MIDTERMS

• Entrepreneur

  • is frequently used in ordinary discourse as well as in management and economics as a technical term.
  • It derives from the French term “entreprender” – to undertake.
•   Entrepreneurship

  • is thus defined as the act of the entrepreneur.
  • is the process through which new value is generated as a result of the project: the entrepreneurialendeavor.
• Entrepreneurial

  • is an adjective that describes how an entrepreneur approaches his or her work.
• 5 KEY COMPONENTS OF ENTREPRENEURSHIP

  1.      The capacity for recognizing an opportunity

  2.      The capability of a perceived opportunity to be commercialized

  3.      The capacity to pursue it sustainably.

  4.      The capacity to pursue it methodically.

  5.      A willingness to accept danger or failure.
• KINDS OF ENTREPRENEURS

  1.      The sole proprietor: A sole proprietor is someone who founded, purchased, or franchised his or her own independent firm.

  2.      Intrapreneur: An intrapreneur is someone who works in a huge corporation as an entrepreneur.

  3.      The Entrepreneurial Organization: The entrepreneurial function does not have to be physically embodied in an individual.
• 6 Ps OF ENTREPRENEURSHIP

  ·        Product

  ·        People

  ·        Place

  ·        Price

  ·        Promote

  ·       Production

   
• QUALITIES OF AN ENTREPRENEUR• Opportunity-seeking• Persevering• Risk Taking• Demanding for efficiency and quality• Information-seeking•Planning Persuasion and networking• Building self-confidence• Listening to others• Demonstrating leadership
• ENTREPRENEURIAL CAPABILITIES

  ·        A skill is nothing more than information that is exhibited via action. It is the capacity to act in a particular manner.Entrepreneurs are those who have a viable company concept and the ability to bring it into reality.

  ·        Making a concept a reality requires two distinct sets of skills:

                           I.         General management capabilities; and

                           II.         Personnel management capabilities
• ENTREPRENEURIAL RESPONSIBILITIES

  1.      Organizational Ownership

  2.      Creating New Organizations

  3.      Commercialization of Innovations

  4.      Market Opportunity Identification

  5.      Application of Expertise

  6.      Leadership

  7.      The entrepreneur as manager
• 4 MAIN FORMS OF INNOVATION

  ·        The term "invention" refers to the process of developing a new product, service, or method.

  ·        Extension is described as the extension of a product, service, or process.

  ·        Duplication is defined as the duplication of an existing product, service, or process.

  ·        Synthesis is defined as the synthesis of existing concept and components into a new formulation.

   
• THE PROCESS OF INNOVATION

  1.    Analytical planning: determining the characteristics, design, and resources required for the product or service.

  2.  Organization of resources: acquiring the necessary materials, technology, people, and capital resources.

  3.      Execution: using resources to carry out the plans

  4. Commercial application: providing value to consumers compensating staff, and resolving stakeholder issues.

   
• Entrepreneurship = creativity + innovation