Introduction to Entrepreneurship PDF

Introduction to Entrepreneur- ship Presented by: Group 1  Meaning of Entrepreneurship Entrepreneurship has traditionally been defined as the process of designing, launchi running a new business, which typically begins as a small business, such as a start-up company, offering a product, pro...

Introduction to Entrepreneur- ship Presented by: Group 1  Meaning of Entrepreneurship Entrepreneurship has traditionally been defined as the process of designing, launchi running a new business, which typically begins as a small business, such as a start-up company, offering a product, process or service for sale or hire, and the people who are called 'entrepreneurs'. It has been defined as the capacity and willingness to develop, organize, and manage a business venture along with any of its risks in order to make a profit." Balajadia Entrepreneur and Entrepreneurship An entrepreneur refers to an individual who starts a new business or venture, while entrepreneurship encompasses the process of creating, developing, and managing a business or organization. Characteristics of Successful Entrepreneurship Curiosity - An entrepreneur's ability to remain curious allows them to continuously seek new opportunities.. Willingness to Experiment- With each new opportunity, an entrepreneur must run tests to determine if it’s worthwhile to pursue. Adaptability - Entrepreneurs who need to evaluate situations and remain flexible Decisiveness - An entrepreneur has to make difficult decisions and stand by them. Self-Awareness - Great entrepreneur is aware of their strengths and weaknesses. Characteristics of Successful Entrepreneurship Risk Tolerance - Successful entrepreneurs are comfortable with encountering some level of risk to reap the rewards of their efforts. Comfort with Failure - Must prepare themselves for with failure. Rather than let fear hold them back, they maintain a positive attitude to allow the possibility of success to propel them forward. Persistence - Willingness to learn from mistakes, ask questions, and persist until they reach their goal. Innovative Thinking - Well-equipped to spot innovative opportunities and position of venture for success. Long-Term Focus - Success often requires a high level of persistence and dedication, even in the face of challenges and obstacles.  Adal Entreprenurial Mindset Entrepreneurial mindset, as defined by Hisrich, Peters, and Shepherd (2017), it involves the ability to rapidly sense, act, and mobilize, even under uncertain conditions. Additionally, Bosman and Fernhaber (2018) defined entrepreneurial mindset as the inclination to discover, evaluate, and exploit opportunities. Lastly, H. Neck, C. Neck, and Murray (2017) defined entrepreneurial mindset is the ability to quickly sense, act, and get the organized under uncertain conditions.  Adal Venturelab.org specified some entrepreneurial mindset in relation to the traits of the entrepreneurs. 1. Curiosity 2. Growth Minded 3. Courage 4. Persistence and Grit 5. Opportunity-seeking 6. Problem-solving 7. Redefining Failure 8. Optimism 9. Adaptability 10. Empathy Entrepreneurial Journey The entrepreneurial journey refers to the sequence of steps and activities involved in starting and managing a new venture. Entrepreneur's journey is a blend of passion, challenges, and local community engagement. Recognizing each stage and leveraging these tips can help navigate the path effectively. It can feel so isolating at times and the journey can be full of twists and turns, but having a solid map of what your goals and dreams are can make all of the difference!  1. Ideation The ideation stage is the first stage in the startup journey. During this stage, the entrepreneur comes up with a business idea and outlines the concept. This stage requires creativity, innovation, and the ability to identify a market need.  2. Planning Tips: An organized, step-by-step outline or guide that pulls together the Simple Business 01 Plan ideas, thoughts, and key steps necessary to help set the stage for entrepreneurial success—at an early stage will make the 02 Lean Budgeting entrepreneurial process much smoother and potentially more successful in the long run.  Tips: 3. Validation In the entrepreneurial 01 Pilot Programs context, idea validation refers to the process of assessing the feasibility and potential of a business 02 Local Feedback concept before launching it into the market.  Tips: 4. Financing Financing is the process 01 Community Fundraiser of providing funds for business activities, making purchases, or 02 Barter Services investing.  Tips: 5. Launching Identify the The process of starting 01 target market and location something, such as a business, product, or website in the market. 02 Collaboration 6. Growth and Tips: Scaling Loyal Customer 01 Program Growth and scaling are both ways to increase a business’s revenue and expansion – the 02 Diversity lifeblood of a company.  Tips: 7. Pivot and Persevere 01 Stay grounded This signifies the ability to adapt and adjust your business strategy based 02 Engage regularly on market feedback. 8. Consolidation Tips: and Maturity Companies in the majurity 01 Involvement phase have successfully sealed and now their primary focus is on consolidating 02 Reinvest Smartly revenue gains from rapid expansion and maintaining the young spirit. Thanks for listening!