GNS 206

Background to entrepreneurship

Entrepreneurship is increasingly being recognized as an important driver of economic value,

productivity, innovation and employment, and it is widely accepted as a key aspect of modern
economic development. Based on the available evidences, it has been proved that economic
progress can only be significantly advanced by pragmatic people who are entrepreneurial and
innovative, able to exploit opportunities and willing to take risks. Therefore, transforming ideas
into economic opportunities is a major issue in entrepreneurship especially in developing nations.

Nigeria, just like many developing nations is endowed with tremendous potentials in terms of
natural, human and material resources, yet the country has witnessed increasing rate of graduate
unemployment which has resulted to increasing rate of poverty amongst its large populace.
Previous studies by (Abubakar, 2013; Musa & Adewole, 2015) have linked increasing graduate
unemployment to inadequacies in educational output such that increases propensity to create
new ventures by graduates.

In an attempt to address this, graduates have been proved to have enormous potential for
innovation and economic development. However, mobilizing them for entrepreneurial careers,
enhancing their entrepreneurial skills, and providing support for business start-up are important,
and often these are tasks for higher education institutions. In addition to the above, it has been
further argued that the development process of any country is significantly determined by how
the production forces in and around the economy is organized (Zanchez, 2010). Therefore, for
any developing nation to experience a faster pace of economic growth and to be globally relevant
and competitive there is a need for proper entrepreneurial training and development programme
for the youth.

Last modified: Friday, 11 February 2022, 4:11 PM

Basis for entrepreneurship

Over the years, entrepreneurship has continued to grow in popularity, both as an educational and
research discipline. Entrepreneurship is important because of its economic and social roles in the
areas of increasing economic efficiencies; bringing innovation to market; creating new jobs
thereby reducing unemployment levels (Martins, 2013). Hence, entrepreneurship today is
regarded as one of the best economic development strategies to fuel national economic growth
and sustain the economy’s competitiveness in facing the increasing trends of globalization. This,
in turn has increasingly made entrepreneurship emerged as one of the most popular research
domain in academic and research circle (Teixeira, 2007).
The all-time debate as to whether entrepreneurs are born or made has generated several
interesting issues in entrepreneurship literatures (Henry, Hill & Leitch, 2005). While there have
been considerable literatures justifying the two sides, entrepreneurial development has been a
key focus of government agenda due to its ability to provide long lasting solutions to social and
economic problems. In developing nations, entrepreneurship has been argued to be important
for poverty reduction and economic growth. It does not only engage capable hands in productive
activities, but create opportunities for personal development and business expansion.
Entrepreneurship thus supports the process of economic transformation, fosters economic
growth, creates new jobs, and increases the general standard of living.

Martins (2013) emphasized that entrepreneurship is important because of its economic and
social roles in the areas of increasing economic efficiencies; bringing innovation to market;
creating new jobs thereby reducing unemployment levels. However, as vital as these roles are, it
has become increasingly difficult to perform entrepreneurship activities in form of identifying
viable business opportunities, new ventures creation or operating small enterprises especially in
developing nations due to poor training. The problems faced ranges from low motivation towards
entrepreneurial career and poor perception of entrepreneurial feasibility and desirability among
students. In Nigeria the need for entrepreneurship training started emerging in the mid-1980.
This is because before this period, unemployment and poverty were not a national concern as it
is currently (Arogundade, 2011).

The increasing rate of population growth coupled with political instability and inconsistencies in
the social-economic policies of successive governments led to the emergence of high level of
unemployment in Nigeria. In the mid-1980s, the Nigeria economic performance dwindled and
aggregate unemployment (graduate and general unemployment) increased astronomically. In the
face of this situation, entrepreneurship, which would have salvaged the situation, was not
encouraged. It has been observed that tertiary education has not properly inculcated the
philosophy of self-reliance such as creating a new cultural and productive environment that will
promote pride in primitive work and self-discipline, encouraging people to take part actively and
freely in discussions and decisions affecting their general welfare, promoting new sets of
attitudes and culture for the attainment of future challenges.

According to Chell and Allman (2003) all over the world, the last two decades have witnessed
increasing numbers of courses and programmes aimed at entrepreneurship and enterprise
development. There has also been an increase of entrepreneurial education in developing
nations with focus on using entrepreneurship as a method of economic development in these
regions.

Last modified: Friday, 11 February 2022, 4:16 PM

Conceptualizing entrepreneurship
The meaning of entrepreneurship has been evolving right from the time of Cantillon in 1755 to
date. There is therefore no global consensus definition on the concept of entrepreneurship.
Baptiste-Say in 1803 perhaps first accorded the entrepreneur prominence, while Schumpeter
(1934) lunched the field of entrepreneurship by associating it clearly with innovation (Filion,
1997).

The underlying principle in the definition of entrepreneurship is “doing business amidst risk” and
this principle of ‘undertaking risk’ runs though most other definitions by various scholars. In the
opinion of Gartner (1989), entrepreneurship is the process of identifying new opportunities and
transferring them into marketable ideas, products and services to the creation of an
organization. He (Gartner) purported that exploring what entrepreneurs do when embarking on
the creation of organizations, not only adds greatly to the knowledge of entrepreneurship but to
comprehending the individual behind this behaviour.

This definition was supported by Lazear (2005) who defines entrepreneurship as the process of
assembling necessary factors of production consisting of human, physical, and information
resources for value addition. While Gartner (1989) emphasized on opportunity seeking, Lazear
(2005) emphasized on value addition. In another view though relevant to the original principle of
entrepreneurship, Montanye (2006) describes entrepreneurship as a factor of production, linked
to innovation and risk taking, where entrepreneurial compensations are tied to uncertainty and
profits. Deduced from the above, Sharma and Chrismas (1999) identified two clusters of thought
on the meaning of entrepreneurship one group focused on the characteristics of the
entrepreneurship e. g innovation, growth, uniqueness) while the second group focused on the
outcomes of the entrepreneurship (e. g. the creation of value and ventures).

In the same perspective with Gartner (1989), Otokiti (2012) describes entrepreneurship as a
process of recognizing and vigorous pursuit of an opportunity. He (Otokiti, 2012) explained that
entrepreneurship is the process of new venture, innovative idea, opportunities identification, the
recognition and pursuit of these opportunities. Considering the variances in the above
definitions, European Commission (2013) tends to give a more harmonized definition which
capture all the above. Accordingly, European Commission (2013) defines entrepreneurship as an
individual's ability to turn ideas into action for a reward. In this sense, entrepreneurship involves
creativity, innovation and risk taking, as well as the ability to plan and manage projects in order to
add value for a reward.

