Introduction to Entrepreneurship

• The word "entrepreneur" was derived from the French verb "enterprendre", meaning "to undertake". Entrepreneurs are innovators who are willing to take risks and generate new ideas to create unique and profitable solutions to present-day problems
• Entrepreneurship is the process of creating an enterprise by an entrepreneur
• Factors affecting entrepreneurship:

  • Personality factors include:
  • Initiative
  • Proactive (taking strategic decision making)
  • Problem solver
  • Perseverance (desire goal)
  • Persuasion (ability to convince)
  • A planner
  • Risk-taker
  • Environmental factors include political, climate, legal system, economic and social conditions, and market situations
• Common competencies in entrepreneurship:

  Decisive

  Communicator

  Leader

  Opportunity seeker

  Proactive

  Risk Taker

  Innovative
• Innovative entrepreneur:

  • Focuses on creating innovative products or services
  • Example: iPhone Company
• Initiative- which means doing things even before being told
• Proactive-which means he can classify opportunities and seize it.
• Problem Solver- which means he can retain good relations with other people.
• Perseverance-meaning he will pursue things to get done regardless of challenges 
• Persuasion- means that he can entice people to buy even if they don’t.
• A Planner- meaning he makes plan before doing things and do not fail to monitor it.
• Risk-taker which means that he is willing to gamble but he will calculate it first. 
• Decisive- an entrepreneur must be firm in making decisions.
• Communicator- an entrepreneur must have a convincing power.
• Leader-an entrepreneur must have the charisma to be obeyed by his employees.
• Opportunity seeker- an entrepreneur must have the ability to be the first to see business chances.
• Proactive- controlling a situation by making things to happen or by preparing for possible future problems.
• Risk Taker- they have the courage to pursue what is their business ideas.
• Innovative - the entrepreneurs have big business ideas and they do not stop improving and thinking of new worthwhile ideas for their business. 
• Core Competencies in Entrepreneurship

  1.Economic and dynamic activity

  2.Innovative

  3.Profit Potential

  4.Risk bearing
• Economic and dynamic activity- Entrepreneurship is an economic activity because it involves the creation and operation of an enterprise with a view to creating value or wealth by ensuring optimum utilization of limited resources
• 2.Innovative- Entrepreneurs constantly look for new ideas, thus he needs to be creative.
• 3.Profit Potential- meaning the entrepreneur can be compensated by his profit coming from the operation
• 4.Risk bearing –meaning the entrepreneur needs to gamble but wise enough to offset the risk.
• Career Opportunities of Entrepreneurship

  1.Business Consultant

  2.Teacher

  3.Researcher

  4.Sales

  5.Business Reporter
• Business Consultant- with the expertise of the entrepreneur he can be a very good source of advices to other entrepreneurs and would be business man.
• Teacher- a graduate of an entrepreneurship can be use his knowledge in teaching
• Researcher- the entrepreneur can be employed as researcher by an enterprise.
• Sales- the entrepreneurship graduate can apply as salesman
• Business Reporter- the entrepreneur being expert in the field, he can be employed as business reporter.
• 2. Imitating entrepreneurs:

  • Process of creating a business by copying an existing model
• 3. Fabian entrepreneurs:

  • Afraid to take risks and only update if the product is in demand
• 4. Drone entrepreneur:

  • Also called "old school", they cling to traditional ways or methods in conducting business
  • Example: Nokia Cellphone Company
• 5. Social entrepreneurs:

  • Seek and explore business opportunities that have a positive impact on society