Introduction to Entrepreneurship PDF

INTRODUCTION TO ENTREPRENEURSHIP (EDP 111) The Foundation Of Entrepreneurship Dr. Emmanuel Ehimen Okoh READING LIST 1. Akinnawo, T. (2020), A Textbook of Entreprenership for Tertiary Institutions, Ibadan, University Press PLC. 2. Ameh, E. (2022), Entrepreneurship Development in...

INTRODUCTION TO ENTREPRENEURSHIP (EDP 111) The Foundation Of Entrepreneurship Dr. Emmanuel Ehimen Okoh READING LIST 1. Akinnawo, T. (2020), A Textbook of Entreprenership for Tertiary Institutions, Ibadan, University Press PLC. 2. Ameh, E. (2022), Entrepreneurship Development in Nigeria, Makurdi, Aboki Publishers. 3. Okpara, F. O. (2000), Entrepreneurship: Text and Cases, Enugu, Precision Printers and Publishers. 4. Osifeso, G. A. T. (2012), Faith City, The Crawford University Press. 1. THE CONCEPT AND NATURE OF ENTREPRENEURSHIP - 1 The term entrepreneurship has been defined from various perspectives It is the art or science of innovation and risk taking for profit in business venture. It refers to the process of combining all factors of production in the right proportion to create a great output and make profit. THE CONCEPT AND NATURE OF ENTREPRENEURSHIP - 2 According to Walter (1999), entrepreneurship can be defined based on the following attributes: Ability to perceive a business opportunity Willingness to act on what is perceived The necessary organizing skills Requirements for Successful Entrepreneurship According to Akinnawo (2020) the requirements include: Identification of unmet needs and wants Idea conceptualization (Ideation stage) Creativity and innovation Risk taking Ability to organize and coordinate resources Team spirit and leadership Characteristics of Entrepreneurship Economic Activity: It involves the creation and operation of an enterprise to create value and wealth Innovation: It involves a continuous search for ideas. Profits potential: Profit is the reward for the risk taken to start a business venture. Risk bearing: The willingness to bear the risk in creating and implementing a new idea. Objectives of Entrepreneurship to Students It helps students to consider starting a small business after graduation as a viable option for employment. It helps to appreciate the essence of business which is discovery and satisfying a need It exposes students to the world of business and opportunities to create their businesses now or later. Introduce students to the basic requirements of starting and managing a new business venture. Impact of Entrepreneurship on Society It contributes to society’s wealth by creating new markets, new industries, new technologies, new jobs, etc The new jobs created leads to equitable distribution of income which leads to the populace's standard of living. There is generally a positive correction between the level of entrepreneurship activity and economic growth. Entrepreneurship fosters wealth creation and create employment. Who is an Entrepreneur? The term is a borrowed word from French and was first defined by an Irish Economist Richard Cantilon. According to Osifeso (2012), an entrepreneur is a business person who assumes the risk og bringing together the means of production and receive his/her reward in profit form, the market value of the product. An entrepreneur is any person who coordinates other factors of production and bears the risk or uncertainty by investing his scarce resources in business ventures (Ameh,2022). Types of Entrepreneurs Entrepreneurs can be divided into two broad types: Opportunistic Entrepreneurs: Entrepreneurs who have benefited from wide formal education enabling them to employ strategies to run highly adaptive firms. Craftsman Entrepreneurs: Entrepreneurs who have benefited from technical education exclusive of other aspects of general education. Other Types of Entrepreneurs Future entrepreneurs Potential entrepreneurs Existing entrepreneurs Growth-oriented entrepreneurs Qualities of Entrepreneurs Ability to identify opportunities Creativity in organizing resources Ability to generate new ideas always Future oriented Ability to make economic decisions Possesses high need for achievement Leadership ability Functions of an Entrepreneur Identification of business opportunities Selection of opportunities Decision of form of enterprise Allocation of resources Business management Risk bearing Mobilisation of local raw materials Innovation Concept of Intrapreneurship Employees in private and public organisations can demonstrate entrepreneurial spirit in the management of their organisations. Those who exhibit the same characteristics of an entrepreneur while under the employment of another are referred to as “Intrapreneurs”. Concept of Intrapreneurship Intra means within Intrapreneurship means planting the spirit of entrepreneurship within the organisation. Intrapreneurs believe in change and are not afraid of failure. They initiate creativity and innovation in the company’s products, services, processes and systems, with the objective of transforming them into a successful venture or enterprise. Concept of Intrapreneurship Intrapreneur can be described as employees who are willing to take risks, create new things in an organisation and as such is creative, thoughtful and innovative, hence, ensuring organisational success, progress and competitive edge. Entrepreneur Versus Intrapreneur. Assignment Entrepreneurship is an inescapable necessity which students must embrace to move away from unemployment and poverty. Do you agree with this statement? Justify your position by explaining the benefits of entrepreneurship to students, government and the larger society. Note: Not more than three pages, font size 12, and double line spacing. To be submitted on a date to be decided. THANK YOU