intro to ENTREP

• Businesses are the backbone of the economy. Entrepreneurs play an important role in developing the economy through providing the needed products and services including the solution to the problem of unemployment.
• Entrepreneurship is encouraged by the economy because it can provide a lot of opportunities for the unemployed people. It will increase per capita income, improve standard of living and increase individual savings, provide revenue to the government in the form of income tax, value added tax, export duties, import duties, and balanced regional development.
• Entrepreneur


  To undertake
• Entrepreneurship


  The process of actions of an entrepreneur who is always in search of opportunities
• Relevance of entrepreneurship to an organization

  • Development of managerial capabilities
  • Creation of organizations
  • Improving standard of living
  • Means of economic development
• Entrepreneur


  Innovators who are willing to take risks and generate unique ideas that can provide profitable solutions to the needs of the market and the society
• Factors affecting entrepreneurship

  • Personality factors (initiative, proactive, problem solver, perseverance, persuasion, planner, risk-taker)
  • Environmental factors (political, climate, legal system, economic and social conditions, market situations)
• Common competencies in entrepreneurship

  • Decisive
  • Communicator
  • Leader
  • Opportunity seeker
  • Proactive
  • Risk taker
  • Innovative
• Core competencies in entrepreneurship

  • Economic and dynamic activity
  • Innovative
  • Profit potential
  • Risk bearing
• Types of entrepreneurs

  • Innovative entrepreneurs
  • Imitative entrepreneurs
  • Fabian entrepreneurs
  • Drone entrepreneurs
• Appen


  Or by preparing for possible future problems
• Risk Taker


  • An entrepreneur has the courage to pursue business ideas
• Innovative


  • The entrepreneur has big business ideas and he does not stop improving and thinking of new worthwhile ideas for his business
• Economic and Dynamic Activity


  Entrepreneurship is an economic activity because it involves the creation and operation of an enterprise with a view to creating value or wealth by ensuring optimum utilization of limited resources
• Innovative


  • The entrepreneur constantly looks for new ideas, thus he needs to be creative
• Profit Potential


  The entrepreneur can be compensated by his profit coming from the operation
• Risk bearing


  • The entrepreneur needs to gamble but wise enough to offset the risk
• Types of Entrepreneurs

  • Innovative Entrepreneurs
  • Imitating Entrepreneurs
  • Fabian Entrepreneurs
  • Drone Entrepreneurs
  • Social Entrepreneurs
• Innovative Entrepreneurs


  They are those who always make new things by thinking of new ideas. They have the ability to think newer, better and more economical ideas
• Imitating Entrepreneurs


  They are those who don't create new things but only follow the ideas of other entrepreneurs
• Fabian Entrepreneurs


  They are skeptical about changes to be made in the organization. They don't initiate but follow only after they are satisfied
• Drone Entrepreneurs


  They are those who live on the labor of others. They are die-hard conservatives even ready to suffer the loss of business
• Social Entrepreneurs


  They are those who initiate changes and drive social innovation and transformation in the various fields such as education, health, human rights, environment and enterprise development
• Career Opportunities of Entrepreneurship

  • Business Consultant
  • Teacher
  • Researcher
  • Sales
  • Business Reporter
• Entrepreneurs are people who take the risk, they are innovators and contributors to the development of the society