Entrep Notes
Definitions, personalities Qualities, skills, characteristics and Concept of
Entrepreneurship
Entrepreneurship -The process of creating new things and as well as the risks and
rewards.
Entrepreneur - Derived from the french word "entreprendre," which means "to take
on"
Enterprise the outcome of the act An entrepreneur's four aspects process of
creation is involved.
1. Time and effort must be devoted.
2. Entrepreneurial rewards are involved.
3. Assumption of necessary risk is required.
4. Entrepreneurship as a concept Entrepreneur entrepreneurship enterprise person
process of action object
A successful entrepreneur Qualities
1. Disciplined – they are centered on making their business work and eliminating
hindrances or distractions from their objective.
2. Confidence - they are confident in their ability to succeed in their business.
3. Open-minded – they can look at everything around them and focus it on their
objectives.
4. Self-starter – knows that if something has to be done, they should be the first to
do it.
5. Competitive - they must win in the sports that they play as well as in the
businesses that they create.
6. Creativity - creates solutions that are the synthesis of other items.
7. Determination - they view failure as an opportunity to succeed.
8. To promote the product and motivate employees, he has excellent
communication abilities.
9. Strong work ethic – usually the first to arrive and the last to depart the office.
[Link] - they genuinely enjoy their work and are willing to work extra hours to
ensure the success of the business.
Entrepreneurship and entrepreneurs in economic and social development
1. Creates employment - when entrepreneurs start a business, they employ people
with different competences and personal values to assist them in running it.
2. Entrepreneurs are opportunity seekers, creative, and resourceful in searching for
new buyers or customers for their products and services.
3. Introduces innovation - entrepreneurs innovate for the product, service, or
technology with the goal of commercialization and generating economic wealth.
4. Generates new material sources - entrepreneurs are always on the lookout for
better and cheaper sources of materials.
5. Stimulates investment in new business ventures - when entrepreneurs get
involved in new business, it inspires curiosity in other people to invest in the
business because of the benefits it provides.
6. Improves quality of life - new products and services created by entrepreneurs
contribute to an improvement in personal benefit and convenience for society's
citizens.
7. Serves as role models — pro-activeness, opportunity recognition, risktaking,
alertness, and creativity are some of the characteristics that will make them
successful entrepreneurs in their life.
8. Entrepreneurs pay taxes on every product or service sold in the market, as well
as licenses and permits to operate their business. This brings social benefit to the
people.
9. Indigenous resources are utilized and mobilized - small and medium entreprises
will always search for cheaper and local materials to supply their needs.
[Link] more options for consumers - the hard competition in the market for
quality and cheaper products and services forces entrepreneurs to produce more
products and services from which consumers can select.
Essential entrepreneurial skills
1. Initiative – it is the entrepreneurship who takes or initiates the first move
towards setting up of an enterprise.
2. Looking for opportunity - always on the lookout or search for opportunities and
ready to exploit them in the organization's best interest.
3. He believes in the japanese proverb "fall seven times, stand up eight," and
persistence is to never disheartened on the failures.
4. Information seeker - always keep his eyes and ear open for new ideas that can
help him reach his objectives.
5. Quality consciousness - these people set high standards for themselves and then
give it their all in order to reach these standards.
6. Work commitment - are willing to make all sacrifices in order to keep the
commitments they have made.
7. Commitment to efficiency - ready to evolve and try new methods intended to
make work easier, simpler, better, and cheaper.
8. Proper planning - in order to achieve their goals, they believe in developing
relevant and realistic plans and ensuring proper execution of them.
9. Problem solvers - they will first understand the problem, then evolve appropriate
strategies for overcoming it.
[Link] confidence - they are confident in their knowledge, skills, and competence
and are unconcerned about their future uncertainty.
[Link] - an assertive person knows what to say, when to say it, how to say it,
and to whom to say it; he believes in his ability and assumes that others will fall in
line with his thinking, all in the organization's best interest.
[Link] - he will convince others with intellectual force, not physical force.
[Link] monitoring - they ensure regular work monitoring so that the
organization's goals are achieved in the best manner possible.
[Link] well-being – he takes personal interest in resolving problems,
confronting workers, and generating the sense of interdependence between
workers' and management's interests.
[Link] strategist - he has the ability to evolve relevant strategy intended to
promote or safeguard the interest of organization.
Entrepreneurs and entrepreneurial competencies
entrepreneurs are more intuitive than non-entrepreneur.
Intuitive people are also relatively non-conformist, preferring an openminded
approach to problem solving and less structured, more ambiguous, and random
exploration methods. (hird and armstrong)
Mindset of an entrepreneur "the ability to serve, act, and mobilize rapidly, even in
uncertain circumstances". Due to the nature of their decision-making environment,
entrepreneurs often think like this
[Link] an accurate self-evaluation and decide on a course of action
[Link] decision models in general
[Link] from your experiences of failure
Common profile dimensions
[Link] risk taking ensures that the odds are in their favor and that they do not
take unnecessary risks.
[Link] unwavering dedication to work for the common good of the society through
one business is defined as commitment.
[Link] feedback means taking steps to determine how well they are doing and
how they can improve their performance.
[Link] is the willingness to success in the face of obstacles and setbacks.
[Link] internal desire to seek and achieve difficult objectives is called drive to
achieve.
[Link]-confidence is the belief that things can be done in business with the help of
other people.
[Link] constant awareness of opportunities that exist in everyday life is opportunity
orientation.
[Link] is the ability to always come up with something new or unique.
9. Their willingness to put themselves in situations where they are personally
responsible for the success or failure of the business operation is called
responsibility.