Intro-to-ENTREP.pptx

Introduction to ENTREPRENEURSH IP  SUBJECT DESCRIPTION This subject deals with the concepts, underlying principles, processes and implementation of a business plan. The preliminaries of this course include the following: 1. Discussion on the relevance of the course 2. Explanation of ke...

Introduction to ENTREPRENEURSH IP  SUBJECT DESCRIPTION This subject deals with the concepts, underlying principles, processes and implementation of a business plan. The preliminaries of this course include the following: 1. Discussion on the relevance of the course 2. Explanation of key concepts of common competencies 3. Explanation of core competencies relative to the course 4. Exploration of career opportunities  OBJECTIVES To provide students the foundational perspectives and techniques about entrepreneurship. To give special focus on the emerging trends and developments that are happening in the current entrepreneurial arena. To help the students prepare for the advanced courses and give guide on how to organize and manage a small business.  ENTREPRENEURSHIP Basically aimed to gear someone towards SELF- EMPLOYMENT. An entrepreneur must learn the importance of entrepreneurship so that s/he can put up and operate his/her own business, whatever the magnitude.  ENTREPRENEURSHIP If an individual merely wants to go on business to be his own boss, he may be sorely disappointed. A practicing entrepreneur has probably more bosses. – Various government regulatory bodies – Suppliers – Financial creditors and stakeholders – Demands and cycles of the market – Demands on the entrepreneur’s personal life  ENTREPRENEURSHIP Entrepreneur – origin: French word entreprendre meaning to undertake  ENTREPRENEURSHIP Entrepreneurship is the act of creating a business while building and scaling it to generate profit ENTREPRENEURSHIP Can also pertain to management functions Planning, Organizing, Directing, Staffing, & Controlling PLANNING Is the process of determining the company goals and identifying the resources and strategies needed to achieve those goals (ManagementStudyGuide.com, 2020) ORGANIZING Is the process of collating the physical, financial and human resources and developing a productive relationship among (ManagementStudyGuide.com, 2020) them.  ORGANIZING As a process, it involves: 1. Identification of activities 2. Classification of grouping of activities 3. Assignment of duties 4. Delegation of authority and creation of responsibility 5. Coordinating authority and responsibility relationships (ManagementStudyGuide.com, 2020)  STAFFING Refers to function of manning the organization structure and keeping it manned. The main purpose: to put (ManagementStudyGuide.com, the right man 2020)  STAFFING Encompasses 1. Manpower Planning 2. Recruitment, selection & placement 3. Training and Development 4. Salary and Compensation 5. Performance Appraisal 6. Promotions and Transfer (ManagementStudyGuide.com, 2020)  DIRECTING Part of managerial function that activates the organizational processes to work efficiently for the achievement of organizational purposes.  DIRECTING Direction has the following elements: Supervision Motivation Leadership Communication (ManagementStudyGuide.com, 2020)  CONTROLLING It implies measurement of accomplishment against the standards and correction of deviation if any to ensure achievement of organizational (ManagementStudyGuide.com, goals. 2020)  CONTROLLING Purpose: to ensure that everything follows the standards set forth An efficient system of control helps to predict deviations before they actually occur (ManagementStudyGuide.com, 2020)  CONTROLLING Steps: 1. Establishment of standard performance 2. Measurement of actual performance 3. Comparison of actual performance with the standards and finding the deviation, if any. 4. Corrective action (ManagementStudyGuide.com, 2020)  THE CONCEPT OF ENTREPRENEURSHIP Entrepreneurship started in France after the French Revolution.  THE CONCEPT OF ENTREPRENEURSHIP It started at the beginning of Capitalism and the end of Feudalism Entrepreneurship was coined by Jean Baptiste Say, a renowned French economist. He argued that the concept of entrepreneurship, though closely tied with the theory of economics and society, is independent of the classical economics and is unable to co-exist with it.  THE CONCEPT OF ENTREPRENEURSHIP Classical Capitalism – propagated by ADAM SMITH - relates the optimization of what already exists - focuses on acquiring the most out of the existing resources - ultimate goal: establishing equilibrium or balance  THE CONCEPT OF ENTREPRENEURSHIP Entrepreneurship, on the other hand, sees change as normal and healthy - promotes doing something different rather than making the existing better - a manifestation of opposition as it upsets and disorganizes the  ENTREPRENEURSHIP Entrepreneurship-is the dynamic process of creating incremental wealth  ENTREPRENEURSHIP Entrepreneurship- is a process of innovation and new-venture creation through four major dimensions-individual, organization, government, education and institutions. (Kuratko, et al.1995) ENTREPRENEUR Person behind entrepreneurship Must possess certain characteristics and different traits which make him unique The person who manages the business directly  WHO is the ENTREPRENEUR? 1. Willing to take and accept risks 2. Own the ventures 3. Considered managers 4. Able to establish new ventures & develop exciting ones 5. Able to identify opportunities in the market  WHO is the ENTREPRENEUR? 6. Apply his/ her expertise 7. Capable of processing market information 8. Bring innovation 9. Can provide market efficiency 10.Maximize investment returns 11.Provide leadership CHARACTERISTICS of an ENTREPRENEUR  CHARACTERISTICS of an ENTREPRENEUR In good physical health Have superior conceptual abilities Have high self-confidence Have a strong personal drive Need to control and direct  CHARACTERISTICS of an ENTREPRENEUR Must have moderate entrepreneurial skills Must have a realistic outlook Must have a high degree of emotional stability Have a low need-level status  IMPORTANCE OF ENTREPRENEURSHIP Key driver of our economy  IMPORTANCE OF ENTREPRENEURSHIP Allows people to bring creativity into the marketplace  IMPORTANCE OF ENTREPRENEURSHIP Business people pay attention to the social impact of their products – aim to improve society and the environment  JOB OPPORTUNITIES 1.Mid level management - convert the ideas of the c-level folks into execution 2. Business Consultant - Provide advice about a pressing business issue - Give solutions on how to streamline operations - Guides businesses on how to expand into a new market  JOB OPPORTUNITIES 3. Sales - Need to know how to represent a company, manage accounts and generate profit 4. Research and Development - One must be adept with business concepts, procedures and practices  JOB OPPORTUNITIES 5. Not for Profit/ Fundraiser - Being able to raise funds requires understanding the importance of business and networking relationships 6. Teacher - Teach students the benefits of math to business, history of innovation and the literature to persuasive advertising  JOB OPPORTUNITIES 7. Recruiter - Having courses that cover operations management, leadership and others, one must have a likely keen sense of what type of person is needed to fulfil a certain position 8. Business reporter - One can write articles, or cover a local business beat  JOB OPPORTUNITIES 9. Management Analyst - One can evaluate a business system procedures and operations. - An analyst’s goal is to identify places needing improvement and suggest ways to make a business work efficiently