ENTREP 1

• Entrepreneurship: refers to the concept of developing and managing a business venture in order to gain profit by taking several risks in the corporate world. Simply put, entrepreneurship is the willingness to start a new business. Entrepreneurship has played a vital role in the economic development of the expanding global marketplace.
•  ECONOMIC DEVELOPMENT: A scheme aimed at improving the living standards of the nation’s citizenry. To achieve economic development goals, proper management of the following elements is necessary:

    1. human resource

    2. natural resources

    3. capital formation

    4. technology
• The term “entrepreneur” originates from the French word entreprende which means “to undertake”.
• Entrepreneur are innovative opportunity seekers. They have endless curiosity to discover new or different ideas and see whether these ideas will work in the marketplace.
• ENTREPRENEURIAL MIND FRAME: It allows the entrepreneur to see things in a very positive and optimistic light in the midst of crisis or difficult situations.
• ENTREPRENEURIAL HEART FLAME-Driven by passion, they are drawn to find fulfillment in the act of and process of discovery.

  -The heart flame is also about emotional intelligence, which often manifested in the entrepreneur’s effort to nurture relationships with customers, employee, and suppliers.
• ENTREPRENEURIAL HEART FLAME:-Driven by passion, they are drawn to find fulfillment in the act of and process of discovery.

  -The heart flame is also about emotional intelligence, which often manifested in the entrepreneur’s effort to nurture relationships with customers, employee, and suppliers.
• ENTREPRENEURIALGUT GAME: This refers to the ability of the entrepreneur to sense without using the five sense. This is also known as intuition.

  The gut game also connotes courage.
• Entrepreneurship

  • Adds value to the product or service
  • Was able to expand the enterprise’s ability to create the product
  • Able to expand the scope of the product.
• Livelihood

  • No additional value (branding, advertisements etc)
  • No employees
  • Limited product line
• businessman

  A businessman is someone who sets up a business with an existing idea offering products and services to the customers.

  Market Player

  Calculative

  Creates place in existing markets

  Less

  Conventional

  Profit
• entrepreneur

  An entrepreneur is a person who starts an enterprise with a new idea or concept, undertaking commercial activities.

  Market Leader

  Intuitive

  Creates new market

  Comparatively high

  Unconventional

  People
• NATURE AND CONCEPT

  1.  It is an art of correct practices.

  2.  It is a wealth-creative venture.

  3.  It provides valuable goods and services.

  4.  It entails opening and managing self-owned enterprise.

  5.  It is risk taking venture.
• Salient Features of Entrepreneurship

  Art of correct practices

  Wealth-creating venture

  Providing values to customers

  Risk-taking ventures

  Opening and managing self-owned business
• Art of correct practices

  •Entrepreneurship is an art and not a science. It is not governed by fixed and absolute rules.

  •It continuously grows, develops, improves, and expands; the change does not stop.

  •As an art, it is dynamic. It is closely related to creativity which results to new ideas which are the backbone of entrepreneurship.
• Wealth - creating venture

  •Entrepreneurship is operating within the concept of wealth creation rather than profit generation.

  •According to Random House Webster's Dictionary, wealth is defined as the abundance of money, property, or possession
• Wealth - creating venture

  •An entrepreneur looks at his/her own business as a wealth- creating venture, while an ordinary businessperson regards his/her business basically as a source of income.

  •Wealth is created when the benefits derived by the owner in providing goods and services to the customers are abundant enough to cover the costs incurred by the business.
• Wealth - creating venture


  •The wealth created by the business must improve the life of the owner and cascade to the development of the local economy and eventually of the whole country.
• provides valuable goods and services

  •Valuable goods and services highly satisfy the target buyers in terms of quality and price.

  •The entrepreneur defines value from the perspective of the buyers and not only from his/her own.

  •Value is subjective
• opening and managing self - owned bussiness

  •This feature highlights two important elements: (1) the concept of opening a self-owned enterprise, and (2) the concept of managing it.

  •A business is considered self-owned when the person managing its daily activities is also its owner.
• opening and managing self - owned bussiness

  •Intrapreneurship is a concept where a business is being managed by others for the benefit of the owner.

  •In entrepreneurship, the owner of the business must also be the manager of the daily operations of the entrepreneurial venture.
• risk - taking ventures

  •Risk cannot be detached from any entrepreneurial venture and the only way to remove it is to close the venture.

  •The risk in entrepreneurship is called a business risk.