This definition supports everyone in day-to-day life at home and in society, makes employees
more aware of the context of their work and better able to seize opportunities, and provides a
foundation for entrepreneur establishing a social and commercial activity. For the purpose of this
research, the European Commission (2013) definition will be adopted. Therefore,
entrepreneurship is the actual process of creating something new with value by devoting the
necessary time and resources for a reward. It also means the pursuit of lucrative opportunities by
enterprising individuals which involves creating new systems, resources, or processes to
produce new goods or services, and or to serve new markets with the intention of delivering
value for rewards.

Last modified: Friday, 11 February 2022, 4:19 PM

Origin of entrepreneurship
The Beginnings of Trade
The original entrepreneurs were traders and merchants. The first known instance of humans
trading comes from New Guinea around 17,000 BCE, where locals exchanged obsidian, a black
volcanic glass used to make hunting arrowheads for other needed goods. These early
entrepreneurs exchanged one set of goods for another.

The first known instance of humans trading comes from New Guinea around 17,000 BCE when
locals exchanged obsidian, a black volcanic glass used to make hunting arrowheads for other
needed goods. Around 15,000 BCE, the first animal domestication began taking place, and
around 10,000 BCE, the first domestication of plants. This step toward agriculture was critical for
the advancement of the human species. Now, instead of having to continually move around as
nomadic tribes, seeking new places to hunt and to gather, we could stay in one place. Agriculture
allowed us to start to form larger stationary communities and cities (the basis for civilizations),
which set the stage for the development and spread of human knowledge.

Agriculture changed everything for humans, enabling the formation of stable rather than
migratory populations and laying the foundation for human populations to grow from 15 million to
over 7 billion in the millennia ahead.

As more people moved into these stable communities, one of the most important advances took
place with the advent of specialization. Instead of each tribe hunting and gathering their food,
different individuals within each tribe would become experts at certain tasks, such as farming,
hunting, gathering, fishing, cooking, tool-making, shelter-building, or clothes-making. The
importance of specialization in various tasks (versus self-sufficiency in all) cannot be overstated.
As some individuals in a community focused on one activity or another, they got much better at
it, speeding up the pace of innovation. As different people got better at different tasks through
specialization, they were then able to exchange with one another for the various goods and
services needed, increasing the benefits for all.

As methods of agriculture improved, the first towns and cities were seen. Dependable food
supplies allowed people to build permanent houses and settle in one area. As settlements
increased in size, new social institutions such as religious centers, courts, and marketplaces
developed. The advent of towns produced further specialization, creating jobs in tool-making,
pottery, carpentry, wool-making, and masonry, among others. The specialist created items faster
and of a better quality than each family making its own, increasing standards of living.

When the last Ice Age ended around the year 8,000 BCE, the poles melted, raising sea levels and
creating a divide between Siberia and North America. This divide created two separate human
civilizations for nearly 10,000 years, until European explorers reached the Americas again in the
15th century

The beginnings of trade

The original entrepreneurs were, of course, traders and merchants. As methods of agriculture
improved, the first towns and cities were seen. Dependable food supplies allowed people to build
permanent houses and settle in one area. As settlements increased in size, new social
institutions such as religious centers, courts, and marketplaces developed.

The creation of towns produced further specialized skills in tool-making, pottery, carpentry,
wool-making, and masonry, among others. The specialist created items faster and of a better
quality than each family making its own, increasing standards of living.

With a population spurt starting around 1470, cities, markets, and the volume of trade grew.
Banking, initially started by Ancient Mesopotamians, grew to new heights and complexities, the
guild system expanded, and the idea that a business was an impersonal entity, with a separate
identity from its owner, started to take hold.

Silver imports from the new world drove expanded trade, and bookkeepers created standardized
principles for keeping track of a firm’s accounts based on Luca Pacioli’s accounting advances.
Early entrepreneurs, called merchants and explorers, began to raise capital, take risks, and
stimulate economic growth. Capitalism had begun.

The Middle East’s fertile crescent between the Tigris and the Euphrates had the right mix of
plants and animals to sustain the foundations of civilization.

Around 4,000 BCE, people in central Asia tamed horses, giving them a major advantage in both
agricultural work and warfare. By 3,000 BCE, the first settlements and cities formed in Sumeria
(modern day Iraq).

During this timeframe, the city of Uruk along the banks of the Euphrates River was home to
50,000 people in an amount of space that would have previously supported just one hunter-
gatherer. Humans had become much more efficient at generating the food and energy necessary
to support their communities.

Human civilizations began to spring up near rivers like the Nile, the Tigris and Euphrates, the
Indus, and the Yellow and Yangtze. In the first cities, writing was developed to keep track of
crops. In this period, the first armies developed and the first city governments were formed.
Agricultural settlements had put humanity on a rapidly developing path toward intellectual and
scientific advancement.

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The invention of money and creation of markets

Early trade consisted of barter (one good for another). If Tom had twenty cows and Igor had
eighty hens, and Tom and Igor agreed that one cow was worth four hens, then the trade could
take place. The problem with the barter system, however, was that in order for a trade to take
place, both parties had to want what the other party had. This “coincidence of wants” often did
not happen. Thus, the demands of growing business and trade gave rise to a money system.
Silver rings or bars are thought to have been used as money in Ancient Iraq before 2,000 BC.

Early forms of money (called specie) would often be commodities like seashells, tobacco leaves,
large round rocks, or beads. The use of money, an accepted medium to store value and enable
exchange, has greatly enhanced our world, our lives, our potential, and our future. By the year
1100, the prevailing cultural system in the Western World was feudalism. It was a world of kings
and lords, vassals and serfs, kingdoms and manors.

Long-distance trade was expanding and new worlds of foreign spices, oriental treasures, and
luxurious silks were discovered. 350 years later, after weathering a Black Death and the Hundred
Years War, Europe emerged by expanding trade to new levels and building the foundation for the
start of the competitive market economy we know today.

Last modified: Friday, 11 February 2022, 3:26 PM

Creation of market
With a population spurt starting around 1470, cities, markets, and the volume of trade grew.
Banking, initially started by Ancient Mesopotamians, grew to new heights and complexities, the
guild system expanded, and the idea that a business was an impersonal entity, with a separate
identity from its owner, started to take hold. Silver imports from the new world drove expanded
trade, and bookkeepers created standardized principles for keeping track of a firm’s accounts
based on Luca Pacioli’s accounting advances.

