Entrepreneurship
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 entrepreneurship 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 entrepreneurship was derived from the French verb entreprendre 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.
➢ Entrepreneurship are innovators, willing to take risk and generate new idea to make it
unique and profitable solutions to the present-day problems.
Factors Affecting Entrepreneurship
1. Personality Factors which include:
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 challenges.
e. Persuasion – means that he can make entice people to buy even if they don’t want.
f. A Planner – meaning he makes plan before doing things and do not fake monitor it.
g. Risk taker – which means that he is willing to gamble but he will calculate it first.
2. Environmental Factors which include:
a. Political
b. Climate
c. Legal System Economic
d. Social Conditions
e. Market Situation
Common Competencies in Entrepreneurship
1. Decisive – an entrepreneur must be firm in making decisions
2. Communicator – an entrepreneur must have a convincing power
3. Leader – an entrepreneur must have the charisma to obeyed by his employees
4. Opportunity seeker – an entrepreneur must have the ability to be the first to see business
chances.
5. Proactive – controlling a situation by making things to happen or by preparing for possible
future problems.
6. Risk Taker – they have the courage to pursue what is their business ideas.
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, 7. Innovative – the entrepreneurs have big business ideas; they do not stop improving and
thinking of new worthwhile ideas for their business.
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 Entrepreneur – 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
conservative even ready to suffer the loss of business.
5. Social Entrepreneur – 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 using 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 be employed as a
business reporter.
Types of Entrepreneur
1. Innovative Entrepreneurs – have the ability to think newer, better and more economical
ideas.
2. Imitating – these are people who follow the path show by innovative entrepreneurs.
3. Fabian Entrepreneurs – are skeptical about changes to be made in the organization.
4. Drone Entrepreneurs – are person who lives on the labor of other.
5. Social Entrepreneurs – are people who drive social innovation and transformation in various
fields, including education, health, human right, and may others.
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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 entrepreneurship 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 entrepreneurship was derived from the French verb entreprendre 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.
➢ Entrepreneurship are innovators, willing to take risk and generate new idea to make it
unique and profitable solutions to the present-day problems.
Factors Affecting Entrepreneurship
1. Personality Factors which include:
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 challenges.
e. Persuasion – means that he can make entice people to buy even if they don’t want.
f. A Planner – meaning he makes plan before doing things and do not fake monitor it.
g. Risk taker – which means that he is willing to gamble but he will calculate it first.
2. Environmental Factors which include:
a. Political
b. Climate
c. Legal System Economic
d. Social Conditions
e. Market Situation
Common Competencies in Entrepreneurship
1. Decisive – an entrepreneur must be firm in making decisions
2. Communicator – an entrepreneur must have a convincing power
3. Leader – an entrepreneur must have the charisma to obeyed by his employees
4. Opportunity seeker – an entrepreneur must have the ability to be the first to see business
chances.
5. Proactive – controlling a situation by making things to happen or by preparing for possible
future problems.
6. Risk Taker – they have the courage to pursue what is their business ideas.
1
, 7. Innovative – the entrepreneurs have big business ideas; they do not stop improving and
thinking of new worthwhile ideas for their business.
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 Entrepreneur – 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
conservative even ready to suffer the loss of business.
5. Social Entrepreneur – 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 using 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 be employed as a
business reporter.
Types of Entrepreneur
1. Innovative Entrepreneurs – have the ability to think newer, better and more economical
ideas.
2. Imitating – these are people who follow the path show by innovative entrepreneurs.
3. Fabian Entrepreneurs – are skeptical about changes to be made in the organization.
4. Drone Entrepreneurs – are person who lives on the labor of other.
5. Social Entrepreneurs – are people who drive social innovation and transformation in various
fields, including education, health, human right, and may others.
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