Entrep

• Entrepreneurship - its a proactive process of developing business venture to make a profit
• Entrepreneur - is a person responsible for setting up a business or an enterprise

  -he/she has the iniative skill

  -thinks new product
• Entre- between
• Pedre - to take
• Clusters - the small enterprise research and development foundation and the reportment of trade and industry conducted research which identified the 10 personal entrepreneurial characteristics that lead to success the PEC's are ground into 3 areas
• Achievement clusters - Group of people that the main goal is to desire to be an achiever in the field of entrepreneurship -An opportunity seeker -Committed -Persistent -A risk taker -Efficient and quality oriented
• Planning cluster - supports the character traits in the achievement cluste

  • A goal setter
  • An information seeker and,
  • Systematic in planning and monitoring
• S-specific

  M-measurable

  A-achievable

  R-realistic

  T-time bound
• Power cluster- refers to the relationship and image of the entrepreneur in the community

  1.A pursuasive and positive networkers and

  2. Self confident
• As an art of correct practices - Entrepreneurship is an art and not a science it is not governed by fix and absolute rules whereas science is an art it is dynamic and closely related to creativity and the changes does not stop
• A wealth creating venture - entrepreneurship is a business endeavor where the resources of the enterprise have been utilized fully to maximize the investment of the entrepreneur the venture improves the life of the entrepreneur in terms of economic financial and moral aspects
• Provides valuable good and services - the entrepreneur convinces the consumers and they gain more benefits than what they pay for the goods and services
• Entails opening and managing self owned enterprise - it must be self owned in order to qualify as an entrepreneurial endeavor a business is considered self owned enterprised when the person managing its daily activities
• Risk taking venture - risk is inherent in an entrepreneur venture "risk comes simultaneously with the venture" risk cannot be detached from any entrepreneurial venture
• Opportunity seeking - is the process of spotting evaluating and pursuing relevant and sustainable revenue and profit generating activities in the market place
• Entrepreneurial mind frame - allows the entrepreneur to see things in a very positive and optism light
• Entrepreneurial gut game - total involvement or the entrepreneur in the exciting game of business demanding the keenest of intuitive abilities and the strongest intestinal fortitude
• Entrepreneurial heart flame - the surging passion to find fulfilment in the act and process of discovery
• Macro environment - it refers to the big of macro forces that affect the area the industry and the market which the enterprise belongs to
• Socio cultural environment - link to factors that affect society's basic values preferences and behavior
• Political environment - this involves laws government agencies and pressure groups
• Ecological environment - natural forces in the macro environment
• Economic environment - forces relate to factors that affect consumer purchasing power and spending patterns
• Technological environment - they relate to factors that create new technologies and there by create new product and market opportunities
• Suppliers - provide business with the materials they need to carry out their business activate
• Employees - the lifeblood or your organization running every aspect of the business
• Customers - people who buy and use a firms product and services are an important part of external micro environment
• Competitors - these are your rivals which compete with the firm in market and resources
• 2 types of competitors:

  •Direct competitors - offers exactly the same product

  •Indirect competitors - offers different product but with similar benefits
• Public - any group that has an actual or potential interest in or important on a company's ability to achieve it's objective
• Demand and supply - the entrepreneur must also be able to measure the actual demand and supply as well as the potential demand and supply of the industry that the enterprise belongs to
• Substitute product - equally important is the monitoring of the prevalance of product substitute and their market impact on the existing players in the industry
• Relevance - alignment
• Resonance to values - match the values and desired virtues
• Reinforcement of entrepreneurial interest - skills talent and interest
• Revenue - sales potential
• Responsiveness - addressing the consumers needs and wants
• Reach - chances of expanding
• Range - product or services offering
• Revolutionary impact - business game changer