Early entrepreneurs, called merchants and explorers, began to raise capital, take risks, and
stimulate economic growth. Capitalism had begun. The world would soon see that innovation
could make lives better, and that efficiency was a path toward a higher standard of living. “The
pre capitalist era saw the birth of the printing press, the paper mill, the windmill, the mechanical
clock, the map, and a host of other inventions. The idea of invention itself took hold;
experimentation and innovation were looked upon for the first time with a friendly eye.”

Last modified: Friday, 11 February 2022

The start of the industrial age

The Industrial Age truly began in 1712 with the invention of Thomas Newcomen’s steam engine in
Devon, Britain. But it wasn’t until James Watt’s steam engine in 1763 that things really got
moving, enabling work to be done through the movement of pistons rather than the movement of
muscle.

From the Industrial Revolution, the concept of mass production and economies of scale came
about. Bigness, trusts, and vertical integration became the key to riches at that time. It was
Andrew Carnegie and J. P. Morgan in steel, John D. Rockefeller and Frank Kenan in oil, and Henry
Ford in automobiles.

While some of these titans had questionable ethics, no one can deny that they were innovators.
They forged alliances, developed new ways of doing business, and created efficiency across
industries.

It was the combination of energy and engine that freed man from the constraints of muscle
power, making the Atlantic world the greatest military power. The telegraph and telephone
connected humanity around the world. With electricity, we lit up the night.

While governing institutions are required for the effective functioning of capitalism, the market
system has been one of the most significant innovations in the history of humankind.

Last modified: Friday, 11 February

Overview of entrepreneurial mindset

1. Meaning of entrepreneurial mindset
What is an Entrepreneurial Mindset?

We all have a mindset, yet often we are not consciously aware of it or the profound effect it has
on our lives. Our mindset is the underlying mechanism that can expose opportunities and ignite
our ambition, engaging our faculties in ways that enable us to flourish and thrive. Yet, our
mindset can also blind us to opportunities and hinder our ability to learn and grow, keeping us
tethered to familiar, yet unproductive patterns of thought and action. Therefore, a mindset is a
cognitive belief system consisting of interrelated beliefs, assumptions, and knowledge that we
use to process information, inform our decisions, and guide our behavior.

Entrepreneurship is the practice of creating, developing, and running your own business, then
entrepreneurial mindset is the mode of thinking that helps an entrepreneur achieve those goals.
Successful entrepreneurs embrace challenges, mistakes, and failure as opportunities to develop
new skill sets to help them succeed in the future. Starting a new business is not for the faint of
heart. It requires faith, persistence, and a lot of hard work. So, what separates successful CEOs
from the rest of the pack? It’s more than likely that they have an entrepreneurial mindset.

However, when it comes to running a successful business, the right mindset can be just as vital
as hitting sales objectives or producing sustainable business models. Though it is normal if one
does not feel up to the task. Having doubts makes ones to be human. Knowing how to nip them
in the bud can make someone a great entrepreneur.

An entrepreneurial mindset can also be referred to as a specific set of beliefs, knowledge, and
thought processes that drives entrepreneurial behavior. Those with an entrepreneurial mindset
tend to:

believe in their ability to succeed and influence their own outcomes, empowering them to take
ownership of their lives.
have compelling goals that keep them future-focused and intrinsically motivated, driving them to
be self-directed, action-oriented, and highly engaged.
have an optimistic interpretation of adverse events and see problems as potential opportunities,
becoming highly resilient, resourceful, and solution-oriented even within highly uncertain,
resource constrained environments.
be lifelong knowledge seekers with a focus on micro-experiments as learning opportunities to
test ideas, cultivating curiosity, creativity, and critical thinking.
display a high-level of reliability, understanding that following through on simple solutions can
lead to unforeseen opportunity.
have a humanistic outlook, being other-focused and understanding that one creates value by
looking to solve problems for others; and
surround themselves with an intentional community of positive influence and critical guidance.
Thus, it is important to note that successful entrepreneurs are often touted as exceptional
individuals; a rare breed who seem to have been born with unique hereditary traits. But the
entrepreneurial mindset is most often acquired implicitly without conscious effort or awareness,
which may explain why it often appears to be a dispositional trait, even though it is not.

Furthermore, an entrepreneurial mindset is a set of skills that enable people to identify and make
the most of opportunities, overcome and learn from setbacks, and succeed in a variety of
settings. Research shows that an entrepreneurial mindset is valued by employers, boosts
educational attainment and performance, and is crucial for creating new businesses. An
entrepreneurial mindset can be developed and enhanced through entrepreneurial experiences.
Therefore, to cultivate the entrepreneurial mindset, we must create entrepreneurial learning
experiences within our classrooms, organizations, and communities.

How to develop an entrepreneurial mindset

How to Develop an Entrepreneurial Mindset

It may seem difficult to develop an entrepreneurial mindset if you are not actively working as
CEO of a successful startup. However, the truth is that anyone can improve the skillsets required
for successful entrepreneurship no matter the current job title. The following are some of the
ways entrepreneurial mindset can be developed:

Set clear goals. Setting a goal—speaking it to the universe, writing it down, mentioning it to
friends and family who will hold you accountable—can subtly influence aspiring entrepreneurs to
work towards that goal bit by bit each day. If you don’t feel like you’ve clearly articulated your
goals, set aside some time to brainstorm until you know exactly what you’re aiming for.
Practice being decisive. Entrepreneurs, innovators, and new business owners must develop the
ability to analyze a situation, absorb the relevant data, and make a confident decision. Small
businesses and start-ups can be ruined by indecision, which is why making a decision with
confidence is one of the most vital entrepreneurial skills. You can practice decisiveness in the
real world or in your personal life, whether you’re ordering at a restaurant or making evening
plans. Practicing making small decisions with confidence will pay off when you’re faced with big
challenges in your business.
Redefine failure. Failing typically has negative connotations, but the best entrepreneurs turn
failure into something positive. Failing indicates that you’ve tried something, which can be a
scary thing to do. True failure is not trying at all. Practice failure dialogues. You can do this in
your notebook or with a friend. Have them ask you about your failures every day for a week.
Answer honestly. Soon, you may find that instead of feeling shame when you discuss your
failures, you’ll feel pride at showing off what you’ve attempted.
Face your fears. Many entrepreneurs fear public speaking, failure, and embarrassment. The only
way to chisel away at that fear is to expose yourself to it. Getting rejected again and again will
anesthetize you to the letdown. Take a public speaking class—anything to get you more
comfortable in front of a crowd. If you want to improve your communication skillset, take an
acting or stand-up comedy class. Both will force you to confront your vulnerability and get you
accustomed to talking to strangers. Plus, you’ll learn the importance of good timing and delivery
—a skill that is as key in sales and daily life it is in acting and comedy. If you want to increase
your critical thinking or problem-solving abilities, take a debate class. It will force you analyze
two ways to look at an issue and will help you anticipate objections potential customers may have
to buying your product.
Remain curious. Curiosity is one of the most important traits for entrepreneurs. To constantly
learn and maintain your competitive edge, you must always seek out new people and new
experiences. Never lose the curiosity to see around corners.

