"entrepreneur" a french word entreprendre means "to undertake" or to "take over"
it is a reference to individuals who initiated the establishment of a business entreprise.
ability to be able to know what product and service are needed by people, and to be able to provide these things at the right time, place, people, price
Earliest Period
an entrepreneur who sells goods.
tradings
he would enter into formal agreement with the capitalist.
After sold, they would divide the profits
Middle Ages

an entrepreneur is both an actor and a person who was in charge of large production projects (architectural work; building and cathedrals) provided by the government
17th century
bidding
common practice: agree on price as part of terms
an entrepreneur is someone who would enter into formal agreement with the government to provide product and service
an entrepreneur either reaps profits or bears losses
18th century
investor
an entrepreneur was distinguished from the capitalist who simple provides money for the creation of products to be sold.
someone who coordinates, leads, manages all the activities in the firm
19th and 20th century
an entrepreneur is an innovator who seeks opportunities and leads.
He also searches for changes, responds to it, and exploits change as an opportunities
21st century
an entrepreneur is considered as heroes of free enterprise
creativity and innovation enable them to exploit high growth potential
I. Relevance of Entrepreneurship to an Organization
Development of managerial capabilities
an entrepreneur studies a problem, identifies it's alternatives, compares the alternatives in terms of cost and benefit implications, and finally chooses the best alternative.
I. Relevance of Entrepreneurship to an Organization
2. Creation of organization
entrepreneur assembles and coordinates physical, human and financial resources and direct them toward's achievement of objectives through managerial skills
I. Relevance of Entrepreneurship to an Organization
3. Improving standard of living
entrepreneurship helps in making a wide variety of goods and services available to the society
I. Relevance of Entrepreneurship to an Organization
4. means of economic development
entrepreneurship involves creation and use of innovative ideas, maximization of output from given resources, and development of managerial skills.
II. Concept of Entrepreneurship
entrepreneurship is a process of actions of an entrepreneur who is always in search of something new to exploit new ideas into gainful opportunities by accepting the risk and uncertainty of the enterprise.
entrepreneurial activities can be incremental or disruptive. (incremental - small changes that transform process to flow; disruptive - entirely new approaches)
ex: geographical location, price of the product, pandemic, poverty, politics
IV. Core Competencies in Entrepreneurship
Economic and dynamic activity
financing, marketing, promoting, doing the labor work
involves the creation and operation of an enterprise with a view of creating value or wealth by ensuring optimum utilization of scarce resources
IV. Core Competencies in Entrepreneurship
2. Innovation
it compels an individual to continuously evaluate the existing modes of business operations so that more efficient and effective systems can be evolved and adopted.
IV. Core Competencies in Entrepreneurship

3. Profit potential
the level of return or compensation to the entrepreneur for taking on the risk of developing an idea into an actual business venture.
IV. Core Competencies in Entrepreneurship

4. Risk bearing
the willingness to assume risk arising from the creation and implementation of new ideas
Fundamentals of Entrepreneurship
Relevance of Entrepreneurship to an organization
Concept of Entrepreneurship
Factors affecting Entrepreneurship
Core competencies in entrepreneur
I. Relevance of Entrepreneurship to an organization