Introduction to Entrepreneurship PDF

Introduction to Entrepreneurship Entrepreneur Derived from the French verb “entreprendre” which means “to undertake”. Relevance of Entrepreneurship to an Organization 1.Development of Managerial Capabilities 2.Creation of Organization 3.Improving Standard of Living 4.Means of Econom...

Introduction to Entrepreneurship Entrepreneur Derived from the French verb “entreprendre” which means “to undertake”. Relevance of Entrepreneurship to an Organization 1.Development of Managerial Capabilities 2.Creation of Organization 3.Improving Standard of Living 4.Means of Economic Development Factors affecting Entrepreneurship 1. Personality factors a. Initiative b. Proactive c. Problem solver d. Perseverance e. Persuasion f. A planner g. Risk - taker 2. Environmental Factors - Includes political, climate, legal system, economic and social conditions and market situations. Common Competencies in Entrepreneurship 1. Decisive 2. Communicator 3. Leader 4. Opportunity seeker 5. Proactive 6. Risk taker 7. Innovative Core competencies in Entrepreneurship 1. Economic and Dynamic activity 2. Innovative 3. Profit Potential 4. Risk Bearing Types of entrepreneurs 1. Innovative Entrepreneurs - They are those who always make new things by thinking of new 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 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 2. Teacher 3. Researcher 4. Sales 5. Business Reporter