Essential mindsets an entrepreneur requires to succeed

For those entrepreneurs just getting started, here are the three mindsets more in-depth, along
with tips on execution.

1. The 'this is the right direction' mindset.

The right direction mindset is necessary when decisions have to be made with time constraints.
It is an especially important mindset at times of uncertainty, which for every entrepreneur I know,
this happens a lot. This mindset works well when the team or company is smaller and you are
making decisions within your realm of expertise. You also need this mindset to take your vision
from ideation to existence.

That said, be careful getting too caught up in this mindset as your team grows. You will have
other smart leaders (if you’re hiring correctly), and the right direction needs to come from the
group. In my experience, it is not the right answer that typically works out. The answer or
direction the group believes in, whether it is flawed or not, tends be the right answer.

2. The 'no’ does not mean ‘no,’ it just means ‘not now’ mindset.

First of all, you cannot take “no” personally. Getting rejected is part of the entrepreneurial
journey and learning process. One may be counting noes at one point early on in his/her journey
and noticed receiving more noes than yeses (e.g. 97 noes for every 3 yeses). In this case, kept
moving and didn’t let the negativity distract you. Instead, as you focused on getting more noes,
you will realiz that you will eventually get yeses. In the beginning, many of the noes really were
“not nows.” In future years, you will convert several people who had previously said “no” to “yes.”

Be careful not to get too carried away. No definitely does NOT mean yes or maybe. If you push
too hard, you can alienate other people and sever relationships. Instead, I would suggest when
people say no that you give them some space and later ask them for feedback on why they said
it if it was not inherently obvious. Use questions like: “Why did you decide against purchasing our
product or using our service?” and “What would make you or would have made you a yes?

3. The 'I was wrong' mindset.

It is one thing to strive for excellence; it is a completely other thing to never admit when you are
wrong. No one wants to work for someone who thinks they are perfect and never admits when
they are wrong. It shows a strong sense of insecurity and lack of awareness. The worse thing
about being wrong and not owning up to it is that it sets the wrong precedent internally. If you, as
the leader, do not admit when you are wrong, then others internally may never do it either. This
means people will not be growing from their mistakes. At times, small issues may snowball into
even bigger concerns.

There are also positive outcomes to admitting when you are wrong. For one, it shows a bit of
vulnerability. It humanizes you. Also, owning your mistakes can be very powerful for company
culture and getting help. Be careful not to get too carried away with admitting when you’re
wrong. Not many would want to work for someone who was always wrong.

Last modified: Sunday, 13 February 2022, 9:42 AM

The characteristics of successful entrepreneurs

The Twelve Characteristics of Successful Entrepreneurs

Entrepreneurs are a different breed - they think different, act different, and live different than the
rest of society. However, the successful ones all seem to share a few of the same traits with each
other. Here are 12 of the most common:

1. They take what they do seriously.

Entrepreneurs understand that the success of the business ultimately rests upon their shoulders.
When you run a startup, whether or not rent is paid depends on how you run the business.
Because of this, all successful entrepreneurs take their work very seriously.

2. They make it all about the customer

Customers are why a business exists. Their sales dollars determine the success of any business.
Successful entrepreneurs realize this early on and make their business about the customers.
Studies show that customers are four times more likely to switch to a competitor if they have a
customer service concern versus a price or product issue.

3. They make the big decisions carefully.

Every decision has consequences, whether good or bad. Over time, those consequences shape
our reality and tell the story of our lives. Entrepreneurs who are doing well take note and carefully
identify the potential long-term effects of each decision, while seeking counsel before making
major decision.
4. They aren’t scared of the road less traveled.

Following the crowd only leads to where others have been before. Successful entrepreneurs
aren’t afraid to venture out on their own with a company and blaze a new trial. That’s their
defining characteristic. Some of the best inventions and designs have come from the minds of
those who weren’t afraid to be different.

5. They harness technology.

Things change constantly, and they change especially quickly in business. To best serve their
customers, successful entrepreneurs keep up to date with the best technology can offer to them.
Take, for example, live chat. It can make a huge difference in your company’s customer service
results and overall growth.

6. They invest in themselves.

You can’t make other people better unless you make yourself better first. Entrepreneurs who are
successful make a point to carve out time from their calendar and money from their budget to
invest in themselves. This investment may be further education or a well-earned vacation. Either
way, successful entrepreneurs find ways to recharge and propel themselves further.

7. They are constantly learning.

There’s always something you don’t know and something else that has just been discovered.
Both are essential for entrepreneurs. You can’t build a business around something you don’t
know about, and you can’t improve products and services using outdated methods.
Entrepreneurs are always on the prowl to learn more about what they do and what the
competition is working on.

8. They’re not afraid of risks

The best things in life are often found on the other side of a worthwhile risk; in that way, the best
business you can build may be on the other side of possible failure. Entrepreneurs don’t shy
away from the unknown or the uncharted. They know that’s where the future sales dollars and
profits are. While uncalculated risks can cause terrible consequences, calculated risks are the
sweet spot of a new business venture.

9. They’re willing to experience failure

Very few successful entrepreneurs have made it without living through some failure, large or
small. They realize failure is just information about what doesn’t work, not the end of the journey.
They continue trying long after most would have given up.

10. They adapt to the current needs of the customer and market

As conditions and society go through changes, so do the needs of customers. The successful
businesses of tomorrow will be those that learn how to meet those needs quickly and don't get
left behind in the heap of non-adapters.

