Lesson 1: Relevance Of Entrepreneurship PDF

LESSON 1: RELEVANCE OF ENTREPRENEURSHIP  ENTREPRENEURSHIP DEFINED Proactive process of developing a business venture to make a profit. It involves seeking opportunities for a market, establishing and operating a business out of the opportunity, and assessing its risks and rewa...

LESSON 1: RELEVANCE OF ENTREPRENEURSHIP  ENTREPRENEURSHIP DEFINED Proactive process of developing a business venture to make a profit. It involves seeking opportunities for a market, establishing and operating a business out of the opportunity, and assessing its risks and rewards through close monitoring of the operations.  ENTREPRENEURSHIP DEFINED A creative activity which is much the same way as artistic or scientific activity The capacity for innovation in investment and expansion in new markets, products and techniques. Has special or extra-ordinary features such as creation of something new or something different. Innovation is the key concept of entrepreneurship.  ENTREPRENEUR Comes from the French words “entre”, which means “between” and “prende”, which means to take. Unique individual who has the innate ability and extraordinary dedication to establish and manage a business, acknowledging all the risks and reaping its rewards. Person who possesses managerial and decision-making skills needed to run a business enterprise.  ECONOMIC BENEFITS OF ENTREPRENEURSHIP Entrepreneurship produces more jobs that equate to an increase in national income. Entrepreneurship amplifies economic activities of different sectors of society. Entrepreneurship introduces new and innovative products and services. Entrepreneurship improves people’s living standards. Entrepreneurship disperses the economic power and creates equality.  Entrepreneurship controls the local wealth and balances regional development. Entrepreneurship reduces social conflicts and political unrest. Entrepreneurship elicits economic independence and capital formation. Entrepreneurship utilizes and mobilizes resources to make the country productive. IMPORTANCE OF ENTREPRENEURSHIP IN SCHOOL CURRICULUM Education is the driving force behind every country’s economy, directly or indirectly. Entrepreneurship education aids students from all socio-economic backgrounds to think outside the box and nurture unconventional talents and skills. Entrepreneurship creates opportunities, ensures social justice, instills confidence and stimulates the economy.  FACTORS AFFECTING ENTREPRENEURSHIP Personality Factors o Initiative - doing things even before being told o Proactive - can identify and classify opportunities and seize them o Problem solver - he can retain good relations with other people o Persuasion - he can entice people to buy even if they don’t. o Planner - he makes plan before doing things and do not fail to monitor. o Risk takers - he is willing to gamble but he will calculate it first.  FACTORS AFFECTING ENTREPRENEURSHIP Environmental Factors o political factors o climate issues o legal system o economic condition o social condition o market situations  COMMON COMPETENCIES IN ENTREPRENEURSHIP Competencies that are needed all throughout the entrepreneurial career o Proactive o Agents of change o Risk takers o Have a sharp eyes for opportunities o Sociable o Networkers o Decisive o Balanced mind and heart o Innovative  CORE COMPETENCIES IN ENTREPRENEURSHIP Competencies needed for business sustainability and management o Leaders o Communicators o Specialists o Problem solvers  ENTREPRENEUR’S ALPHABET Ability to organize resources Boldly takes calculated risk Creative and innovative Demands quality results Excited to compete Finds opportunity in crisis Goal-oriented Hardworking Inquisitive when pursuing improvement  Jack of all trades Keen eye for detail Legitimate Mindful of changes in the environment Networker Organized and is an organizer Passionate Questions the status quo Resourceful Success-oriented  Time conscious Undivided focus Visionary Winning attitude X-tremely smart Yearning to learn Zealously energetic  KINDS OF ENTREPRENEURS Innovative entrepreneurs - those who always make new things by thinking new ideas. Imitating entrepreneurs - those who don’t create new things but follow the ideas of other entrepreneurs. Fabian entrepreneurs - those who are skeptical; they don’t initiate but follow only after they are satisfied. Social Entrepreneurs - those who initiate changes in the various fields such as education, health, human rights, environmental and enterprise development. Drone entrepreneurs - those who live on the labor of others; theya re die-hard conservatives even ready to suffer the loss of business.