Techno def

• Entrepreneur


  A person who looks at the environment, identifies opportunities to improve it, marshals resources, and implements actions to maximize those opportunities
• Entrepreneurship


  The ability to determine and come up with the proper combination of resources available in the environment, transform them into goods or services, obtain a fair profit, and develop innovation and creativity
• Entrepreneurship


  Organizing and recognizing social/economic mechanisms to turn resources and situations to practical account
• Profile of an Entrepreneur

  • Confidence in ability to succeed
  • Desire for immediate feedback
  • High level of energy
  • Long hours and hard work as a rule
• Benefits of Entrepreneurship

  • Opportunity to reach one's full potential
  • The business becomes an instrument for self-expression
• Entrepreneur

  One who creates a new business in the face of risk and uncertainty for profit and growth by identifying significant opportunities and assembling necessary resources
• Profile of an Entrepreneur


  • Value of achievement over money
  • Success-driven
• Entrepreneur is derived from "entre" meaning to enter, "pre" meaning before, and "neur" meaning nerve center
• Entrepreneurship


  A state of mind, not identified or measured by the type, size, or success of a business; the total way of life for entrepreneurs; doing what one loves to do
• Entrepreneurship


  The ability to create and build a vision from practically nothing; includes initiative taking, acceptance of risks and failures
• Profile of an Entrepreneur

  • Future orientation - looking ahead
  • Skill at organizing - putting the right people together to accomplish a task
• Entrepreneur


  Someone who perceives an opportunity, creates an organization to pursue it, and engages in all functions associated with perceiving opportunities and creating organizations
• Benefits of Entrepreneurship

  • Opportunity to create own destiny
  • Opportunity to make a difference - e.g., low-cost housing project with solar panels for roofing materials
• Profile of an Entrepreneur

  • Desire for responsibility for the outcome of the business
  • Preference for moderate risk
• Entrepreneurs


  Success driven individuals
• Drawbacks of Entrepreneurship

  • Uncertainty of income
  • Risk of losing your entire investment
  • Long hours and hard work
  • Lower quality of life until the business gets established
  • High levels of stress
  • Discouragement as a result of obstacles encountered
• How to Avoid the Pitfalls


  1. Know your business in depth - Read everything you can about your business, Personal contact with suppliers, customers, trade associations, and others in the same industry

  2. Develop a solid business plan

  3. Manage your financial resources - Have adequate capital, Estimate how much capital you need to get the business going, then double it

  4. Understand financial statements, Learn to manage people effectively

  5. Set your business apart from the competition - Customer service, speed, quality, etc., Maintain a positive attitude - passion for the business, customers, products & services
• What’s feeding the entrepreneurial fire?

  • Entrepreneurs as heroes - Bill Gates (Microsoft Corp.), Jeff Bezos (Amazon), Phil Knight (Nike)
  • Entrepreneurial education - Shift to a service economy, Technology advancements
  • Jimbo Wales, founder of Wikipedia says: “Wherever my laptop is, that’s my office.”
  • Independent lifestyle - People want the freedom to choose where they live, the hours they work, and what they do
  • E-Commerce and the World Wide Web - the vast network that connects computers around the world via the internet
• Benefits of Entrepreneurship

  • Opportunity to create your own destiny
  • Opportunity to make a difference - Low cost housing project with solar panels for roofing materials
  • Opportunity to reach one’s full potential - The business becomes their instrument for self-expression and self-actualization
  • Opportunity to reap impressive profits
  • Opportunity to contribute to society and be recognized for one’s efforts
  • Opportunity to do what you enjoy and have fun at it