11. They know how to sell themselves

Successful entrepreneurs know when something is valuable, even if no one else does yet. They
can explain and prove why their product or service is worth the price or investment. Finding a
way to sell yourself before anyone believes in you or your business is the key to successful
entrepreneurship.

12. They network, network, network

Not everyone is going to be jumping at the chance to use a new product and service, and some
still won’t adopt even after a lot of compelling information. So, entrepreneurs’ network; not only
to find clients, but also to meet others who share their passion and desire and who can help
them go even further.

Last modified: Sunday, 13 February 2022

,
Benefits of having an entrepreneurial mindset
Benefits of having an entrepreneurial mindset:

Gives You a Go-Getter Attitude: Having an entrepreneurial mindset helps you to quickly identify
problems and provide a timely solution. You’re not one to sit around and wait, you have a strong
intuition and if want something you’ll go get it.
It Helps You Fully Understand the Importance of Planning: Having this mindset means you know
the importance of keeping moving forward even when difficult. Being able to plan ahead and
foresee potential problems will help you to stay organized and less stressed – a top life skill
whatever path you choose to take after university!
Not Afraid to Experiment: An entrepreneurial mindset means you’re not afraid to experiment and
take risks. You’re not afraid to try new things and see potential where others may not.
A Creative Mindset: Successful entrepreneurs are known for thinking outside of the box. They’re
able to come up with creative ideas that set them apart from the competition in the market. By
running your own business you’ll learn the importance of being creative to help your business
succeed.
You Know the Importance of Value Creation: As an entrepreneur, you know the importance of
creating value for customers to help sell products or services. This sales skill will set you up well
for any path in business.
Last modified: Sunday, 13 February 2022, 9:54

Opportunity recognition
1. Definition of opportunity recognition
What is Opportunity Recognition

Opportunity recognition means proactively brainstorming a new business venture or expansion

idea. Opportunity recognition can also be referred to as the process of discovering or creating
opportunities for businesses. It is actually a process that is found in the way that individuals and
businesses with an entrepreneurial mindset approach new business ventures or ideas. In many
ways, it is a constant brainstorming in which individuals look for ''new and improved ways'' of
addressing problems. It could be a brand-new business idea or even new products or services
that fulfill customers' needs and expectations.

A small-business owner typically engages in opportunity recognition at the point where he

realizes he has an idea, strength or capability that matches well with a particular target market.
Entrepreneurial business owners constantly seek new revenue streams. Those that seize ripe
opportunities tend to perform best financially.

Opportunity recognition is important because it helps a business stay relevant and be successful
long-term. What would have happened to Amazon if it had not embarked on digital books, the
buyout of Whole Foods and new ways of shipping to customers quickly, and instead focused
solely on selling books on its website? It may not even still be around, and it certainly wouldn't be
as relevant of a player as it is in the retail environment.

https://www.futurelearn.com/info/courses/technology-entrepreneurship-start-a-new-venture/0/
steps/45095
Opportunity recognition process
Five Steps of Opportunity Recognition Process

The opportunity recognition can be divided into five main steps namely getting the idea/scanning
the environment, identifying the opportunity, developing the opportunity, evaluating the
opportunity and evaluating the team.

1. Getting the idea: There is a strong link between getting the initial idea and the starting of the
new enterprise. Idea is simply the conception of a possibility and a reflective method of evading,
circumventing or surmounting obstacles and challenges. The Oxford Dictionary defines an idea
as a thought or suggestion about a possible course of action. Synonymous with “idea” are the
terms thought, intention, scheme, suggestion, proposal, initiative, spur, impulse, brainwave,
insight, concept and connotation. Since ideas are many, developing the idea into a market
opportunity, implementing it and building a successful business around it are the important
aspects of entrepreneurship. A market opportunity is a gap left in a market by those who
currently serve it, giving a chance to others to add unrealized value by performing differently
from and better than competitors in order to create new possibilities. Opportunity is a favourable
time or set of circumstances for doing something. Synonymous with opportunity are chance,
opening and prospect.

It should be noted that while business opportunities are detected from ideas, an idea is not
synonymous with opportunity. The difference between an idea and an opportunity is that an
opportunity is the possibility of occupying the market with a specific innovative product that will
satisfy a real need and for which customers are willing to pay. Conclusively, successful venturing
may well rest upon the ability to recognize or distinguish an opportunity from an idea.

2. Opportunity identification: The theory of entrepreneurial alertness described as the

entrepreneur’s ability to see, to discover and exploit opportunities that others miss. This is a very
difficult task, as most opportunities do not just appear but rather result from an entrepreneur’s
alertness to possibilities. The steps involved in opportunity identification include scanning the
informational environment, being able to capture, recognize and make effective use of abstract,
implicit and changing information from the changing external environments. Opportunity
identification is basically seeking out better ways of competing.

3. Opportunity development: Having recognized the opportunity, timely adaptation of that

opportunity to suit actual market need is key to new venture success. Opportunity development
as the process of combining resources to pursue a market opportunity identified. This involves
systematic research to refine the idea to the most promising high potential opportunity that can
be transformed into marketable items.

4. Opportunity evaluation: The critical element of the entrepreneurial process is the opportunity
screening and evaluation. The professional executed evaluation can tell whether the specific
product or service has the returns needed to justify the investment and the risk to be taken.
Accordingly, evaluating the opportunity must answer the questions listed in table below.

Business factors and questions for opportunity evaluation

Business factor

Questions for evaluation

Product or service

• Description of the product or service, its differentiator, purpose and the need it fills

• What competitive advantage / benefits does the product have?

• What is the required customer care support for this product/service?

• Is the company able to produce product and supply required aftercare support?

Market opportunity

• Where is the market demand? What is the target market? Is it generic or a niche? • Industry
characteristics (growth rates, change, entry barriers).

• What market share can the product reasonably expect today? In 2, 5 or 10 years? • Timing and
length of the window of opportunity?

• What competition exists in this market? Substitutes? How big is their turnover?

• How accessible are the desired distribution channels?

Costing and pricing

• How much will it cost to develop the product and commercialize it?

• Where will the funds come from?

• How do the pricing, costs and economies of scale compare with competitors?

• How easy is it to acquire equipment, skills and other inputs required?

Profitability

• Where is the money to be made in this activity? What are the gross margins?

• Would the return on investment be acceptable? What is the payback period?

