Lesson 1

• Entrepreneurship has become increasingly important for businesses of all sizes around the world.
• Entrepreneurs have always been present, however their behavioural patterns were different in different periods of time.
• The word entrepreneur was derived from the French word 'entreprendre', which means 'to undertake' (K - Kuratko, 2016).
• The usage of the term entrepreneur can be traced from 1755.
• Entrepreneur from the very beginning, was principally an independent speculator of the commodity (H - Hamilton & H - Harper, 1994).
• In the modern day markets, the term entrepreneur has been closely linked with ED economic development.
• In contemporary markets, entrepreneur act as:

  • ID - innovators or developers who identify and capture opportunities.
  • M - transform the opportunities into merchandisable concepts.
  • V - create value through multiple stakeholders and resources.
  • TR - take risks whilst seeking rewards for their ventures and efforts (K - Kuratko, 2016).
• Characteristics of an Entrepreneur

  1. VO - Entrepreneurs are vision-oriented people.
  2. HN - Entrepreneurs have a high need in achievement.
  3. FL - Entrepreneurs do not rely on fate or luck, however they try to control their own lives.
  4. MR - Entrepreneurs undertake moderate risks, which is why they look for high earning on their investments.
  5. SA - Entrepreneurs have the abilities to deal with several ambiguous situations in their ventures.
  6. PE - Entrepreneurs have the tendency to be productive and efficient with in a given period of time.
• Traits of an Entrepreneur

  1. RT - Risk takers
  2. F - Flexible
  3. K - Knowledgeable
  4. I - Independent
  5. E - Energetic
  6. C - Creative
  7. D - Dynamic
  8. R - Responsive to suggestions or criticisms
  9. R - Resourceful
  10. I - Initiators
  11. P - Persistent
• Description of Entrepreneurship

  • NV - Entrepreneurship is an "act of establishing a new venture" C - Christensen et al, (2000, p.4).
  • GD - Entrepreneurship can also be considered as the function through which growth and development can be achieved without commencing a new business venture. (Stevenson et al, 1989; SJ - Stevenson & Jarillo, 1990).
  • PO - "an entrepreneurial organization is that which pursues opportunity, regardless of resources currently controlled" Stevenson & Jarillo (1990, p.23).
• "Entrepreneurship is the creation of organizations" G - Gartner (1988, p.11).
• The enterprise is created by an entrepreneur and the process is called "Entrepreneurship."
• Types of Entrepreneurship

  1. AE - Achievement Entrepreneur
  2. SE - Salesman Entrepreneur
  3. TE - Technology Entrepreneur
  4. M - Manager
• Achievement Entrepreneur - primarily associated with the desire to achieve.
• Salesman Entrepreneur - individuals possess skills to interact with people and have a very good soft side of the management aspects.
• Technology Entrepreneur - individuals that are generally idea developers.
• Manager - individuals possess the qualities of taking charge of the missions.
• Achievement Entrepreneur - individuals are usually having an enormous amount of energy and capabilities to take charge.
• Salesman Entrepreneur - people are typified for the having the feelings of the consumers' needs and wants.
• Technology Entrepreneur - individuals often possess great ideas.
• Manager - individuals that are very competitive by nature but not as co-operative as one would expect in a team work.
• Achievement Entrepreneur - take initiatives and do not wait for things to happen.
• Salesman Entrepreneur - have enormous talent for connecting with people and spend most of their time in marketing their products / services and permit other people to manage their businesses.
• Technology Entrepreneur - have the capabilities to develop innovative processes and invent novel products or services for niche markets.
• Manager - their ways to sell are different, they employ logic and carefully thought persuasions, as mechanisms to sell their ideas.
• Achievement Entrepreneur - individuals that are good in several business related aspects and then try to accomplish their objectives, whilst heading their missions (Carsrud & Brannback, 2007).
• Salesman Entrepreneur - they develop a proper vision for marketing and sales practices to reach wider consumer groups (Carsrud & Brannback, 2007).
• Technology Entrepreneur - individuals possess good analytical intelligence to make way through several situations, however, at times their missions can be become a bit idealistic (Carsrud & Brannback, 2007).
• Manager - they have rich experiences, strong management skills and possess strength in managing existing businesses (Carsrud & Brannback, 2007).
• Entrepreneurship Process

  • O - Identify an opportunity
  • V - Establish a vision
  • P - Persuade others
  • G - Gather resources
  • N - Create new venture, product, or market
  • C & A - Change / adapt with time
• Entrepreneurship Challenges

  1. K - Knowledge Gap
  2. A - Difference in accounting systems
  3. R - Variable rates of return
  4. C - Non-convertibility of the currencies
  5. C - Communication Gaps
  6. L - Language Barriers
  7. P & L - Political unrest and legal concerns
  8. C - Cultural Differences
  9. T - Discrepancies in the use of technology
  10. C - Complexity in the markets
  11. C - Supply chain concerns
  12. I - Lack of specific infrastructure
  13. V - Financial markets and their volatility
• Business Consultant - with the expertise of in the field of entrepreneurship, he can be a very good source of advices to other entrepreneurs and would be business men.
• Teacher - a graduate of an entrepreneurship can use his knowledge in teaching.
• Researcher - the entrepreneur can be employed as a researcher by an enterprise.
• Sales - the entrepreneurship graduate can apply as a salesman.
• Business Reporter - the entrepreneur being expert in the field, can be employed as a business reporter.
• Career Opportunities of Entrepreneurship

  1. BC - Business Consultant
  2. T - Teacher
  3. R - Researcher
  4. S - Sales
  5. BR - Business Reporter
• COO - Child of Own
• CEO - Chief Executive Officer
• Henry Sy - Sapatero