products and services
  • disperse the economic power and creates Equality
  • controls the local wealth and balances regional development
  • elicit economic independence and capital formation
• True or False: Entrepreneurship involves seeking opportunities for a market, establishing, and operating a business opportunity.

  True
• Entrepreneurship is defined as the recognition of opportunities and the use or creation of resources for new ventures.

  True
• The primary goal of entrepreneurship is solely to make a profit.

  False
• Creating a sound business plan is essential for the success of entrepreneurship.

  True
• Entrepreneurship does not contribute to an increase in national income.

  False
• Economic independence and capital formation are associated with entrepreneurship.

  True
• Entrepreneurship disperses economic power and creates equality.

  True
• The operation of a business in entrepreneurship has no impact on the broader society.

  False
• Entrepreneurship does not introduce new and innovative products and services.

  False
• Entrepreneurship controls local wealth and discourages regional development.

  False
• Businessman: Walks on a defined path
• Entrepreneur: believes in making his own path
• Entrepreneur's Path: becomes a guideline for other businessmen
• Businessman: is a person who runs the business, undertaking an unoriginal business idea
• Entrepreneur: is someone who first initiates a product or business idea and thus the leader of that in the market.
• entrepreneur: is always a market leader
• businessman: is a market player.
• Entrepreneur: A person who brings his unique idea to run a startup company
• Businessman: is a person who starts a business on an old concept or idea.
• Businessman: makes his place in the market with his efforts and dedication
• Entrepreneur: creates the market for his own business
• Businessman: is calculative
• Entrepreneur: is Intuitive
• businessman: uses traditional methods to run the business
• entrepreneur: applies unconventional methods to run a business
• businessman: is oriented towards profit
• entrepreneur: is a people-focused in essence
• businessman: faces extreme competition
• Entrepreneur: Faces low competition
• 5 Levels of Entrepreneurship:

  1. Self-Employed
  2. The Manager
  3. The leader
  4. The investor
  5. The true Entrepreneur
• Self employment: Each business you run is truly an education and an apprenticeship for the next level. It teaches you everything from sales, marketing, management, accounting, legal, finance and HR.
• The Manager: It’s a smaller step, but it teaches you how to employ, train and manage people who work for you, but it is still a level that you are doing much of the work of your business. 
• The leader: A business owner has an enterprise that works without you having to work in it. It is the level where you have built your employees and management team to a place where they do the work of your business and you get out of their way.