ENTREPRENEURSHIP

• The concept of Entrepreneurship was first established in the 1700s and has evolved over time
• Joseph Schumpeter (1883-1950) was an economist associated with entrepreneurship
• Peter Drucker (1909-2005) was a business expert linked to entrepreneurship
• An entrepreneur is described as someone who searches for change, responds to it, and exploits change as an opportunity by Howard H. Stevenson, Sarofim-Rock Professor of Business Administration at Harvard Business School
• According to Howard H. Stevenson, entrepreneurship at Harvard is defined as the pursuit of opportunities without regard for the resources controlled
• Four tenets on entrepreneurship by Professor Stevenson:

  • Entrepreneurship flourishes in a community where resources are mobile
  • Entrepreneurship is greater when successful members reinvest excess capital in the projects of other community members
  • Entrepreneurship flourishes in communities where the success of other members is celebrated rather than derided
  • Entrepreneurship is greater in communities that see change as positive rather than negative
• What is an ENTREPRENEUR?

  The businessdictionary com defines an Entrepreneur As someone who exercises initiative by organizing a venture to take benefit of an opportunity and, as the decision maker decides what, how, and how much of a good or service will be produced.
• What is an ENTREPRENEUR?


  The entrepreneur is commonly seen as a business leader and innovator of new ideas and business processes. Entrepreneur is not necessarily motivated by profit but possesses a deep passion that drives them to overcome all the difficulties and challenges when running the business.
• Characteristics of an Entrepreneur

  A-Z
• Ambiguity


  Refers to a situation in which something can be understood in more than one way, and it is not clear which meaning is intended.
• Beachhead Strategies


  The strategies that an entrepreneur uses to gain market penetration and customer acceptance for their products.
• Commitment


  Is the founding drive of the entrepreneur not just the commitment to do, but the commitment to do and see it through, and not just a commitment to see it through, but to see it through with everything on the line.
• Destiny


  Dictates that life is not just a process of accumulating physical assets, experiencing physical pleasure, nor even the cyclical life of comfort and leisure. It is making a difference, It is embarking on a never-ending journey.
• Effectual Reasoning


  It starts with clearly defined goals that translate into specifically defined goals which translated into specifically defined objectives that Inform strategies and then determine tactics.
• Focus


  Entrepreneur are single-minded with an eye constantly on the prize. They are not easily distracted, they rarely quit and stay focused on the task at hand until it is done.
• Global


  True entrepreneur recognizes the power of the INTERNET to deliver a global outcome for their enterprise and so shapes their model to include it in their thinking.
• Health


  States that good health is a remarkable aspect of entrepreneurial life. For many entrepreneurs, this is simply because they refuse to be sick, mostly because they can't afford to be.
• Innovation


  Innovation sets the entrepreneur apart from all their commercially engaged contemporaries.
• Just do it


  For entrepreneurs, the decision to just do it is often to do it alone.
• Keep it real


  Entrepreneurs have an objective approach, which, while empathizing with people's needs, is more concerned with performance and accomplishment.
• Leadership


  Entrepreneurs lead because they don't trust another's decisions too heavily. Leadership for the entrepreneur is not about status but about FUNCTION.
• Meaning


  An entrepreneur has an inherent desire to make the world a better place Entrepreneurs can create meaning which will become the motivation behind their ventures.
• Never Give Up


  What others see as a failure, the entrepreneur sees as either a learning experience a chance for character development, or simply a barren environment or proper timing.
• Opportunistic


  Entrepreneurs keep their eyes open for significant changes that may trigger a promotion from option to opportunity.
• People


  Of all the resources entrepreneurs can secure to build an enterprise, it is the people who are the most valuable.
• Quirky


  Entrepreneurs appreciate quirky or unique behavior When being quirky is added to their products or services, this could set them apart.
• Risk


  Entrepreneurs know that risk is unavoidable, even if that risk leads to the loss of personal assets That's because the entrepreneur perceives that a life is lost if it is lived without significance, meaning, and seeking to be the best one can be.
• Subjective Advantages


  Subjective advantages are the advantages that entrepreneurs achieve because they know how to perfectly position their offer to a customer's emotional needs.
• Time


  Experienced entrepreneurs know that many successful ventures happened. because they launched them in the right place at the right time.
• Under the Radar


  Entrepreneurs quickly learn that they can best achieve their mission by flying "under the radar", that is securing their entry into markets.
• Value-added

  The entrepreneur's primary goal in a commercial endeavor is to add value.
• Work and Play


  Is the entrepreneurial promise to do what you love and to love what you do It is nearly impossible for entrepreneurs to tell when they are working and when they are having fun.
• X Factor


  The X factor is that special something that entrepreneurs have that others don't For each entrepreneur, it is something different.
• You


  Entrepreneurs are people so totally engaged with the outside world that they tend to pay little attention to their one greatest asset themselves.
• Zest


  Zest or PASSION is in the lifeblood of the entrepreneur The entrepreneur's zest does not come from amazing personal wealth, but from the belief that they can create and control their future and not simply live a life at the mercy of either fate or providence.
• What are entrepreneurial Mind and Skill sets?

  MINDSET - Is a set of belief or a way of thinking that determine the way in which a person behaves.

  SKILL SET - Are set of skills that are needed to accomplish a specific task.
• SKILL SET

  1. Research and stay updated. 2. Plan, organise and prioritise work. 3. Be a good observer and listener.
• MINDSET

  1. Suggest solutions to problems. 2. Never be afraid to fail. 3. Create your own opportunities.
• THE TEN PERSONAL ENTREPRENEURIAL COMPENTENCIES (PEC)

  ...
• 1. Opportunity Seeking & Initiative


  • Does things before asked or forced to by events. • Acts to extend the business into new areas, products or services. • Seizes unusual opportunities to start a new business, obtain financing, equipment, land work space of assistance.