ENTREP REVIEWER.docx

***ENTREPRENEURSHIP*** **COMMON COMPETENCIES IN ENTREPRENEURSHIP**: - **Decisive** -- must be firm in making decision - **Communicator** -- must have a convincing power - **Leader** -- have the charisma to be obeyed by his employees - **Opportunity Seeker** -- the first to see business...

***ENTREPRENEURSHIP*** **COMMON COMPETENCIES IN ENTREPRENEURSHIP**: - **Decisive** -- must be firm in making decision - **Communicator** -- must have a convincing power - **Leader** -- have the charisma to be obeyed by his employees - **Opportunity Seeker** -- the first to see business chances - **Proactive** -- controlling a situation by making things to happen or by preparing for possible future problems - **Risk Taker** -- the courage to pursue their business ideas - **Innovative** -- have big ideas and they do not stop improving and thinking of new **TYPES OF ENTREPRENEURS** - **Innovative** -- always make new things by thinking of new ideas. Think a newer, better and more economical ideas - **Imitating** -- don't create new things but only follow the ideas of other - **Fabian** -- skeptical about changes to be made in the organization, they don't initiate but follow only after they are satisfied - **Drone** -- who lives on the labor of others, die-hard conservatives even ready to suffer the loss of business - **Social** -- initiate changes and drive social innovation and transformation in the various field: education, health, human rights, environment and enterprise development **ENTREPRENEURSHIP** - Creation or extraction of value - Viewed as change, which may include other values than simply economic ones **CHARACTERISTICS** - **Economic and dynamic activity** -- creation and operation of an enterprise with a view to creating value or wealth by ensuring optimum utilization of scare resources - **Innovation** -- continuous search for new ideas. - **Profit potential** -- level of return or compensation to the entrepreneur for taking a risk of developing an idea - **Risk bearing** -- "willingness to assume risk" arising out of the creation and implementation of new ideas. New ideas are always tentative the result may not be instantaneous and positive **IMPORTANCE** - **Creation of employment** -- small business ventures often provide entry-level jobs for young talents - **Improved national income** - New and improved products, services and technology facilitate the development of new markets in the economy. This translates to more employment opportunities and higher income thus resulting in the collection of more taxes. - **Innovation and Social Changes** - Entrepreneurship goes beyond research and discovery by commercializing innovation for the greater benefit of the society - **Improved Productivity** - lead to the development of better methods of production. It enables maximum use of resources, reduces wastage and enables the free flow of labor and raw materials. - **Community Development** - Entrepreneurs often nurture entrepreneurial ventures by other likeminded individuals. In addition, they invest in community development projects and local charities in a bid to promote economic development. - **Political and Economic Integration** - The idea of a plural society can only be achieved if all stakeholders are involved in nation-building. In this regard, entrepreneurship is an avenue for minorities and migrants to be included in the economy. **RELEVANCE OF ENTREPRENEURSHIP IN AN ORGANIZATION** - **Creation of Organization** - which means that because of entrepreneurships many organizations will exist - **Improved 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. **FACTORS AFFECTING ENTREPRENEURSHIP** ***PERSONALITY FACTOR*** **a. Initiative** - which means doing things even before being told. **b. Proactive** -which means he can classify opportunities and seize it. **c. Problem Solver** - which means he can retain good relations with other people. **d. Perseverance** - meaning he will pursue things to get done regardless of challenges. **e. Persuasion** - means that he can entice people to buy even if they don\'t. **f. A Planner** - meaning he makes plan before doing things and do not fail to monitor it. **g. Risk-taker** - which means that he is willing to gamble but he will calculate it first. ENVIRONMENTAL FACTOR - Political o Climate - Legal System - Economic Situation - Social Conditions - Market Situations