Entrepreneurship

Entreprende - origin of the word entrepreneur meaning to begin something

Entrepreneur - is a person or a group who creates something new

The Skill of Reflection - examining how you observe, think, react, self-realize

The Skill of Experimentation - trying out a new approach then learning from it,=

The Skill of Creativity - being open to new perspectives, and allows you to innovate

The Skill of Empathy - ability to put yourself in the shoes of others

The Skill of Play - it involves injecting some fun

Design thinking - thinking process commonly used by designers to solve certain problems

Repeat purchases - make a comeback to buy again from you

Empathize - you need to view your potential product from the perspective of your consumers

Define - your business should inspire you

ideate - generating ad developing new ideas to address the needs of people, collaborative discussion

Prototype - involves creating a sample product

Test - try out and sell sample products to gather feedback

Commercial Entrepreneurship - refers to income generating business mostly to take profit

Social Entrepreneurship - income generating business emphasis on social impact for the poor

Corporate Entrepreneurship - also called intrapreneurship, involves generating new products and ventures within large organizations

Start-up Entrepreneurship - creation or setting up a new small business

Buying a Franchise - a license purchased by an entrepreneur allowing one to trade under the name of that established business

Buying a small business - it is the only way to get a good location on the area you want

Identify and develop business opportunity, develop business plan, determine the resources required, manage/implement the interprise - Phases in the entrepreneurial process

Finding approach - involves scanning the environment for starting up a business, this approach assumes that business opportunities exists outside entrepreneur

Business approach - this involves creating a business opportunity that does not exist in the environment

Macro Environmental factors - factors involving Political, sociocultural, economic, technology, industry

Micro Environmental Factors - factors involving competitor moves, supplier, and increase of substitute products

Leadership - is the core of every entrepreneur

The Self-employed - not comfortable with routines and fixed working students, wants to do things their own way

The manager - entrepreneurs feel the need to step up and ask some help from the people around them, they delegate and hire potential employees

The leader - Entrepreneurs in this level already enjoy seeing their people flourish, minimal supervision

The investor - look for more opportunities. they delegate a suitable manager to act as director

The entrepreneur - last level of entrepreneurial development

Technopreneur - an entrepreneur who puts technology at the core of business

Extrapreneur - hops from one company to another

Proactive - reactive than passive, address issues before they come, ensure proper research is done

Agents of change - innovation champions, sees opportunities in hopeless and complex situations

Risk takers - by taking risks entrepreneurs do not just grab opportunities left and right

Have a sharp eye for opportunities - talent for recognizing opportunities even by using macro level data only

Sociable - soft skills are one of the most important competencies, relationship management is the key

Networkers - knows the people to connect with

Decisive - always have a decision

Balanced - balance between analytical and creative side, unique ideas no one has thought of yet

Innovative - add value to their existing business or could become a game changer

Leaders, Communicators, Specialists, Problem Solvers - core traits in managing business