Entrepreneurial Development Studies III

Course Information

• Course title: Entrepreneurial Development Studies III
• Course code: EDS/ENT211
• Instructor: Dr. Mercy E.I. Ogバリ

Table of Contents

• Concept of entrepreneurship/Self-Discovery/Finding Your Flow
• Definition of entrepreneurship
• Theories of entrepreneurship
• Intrapreneurship/Corporate entrepreneurship

Learning Objectives

• Define entrepreneurship
• Have working knowledge of opportunity recognition
• Develop skills to turn opportunities to wealth
• Differentiate between entrepreneurship and intrapreneurship
• Discover and understand their dreams in life
• Take deliberate steps to driving their passion

Concept of Entrepreneurship

• Entrepreneurship is the process of creating and managing a new venture
• Driven by the desire to innovate and meet market demands
• Involves identifying opportunities, developing unique products/services, and taking risks
• Successful entrepreneurs understand their target markets and manage resources (time and capital) effectively.

Definition of Entrepreneurship (Different Perspectives)

• Joseph Schumpeter: Entrepreneurship is the act of innovation, creating new combinations of resources
• Peter Drucker: Entrepreneurship is a learned practice, involving a systematic approach to opportunity recognition
• Howard Stevenson: Entrepreneurship is the pursuit of opportunity without regard to currently controlled resources

Theories of Entrepreneurship

• Economic Theory: Focuses on the entrepreneur's role in driving economic growth and innovation
• Psychological Theory: Examines traits and behaviors (risk tolerance, proactiveness) in successful entrepreneurs
• Sociological Theory: Explores how social networks, cultural background, and societal structures impact entrepreneurial activity

Intrapreneurship (Corporate Entrepreneurship)

• Intrapreneurship is when employees within a company act like entrepreneurs
• Drives innovation and new product development
• Benefits include fostering innovation within established organizations, encouraging creativity and risk-taking, and leading to increased competitiveness

What is Self-Discovery?

• Understanding your true self (values, needs, wants)
• Self-reflection, exploration, and growth to gain a sense of purpose and direction
• Gaining knowledge and understanding of your abilities, character, and feelings
• Includes self-exploration, self-realization, self-actualization, introspection, and self-awareness

Self-Discovery in Entrepreneurship

• Entrepreneurs invest in activities to expand the set of products offered
• Exploring the feasibility of new products
• Focusing on self-improvement
• Gaining confidence and clarity

Importance of Self-Discovery

• Fundamental pillar of self-growth, empowering you
• Understanding your strengths and unique advantages (identifying what you do well)
• Identifying weaknesses that can be outsourced or developed
• Identifying your productivity areas

Self-Discovery and Choosing Entrepreneurship

• Discover passions to pursue, engaging in something you can pursue long-term
• Understanding your most effective system of growth
• Choosing your type of entrepreneurship (social, serial, lifestyle, solopreneur)

Is Self-Discovery Needed for Entrepreneurship?

• Yes, self-discovery is crucial
• Crucial to learn your abilities and weaknesses, the "what you can do"
• Enables finding how best your strengths can be utilized, based on personal qualities, potential and experiences

Self-Discovery Techniques

• Visualize ideal self and lifestyle
• Explore passions, interests, and dreams
• Step outside your comfort zone, trying new things
• Evaluate and consider your skills
• Reflect on what you admire most about yourself

Process of Self-Discovery

• Takes time to reflect on who you are, your goals, and becoming the person you want to be
• Assessing current skills and competencies starts self-development

The Self-Discovery Process

• 4 sections: self-discovery, self-fulfillment/confidence, self-actualization, self-mastery, and self-development to fully understand yourself.

Videos

• "Finding Your Flow" – YouTube link provided
• "Know yourself" – YouTube link provided
• "Video no2" – YouTube link provided

Activity on Flow/Passion

• Video/Activity to help further understand flow and passion

Conclusion

• Self-discovery in entrepreneurship and business is essential and unavoidable
• Consciously or unconsciously, all successful entrepreneurs go through a self-discovery cycle to make decisions

End of Lecture

• Open for questions

This quiz covers essential concepts in Entrepreneurial Development Studies III, including the definitions, theories, and distinctions between entrepreneurship and intrapreneurship. Test your knowledge on opportunity recognition and how to turn opportunities into wealth as you discover your personal passions.