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Lesson-1-Introduction-to-Entrepreneurship

The document introduces entrepreneurship, highlighting its relevance to organizations, including the development of managerial skills, creation of organizations, and economic improvement. It outlines the concept of entrepreneurship, factors affecting it, common and core competencies required, types of entrepreneurs, and potential career opportunities in the field. Entrepreneurs are characterized as risk-takers and innovators who contribute to economic development and societal improvement.

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shanger0624
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10 views

Lesson-1-Introduction-to-Entrepreneurship

The document introduces entrepreneurship, highlighting its relevance to organizations, including the development of managerial skills, creation of organizations, and economic improvement. It outlines the concept of entrepreneurship, factors affecting it, common and core competencies required, types of entrepreneurs, and potential career opportunities in the field. Entrepreneurs are characterized as risk-takers and innovators who contribute to economic development and societal improvement.

Uploaded by

shanger0624
Copyright
© © All Rights Reserved
Available Formats
Download as DOCX, PDF, TXT or read online on Scribd
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LESSON 1 : INTRODUCTION TO 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 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 and
social conditions and market situations.

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 be 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 their business ideas.
7. Innovative-the entrepreneurs have big business ideas and 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-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.
Types of Entrepreneurs

1. Innovative entrepreneur-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-They are skeptical about changes to be made in the
organization. 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 and drive social
innovation and transformation 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 in the field of entrepreneurship,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 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 be employed
as business reporter.

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