WHAT IS YOUR OBJECTIVE WITH THIS
COURSE ?
Goal
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AN OVER VIEW OF ENTREPRNURSHIP
– Nature and development of the Concept
Entrepreneurship
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– Terminologies related with Entrepreneurs
– Entrepreneurial trait and characteristics
– Role of entrepreneurs in an Economy
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Entrepreneurship History
Before 17th Century, an Entrepreneurs is
A person that manages a large commercial
projects through the resources provided to him.
In the 17th Century ;
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• A person who has signed a contractual
agreement with the Gov’t to provide products
or to perform service
In the 18th Century, Richard Cantillon define
entrepreneurs' as;
• Some one who takes risk
Merchants, farmers, crafts man they all operate with
risks.
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Cont’d
In late 19th and early 20th C
Entrepreneurs' were viewed from economic perspective
• Some one who organizes and operates an enterprise for personal gain.
In the middle of the 20th Centaury;
• The notion of an entrepreneur as an inventor has emerged!
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The function of the entrepreneur is to reform the pattern of
production by:
exploiting an invention or more generally untried technological
possibility for producing new commodities
producing an old one in a new way
opening a new outlet for products by reorganizing a new industry.
• Innovation and Newness are the heart of this definition as creative
destruction
• So the word entrepreneur was evolved to the application of innovation
(creativity) in the business idea
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Definition
• Entrepreneurship is the process of creating an
opportunity and pursuing it.
• Entrepreneurship involves the definition, creation,
and distribution of value and benefits users.
• Entrepreneurship is very rarely a get-rich-quick
plan; rather, it is one of building long–term value
and durable cash flow streams.
• Entrepreneurship is the process of starting and
managing your own business.
ENTREPRENURS ARE THEY
BORN? MADE ?
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WHAT ARE THE UNIQUE CHARACTERSTICS
OF ENTREPRENURES ?
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Cont’d
Commitment ,Determination and Hard Work
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Leadership, Team Building & Persuasiveness
Opportunity Seeker and Self Initiated
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Cont’d
Calculated Risk Taker
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Independent and Self -Reliance
Visionary, Goal Directed
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cont’d
Information seeker
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Eager to Learn
Receptive and adaptive to Change
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• Self-assessment
Complete a self-assessment of your entrepreneurial
qualities.
• Go through the statements below and score yourself
to the best of your ability and as honestly as possible.
• Do not take too long thinking about any one answer,
your first guess is probably the most accurate.
Scoring:
5 – Always 4 – Often 3 – Sometimes 2 – Rarely 1 –
Never
S. Characteristic 1 2 3 4 5
No
1. I enjoy doing things on my own. Nobody has to motivate me
to get started on a task.
If I make up my mind to do something, I don’t let anything
2.
stop me.
3. I do not hesitate to undertake risks related to creating and
operating an enterprise.
4. I plan my time and resources well so I produce high quality
products.
I assess the time and capacity I have before I commit to
5. accomplishing a job.
I act upon the opportunities that needs and problems
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present.
7 I keep trying again and again despite great challenges and
failure.
8 I work hard to try to foresee potential risks so as to prevent
future risk.
9 I make personal sacrifices to complete jobs in order to keep
my word and meet promised deadlines.
I always strive for improvement and progress despite
10 feedback from people that they are satisfied with my work.
Before undertaking my job I try to gain as much information
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about it as I can, and verify the accuracy of the information I am
receiving.
I set short and long-term goals for my personal life and business.
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I do everything I can to accomplish set business goals, through
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careful planning and implementation.
I team up well with others for tasks which I cannot accomplish on
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my own.
I am able to make decisions on my own, incorporating the
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suggestions and ideas of others as part of that process.
I collect all the necessary information I need before I start a job or
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task.
I set goals based on the resources and skills I have.
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I have the skills to persuade and communicate with people.
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I regularly evaluate my job performance, looking for areas of
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improvement.
I am happy with my work and am confident that I will make
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progress and improvement in the future.
Analysis of the Result
Analysis one:
• Each statement is focused on different entrepreneurial
qualities as stated below.
