Relevance of Entrepreneurship to an
organization
1. Development of Managerial capabilities-
this means that one of the benefits an
entrepreneur gets is to develop his managerial
skills.
2. Creation of Organizations-which means
that because of entrepreneurships many
organizations will exist.
3. Improving standard of living- this means
that entrepreneurship can lift up the economic
status of an individual.
4. 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.
Concept of Entrepreneurship
The word "entrepreneur" was derived from the
French verb enterprendre, which means " to
undertake" This is pinpointing to those who
"undertake" the risk of enterprise. The
enterprise is created by an entrepreneur and
the process is called "Entrepreneurship"
Entrepreneurs are innovators, willing to take
risks and generate new ideas to make it unique
and profitable solutions to the present-day
problems.
Factors Affecting Entrepreneurship
1. Personality Factors which includes:
a. Initiative-which means doing things even
before being told
b. Proactive-which means he can classify
opportunities and seize it
c. Problem Solver- which means he can retain
good relations with other people
d. Perseverance-meaning he will pursue
things to get done regardless of challenges
e. Persuasion-means that he can entice
people to buy even if they don't
f. A Planner- meaning he makes plan before
doing things and do not fail to monitor it.
g. Risk-taker -which means that he is willing to
gamble but he will calculate it first.
2. Environmental Factors which include
political,
climate legal system economic social
conditions market situations.
Core Competencies in Entrepreneurship
1. 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.
2. Innovative- Entrepreneurs constantly look
for new ideas, thus he needs to be creative.
3. Profit Potential- meaning the entrepreneur
can be compensated by his profit coming from
the operation.
4. Risk bearing -meaning the entrepreneur
needs to gamble but wise enough to offset the
risk.
Types of entrepreneurs
1. Innovative entrepreneur- they are those
who always make new things by thinking of
new ideas.
2. Imitating entrepreneurs- they are those
who don't create new things but only follow the
ideas of other entrepreneurs.
3. Fabian entrepreneurs- they are those
skeptical. They don't initiate but follow only
after they are satisfied.
4. Drone entrepreneur- they are those who
lives on the labor of others. They are die-hard
conservatives even ready to suffer the loss of
business.
5. Social entrepreneurs-they are those who
initiate changes in the various fields such as
education, health, human rights,
environment and enterprise development.
Career Opportunities of Entrepreneurship
1. Business Consultant- with the expertise of
the entrepreneur he can be a very good source
of advices to other entrepreneurs and would be
business man.
2. Teacher- a graduate of an entrepreneurship
can be use his knowledge in teaching
3. Researcher-the entrepreneur can be
employed as researcher by an enterprise.
4. Sales- the entrepreneurship graduate can
apply as salesman
5. Business Reporter -the entrepreneur being
expert in the field, he can employed as
business reporter.
