relevance of entrepreneurship to an organization

relevance of entrepreneurship

1. development of managerial capabilities

2. improving standard of living

3. means of economic development

development of managerial capabilities

one benefit of an entrep gets is to develop his managerial skills

improving standard of living

entrepreneurship can lift up the economic status of an individual

means of economic development

not only the life of the entrep is improved but also the society where the business is located

entrepreneur

derived from the word enterprendre

to undertake

enterprendre meaning

entrepreneurship

the enterprise is created by an entrepreneur and the process is called

entrepreneurs

are innovators who are willing to take risks and generate unique ideas that can provide profitable solutions to the needs of the market

factors affecting entrepreneurship

1. personality factors

2. environmental factors

personality factors

1. initiative

2. proactive

3. problem solver

4. perseverance

5. persuasion

6. a planner

7. risk-taker

initiative

doing things even before being told

proactive

can classify opportunities and seize it

problem solver

can retain good relations with other people

perseverance

pursue things to get one regardless of challenges

persuasion

means he can entice people to buy even if they don’t want to

a planner

makes plans before doing things and does not fail to monitor

risk-taker

willing to gamble but he will calculate it first

environmental factors

include political, climate, legal system, economic and social conditions and market situations

common competencies in entrepreneurship

1. decisive

2. communicator

3. leader

4. opportunity seeker

5. proactive

6. risk taker

7. innovative

decisive

an entrepreneur must be firm in making decisions

communicator

must have a convincing power

leader

must have charisma to be obeyed by his employees

opportunity seeker

must have the ability to be the first to see business chances

proactive

can control a situation by making things happen or by preparing for possible future problems

risk taker

has the courage to pursue business ideas

innovative

has big business ideas and does not stop improving and thinking of new worthwhile ideas

core competencies in entrepreneurship

1. economic and dynamic activity

2. innovative

3. profit potential

4. risk bearing

economic an dynamic activity

entrep is an economic activity bc it invloves the creation and operation of an enterprise with a view to creating value

innovative

constantly looks for new ideas and needs to be creative

profit potential

can be compensated by his profit coming from the operation

risk bearing

needs to gamble but wise enough to offset the risk

types of entrepreneurs

1. innovative entrepreneurs

2. imitating entrepreneurs

3. fabian entrepreneurs

4. drone entrepreneurs

5. social entrepreneurs

innovative entrepreneurs

those who always make new things by thinking of new ideas, have the ability to think newer, better and more economical ideas

imitating entrepreneurs

those who don’t create new things but only follow the ideas of other entrepreneurs

fabian entrepreneurs

skeptical about changes to be made in the organization, dont initiate but follow only after they are satisifed

drone entrepreneurs

who live on the labor of others, die-hard conservatives even reay to suffer the loss of business

social entrepreneurs

those who initiate changes and drive social innovation an transformation in the various fields like education, health, and etc

career opportunities of entrepreneurship

1. business consultant

2. teacher

3. researcher

4. sales

5. business reporter

business consultant

with the expertise in the field of entrep, can be a very good source of advices to other entrepreneurs and would be business men

teacher

a graduate of an entrepreneurship can use his knowledge in teaching

researcher

entrepreneur can be employed as a researcher by an enterprise

sales

the entrepreneur can apply as a salesman

business reporter

the entrepreneur being expert in the field, can be employed as a business reporter