• What is the cash flow patterns and the source of working capital?
Capital requirements

• How much capital (people, operating expense and assets) is required to start?

• What are the long-term capital needs?

• How much of the required capital is secured and where will the rest come from?

• What securities are available to guarantee the required funds?

• Is there a list of potential funders? In case the funders withdraw their capital?

Issues and risks

• What risks (real and perceived) are inherent with the product/service?
What risks (real and perceived) are inherent with the product/service?

• Industry based risks e.g. is the market on a decline?

• Are there plans for surviving the death of the lead entrepreneur?

• Unreliable forecasts? Inadequate cash flow?

• Inability to grow with the demand or cope with shrinking sales?

• Supplier and value chain management?

5. Assessment of the entrepreneurial team: Regardless of how right the opportunity may seem to
be, it will not make a successful business unless it is developed by a team with strong skills.
Once the opportunity has been evaluated, the next step is to ask pertinent questions about the
people who would run the company. Such questions are illustrated in table below:

Team factors and questions for opportunity evaluation

Business factor

Questions for evaluation

Focus:
• Is the founder really an entrepreneur, bent on building a company?

• Does the entrepreneur (or his team) have some experience (work or industry)?

• Do they really like this product/sector? Do they really want this?

• Can the team create products to suit that market need?

• How stressful is the opportunity for the team?

Selling:

• Does the team have the necessary selling and closing skills?

Management:

• Who will work full time? Do your managers represent competitive advantage? • Does the team
have the necessary management and technical skills?

• If the required skills are not available, can they be acquired at competitive rates?

• How is their relationship with the entrepreneur, commitment and motivation?

Ownership:

• Have the critical decisions about ownership and equity splits been resolved?

• Are the members committed to these?

• Does the owners have enough financial capital for required own contributions

Factors influencing opportunity recognition

Factors That Impact Opportunity Recognition

There are six factors that influence opportunity recognition and they are: prior knowledge, social
capital, cognition and personality, environmental conditions, alertness, and systematic search.

1. Prior knowledge
Basically, we acquire prior knowledge through education and accumulated experience. But our
prior knowledge also affects how we attend to, interpret, and organize new information. Lack of
certain knowledge and skills can hinder the ability to recognize opportunity. Also, specific types
of prior knowledge – coupled with the cognitive capacity to value that knowledge – can make
people more likely to recognize certain types of opportunities. Additionally, specific types of
prior knowledge – applied to appropriate situations – enable us to recognize and exploit
opportunities.

The three major dimensions of prior knowledge that affect entrepreneurial discovery: prior
knowledge of markets, prior knowledge of ways to serve markets, and prior knowledge of
customer problems. Knowledge has been defined as a high-value form of information that –
when combined with experience, context, interpretation, and reflection – can be readily applied
to decision-making and action.

But we don’t all need similar types of prior knowledge to recognize opportunity. If you sat down
and did a comprehensive knowledge and skills inventory of yourself, you’d probably be surprised
at the range and depth of prior knowledge you have acquired.

2. Social capital

Social capital refers to our personal relationships and networks. Social capital gives us access to
information and resources that might otherwise be scarce. Social capital makes it possible to for
us to use human capital and mobilize resources when needed to respond to opportunity. Also, we
all experience various life course transitions, and these transitions frequently reveal problems
that must be solved. We often use our personal network to address these problems, and solving
these problems reveals opportunities.

One study examined three direct sources of opportunity-related information: mentors, informal
industry networks, and participation in professional forums. Unsurprisingly, all three had direct,
positive effects on opportunity recognition.

We build our social capital both by aligning ourselves with like-minded people, and by
establishing and maintaining a diverse network of relationships that spans varied domains of
knowledge and experience. Our social capital enables us to recognize opportunities that we
might not otherwise see, but also presents opportunities to us that we might not have otherwise
encountered.

3. Cognition and personality

A great deal of research pertaining to opportunity recognition has focused on individual

characteristics.
Some of the attributes that are most often discussed include creativity, self-efficacy, risk
tolerance, need for achievement, need for independence, and locus of control. Self-efficacy
refers to our belief in our ability to take the necessary action to deal with specific situations that
we might encounter. Self-efficacy is what motivates us to set and achieve higher goals.

The pessimist sees difficulty in every opportunity. The optimist sees the opportunity in every
difficulty. People who are willing to take risks are better prepared to see the big picture of the
opportunities around them. People who aren’t afraid of failure – and are therefore not surprised
by success – tend to embrace new ventures. Optimistic people who try to see the positive
aspects of any new situation are better able to recognize opportunity. Other qualities essential to
opportunity recognition include curiosity, imagination, and open-mindedness.

Cognitive biases also prevent many people from recognizing opportunity. The influence of
specific personality traits on opportunity recognition has been controversial. Some successful
entrepreneurs are known for their kindness and generosity, while others are regarded as
borderline psychopaths. But we can all train ourselves to improve the cognitive processes that
affect opportunity recognition.

4. Environment

Broad economic, social, political, geographic, and cultural factors can have an effect on
opportunity identification. So can rapid technological changes. But environmental conditions
have both positive and negative effects on opportunity recognition. Changes in environmental
conditions are often the catalyst that spurs people to action. But environments that suppress
innovation can have a chilling effect on opportunity recognition and entrepreneurship.

We all exist within – and react to – our given environment. We can take a macro and micro view
of
all exist within – and react to – our given environment. We can take a macro and micro view of
the conditions under which we operate. For example, we can’t control government policy, but we
can control how we react to it, and whether policy change presents opportunity for us. And at
the micro level, we have a high level of control. We can control who we choose to surround
ourselves with, where we choose to go, how we approach our work, and where we choose to
work (well, sometimes).

That micro-level environmental change led to something big. How can you change your
environment to foster opportunity recognition?

5. Alertness
Entrepreneurial alertness can be defined in two ways: the ability to notice opportunities that have
been previously overlooked, and as a motivated tendency to visualize the future. In the case of
entrepreneurs, the act of noticing typically involves identifying novel solutions to current
customer or market needs, while the act of visualizing usually involves imagining products and
services that do not currently exist.

Some people seem to possess specific cognitive or personality traits that make them innately
more alert to opportunity. But entrepreneurs, wantrepreneurs – and really anyone – can increase
their alertness through training and practice. People can learn to focus their attention on
changes or trends in demographics, markets, and technology. They can also learn to see how
these changes might be connected, and to discover emergent patterns.

