ENTREPRENEURSHIP

Instructor: Ovais VOHRA

[email protected]

• 2024
 LEARNING OBJECTIVES

• Note no 01

• ENTREPRENEURSHIP AND PROCESSES

• OF ENTREPRENEURSHIP
WHAT IS ?
WHAT IS ENTREPRENEURSHIP ?

• Entrepreneurship is the concept that signifies individual talent

while ideas go into action. This concept also involves planning
the projects in accomplishing objectives and management ability
besides creativity, innovation and taking risks. In other words,
entrepreneurship is an umbrella concept that contains many
disciplines in itself and helps individuals' and employees' to
understand the opportunities that may come up during social
and commercial activities in their working and social lives.
• "Public Entrepreneurship" tries to explain the entrepreneurship in
public institutions while "Social Entrepreneurship" is known and
studied as the entrepreneurial actions of civil society
organizations. On the other hand, “

• Internal Entrepreneurship" which can be valid in both private

and civil organizations began to be brought up frequently.
Besides, applications such as.
• "Global Entrepreneurship" and " Techno-entrepreneurship"
appear as entrepreneurship structures which form associations
in a totally new aspect, makes innovations and inventions, for
short, makes a difference
Features of Entrepreneurs

• Creativity is the spark which enables the development of new

products, services or ways in order to make business

• Devotion is the motive that motivates an entrepreneur to work 7

days a week, more than 12 hours a day in order him to be
successful, especially during the beginning stage.
• Determination is the very strong will to succeed. At the same time,
it contains stability and the ability to recover after hard times. It is
what convinces the entrepreneur to make a phone call for the 10th
time even he does not get a result for 9 times. Money is not a
motivation source for a real entrepreneur. Success is the basic
motivating factor and money is the reward.
• Flexibility is the ability to meet the changing market requirements
immediately. It is the awareness of market reality while sticking to
a dream. This reality may cause an entrepreneur to change his
vision if necessary.

• Leadership is to create rules and form targets. It is to capacity to

act by visualizing success and obeying the rules.
• Passion is the factor that makes an entrepreneur start and it keeps
him that way. It gives the power to the entrepreneur to convince
others to believe his vision. It does not substitute for planning but
it helps an entrepreneur to stay focused and his plan to be seen
and applied by the others

• Self-confidence develops thanks to the plans that decrease

uncertainty and risk level. Specialization also contributes to self-
confidence to be formed. Self-confidence gives the ability to the
entrepreneur to listen to the others without distraction and being
daunted.
Four basic elements in the statements about
the features of entrepreneurs.

• Creation process: The subject of the creation should state a value

both for the entrepreneur and the mass which is developed in
order to provide benefit .

• - Making an effort: To make an effort and spending time in

purpose of setting forth a new product / service.

• - Risk: The entrepreneur is in the position of taking certain risks in

the entrepreneurial area he is involved in.

• -
• Return: It is the reward of being an entrepreneur. The most
important reward here is to create value. Profit will come up
afterwards. The profit gained is the indicator of the level of
success. Independence and personal satisfaction follow value
creation and profit.
• Identifying the Entrepreneurial Features
• Entrepreneurs want to make their own way. Usually the people
reached self-success become entrepreneurs; because employers
will not allow things, that they do not think will work, to be done.
This kind of people usually become an entrepreneur at a young
age because they think no one else can make a certain work
better than themselves.
• Some questions are asked towards identifying entrepreneurial
features below. It is indicated that in case of positive answers in
general, one will be a successful entrepreneur.
• - When you get disappointed, can you handle this and start
over with a positive attitude?
• - Do you feel happy to be the center of attention and
presenting yourself or the work you do?
• - Is it easy for you to be organized?
• - Do you know how to control and discipline your life?
• - Are you willing to take an acceptable level of risk?
• - Do you know how to show your creative aspect? Do you have
imagination?
Basis of Entrepreneurial Thinking
• Entrepreneurial thinking has four main components. These are;
• - Being Inventive and Creative
• - Taking Risks
• - Being a Pioneer
• - Competitive Thinking
Basis of Entrepreneurial Thinking
• Identifying the Opportunities
• Organizational Structure

• entrepreneurship process is respondent to 5 basic questions:

• - Where are the opportunities?
• - How can I benefit from these opportunities?
• - What sources are required?
• - How much is my control over the resources?
• - Which structure is the most available?
Functions of Entrepreneurs
• Organizing and Supplying the Production
• Entrepreneurs regulate their prices and increase their product
quality in order to survive in a competitive environment.

• Supplying Product Range

• Economical dimension of the change in the world causes
economically small businesses to go into an adaptation process
to new changing conditions. Because of the increasing
competitive conditions, entrepreneurs are in need of product
diversification and specialization.
• Creating Employment
• A lot of countries face economical problems in the competitive
economical environment. One of the most important of them is
the employment problem. While unemployment problems
especially in European Union (EU) are being researched, it is
seen that entrepreneurship has a big contribution to the created
employment in the USA.
Creating New Markets and New Sales Methods
• With the developing technology, entrepreneurs that made
innovations create new markets with new products. After
entrepreneurs adopt new methods entirely by eluding themself
from traditional commerce types, pushing market conditions,
changing the culture of current business transactions,
Supplying Capital Stock
• Increasing amount of output in economy by creating new
enterprises, leads to the growth of industry and increase in
profit. By using this profit for reinvestments, new employment
areas and capital stock are supplied.
Rumour about entrepreneurs
• The entrepreneur that goes bankruptcy must have committed a
disgraceful offence: An entrepreneur to go bankruptcy means
that he failed. In entrepreneurship there is success and failure. It
does not mean that every entrepreneur will be successful in
every attempt. It is very wrong to say there is no failure in
entrepreneurship.
• Entrepreneurs do not have day and night: It is not valid for all
of them but entrepreneurs do not complain about their irregular
lives because they like their jobs. Moreover, a surprising,
exciting and a little bit stressful independent life is important for
them instead of an ordinary life.
• Everyone with capital can establish a business and be successful:
Every capital owner can establish a business however not every
business established can be successful.

• Entrepreneurs are people that win tenders, evade taxes, do not

pay employees, and legalize it: This conception is not correct.

• X entrepreneur produces this, sells it and earns money, if I do

the same thing, I will succeed:
• The END
• Thanks a lot