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Entrep Module 1

This document discusses entrepreneurship and related concepts. It defines an entrepreneur as someone who creates a new business and takes on financial risk to generate profit. It identifies personality traits and environmental factors that affect entrepreneurship. It also outlines the relevance of entrepreneurship to organizations, common and core competencies, types of entrepreneurs, and career opportunities in the field.

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Michael Ayson
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Download as PPTX, PDF, TXT or read online on Scribd
15 views

Entrep Module 1

This document discusses entrepreneurship and related concepts. It defines an entrepreneur as someone who creates a new business and takes on financial risk to generate profit. It identifies personality traits and environmental factors that affect entrepreneurship. It also outlines the relevance of entrepreneurship to organizations, common and core competencies, types of entrepreneurs, and career opportunities in the field.

Uploaded by

Michael Ayson
Copyright
© © All Rights Reserved
Available Formats
Download as PPTX, PDF, TXT or read online on Scribd
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LESSON 1 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 Entreprendre, which means “ to undertake” This
is pinpointing to those who ”undertake” the risk of
enterprise.

Entrepreneur
-  is an individual who creates a new business, bearing
most of the risks and enjoying most of the rewards
The enterprise is created by an
entrepreneur and the process is called

Entrepreneurship”
 is the process of developing, organizing, and
running a new business to generate profit while
taking on financial risk
.
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 factor
are the conditions that exist in a business
environment. The major environmental
factors in business are technological
factors, economic factors, social factors,
political factors and cultural factors
1. Technological factor
include production techniques,
information and communication
resources, production, logistics,
marketing, and e-commerce
technologies
2. Economic factors are such
 

as capital, infrastructure, raw


material, labour, and market.
Without these economic factors a
business can't grow and earn
profit
Social Factors depends upon their
personal character and environment in
which they
live. The independent social variables
such as age, sex, educational level,
form of the organization,
family background, location
Political factors such as Taxes,
legality of the enterprise,
jurisdictional and zoning bylaws,
mandatory healthcare for
employees
Cultural Factors such as belief
systems and practices, customs,
traditions and behaviours of all
people in given country, fashion
trends and market activities
influencing actions and decisions
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
1. Researcher- the entrepreneur can be
employed as researcher by an
enterprise
2. Sales- the entrepreneurship graduate
can apply as salesman
3. Business Reporter- the entrepreneur
being expert in the field, he can be
employed as business reporter.

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