Introduction to Entrepreneurship

Entrepreneurship

Is the process of establishing a new business in a creative manner along with the ability to take risk, to make a profit and absorb the “entrepreneurial spirit”.

Entrepreneur

A person who creates the business and aggregates the resources efficiently and effectively to manage business well.

Entreprendre

French word which means “to undertake” the risk of enterprise.

Personality Factor

Environmental Factor

Factors affecting Entrepreneurship:

Initiative

Doing things even before being told.

Perseverance

Pursue things to get done regardless of challenges.

Proactive

Can classify opportunities and seize it.

Problem Solver

Can retain good relations with other people.

Persuasion

Can entice people to buy even if they don’t want to.

Risk-Taker

Willing to gamble but will calculate it first.

A Planner

Makes plans before doing things and does not fail to monitor it.

Political Climate

Government stability and policy.

Climate/Physical Environment

Resource available and geography.

Market Situations

Competition and demand dynamics.

Legal System

Regulatory frameworks and protections.

Economic Conditions

Capital availability and wealth distributions.

Social Conditions

Cultural attitudes toward enterprise.

Economic and Dynamic Activity

Innovative

Profit Potential

Risk Bearing

Core Competencies in Entrepreneurship:

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.

Innovative

Entrepreneurs constantly look for new ideas, thus he needs to be creative.

Profit Potential

The entrepreneur can be compensated by his profit coming from the operation.

Risk Bearing

The entrepreneur needs to gamble but wise enough to offset the risk.

Innovative Entrepreneurs

Have the ability to think newer, better and more economical ideas.

Imitating

These are people who follow the path show by innovative entrepreneur.

Fabian Entrepreneurs

Are skeptical about changes to be made in the organization.

Drone Entrepreneurs

Are persons who lives on the labor of others.

Social Entrepreneur

Are people who drive social innovation and transformation in various fields including education, health, human rights and many others.

Business Consultant

Teacher

Researcher

Sales

Business Reporter

Career Opportunities of Entrepreneurship: