Module 1

• 18th century -Richard Cantillion (economist)

  coined term entrepreneur (go-between,between-taker)

  entrepreneur bears risks and plans,supervises,organizes and owns factors of production
• 19th- Jean Baptiste (econmist)

  proposed that the profits of entrepreneurship were separate from interest rewards of capital ownership.
• Drivers of contemporary entrepreneurship

  • Information and communication technology
  • Globalization
  • Changing Demands
  • Changing Demographics
  • Unemployment
  • Institutional Support
  • Ease of Entry
  • Cultural Diversity
• intrapreneur- an employee who takes on the role of an entrepreneur within the company
• Intrapreneurship- the process of creating new business opportunities within an existing organization.
• Corporate entrepreneurship- is the practice of a firm supporting and development of a new venture within its existing structure to exploit a new opportunity and create economic value
• The small business manger is the person who is responsible for the day to day running of the business.
• Common Characteristics

  • Innovative
  • Creative
  • Calculated risk takers
  • A systematic planner
  • Visionary
  • Achievement -oriented
  • Persistent
  • Dynamic
  • Hard-working
  • Self-confident
• Types

  1. Nascent
  2. Novice
  3. Habitual
  4. Serial
  5. Portfolio
  6. Survival
  7. Lifestyle
  8. Dynamic Growth
  9. Speculative
  10. Opportunity-based Entrepreneur
  11. Necessity-based Entrepreneur
• the word 'entrepreneur' comes from the French verb entreprendre, which means "to undertake"
• Factors the contribute to the success of entrepreneurs

  • Knowing your business in depth
  • Developing a solid business plan
  • Managing financial resources
  • Understanding financial statements
  • Managing people effectively
  • Knowing your strengths and weakness
  • Having a strong marketing strategy
  • Continuing research and development
• Mistakes that contribute to business failures

  1. Management failures
  2. Operation
  3. Marketing
  4. Financial
  5. Other internal Factors (nepotism,personal problems)
  6. External (economic , political, industry associated problems and other societal issues)
• When applying ethics to business,some special aspects must be considered

  • Business must earn to profit to survive
  • Business must balance their desires for profits against the needs and desires of society
  • Maintaining this balance often requires compromises or tradeoffs
  • Business ethics comprise principles and standard that guide behaviour in the business world