Entrepreneurship Basics
Definition of entrepreneurship
The word ‘entrepreneur’ originated from a French word ‘ENTREPRENDE’ which menas “willing to take responsibility or willing to try something new”
Oxford Dictionary:
Entrepreneur is someone who is handling a business and taking risks.
(Peter Drucker – 1985):
Innovation is the specific instrument of entrepreneurship... the act that endows resources with a new capacity to create
Key Points
The decision to become an entrepreneur is influenced by:
- an individual’s personality,
- the ethno-cultural environment,
- circumstances in society and
- the interaction of these factors.
SUCCESS in business involves
*HARD WORK.
*LOTS of it
*24/7 lifetime of hard work
Entrepreneurial Cycle
1. Develope skills that may contribute to entreprencurial behaviour
2. Examine opportunities too fulfil needs or wants, and to solve problems
3. Generate ideas to satisfy the opportunities
4. Assess the opportunities and ideas
5. Use all available sources and resources to evaluate opportinities and ideas
6. Plan and prepare the venture thoroughly
Characteristics
1.Entrepreneurs are confident.
2.They’re born optimists;
3.Innovative and Creative
4.Confidence
5.Self Determination
6.Self Determination
7.Management of Risk
8.Has Vision
9.The big picture
10.Good at seeking chances/opportunities.
11.Hard working
12.Plan and manage strategically
13.Learn from mistakes and experience
14.Commited to his/her work
15.Always strive for excellence,
16.Focused on his/her work,
17.Punctual and disciplined
18.Able to lead and manage
19.Responsible and trustworthy
20.Dare to take risk and
21.Never give up
22.A passion of business
23.More than casual interest
24.Tenacity despite failure
25.Walt Disney, Ford
26.Changes are opportunities
27.Change as normal & necessary
28.Tolerance for Ambiguity
See opportunities that others don’t
Know what customers want before they know what they want.
Process
*Identify Opportunities
*Structure Business
*Marshal Resources
*Initiate Business
*Capture Value
*Re-Initiate
Motivating Factors
Primary
*Money
Achievement and independence
*Gain control over life
*Build for family
*PROS & CONS Advantages
* Profit
*Freedom from:
*standardized pay for
*standardized work
*Independence
*Autonomy & freedom to make decisions
Entrepreneurial Incentives
*Challenge of a start up
*Satisfying way of life
*More personal control
*Entrepreneurial Incentives
*Independence
>Freedom from supervision and rules of bureaucratic organizations
>Escape from an oppressive culture
Entrepreneurial Incentives
Personal Fulfillment
*Freedom to achieve a satisfying way of life
*Escape from routine and unchallenging work
Entrepreneurial Incentives
Rewards of Entrepreneurship
*Make Money
*Be Your Own Boss
*Enjoy a Satisfying Life
Some Realities
*Not Everyone Wants To Be Entrepreneurial
*Not Everyone Will Be Continually Entrepreneurial
