Scribd
Upload
24 views10 pages

Introduction 1

Uploaded by

mohammed al jboby
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PDF, TXT or read online on Scribd
24 views10 pages

Introduction 1

Uploaded by

mohammed al jboby
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PDF, TXT or read online on Scribd
You are on page 1/ 10

Introduction to Entrepreneurship

Entrepreneurship has become increasingly important for businesses of all sizes around
the world.

It opens new opportunities and possibilities for the businesses to create values for
themselves and for the society at large.

Despite its popularity, studies suggest that the scope of entrepreneurship remains
unknown, and therefore the prospects of entrepreneurial activities remains not fully
realised.
This chapter highlights some aspects concerning the concept of entrepreneur,
entrepreneurship, entrepreneurial process and finally the entrepreneurship opportunities
and challenges.
1
Introduction to Entrepreneurship

In the modern day markets, the term entrepreneur has been closely linked with economic
development.
An economic development can emerge due to several reasons, which includes:
(a) the launch of new source of procurement for raw materials or materials.
(b) the introduction of a new production mechanism.
(c) the introduction of a new quality of product.
(d) the opening of a new market.
(e) the re-organisation of a business.
The management of all these aspects are carried by an enterprise, and the people whose
functions are to carry out these activities are called entrepreneurs.

2
Characteristics of an Entrepreneur

The main characteristics of the entrepreneur are due to their sociological and psychological factors. Some of
those characteristics are mentioned below:

Entrepreneurs are vision-oriented people

Entrepreneurs have a high need in achievement

Entrepreneurs do not rely on fate or luck, however they try to control their own lives

Entrepreneurs undertake moderate risks, which is why they look for high earning on
their investments
Entrepreneurs have the tendency to be productive and efficient with in a given period
of time. However, at times, they might be seen as inflexible individuals in team-work. 3
Definition of Entrepreneurship

“Entrepreneurship is the
creation of organisations.
What differentiates
entrepreneurs from non-
entrepreneurs is that
entrepreneurs create
organisation, while non-
entrepreneurs do not.

4
Types of Entrepreneurship
There are generally four types:

Achievement Salesman
entrepreneur entrepreneur

Technology
Manager
entrepreneur

5
Types of Entrepreneurship
Achievement entrepreneur

Primarily associated with the desire to achieve.


These types of individuals are usually having an enormous amount of energy and capabilities to take charge.
They take initiatives and do not wait for things to happen.
They often possess the leadership qualities and have a great sense of commitment and responsibility in their
ventures.
These types of individuals are good in several business related aspects and they try to accomplish their
objectives, whilst heading their missions.

6
Types of Entrepreneurship
Salesman entrepreneur:

 These individuals possess skills to interact with people and have very good
soft side of the management aspects.
 They usually use the soft sales approach whilst pursuing the growth of their
ventures.
 These individuals therefore devote their time to understand who and how
are the consumers in the market.
 They develop a proper vision for marketing and sales practices to reach
wider consumer groups.

7
Types of Entrepreneurship
Technology entrepreneur:

 Individuals belong to this category, are generally idea developers.


 They have the capabilities to develop innovative processes
 As these individuals possess qualities to create several ideas they
have a good analytical intelligence and take calculated risks in their
ventures

8
Types of Entrepreneurship
Manager:
 These types of individuals possess the qualities of taking charge of the
missions.
 They are usually found to take positions of high authority, such as external
investors or sometimes act as board of directors.
 They prefer to work in larger organisations than small entrepreneurial
businesses.
 They seek comfort in making effective marketing strategies.
 They have rich experiences, strong management skills and possess strength
in managing existing businesses.

9
Entrepreneurship opportunities
Entrepreneurship offers several opportunities and some of those opportunities are:

(a) expansion of entrepreneurial activities through the advent of the internet and the
explosion of e-commerce on a global scale.
(b) Integration in social and political fabrics in several emerging economies.
(c) increase in cross-border engagements and market entry mechanisms such as strategic
alliances, subsidiaries, joint ventures etc.
(d) increased engagements in global markets concerning social responsibility and ethics.

10

You might also like