entrep

• Entrepreneurship is important for economic development and growth
• Entrepreneurial behavior is crucial for economic development
• Entrepreneurs are key to industrial development and employment generation
• Entrepreneurship leads to greater employment opportunities for youth
• It also results in an increase in per capita income and a higher standard of living
• Individual savings increase, and there is more revenue for the government in the form of income tax, value-added tax, export duties, and import duties
• Entrepreneurship has a significant impact on the economy and society
• Entrepreneurial activity contributes to national economic growth
• Entrepreneurship helps individuals think of new ways to earn money
• It prepares individuals for jobs and demonstrates how technical skills are used in the workplace
• It creates a foundation for additional learning experiences
• Personality factors that become core competencies of entrepreneurs include:

  • Initiative (does things before being asked)
  • Proactive (identifies and utilizes opportunities)
  • Perseverance (works against all odds to overcome obstacles and is never complacent with success)
  • Self-critical (learns from mistakes and experiences of others)
  • A Planner (collects information, prepares a plan, and monitors performance)
  • Risk-taker (willing to take calculated risks)
  • Problem-solver (develops and maintains relationships with customers and financiers, conceives new ideas, and introduces innovative solutions)
  • Persuasion (convinces customers and financiers to patronize his business)
  • Self-confidence (makes decisions and sticks to them)
• Personality factors that become core competencies of entrepreneurs include:

  • Initiative (does things before being asked)
  • Proactive (identifies and utilizes opportunities)
  • Perseverance (works against all odds to overcome obstacles and is never complacent with success)
  • Self-critical (learns from mistakes and experiences of others)
  • A Planner (collects information, prepares a plan, and monitors performance)
  • Risk-taker (willing to take calculated risks)
  • Problem-solver (develops and maintains relationships with customers and financiers, conceives new ideas, and introduces innovative solutions)
  • Persuasion (convinces customers and financiers to patronize the business)
  • Self-confidence (makes decisions and sticks to them)
• Personality Factors in Entrepreneurship:

  • Initiative: does things before being asked
  • Proactive: identifies and utilizes opportunities
  • Perseverance: works against all odds to overcome obstacles and is never complacent with success
  • Self-Critical: learns from mistakes and experiences of others
  • A Planner: collects information, prepares a plan, and monitors performance
  • Risk Taker: willing to take calculated risks
  • Problem Solver: develops and maintains relationships with customers and financers, conceives new ideas, and introduces innovative solutions
  • Persuasion: convinces customers and financers to patronize the business
  • Self-Confidence: makes decisions and sticks to them
• Environmental Factors in Entrepreneurship:

  • Political Climate
  • Legal System
  • Economic and Social Conditions
  • Market Situation
• Factors that stimulate entrepreneurship:

  • Higher income levels of people
  • Desire for new products and sophisticated technology
  • Need for faster means of transport and communication
• Core Competencies in Entrepreneurship:

  • Economic and Dynamic Activity: creation and operation of an enterprise to create value or wealth
  • Innovation: continuous search for new ideas
  • Profit Potential: level of return or compensation for taking on the risk
  • Risk Bearing: willingness to assume risks from developing new ideas
• Types of Entrepreneurs:

  • Innovative Entrepreneurs: create new things with new ideas
  • Imitating Entrepreneurs: follow the ideas of other entrepreneurs
  • Fabian Entrepreneurs: skeptical about changes, follow only after being satisfied
  • Drone Entrepreneurs: live on the labor of others, conservative
  • Social Entrepreneurs: drive social innovation and transformation in various fields
• Functions of an Entrepreneur:

  • Innovations: develop new technology, products, and markets
  • Assumption of Risk: willing to take risks for new ideas
  • Research: practical dreamer, does groundwork before ventures
  • Development of Management Skills: planning, organizing, staffing, directing, controlling, coordinating business activities
  • Overcoming Resistance to Change: paves the way for acceptance of new ideas
  • Catalyst of Economic Development: accelerates economic development by discovering new uses of resources
• Career Opportunities of an Entrepreneur:

  • Business Consultant
  • Teacher
  • Researcher
  • Sales
  • Business Reporter