• Question 1+ Question 6 = Opportunity-seeking
• Question 2+ Question 7 = Perseverance
• Question 3+ Question 8 = Risk-taking
• Question 4+ Question 10 = Demand for efficiency and
quality
• Question 5+ Question 9 = Commitment to work contract
• Question 11+ Question 16 = Information-seeking
• Question 12+ Question 17 = Goal-setting
• Question 13+ Question 19 = Planning
• Question 14+ Question 18 = Persuasion & Networking
• For example, if you rated yourself a “5” for both
questions 1 and 6, then according to the key above,
you have a strong opportunity seeking trait.
Analysis two
• Add up your total score from all the numbers
you wrote in each row. Write your total sum
here, and then interpret it below:
• Total Sum = _____________
Score Meaning
< 50: Limited entrepreneurial qualities at the moment. It does not mean you
are not meant to be a businessperson. It only means that you should
spend more time preparing yourself to handle any problems you might
face once you start a business.
50 – 80 Average - there are gaps that need to be filled or improved upon. You
might consider upgrading your knowledge or skills. Consider taking
some courses.
>80 Good entrepreneur - keep it up and continue to develop.
WHAT ARE THE REWARDS OF
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BEING AN ENTREPRENUR ?
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The Reward of Profit
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The Reward of Independence
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The Reward of Satisfying Way of Life
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Factors for Entrepreneurial Success
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Hard Work and Dedication
Have a strong desire to work independently
Persistence to overcome obstacles to achieve
your objective
Commitment to your customers and your own
objectives
Market Demand for Products or Services
Ideas are useless unless there is some one
willing to pay
To succeed, demand must be sufficient for the
product or service
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Managerial Excellence
Managerial competencies in terms of
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Selecting business locations and facilities
Acquiring finance
Hiring and evaluating employees
Managing growth
Negotiating contracts, and
Making difficult choices and decisions
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Strong Control Systems
Small businesses can be ruined by weak control and
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monitoring
Excess inventory, employee theft, poor-quality products,
dropping sales, and insufficient profit margins can have
equally disastrous effects
Sufficient Capitalization
Small businesses need sufficient funds to survive start-up
and growth
The entrepreneur needs to be able to maintain his or her
personal life, cover all operating expenses, and still have
an allowance for unexpected contingencies
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Role of Entrepreneurs to the Economy
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(a 3 minute brainstorming exercise)
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Creates large scale employment opportunity
Promotes Capital Formation
Reduce concentration of economic power
Promotes Balanced Regional Development and Growth
Promotes wealth creation and distribution
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Increase gross national product and per capital income
Improvement in the Standard of Living
Induces backward and forward linkage
Import substitution
Facilitate over all development
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Entrepreneurship Decision Process
• The Entrepreneur Needs To Follow The Steps Of
The Entrepreneurship Decision Process.
– Identification Of Problem Or Opportunity.
– Generate Alternative Solutions.
– Analyze The Alternative Solutions.
– Selection Of The Best Alternative.
– Implementation Of The Alternative.
– Review The Performance.
Misconceptions about Entrepreneurship
Entrepreneurship is risky gamble
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Successful entrepreneurship needs only a great idea
Entrepreneurship only found in small business
Entrepreneurship is easy
Entrepreneurial venture and small business are the same
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Creativity
• Creativity is the tendency to generate or
recognize ideas, alternatives, or possibilities that
may be useful in solving problems.
• Creativity is the ability to come up with new idea
and to identify new and different ways of looking
at a problem and opportunities.
Steps in the Creative Process
• Step1:Opportunity or problem Recognition:
discovers that a new opportunity exists or a problem needs
resolution
• Step2: Immersion:
concentrates on the problem and immersed in it
• Step 3: Incubation:
keeps the assembled information in mind for a while
• Step 4: Insight:
the Aha experience
• Step 5: Verification and Application:
gathering supporting evidence, using logical persuasion, and
experimenting with new ideas.
Innovation
• It is the implementation of new idea at the
individual, group or organizational level.
• Innovation is a process of intentional change made
to rate value.
• new idea that has been transformed into practical
reality.
• Renew the current practice/ doing things
differently/.
• END
• THANK YOU