Our vision, however, does not have to be entrepreneurial. And our domain does not have to be an
industry or market. Regardless of our vision and our domain, we can learn to focus on relevant
factors and to see valuable connections between changes that affect those factors.

6. Systematic search

Systematic search refers to opportunity discovery as a result of actively looking for it within a
known information domain. This type of search activity helps us gather valuable information that
fits our prior knowledge.

It has been proposed that by engaging in a constrained, systematic search of select information
channels, entrepreneurs can maximize their opportunity discovery effort. There is some
academic quibbling about whether opportunity is recognized by being alert, or whether it is
discovered by searching for it.

But for purposes of serendipity stimulation in our lives, we don’t need to split hairs. Exactly how
the opportunity is exposed after a serendipitous encounter probably doesn’t matter that much to
us, as long as we identify it as a valid opportunity. And some researchers do, in fact, take a
multidimensional view that allows for the coincidence of deliberate search and serendipitous
discovery.

Using your knowledge of the six factors. If you have read this entire post, you have probably
already increased your ability to recognize opportunity. You have expanded your level of
alertness. You have increased your knowledge. And you have demonstrated that you are
systematically searching, both for things that will help you better recognize opportunity, and for
opportunity itself.

Take inventory of your accumulated knowledge and skills, expand your personal network,
challenge your biases, ask yourself how you will react to change and improve your environment
when possible, practice noticing and visualizing, and systematically seek the type of opportunity
that you hope to find.

Your awareness of how these factors influence opportunity recognition will significantly improve
your ability to identify and exploit opportunity.
Creativity, creative, create
Creative" refers to novel products of value, as in "The airplane was a creative invention."
"Creative" also refers to the person who produces the work, as in, ?Picasso was creative."
"Creativity," then refers both to the capacity to produce such works, as in "How can we foster
our employees' creativity?" and to the activity of generating such products, as in "Creativity
requires hard work."

Creativity is the act of turning new and imaginative ideas into reality. Creativity is characterized
by the ability to perceive the world in new ways, to find hidden patterns, to make connections
between seemingly unrelated phenomena, and to generate solutions. Creativity involves two
processes: thinking, then producing.

“Creativity is a combinatorial force: it’s our ability to tap into our ‘inner’ pool of resources –
knowledge, insight, information, inspiration and all the fragments populating our minds – that
we’ve accumulated over the years just by being present and alive and awake to the world and to
combine them in extraordinary new ways.” — Maria Popova

“Creativity is the process of bringing something new into being. Creativity requires passion and
commitment. It brings to our awareness what was previously hidden and points to new life. The
experience is one of heightened consciousness: ecstasy.” – Rollo May, The Courage to Create

“A product is creative when it is (a) novel and (b) appropriate. A novel product is original not
predictable. The bigger the concept, and the more the product stimulates further work and
ideas, the more the product is creative.”

Creativity is the ability to transcend traditional ways of thinking or acting, and to develop new
and original ideas, methods or objects.

Let’s break that down:

It’s an ability
It’s also an ability to run a mile, or to do calculus or recite a Shakespearean sonnet (Shall I
compare thee to a summer’s day?). So creativity is a skill that is specific to an individual. For
some people, it might seem to come naturally, but it is something that anyone can improve at if
they give it the time and effort.
It transcends traditional ways of thinking or acting
Transcending means you’re going above and beyond. It’s recognizing the limitations of what
already exists, and trying to improve upon it.
Last modified: Saturday, 12 February 2022, 4:08 PM

Generating innovative ideas

As discussed, creativity is an ability that allows people to develop new ideas, but that still feels a
bit vague and intangible (kind of like saying swimming is the ability to not drown in water—
technically true, but not particularly useful if you’re going for a deeper understanding, or ya
know, wanting to not drown). Put on your floaties and let’s dive into the deep end.

All skills originate in our brains: whether it’s physical (learning to do the breaststroke) or mental
(learning to solve an algebraic equation), it’s all about neurons in the right part of your brain
firing over and over again until what you’re doing becomes ingrained. Creativity is the skill to
transcend traditional ways of thinking and come up with new ideas.

Generative research shows that everyone has creative abilities. The more training you have and
the more diverse the training, the greater the potential for creative output. Research has shown
that in creativity quantity equals quality. The longer the list of ideas, the higher the quality of the
final solution. Quite often, the highest quality ideas appear at the end of the list.

Behavior is generative; like the surface of a fast flowing river, it is inherently and continuously
novel… behavior flows and it never stops changing. Novel behavior is generated continuously,
but it is labeled creative only when it has some special value to the community… Generativity is
the basic process that drives all the behavior we come to label creative.”

One's ability to generate innovative ideas is not merely a function of the mind, but also a function
of five key behaviours that optimize your brain for discovery:

Associating: drawing connections between questions, problems, or ideas from unrelated fields
Questioning: posing queries that challenge common wisdom
Observing: scrutinizing the behavior of customers, suppliers, and competitors to identify new
ways of doing things
Networking: meeting people with different ideas and perspectives
Experimenting: constructing interactive experiences and provoking unorthodox responses to see
what insights emerge
Creativity process

“Creativeness is the ability to see relationships where none exist.”

— Thomas Disch, author, 334, (1974)
Creativity is, therefore, the process of generating novel (new) and appropriate (relevant) ideas.
It is the breaking down of prior assumptions and making new connections for new ideas.
Creativity therefore changes the old process, introduces new ways and new products hence
accelerating the pace of change in organizations and the society in general.
Creativity is the production of something with value.
The production of - this may seem obvious, but being creative means you produced something
that wasn't there before, or made things that were there even better. Maybe it’s a treehouse for
your kids that they love to play in. Or a system you made up that helps you organize your pantry.
Or maybe you found yourself in a predicament at work when you accidentally erased your project
file before a deadline, and you responded by quickly and miraculously recrafting a new document
that frankly was even better. These outcomes were all the result of some level of creativity.

Something - points out that some sort of process takes place that results in some sort of
outcome or product. If this wording seems vague, that is the point! The processes of an artist, an
engineer, a marketing analyst, or a policymaker will all lead to a different kind of “something”.
That something might be a physical product (a piece of art) or something more abstract (like a
scientific theory). Whatever it is, to call the “something” creative there should be an aspect of it
that is new in some way, meaning it didn’t exist before.

