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.They are willing to take the risks and
generate unique ideas that can provide profitable solutions to the needs of
the market and the society.
Different Characteristics of Business Entrepreneurship
A. Economic Activity
- Entrepreneurship is an economic activity, as it involves designing,
launching, and running a new business enterprise to earn a profit, by
ensuring the best possible use of resources
B. Creativity and Innovation
- It involves discovering new ideas and implementing them in business . The
entrepreneur continuously evaluate current modes of running a business and
identifies new methods and techniques for operating a business more
efficiently and effectively.
C. Profit
- The activity of entrepreneurship is undertaken with the sole objective of
making a profit . It is also the reward of the efforts made and the risk taken
by the entrepreneur.
D. Risk Bearing
- “Willingness to assume the risk” is the essence of entrepreneurship without
which he/she cannot succeed. It occurs due to the creation and
implementation of new ideas. Such ideas are often uncertain , and so the
result may or may not be positive and instant.
Skills Required In Entrepreneurship
1. Technical Skills
- oral communication
- ability to organize
- productive ability
- technical business management
- coaching
- network building
- monitoring and
- interpersonal skills
2. Business Management Skills
- forecasting
- budgeting
- planning
- decision making
- negotiation
- goal setting
- human relations
- marketing
- finale, etc.
3. Personal Skills
- ability to manage change,
- leadership
- persistence
- self-reliance
- foresightedness
- innovativeness
- risk-taking
- self-reflection
- discipline
- self-confidence
- honesty
- patience
- intelligence
- tactfulness
- emotional stability, etc.
Common Competencies Entrepreneurship
1. Decisive
- an entrepreneurship must be firm in making decisions.
2. Communicator
- an entrepreneur must have a convincing power.
3. Leader
- an entrepreneur must have the charisma to be obeyed by his employees.
4. Opportunity Seeker
- an entrepreneur must have the ability to be the first to see business
chances.
5. Proactive
- an entrepreneur can control a situation by making things happen or by
preparing for possible future problems.
6. Risk Taker
- an entrepreneur has the courage to pursue business ideas.
7. Innovative
- the entrepreneur has big business ideas and he does not stop improving
and thinking of new worthwhile ideas for his business.
Core Competencies 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
- the entrepreneur constantly looks for new ideas, thus he need to be
creative.
3. Profit Potential
- The entrepreneur can be compensated by his profit coming from the
operation.
4. Risk Bearing
- The entrepreneur needs to gamble but wise enough to offset the risk.
Entrepreneurship Ecosystem
- Entrepreneurship operates under an ecosystem called an
entrepreneurship ecosystem. The ecosystem comprises of government
programs and schemes which encourage entrepreneurship non-
government organization that provide advisory services to
entrepreneurs and other organizations which promote and support
entrepreneurship directly or indirectly. Entrepreneurship is not confined
to starting a new business but is about facing challenges at each step.
It is an important tool for bridging the gap between science and
marketplace , wherein new products and services are brought to the
market.
Conceptual Model of entrepreneurship
Relevance of Entrepreneurship to an Organization
1. Development of Managerial Capabilities
- this means that one of the benefits an entrepreneurs gets is to develop his
managerial skills
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.
Types of Entrepreneurship
1. 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.
2. Imitating Entrepreneurs
- they are those who don’t create new things but only follow the ideas of
other entrepreneurs.
3. Fabian Entrepreneurs
4. Drone Entrepreneurs
5. Social Entrepreneurs
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.They are willing to take the risks and
generate unique ideas that can provide profitable solutions to the needs of
the market and the society.
Different Characteristics of Business Entrepreneurship
A. Economic Activity
- Entrepreneurship is an economic activity, as it involves designing,
launching, and running a new business enterprise to earn a profit, by
ensuring the best possible use of resources
B. Creativity and Innovation
- It involves discovering new ideas and implementing them in business . The
entrepreneur continuously evaluate current modes of running a business and
identifies new methods and techniques for operating a business more
efficiently and effectively.
C. Profit
- The activity of entrepreneurship is undertaken with the sole objective of
making a profit . It is also the reward of the efforts made and the risk taken
by the entrepreneur.
D. Risk Bearing
- “Willingness to assume the risk” is the essence of entrepreneurship without
which he/she cannot succeed. It occurs due to the creation and
implementation of new ideas. Such ideas are often uncertain , and so the
result may or may not be positive and instant.
Skills Required In Entrepreneurship
1. Technical Skills
- oral communication
- ability to organize
- productive ability
- technical business management
- coaching
- network building
- monitoring and
- interpersonal skills
2. Business Management Skills
- forecasting
- budgeting
- planning
- decision making
- negotiation
- goal setting
- human relations
- marketing
- finale, etc.
3. Personal Skills
- ability to manage change,
- leadership
- persistence
- self-reliance
- foresightedness
- innovativeness
- risk-taking
- self-reflection
- discipline
- self-confidence
- honesty
- patience
- intelligence
- tactfulness
- emotional stability, etc.
Common Competencies Entrepreneurship
1. Decisive
- an entrepreneurship must be firm in making decisions.
2. Communicator
- an entrepreneur must have a convincing power.
3. Leader
- an entrepreneur must have the charisma to be obeyed by his employees.
4. Opportunity Seeker
- an entrepreneur must have the ability to be the first to see business
chances.
5. Proactive
- an entrepreneur can control a situation by making things happen or by
preparing for possible future problems.
6. Risk Taker
- an entrepreneur has the courage to pursue business ideas.
7. Innovative
- the entrepreneur has big business ideas and he does not stop improving
and thinking of new worthwhile ideas for his business.
Core Competencies 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
- the entrepreneur constantly looks for new ideas, thus he need to be
creative.
3. Profit Potential
- The entrepreneur can be compensated by his profit coming from the
operation.
4. Risk Bearing
- The entrepreneur needs to gamble but wise enough to offset the risk.
Entrepreneurship Ecosystem
- Entrepreneurship operates under an ecosystem called an
entrepreneurship ecosystem. The ecosystem comprises of government
programs and schemes which encourage entrepreneurship non-
government organization that provide advisory services to
entrepreneurs and other organizations which promote and support
entrepreneurship directly or indirectly. Entrepreneurship is not confined
to starting a new business but is about facing challenges at each step.
It is an important tool for bridging the gap between science and
marketplace , wherein new products and services are brought to the
market.
Conceptual Model of entrepreneurship
Relevance of Entrepreneurship to an Organization
1. Development of Managerial Capabilities
- this means that one of the benefits an entrepreneurs gets is to develop his
managerial skills
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.
Types of Entrepreneurship
1. 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.
2. Imitating Entrepreneurs
- they are those who don’t create new things but only follow the ideas of
other entrepreneurs.
3. Fabian Entrepreneurs
4. Drone Entrepreneurs
5. Social Entrepreneurs
