ENTREP MODULE 1

Entrepreneurship

• process of innovation

• new venture creation

• art and science of converting ideas into marketable goods and services to improve man’s quality of life

Entrepreneur

• individual who identifies opportunities, takes risks, and organizes resources to create and manage a business venture

Business

• organization or entity engaged in commercial, industrial, or professional activities

Livelihood

• refers to means by which individuals or families sustain their lives and meet their basic needs

Entrepreneurial Competencies

• set of skills and behavior needed to create, develop, manage, and grow a business venture

Opportunity Seeking

• identifying potential opportunities for starting a new business or creating value in an existing business

Persistence

• has deep enthusiasm and dedication in their business

Commitment

• dedication and adherence to the responsibilities and obligations associated with their business

Risk-taking

• willing to take risks (uncertainty, potential loss, or exposure to danger)

Efficiency and Quality

• striving to deliver products or services with high standards

Goal-setting

• establishes clear objectives

Information Seeking

• search for valuable information to the business

Systematic Planning and Monitoring

• develops well-structured plans and effectively track progress toward achieving goals

Persuasion and Network

• influence and convince others to adapt a viewpoint about your business or take action

Self Confidence

• entrepreneurs belief in their own abilities, decisions, and capacity to succeed

Entrepreneurial Risk

• exposure to threats that may lower profits or lead to failure of the business

• examples:

  • no steady income

  • sacrificing own money

  • relying on cash flow

  • trusting key employees

  • crucial deadlines

  • committing personal time and health

  • emotional risk

Entrepreneurial Rewards

• advantages an entrepreneur can attain while operating the business

• examples:

  • control

  • excitement

  • flexibility

  • freedom

  • new skills

  • rational salary

Social Entrepreneurship

• addresses social issues and contributes to society all while creating a business venture

Community Social Entrepreneur

• prioritizes the need of a small geographical region, usually the community that lives in it

Non-Profit Social Entrepreneur

• attempts to solve overall world social concepts such as poverty, depression, or lack of living conditions

Transformational Social Entrepreneur

• small company that got bigger like goodwill

Global Social Entrepreneur

• the organization has a broadly stated goal that benefits someone but not necessarily their direct community