Introduction to Entrepreneurship

Study Notes

"Entrepreneur" comes from the French verb "enterprendre," meaning "to undertake."
Entrepreneurs undertake risks to create new enterprises; this process is known as entrepreneurship.
They are innovators, generating unique and profitable ideas to address market and societal needs.
Entrepreneurship involves continuous actions by entrepreneurs to turn ideas into profitable opportunities, embracing risk and uncertainty.
Key attribute: entrepreneurship is a habitual state of mind rather than merely a skill.

Development of managerial skills enables entrepreneurs to improve organizational efficiency.
Entrepreneurship leads to the creation and sustenance of various organizations.
Enhances the standard of living by improving the economic status of individuals.
Contributes to economic development, positively affecting both entrepreneurs and their communities.

Personality Factors include:
- Initiative: Taking action without being directed.
- Proactive: Recognizing and seizing opportunities.
- Problem Solver: Maintaining good relationships while addressing issues.
- Perseverance: Committing to tasks despite challenges.
- Persuasion: Influencing others to engage or buy products/services.
- Planning: Strategizing and monitoring tasks prior to execution.
- Risk-Taker: Willingness to take calculated risks.
Environmental Factors encompass:
- Political Climate: Affecting business regulations and initiatives.
- Legal System: Establishing rules for business operations.
- Economic and Social Conditions: Overall market dynamics impacting entrepreneurship.
- Market Situations: The competitive landscape influencing opportunities.

Economic Activity: Creation and management of enterprises to generate wealth and optimize resource utilization.
Innovation: Continuous search for new, creative ideas to enhance business offerings.
Profit Potential: Earning revenue through operational success.
Risk Bearing: Willingness to face uncertainties with strategic risk management.

Innovative Entrepreneurs: Focus on creating new products, services, or ideas.
Imitating Entrepreneurs: Follow existing ideas from successful entrepreneurs.
Fabian Entrepreneurs: Change-averse; they adopt new ideas once they are proven effective.
Drone Entrepreneurs: Resistant to change; often rely on established practices even when failing.
Social Entrepreneurs: Drive social innovation and transformation in sectors like education, health, and human rights.

Business Consultant: Provides advice to aspiring entrepreneurs based on expertise.
Teacher: Shares knowledge of entrepreneurship in educational settings.
Researcher: Conducts studies and research for enterprises.
Sales: Engages in selling products or services leveraging entrepreneurial knowledge.
Business Reporter: Analyzes and reports on business trends drawing from entrepreneurial insights.