ENTREPRENEURSHIP 10.

Risk Taking Abilities

 Entrepreneurship activities are full of risks.
 Propensity of mind to take calculated risks with Those who dare to take risks are also
confidence to achieve a pre-determined rewarded with huge rewards.
business or industrial objective.
11. Entrepreneurial Knowledge
Entrepreneur - Person  Helps an entrepreneur to analyse the
Entrepreneurship - Tendency and process economic situation and forming strategies for
good conduct of business.
Elements of Entrepreneurship
1. Creativity and Courage Benefits of Entrepreneurship
 Creating something new which others  Opportunity to create own destiny.
can’t. it requires a lot of courage to come up  Opportunity to make a difference.
with a creative idea and execute it.  Opportunity to reach to full potential.
 Opportunity to reap impressive profits.
2. Business Idea  Opportunity to contribute to society.
 Everything starts with a business idea. It is the  Opportunity to do work with enjoyment.
first potential energy of your new business.
Importance of Entrepreneurship
3. Business Plan  Reduces poverty level
 Necessary to provide shape to the idea. A  Increases employment
plan for how a business s going to work, and  Fulfills the demand of people
how an entrepreneur is going to make it  Helps develop economic condition of a country
succeed.
Risks of Entrepreneurs
4. Products and Services 1. Competitive risk
 Every business sells some type of products or 2. Technological risk
services. If you sell something that can 3. Political & legal risk
satisfy your customer’s needs, then your 4. Economical risk
products and services will have larger 5. Employee risk
business potential energy. 6. Strategic risk

5. Vision and Farsightedness 10 Deadly Mistakes of Entrepreneurship

 Successful entrepreneurs have a good 1. Management mistakes
foresight. They forecast the future business 2. Lack of experience
environment and prepare a plan of action 3. Poor financial control
accordingly. 4. Weak marketing efforts
5. Uncontrolled growth
6. Motivation and Leadership 6. Poor location
 Entrepreneurship activities cannot be 7. Improper inventory control
undertaken if a person is not motivated about 8. Incorrect pricing
what he is doing and without leading his team 9. Entrepreneurial transition
for what needs to be done. 10. Failure to develop a strategic plan

7. Innovation Concept of an Entrepreneur

 A person should be highly innovative to  It refers to a person
generate new ideas, start a company, and  It refers to a creator
earn profits out of it.  It refers to a to an organizer
 It refers to a decision maker
8. Ambition  It refers to an initiator
 Due to this high ambition or high achievement  It refers to a leader
motive, they are able to overcome the obstacle  It refers to a motivator
in their business, turn misfortunes into  It refers to a risk taker
fortunes,and find out new ways and means.
New Product Development
9. Self-confidence  Successful new products spring from the
 Successful entrepreneurs have confidence in convergence of:
their skills and abilities. They are sure about a) The creative mind
success in their business. b) The technical mind
c) The business mind
Creative Mind  Talk to a child
 Conceptualizes and designs a product that  Keep a toy
consumers find some use for.  Read books for ideas
 Take some time off
Technical Mind
 Technology originator. The entrepreneur may The Creativity Process
not necessarily possess the technical mind but 1. Preparation
this is what drives him or her to convert new 2. Investigation
knowledge into something highly functional 3. Transformation
and operations. 4. Incubation
5. Illumination
Business Mind 6. Verification
 Harnesses the potentials of new products 7. Implementation
by creating the market space for them.
 Organizes sufficient forces and resources to Step 1: Preparation
develop, launch, and commercialize the new  Attitude
product in order to maximize its market value.  Reading
 Artickes
Entrepreneurial Gut Game  Discuss with others
 Ability of the entrepreneur to senses without  Join associations
using five senses. This is also known as  Analyse cultures and traditions
intuition.  Develop listening skills
 Connotes courage or, in the logical dialect,
“lakas ng loob” (strong intestinal fortitude). Step 2: Investigation
 Look into the matter
Entrepreneurial Heart Flame  Research about the thing
 Creates a caring culture within the organization  Explore regarding world
that brings about synergy among the people
working toward a common vision. Step 3: Transformation
 It involves viewing the similarities and
Entrepreneurial Mind Frame differences in information collected.
 Allows the entrepreneur to see things in a very  Convergent thinking
positive and optimistic light in the midst of  Divergent thinking
crisis or difficult situations.
Step 4: Incubation
Passion  Subconscious step
 Great desire to attain a vision or fulfill a  Waiting for the right idea
mission. It is about wanting something so  Might be boring
much that a person will be willing to totally  Relax and play regularly
devote oneself to the quest.  Waiting is always worthwhile

 Killer of creativity is our own self, self impose Step 5: Illumination

restriction and paradigms.  Most awaited phase of process
 Happen in between incubation
What Global Environment Requires:
 Happens all of a sudden
 Tap their activity constantly
 Real fruit of being creative
 Develop unique ideas
 Create solution of problems
Brainstorming
 Fill a need of time
 Keeping the group small
 To staying leadership position requires constant  No ranks (equality)
creativity, innovation, and entrepreneurship.  Well defined problem
 Time limitation
 “Every person can be taught techniques and behaviors  Seating pattern
that helps them generate more ideas” - Joyce Wycoff
 Throw logic out of the window
 Quantity over quality
Enhancing Individual Creativity:
 Allow yourself to be creative
Patents
 Fresh input everyday
 Grant from the government to the inventor of
 Allow mistakes
product, giving the exclusive right to make,
 Handy authentic info
use, or sell the product.
 Listen to others
 Limited legal monopoly granted to an individual
or firm to make, use, and sell its invention, and
to exclude others from doing so.

Copyrights
 Legal instrument that provides the creator of a
work of art or literature, or a work that conveys
information or ideas, the right to control how
the work is used.
 An exclusive right that protects the creator of
original works of authorship such as literary,
musical, and artistic work.

 The intent of copyright is to advance the progress of

knowledge by giving an author of a work an economic
incentive to create new works.

Protecting Intellectual Property

 Following points ought to be considered an
entrepreneur before bringing lawsuit;
 Can the opponent afford to pay if you
win?
 Do you expect to get enough from the
suit to cover the costs?
 Can you afford loss of time, money,
and privacy?

What Causes Creativity?

 Confidence
 Courage
 Having a creative imagination
 Incorporating different perspectives
 Go beyond assuming
 Haginv a larger perspective
 Have unique thoughts
 Observational skills
 Mindfulness
 Curiosity
 Resourcefulness
 Lack of doubt
 Quick adaptation
 People who remember their dreams