Concept of Entrepreneurship - Self-Discovery & Flow PDF

EDS/ENT211: ENTRPRENEURIAL DEVELOPMENT STUDIES III CONCEPT OF ENTREPRENEURSHIP SELF- DISCOVERY / FINDING YOUR FLOW BY DR MERCY E.I, OGBARI Table of contents 01 02 Concept of Definition of entrepreneurship/Se...

EDS/ENT211: ENTRPRENEURIAL DEVELOPMENT STUDIES III CONCEPT OF ENTREPRENEURSHIP SELF- DISCOVERY / FINDING YOUR FLOW BY DR MERCY E.I, OGBARI Table of contents 01 02 Concept of Definition of entrepreneurship/Se entrepreneurship lf- Discovery / Finding Your Flow 04 03 Theories of Intrapreneurship/ entrepreneurship corporate entrepreneurship LEARNING OBJECTIVES  At the end of this class Students would have been able to  Define Entrepreneurship  Have working knowledge of opportunity recognition  Develop skills to turn opportunities to wealth  Differentiate between entrepreneurship& Intrapreneurship  equipped with self discovery skills  Discover and understand their dreams in life  Take deliberate steps to driving their passion  Concept of Entrepreneurship Entrepreneurship is the process of creating and managing a new venture, driven by the desire to innovate and meet market demands. It involves identifying opportunities, developing unique products or services, and taking on the risks associated with starting and running a business. Successful entrepreneurs possess a deep understanding of their target markets and effectively manage resources, including time and capital. Definition of Entrepreneurship Joseph Schumpeter: "Entrepreneurship is the act of innovation that involves the creation of new combinations of resources." Peter Drucker: "Entrepreneurship is a practice that can be learned and involves a systematic approach to opportunity recognition." Howard Stevenson: "Entrepreneurship is the pursuit of opportunity without regard to resources currently controlled." Theories of Entrepreneurship 1. Economic Theory: Focuses on the role of the entrepreneur in the economy, particularly in driving economic growth and innovation. 2. Psychological Theory: Examines the traits and behaviors that characterize successful entrepreneurs, such as risk tolerance and proactiveness. 3. Sociological Theory: Investigates how social networks, cultural background, and societal structures influence entrepreneurial activity. Intrapreneurship (Corporate Entrepreneurship) Definition: Intrapreneurship refers to employees within a company who act like entrepreneurs, driving innovation and new product development. Benefits:  Fosters innovation within established organizations  Encourages a culture of creativity and risk-taking  Can lead to increased competitiveness What is self- discovery  Self-discovery is the process of understanding your true self: your values, your needs and wants.  Self-discovery is a process of self-reflection, exploration, and growth that can help you gain a clearer sense of purpose and direction in life.  The act or process of gaining knowledge or understanding of your abilities, character, and feelings  self-exploration.  self-realization.  self-actualization  Introspection, self- awareness. Self- Discovery in Entrepreneurship  the process whereby entrepreneurs invest in activities that expand the set of products a country makes by exploring the feasibility of new products.  you can only change yourself.  focus on how you can become a better version of yourself.  confidence and clarity. Importance of self- discovery  Self-discovery is a fundamental pillar of self-growth; it's a journey that takes you from being unaware to owning your own power, knowing your true potential, understanding your feelings, preferences, style, motives, and more.  Self discovery helps you know your strength and unfair advantages: Think of McDonalds and think of fast food; think of Apple and think of an exclusive brand. As an individual entrepreneur, your inability to identify your strengths and competitive advantages will cost you a lot in business.  Self discovery helps you identify weaknesses you should outsource or develop: Successful entrepreneurs know that focusing on what they can actually be productive at is what helps them become productive.  Self-discovery helps you identify your passions to pursue: discovering your passion through self-discovery will help you engage in something you can pursue for long without being frustrated.  Self-discovery helps you understand your most effective system of growth: Being at the forefront or even succeeding in business and entrepreneurship in the 21st century is highly dependent on the entrepreneur’s system of growth.  Self-discovery helps you choose your type of entrepreneurship: social entrepreneur, serial entrepreneur, lifestyle entrepreneur and solopreneur. Big question????? is self-discovery needed for entrepreneurship and business? Yes, self-discovery is needed for entrepreneurship, business and career because first, it will help you understand what you can do and can’t do (abilities and weaknesses), then how best what you can do will be done by you, owing to your personality, potential and experiences. Self- discovery Techniques  Spend time visualizing your ideal self and lifestyle.  Think about and explore your passions, interests, and dreams.  Get out of your comfort zone and try new things.  Consider / Evaluate each of your skills,  Reflect on what you admire the most about yourself. Process of Self -Discovery  Self-discovery involves taking time to deeply reflect on who you are, what you want to achieve, and the person you want to become. After you discover who you are and where you are headed, you begin the self- development process by assessing your current skills and competencies. FINDING YOUR FLOW@ https://youtu.be/iHcEkdwwbYk Watch a video titled : Know yourself @https://www.youtube.com/watch?v=52S2 r_7354U&pp=ygUkbmVuIHZpZGVvIG9uIHNlb GYgZGlzY292ZXJ5IHdhZGh3YW5p Video no2. https://youtu.be/VQGmgzSF_zk ACTIVITY ON FLOW/ PASSION Conclusion  The place of self-discovery in entrepreneurship and business cannot be sidelined.  Whether consciously or unconsciously, every successful entrepreneur has had a period where they had to go through the self-discovery cycle to make some decisions regarding their business. End of Lecture ANY QUESTIONS ???