INTRODUCTION OF
ENTREPRENEURSHIP
Group 1
When we say entrepreneurship,
It is the ability and readiness to develop, organize
and run a business enterprise, along with any of
its uncertainties in order to make a profit. The
most prominent example of entrepreneurship is
the starting of new businesses.
Businesses are the backbone of the ecoomy. Entrepreneurs
plays an important role in developing the economy through
providing the needed products and services including the
solution to the problem of unemployment.
Entrepreneurs are encouraged by the economy because
they can provide a lot of opportunities for the uemployed
young people. It will increase in per capita income, higher
standard of living and increased individual saving, revenue to
the government in the form of income tax, value added tax,
export duties, import duties, and balanced regional
development
RELEVANCE OF ENTREPRENEURSHIP TO AN ORGANIZATION
1. Development of Managerial capabilities this means that one of the
benefits an entrepreneur gets is to develop his managerial skills.
2. Creation of Organizations- which means that because of
entrepreneurships many organizations will exist.
3. Improving standard of living- this means that entrepreneurship can
lift up the economic status of an individual.
4. Means of economic development- this means that not only the life of
the entrepreneur is improved but also the society where the business is
located.
CONCEPT OF ENTREPRENEURSHIP
The word "entrepreneur" was derived from the French verb
enterprendre, which means " to undertake" This is
pinpointing to those who "undertake" the risk of enterprise.
The enterprise is created by an entrepreneur and the
process is called "Entrepreneurship"
Entrepreneurs are innovators, willing to take risks and
generate new ideas to make it unique and profitable
solutions to the present-day problems.
FACTORS AFFECTING ENTREPRENEURSHIP
1. Personality Factors which includes:
a. Initiative- which means doing things even before being told
b. Proactive-which means he can classify opportunities and seize it.
c. Problem Solver- which means he can retain good relations with
other people
d. Perseverance-meaning he will pursue things to get done
regardless of challenges.
e. Persuasion- means that he can entice people to buy
even if they don't.
f. A Planner- meaning he makes plan before doing
things and do not fail to monitor it.
g. Risk-taker which means that he is willing to gamble
but he will calculate it first.
2. Environmental Factors which include political,
climate, legal system, economic and social conditions
and market situations.
COMMON COMPETENCIES IN ENTREPRENEURSHIP
1. Decisive- an entrepreneur must be firm in making decisions.
2. Communicator- an entrepreneur must have a convincing
power.
3. Leader-an entrepreneur an entrepreneur must have the
charisma to be obeyed by his employees
4. Opportunity seeker an entrepreneur must have the ability to
be the first to see business chances.
5. Proactive-controlling a situation by making things to
happen or by preparing for possible future problems.
6. Risk Taker- they have the courage to pursue what is
their business ideas.
7. Innovative- the entrepreneurs have big business
ideas and they do not stop improving and thinking of
new worthwhile ideas for their business.
CORE COMPETENCIES IN ENTREPRENEURSHIP
1. 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.
2. Innovative- Entrepreneurs constantly look for new ideas, thus he needs to be
creative.
3. Profit Potential- meaning the entrepreneur can be compensated by his profit
coming from the operation.
4. Risk bearing -meaning the entrepreneur needs to gamble but wise enough to
offset the risk.
TYPES OF ENTREPRENEURS
1. Innovative entrepreneur- they are those who always make new things by thinking of
new ideas.
2. Imitating entrepreneurs- they are those who don't create new things but only follow the
ideas of other entrepreneurs.
3. Fabian entrepreneurs- they are those skeptical. They don't initiate but follow only after
they are satisfied.
4. Drone entrepreneur- they are those who lives on the labor of others. They are die-hard
conservatives even ready to suffer the loss of business.
5. Social entrepreneurs-they are those who initiate changes in the various fields such as
education, health, human rights, environment and enterprise development.
Career Opportunities of Entrepreneurship
1. Business Consultant- with the expertise of the entrepreneur he can be a very good
source of advices to other entrepreneurs and would be business man.
2. Teacher- a graduate of an entrepreneurship can be use his knowledge in teaching
3. Researcher- the entrepreneur can be employed as researcher by an enterprise.
4. Sales- the entrepreneurship graduate can apply as salesman
5. Business Reporter- the entrepreneur being expert in the field, he can be employed
as business reporter.
Have you ever dreamed of becoming the next multi-
millionaire? If you're thinking that winning the lottery
is the only way to become one. Well think again, it is
not chances that give you millions, instead being a
millionaire is a result of hard work and
determination. Starting your own business is a good
start towards fulfilling your dreams.
Entrepreneurship is the way!
That's all thankyou
