Entrepreneurship

definition, factors and common competencies

entrepreneurship is viewed as

• Small business management

• Formation of a new venture

• Creation of livelihood opportunities

• Catalyst of economic development

• Problem-solving activity

• “Innovation” undertaking

• Risk-taking endeavor

•  creating a new business venture

  • Recognizing an opportunity, testing it in the market, and gathering the resources necessary to go into business

entrepreneurship

• are innovators 

  • Are willing ot take the risks and generate unique ideas that can provide profitable solutions to the needs of the market and society

entrepreneurs

give me atleast five factors (personality factors) affecting entrepreneurship:

• initiative

• proactive

• problem solver

• perseverance

• persuasion

• planner

• risk-taker

- doing things before being told

Initiative

- classify opportunities and seize it

Proactive

can retain good relations with other people

• Problem-solver

• - meaning he will pursue things to get done regardless of challenges

• Perseverance

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

Persuasion

• - he makes plans before doing things and does not fail to monitor it

• Planner

• - he is willing to gamble, but he will calculate it first

• Risk-taker

what are some common competencies in entrepreneurship:

• decisive

• communicator

• leader

• opportunity seeker

• proactive

• risk taker

• innovative

- must be firm in making decisions

Decisive

- entrepreneur must have a convincing power

Communicator

- must have charisma to be obeyed by their employees

Leader

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

• Opportunity seeker

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

• Proactive

has the courage to pursue business ideas

Risk taker

• - an entrepreneur has big business ideas, and he does not stop improving and thinking of new worthwhile ideas for his business

• Innovative

CHARACTERISTICS OF A SUCCESSFUL ENTREPRENEUR:

• Curiosity

• Willingness to experiment

• Adaptability

• Decisiveness

• Self-awareness

• Risk tolerance

• Comfort with failure

• Persistence (learn from mistakes)

• Innovative thinking 

• Long-term focus (dedication and drive)