Introduction to Entrepreneurship

• The word “entrepreneur” was derived from the French verb “enterprendre”, which means “to undertake”.
• Entrepreneurs are innovators, willing to take risks and generate new ideas to make it unique and profitable solutions to the present-day problems.
• Development of Managerial capabilities - this means that one of the benefits an entrepreneur gets is to develop his managerial skills.
• Creation of Organizations - which means that because of entrepreneurships many organizations will exist.
• Improving standard of living - this means that entrepreneurship can lift up the economic status of an individual.
• Means of economic development - this means that not only the life of the entrepreneur is improved but also the society where the business is located.
• 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.
• environmental factors - Which include political, climate, legal system, economic and social conditions and market situations.
• 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 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.
• 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.
• Innovative - Entrepreneurs constantly look for new ideas, thus he needs to be creative.
• Profit Potential - The entrepreneur can be compensated by his profit coming from the operation.
• Risk bearing – The entrepreneur needs to gamble but wise enough to offset the risk.
• Innovative entrepreneur - They are those who always make new things by thinking of new ideas. They have the ability to think newer, better and more economical ideas.
• Imitating entrepreneurs - They are those who don’t create new things but only follow the ideas of other entrepreneurs.
• Fabian entrepreneurs - They are skeptical about changes to be made in the organization. They don’t initiate but follow only after they are satisfied.
• Drone entrepreneur - They are those who lives on the labor of others. They are die-hard conservatives even ready to suffer the loss of business.
• Social entrepreneurs - They are those who initiate changes and drive social innovation and transformation in the various fields such as education, health, human rights, environment and enterprise development.
• Business Consultant - with the expertise of in the field of entrepreneurship, he can be a very good source of advices to other entrepreneurs and would be businessman.
• Teacher - a graduate of an entrepreneurship can 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.