  •Wherever the business goes, there will always be business risks
• theories of entrepreneurship

  1. INNOVATION THEORY

  2.KEYNESIAN THEORY

  3. ALFRED MARSHALL THEORY

  4.RISK AND UNCERTAINTY THEORY

  5.OTHER THEORIES ON ENTREPRENEURSHIP
• INNOVATION THEORY


  BY JOSEPH SCHUMPETER

  •an economist and political scientist.•He wrote about it in his book “The Theory of Economic Development”

  This theory regards the economic development as the product of structural change.

  Schumpter believed that innovation is the force that will propel the revolutionary change and cause a creative destruction. If there is no innovation, status quo will remain.
• FORMS OF INNOVATION

  •NEW PRODUCT

  •NEW PRODUCTION METHOD

  •NEW MARKET

  •NEW SUPPLIES

  •NEW INDUSTRY
• KEYNESIAN THEORY

  BY John  Maynard Keynes

  •British  economist•He included his book " The General Theory of Employment, Interest, Money" in his theory 

  The theory highlights the crucial role of government in  entrepreneurial and economic development, particularly during economic downturns. It posits that the prospects for entrepreneurial activities in the future may be compromised unless the government actively addresses short-term economic disequilibrium.
• ALFRED MARSHALL THEORY

  BY Alfred marshall

  •an english  economist•The  theory introduce on his book “Principles of economics"

  Marshall strongly suggested that there are four factors in production of goods and services in the economy. Without active participation of organization , the other factors of production will remain inactive in their role for economic development.
• Four factors in the production

  •Land

  •Labor

  •Capital

  •Organization
• weber's sociological  theory

  Max Weber emphasized the importance of cultural influences on entrepreneurship.

  • Entrepreneurs are expected to align their activities with customs, traditions, religious beliefs, and morals.
• Kaldor's technological theory

  Nicholas Kaldor developed the technological theory, which considers modern technology as a crucial production factor.

  Without the application of modern technology in entrepreneurship, economic development would be slow, and growth could be compromised.

  Entrepreneurs are expected to stay updated with modern technology and find ways to incorporate it into their entrepreneurial activities.

  • Proper application of modern technology can lead to increased efficiency in the production of goods and services.
• Leibenstein's gap-filling theory

  Primary role of entrepreneurship is to fill the existing gap in any economic activity.

  Entrepreneurship is responsible for recognizing trends in the market.

  Entrepreneur is expected to possess abilities to consume a different market.

  • Entrepreneur must extend assistance to entrepreneurial ventures experiencing failures and deficiencies.
• Kirzner's learning-alertness theory

  Israel Kirzner was the main proponent of the theory.

  Spontaneous learning and alertness are the two major attributes of entrepreneurship.

  The entrepreneur must be alert in recognizing entrepreneurial opportunities and the ignorance of consumers.

  • The entrepreneur must immediately find an appropriate remedy to correct errors or wrong perceptions.
• RISK AND UNCERTAINTY-BEARING THEORY

  •American economist Conceptualized his theory using his book "  Risk , Uncetainty and Profit"

  Knight viewed an entrepreneur as an agent of production process where they connect the producers and consumers
• RISK AND UNCERTAINTY-BEARING THEORY


  •Knight considered uncertainty an important factor in the production of goods and services.•He believed that the entrepreneur must anticipate possible random events to happen shouldering the risk at the same time.
• What is Entrepreneurship?

  •it’s the art of observing correct practices in managing and operating a self-owned and wealth-creating business enterprise by providing goods and services that are valuable to the customers.

  •entrepreneurship refers to an individual or a small group of partners who strike out on an original path to create a new business.

  •pursuits often involve innovation.
• Entrepreneurs’ Vision

  To be a company that inspires and fulfills your curiosity
• Entrepreneurs’ Mission

  To reimagine commerce in ways that build a more fulfilling and lasting world. We are building a human, authentic and community-centric global and local marketplace.
• Joseph Schumpeter


  an Austrian economist and political scientist, emphasized the significance of product innovation, marketing, and production methods. He uniquely characterized entrepreneurs as individuals with distinct social attributes, noting that only a few among the population can be considered true entrepreneurs.
• New Job Creation

  There is a great share of jobs created by Entrepreneurship companies all across the globe. They provide lots of entry-level jobs that allow the unskilled workers to get training & necessary experience.

  In fact, a large portion of employment is created by small companies annually. That’s not all; they create and provide experience workers to the large scale companies.
• Community Development

  A community can work pretty brilliantly if the employment base gets divided into lots of small entrepreneurial companies. It helps in making sanitation standards better and boosts the top level of home ownership.

  Additionally, it can provide extra stability and a better quality of life to the community.