L1-Entrep.-Introduction-to-Entrepreneurship.pptx

INTRODUCTION TO ENTREPRENEURSHIP What is entrepreneurship? What is an entrepreneur? What makes a person become an entrepreneur?  Concept of Entrepreneurship The word “entrepreneur” was derived from the French verb enterprendre, wh...

INTRODUCTION TO ENTREPRENEURSHIP What is entrepreneurship? What is an entrepreneur? What makes a person become an entrepreneur?  Concept of Entrepreneurship The word “entrepreneur” was derived from the French verb enterprendre, which means “to undertake”. This refers to those who “undertake” the risk of new enterprises. An enterprise is created by an entrepreneur and the process of its creation is called entrepreneurship. Entrepreneurs are innovators. They are willing to take the risks and generate unique ideas that can provide profitable solutions to the needs of the market and the society.  Entrepreneurship is a process of actions of an entrepreneur who is always in search of something new to exploit new ideas into gainful opportunities by accepting the risk and uncertainty of the enterprise. Entrepreneurs are innovators willing to take risks and generate new ideas to create unique and potentially profitable solutions to modern-day problems. Entrepreneurship is not so much a skill as a habitual state of mind.  RELEVANCE OF ENTREPRENEURSHIP TO AN ORGANIZATION 1. Development of managerial capabilities. this means that one of the benefits an entrepreneur gets is to develop his managerial skills. 2. Creation of organizations. Which means that because of entrepreneurship many organizations will exist. 3. Improving standard of living. this means that entrepreneurship can lift up the economic status of an individual. 4. 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.  WHAT ARE THE FACTORS AFFECTING ENTREPRENEURSHIP?  A. Initiative B. Proactive 1. Personality Factors: C. Problem solver D. Perseverance E. Persuasion F. A planner G. Risk-taker A. INITIATIVE - doing things even before being told. B. PROACTIVE - which means he/she can classify opportunities and seize it. C. PROBLEM SOLVER - means he/she can retain good relations with other people. D. PERSEVERANCE - he/she will pursue things to get done regardless of challenges. E. PERSUASION - he/she can entice people to buy even if they don’t want to. F. A PLANNER - he makes plans before doing things and does not fail to monitor it. G. RISK-TAKER - which means that he is willing to gamble but he will calculate it first.  Political Climate 2. Environmental Factors: Legal system Economic and social conditions Market situations Environmental Factors - consists of both the tangible and intangible factors that affect either the external or internal business operations. - Tangible factors includes land area available for economic zones, the physical layout and barriers such as rivers, parks or lakes, and building obstructions as well as the transportation network; demography of clients and suppliers, the competitors in the locale/area and the available technology for production. - On the other hand, intangible factors include the sub-culture, industry trends, economic and government activity or the political situations in the area.  Common Competencies in Entrepreneurship 1. Decisive 2. Communicator 3. Leader 4. Opportunity 5. Proactive 6. Risk Taker seeker 7. Innovative 1. Decisive 2.Communicator 3. Leader -an -an -an entrepreneur entrepreneur entrepreneur must be firm must have a must have the in making convincing charisma to be decisions. power. obeyed by his employees. 4.Opportunity 5. Proactive 6. Risk Taker seeker -an -an entrepreneur -an entrepreneur can control a entrepreneur must have the situation by making has the ability to be the things happen or first to see by preparing for courage to business possible future pursue chances. problems. business ideas.  7. Innovative - the entrepreneur has big business ideas and he/she does not stop improving and thinking of new worthwhile ideas for his business.  Core Competencies in Entrepreneurship 1. Economic and dynamic activity 2. Innovative 3. Profit potential 4. Risk bearing 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. 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.  Innovative Entrepreneurs Imitating Entrepreneurs Fabian Entrepreneurs TYPES Drone Entrepreneurs OF Social Entrepreneurs ENTREPRENEUR 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 businessmen. 2. Teacher - a graduate of an entrepreneurship can use his knowledge in teaching. 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.