Entrepreneurship Lesson 1 PDF

LA ENTREPRENEURSHIP RELEVANCE OF ENTREPRENEURSHIP TO AN ORGANIZATION Development of Managerial Capabilities Creation of Organizations Improving Standard of Living Means of Economic Development Development of Managerial Capabilities this m...

LA ENTREPRENEURSHIP RELEVANCE OF ENTREPRENEURSHIP TO AN ORGANIZATION Development of Managerial Capabilities Creation of Organizations Improving Standard of Living Means of Economic Development Development of Managerial Capabilities this means that one of the benefits an entrepreneur gets is to develop his managerial skills. Creation of Organizations which means that because of entrepreneurship many organizations will exist. Improving Standard of Living this means that entrepreneurship can lift up the economic status of an individual. Means of Economic Development - this means that not only the life of the entrepreneur is improved but also the society where the business is located.  Concept of Entrepreneurship enterprendre=undertake Entrepreneurs are innovators. Factors Affecting Entrepreneurship 1. Personality Factors which include: a. Initiative - doing things even before being told. b. Proactive - which means he can classify opportunities and seize it. LA Factors Affecting Entrepreneurship c. Problem Solver - which means he can retain good relations with other people. LA Factors Affecting Entrepreneurship d. Perseverance - meaning he will pursue things to get done regardless of challenges. LA Factors Affecting Entrepreneurship e. Persuasion - means that he can entice people to buy even if they don’t want to. LA Factors Affecting Entrepreneurship f. A Planner - he makes plans before doing things and does not fail to monitor it. LA Factors Affecting Entrepreneurship g. Risk-taker - which means that he is willing to gamble but he will calculate it first. LA Factors Affecting Entrepreneurship 2. Environmental Factors which include political, climate, legal system, economic and social conditions and market situations. LA Common Competencies in Entrepreneurship 1. Decisive - an entrepreneur must be firm in making decisions. 2. Communicator - an entrepreneur must have a convincing power. Common Competencies in Entrepreneurship 3. Leader - an entrepreneur must have the charisma to be obeyed by his employees. 4. Opportunity seeker - an entrepreneur must have the ability to be the first to see business chances. Common Competencies in Entrepreneurship 5. Proactive – an entrepreneur can control a situation by making things happen or by preparing for possible future problems. 6. Risk Taker – an entrepreneur has the courage to pursue business ideas. 7. Innovative - the entrepreneur has big business ideas and he does not stop improving and thinking of new worthwhile ideas for his business CORE COMPETENCIES IN ENTREPRENEURSHIP 1. 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. 2. Innovative – The entrepreneur constantly looks for new ideas, thus he needs to be creative. CORE COMPETENCIES IN ENTREPRENEURSHIP 3. Profit Potential - The entrepreneur can be compensated by his profit coming from the operation. 4. Risk bearing – The entrepreneur needs to gamble but wise enough to offset the risk. Types of Entrepreneurs 1. Innovative Entrepreneurs - They are those who always make new things by thinking of new ideas. They have the ability to think newer, better and more economical ideas. 2. Imitating Entrepreneurs - They are those who don’t create new things but only follow the ideas of other entrepreneurs. 3. Fabian Entrepreneurs - They are skeptical about changes to be made in the organization. They don’t initiate but follow only after they are satisfied. 4. Drone Entrepreneurs - They are those who live on the labor of others. They are die-hard conservatives even ready to suffer the loss of business. 5. Social Entrepreneurs - They are those who initiate changes and drive social innovation and transformation in the various fields such as education, health, human rights, environment and enterprise development.  Career Opportunities of Entrepreneurship 1. Business Consultant - with the expertise of in the field of entrepreneurship, he can be a very good source of advices to other entrepreneurs and would be business men. 2. Teacher - a graduate of an entrepreneurship can use his knowledge in teaching.  Career Opportunities of Entrepreneurship 3. Researcher - the entrepreneur can be employed as a researcher by an enterprise. 4. Sales - the entrepreneurship graduate can apply as a salesman. 5. Business Reporter - the entrepreneur being expert in the field, can be employed as a business reporter.