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Chapter 1 EM

The document discusses entrepreneurship including definitions of entrepreneur, entrepreneurship, and enterprise. It covers the qualities and characteristics of entrepreneurs as well as advantages and drawbacks of entrepreneurship. Key topics include risk taking, innovation, creating value, and generating profit.

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Alina Munir
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© © All Rights Reserved
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15 views

Chapter 1 EM

The document discusses entrepreneurship including definitions of entrepreneur, entrepreneurship, and enterprise. It covers the qualities and characteristics of entrepreneurs as well as advantages and drawbacks of entrepreneurship. Key topics include risk taking, innovation, creating value, and generating profit.

Uploaded by

Alina Munir
Copyright
© © All Rights Reserved
Available Formats
Download as PPTX, PDF, TXT or read online on Scribd
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Entrepreneurial Management

Chapter #1
Introduction…

• What do you mean by…

• Entrepreneur
• French Verb Entrepreneur means between – taker or go between
• (oxford dictionary): Person who undertakes an enterprise with chances of profit or
loss.
• Enterprise: (oxford dictionary): Bold Undertaking
• Entrepreneur(New Encyclopedia Britannica): An individual who bears the
risk of operating business in the face of uncertainty about the future
conditions.
• Common Meaning: one who starts his own, new and small business
Introduction…

• Entrepreneurship:
• It is a philosophy or process through which an entrepreneur seeks innovation an
employment.
• Entrepreneur Entrepreneurship Enterprise
• Person Process or Philosophy Object/orgnization

Entrepreneurship can be described as a creative and innovative response to the


environment.
Introduction ---definitions
• Entrepreneurship :
• “Is the process of creating something different with value by devoting
the necessary time and effort, assuming the accompanying financial,
psychic, social risks and receiving the resulting rewards of monetary and
personal satisfaction and independence”
• Definition involves four aspects:
• The value creation process
• The devotion of time and efforts
• The assumption of risks
• Rewards of independence, satisfaction, money.
Entrepreneurship--definition
• Entrepreneurship is refers to a process of starting a new enterprise
and operating it, so as to create a product ,having value for people by
giving necessary time and effort and bearing all the financial
risks,difficultes and challenges,with an intension to make profit.
What are the five 5 entrepreneurial
management demands?
• strategic orientation.
• Identify the opportunity.
• commitment of resources.
• control of resources.
• management structure.
Why is it important to have an entrepreneur management plan?

• Establish clear goals


• Within an entrepreneur management plan, you establish the goals you want to achieve with your startup. This
includes short-term goals, such as launching your first product, and long-term goals, like generating a certain
number of sales. Having clear goals can help everyone involved with the startup stay motivated, as they'll know
what they're working to achieve. In addition, it helps you determine what actions you need to take to reach those
goals.
• Coordinate actions
• It's easier to achieve goals when everyone coordinates their actions. With an entrepreneur management plan, you
determine what actions your startup needs to take and who performs them. Mapping these actions can also help
you identify any missing actions before beginning and ensure that you assign each action to at least one person.
• Improve resource management
• Limited resources such as funds, staff and time may be typical for new business ventures since owners are working
to grow a customer base is ins. Therefore, it's important for entrepreneurial managers to ensure that they are
using their resources effectively. Through an entrepreneur management plan, you can determine where to spend
your resources before you commit them. This ensures you are using all of your available resources and using them
in the best possible way.
Why is it important to have an entrepreneur management
plan?
• Create performance standards
• Through an entrepreneur management plan, you'll define your desired outcomes and
when you want to achieve them. You can use these as your performance standards
and judge if your business is on schedule. For example, if you set a goal to launch your
product in six months, you can check your progress in three months to ensure you're
halfway done. If you're not, you can adjust your methods to make achieving your goal
more likely.
• Balance risk
• An entrepreneur management plan establishes how the entrepreneur will balance
their personal risk with their role within the company. Learning how to balance
personal risks can help entrepreneurs better prepare for unexpected issues. For
example, it may outline how much of their own money the entrepreneur can safely
invest.
Who is entrepreneur?
• A person who start and operates a business taking on financial risk to do so.
• An entrepreneur is one who organizes a new business in the hopes of making a profit.
• A person who organizes and manages any business, usually with considerable initiative
and risk.
• Entrepreneur is a person who starts an enterprise.
• The process of creation is called entrepreneurship. or Turning ideas into marketable
products
• Is a person with a unique idea, who take initiative of developing a new venture, arranges
all resources and is ready to bear all risks and take all the necessary decisions to provide
products and services that has value to the customer.
What is entrepreneurship?
• The process of creation is called entrepreneurship. or Turning ideas into
marketable products
• Why Study Entrepreneurship?
• learn the complex business processes involved in commercialization.
• to make arrangement among features, benefits, price, markets, and
business operations
• to adapt to uncertainty and change
• to learn techniques for managing people
Qualities of entrepreneur

• High degree of commitment


• High energy level
• Accept challenges
• Hard work ,ambitious,patience,motivator ,educated
• Desire for responsibility
• Risk taking ability
• Leadership and managerial skills
• Value of achievement over money
• Open mindedness and optimism
Characteristics of entrepreneurship
• Economic activity—---for commercial purposes
• Innovation–-------- idea into reality (goods or services)
• Risk---- uncertainty of success (willingness to assume the risk)
• Profit- primary motive & objective .it is reward for the efforts made
• Teamwork---collaborative efforts of group ofpeople for common goal
Entrepreneur and Intrapreneur

• Form new enterprise---Ownership


• Provider of employments
• Create value
• Resources and capital
• Innovate---- unique idea
• Reward ---Profit and losses
• Independency
• Risk
• Autonomy– power
• Objective –
• Ownership
Advantages of entrepreneurship

• To an Individual :
• Self Employment
• Employment for near & dear
• Prolonged career for next generations
• Freedom to use own ideas
• Innovation and creativity
• Unlimited income / higher retained income
• Independence
• Satisfaction
• To the Nation:
• Provides larger employment
• Results in wider distribution of wealth
• Mobilizes local resources, skills and savings
• Accelerates the pace of economic development
• Stimulates innovation & efficiency
Benefits of Entrepreneurship
 Create your own destiny.
 Make a difference.
 Reach your full potential.
 Reap impressive profits.
 Contribute to society and to be recognized for your
efforts.
 Do what you enjoy and to have fun at it.
Drawbacks of Entrepreneurship
 Uncertainty of income
 Risk of losing your entire investment
 Long hours and hard work
 Lower quality of life until the business gets established
 High levels of stress
 Complete responsibility
 Discouragement
Feeding the Entrepreneurial Fire
 Entrepreneurs as heroes
 Entrepreneurial education
 Demographic and economic factors
 Shift to a service economy
 Technology advancements
 Independent lifestyle
 The Internet, cloud computing, and mobile marketing
 International opportunities

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