Value - we aren’t talking about monetary value here - although that is always nice. Something
creative can be valuable to society, to an organization, to your community, to your family, or
perhaps just you. If you come across a piece of art that someone is throwing away, and you just
fall in love with it, then that art has value to you personally. And that’s really all that matters,
right? Also, if you spend six hours on a Saturday working on a poem that you never show anyone,
you still might value how you were able to spend your time. Sometimes, the value is the process
or experience. What’s important is that whatever you produce gives you satisfaction or pleasure,
saves your job and reputation, or otherwise improves your situation in one way or another.

Ideation process
One of the most important jobs of a designer is to come up with new and innovative solutions to
user problems. How can designers keep generating innovative ideas? The answer is in the design
thinking ideation process. It allows designers to come up with fresh ideas by thinking outside the
box, challenging assumptions, and exploring new territories. This article explains what ideation
is, why it is important, the process for ideation, and how to create the right environment.
Ideation is the second stage of the design thinking process where participants in a design
thinking workshop come up with ideas on how to solve a specific user problem. The design
thinking process is made up of three phases: empathize, ideate, and prototype. The ideation
phase of design thinking is guided by the user problems that were defined during the empathize
phase. Ideation is about the exploration and identification of potential solutions. Not all ideas will
be viable solutions, and that’s okay. The primary goal of ideation is to spark creativity and
innovation.

Ideate is a step in the design thinking process. It occurs after problem definition, in which you
have identified the challenge that you are looking to solve as a clear problem statement. At
ideate, you are ready to come up with creative solutions to the problem. The ideate phase is an
exciting part of the design thinking process where there is no holding back – no idea is off the
table – the sky is the limit!

Ideation sessions consist of one or more brainstorming sessions (s) with team members, users,
or other stakeholders. Preparation is crucial to organize an ideation session or workshop. Break
out the sticky notes, pens, markers, and other materials participants might use to convey ideas in
a written or graphic format.

Use icebreaker activities to warm up the group and relieve any tension – participants need to feel
comfortable and relaxed to share ideas freely. You can host the ideation session outside your
everyday work environment or even host them virtually. A different environment provides new
stimuli and can encourage outside-of-the-box thinking. It is also vital to prevent hierarchy from
affecting the group. For example, if there will be mixed working levels of participants within the
organization, all ideas must be presented equally.

Once the brainstorming is completed, all of the great ideas from the session must be narrowed
down. Have all of the ideas visible and allow the group to vote on the best ideas. The criteria for
selecting the best ideas depend on the specific challenge you are looking to solve. Remember
that these top ideas that you choose from the ideation phase provide essential fuel for the
Prototyping phase that follows.

Meaning of creative thinking

What makes a creative person different/special?
• Sensitivity to the existence of problems, opportunities, gaps in knowledge, inconsistencies, and
lack of harmony

• Ability to use existing knowledge in new ways to search for solutions

• Make guesses and test their validity

“since knowledge is not always gained through language alone, creative feelings also cannot
always be expressed in words.”

Last modified: Thursday, 14 July 2022, 7:40 PM

Peter Drucker 7-Sources of Innovation

Innovation involves finding a new and better way of doing something. Much of our modern
society is based on innovations that have occurred in the past that provide us with the standard
of living we enjoy today. Entrepreneurship and innovation are companion terms. Entrepreneurship
involves looking for a new innovation and taking advantage of it.

Drucker’s Seven Sources for Innovative Opportunities Drucker outlines seven sources for
innovative opportunities that should be monitored by those interested in starting an
entrepreneurial venture. The first four are sources of innovation that lie within the industry. The
last three arise in the societal environment.

1. The unexpected - An unexpected success, an unexpected failure or an unexpected outside

event can be a symptom of a unique opportunity.

2. The incongruity - A discrepancy between reality and what everyone assumes it to be, or
between what is and what ought to be, can create an innovative opportunity.

3. Innovation based on process need - When a weak link is evident in a particular process, but
people work around it instead of doing something about it, an opportunity is available to the
person or company willing to supply the missing link.

4. Changes in industry or market structure - The opportunity for an innovative product, service
or business approach occurs when the underlying foundation of the industry or market shifts.

5. Demographics - Changes in the population’s size, age structure, composition, employment,

level of education and income can create innovative opportunities.

6. Changes in perception, mood and meaning Innovative opportunities can develop when a
society’s general assumptions, attitudes and beliefs change.
7. New knowledge - Advances in scientific and nonscientific knowledge can create new products
and new markets.

Last modified: Thursday, 14 July 2022, 7:47

further reading on sources of innovation

There are, of course, innovations that spring from a flash of genius. Most innovations, however,
especially the successful ones, result from a conscious, purposeful search for innovation
opportunities, which are found only in a few situations. Four such areas of opportunity exist
within an organization or industry: unexpected successes and failures, incongruities, process
needs, and industry and market changes. Three additional sources of opportunity exist outside a
company in its social and intelle14 July 2022, 8:10 PMctual environment: demographic changes,
changes in perception, and new knowledge. True, these sources overlap, different as they may
be in the nature of their risk, difficulty, and complexity, and the potential for innovation may well
lie in more than one area at a time. But together, they account for the great majority of all
innovation opportunities.

Understanding creative and critical thinking

Boden (2005), another influential researcher, stresses that creativity is a fundamental feature of
our intelligence and it is present in everyone. He says that it is a skill which can be learnt by
anyone using systematic procedures.

What is creative thinking? In the context of studying at university, creative thinking is about
applying imagination to finding a solution to your learning task.

Critical Thinking Skills

• Ability to identify the central issue or the unifying theme and the possible assumptions of an
argument

• Ability to pull together the disparate elements in a situation

• Ability to make bias-free inferences from available data

• Ability to evaluate the veracity and authenticity of claims

Last modified: Thursday, 14 July 2022, 8:10 PM

Essential skills in creative thinking
Barry K. Beyer in his book Critical Thinking (1995), summarizes the essential skills required for
effective critical thinking.

The Essential Skills

1. Distinguish between variable facts and claims of value

2. Distinguishing relevant data from irrelevant information

3. Determine whether a statement is factually correct

4. Identifying whether a source is credible

5. Spotting ambiguous claims or auguments

6. Identifying assumptions which are not stated explicitly

7. Detecting bias

8. Identifying logical inconsistencies

9. Recognizing errors in the line of reasoning

10. Assessing the strength of an argument or claim

Last modified: Thursday, 14 July 2022, 8:16 PM