Entrep Lecture

ENTREPRENEURSHIP
Entrepreneurship is…
 The act of creating a business or businesses while building

and scaling it to generate a profit.
 An important driver of economic growth and innovation.
 What people do to take their career and into their hands

and lead it in the direction of their own choice.
 About building a life on your own terms. No bosses. No

restricting schedules. And no one holds you back.
An entrepreneur is…
 A person who sets up a business with the aim to make a profit

and creates a new business, bearing most of the risks and
enjoying most of the rewards.
 An innovator, a source of new ideas, goods, services, and

business/or procedures.
 Playing a key role in any economy, using the skills and

initiative necessary to anticipate needs and bring good new
ideas to market.
Differentiate
entrepreneurship and
entrepreneur?
Entrepreneurship –
 Is one of the resources economies categories as integral

to production; the three resources are land, natural
resources, labor and capital.
Entrepreneur –
 Combines this three to manufacture goods or provide

services. They typically create a business plan, hire
labor, acquire resources and financing, and provide
leadership and management for the business.
Importance of Entrepreneurship
 Entrepreneurship generates new wealth in an economy.

 Entrepreneurship decreases poverty.
 It creates opportunities, ensures social justice, instills
confidence and stimulates the economy.
 Entrepreneurship improves productivity
 Entrepreneurs create jobs.
 Entrepreneurs innovate.
 Entrepreneurs create innovation and social change
 Entrepreneurs give to society
ELEVANCE OF ENTREPRENEURSHIP TO AN ORGANIZATION
 Development of Managerial Capabilities - this means that one

of the benefits an entrepreneur gets is to develop his
managerial skills.
 Creation of Organizations - which means that because of
entrepreneurship many organizations will exist.
 Improving Standard of Living - this means that
entrepreneurship can lift up the economic status of an
individual.
 Means of Economic Development - this means that not only the
life of the entrepreneur is improved but also the society where
the business is located.
Common Competencies in Entrepreneurship
• Decisive - an entrepreneur must be firm in making decisions.

• Communicator - an entrepreneur must have a convincing power.
• Leader - an entrepreneur must have the charisma to be obeyed by
his employees.
• Opportunity seeker - an entrepreneur must have the ability to be
the first to see business chances.
• Proactive – an entrepreneur can control a situation by making
things happen or by preparing for possible future problems.
• Risk Taker – an entrepreneur has the courage to pursue business
ideas.
• Innovative - the entrepreneur has big business ideas and he does
not stop improving and thinking of new worthwhile ideas for his
business.
Core Competencies in Entrepreneurship
 Economic and Dynamic Activity - Entrepreneurship is an

economic activity because it involves the creation and
operation of an enterprise with a view to creating value or
wealth by ensuring optimum utilization of limited resources.
 Innovative – The entrepreneur constantly looks for new
ideas, thus he needs to be creative.
 Profit Potential - The entrepreneur can be compensated by
his profit coming from the operation.
 Risk bearing – The entrepreneur needs to gamble but wise
enough to offset the risk.
Types of Entrepreneurs
 Innovative Entrepreneurs - They are those who always make new

things by thinking of new ideas. They have the ability to think
newer, better and more economical ideas.
 Imitating Entrepreneurs - They are those who don’t create new things
but only follow the ideas of other entrepreneurs.
 Fabian Entrepreneurs - They are skeptical about changes to be made
in the organization. They don’t initiate but follow only after they are
satisfied.
 Drone Entrepreneurs - They are those who live on the labor of others.
They are die-hard conservatives even ready to suffer the loss of
business.
 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
 Business Consultant - with the expertise of in the field of

entrepreneurship, he can be a very good source of
advices to other entrepreneurs and would be business
men.
 Teacher - a graduate of an entrepreneurship can use
his knowledge in teaching.
 Researcher - the entrepreneur can be employed as a
researcher by an enterprise.
 Sales - the entrepreneurship graduate can apply as a
salesman.
 Business Reporter - the entrepreneur being expert in
the field, can be employed as a business reporter
STUDY WELL
AND
GOOD LUCK!!

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ENTREPRENEURSHIP

 The act of creating a business or businesses while building

 An important driver of economic growth and innovation.

 What people do to take their career and into their hands

 About building a life on your own terms. No bosses. No

 A person who sets up a business with the aim to make a profit

 An innovator, a source of new ideas, goods, services, and

 Playing a key role in any economy, using the skills and

 Is one of the resources economies categories as integral

 Combines this three to manufacture goods or provide

 Entrepreneurship generates new wealth in an economy.

 Development of Managerial Capabilities - this means that one

• Decisive - an entrepreneur must be firm in making decisions.

 Economic and Dynamic Activity - Entrepreneurship is an

 Innovative Entrepreneurs - They are those who always make new

 Business Consultant - with the expertise of in the field of

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