The document discusses the pros and cons of entrepreneurship. It outlines the pros as including work flexibility, following your passion, total control over your business, unlimited earning potential, and being able to be creative. However, it also lists cons such as financial risk, long work hours, greater responsibility, high competition, and unreliable income. It then discusses the entrepreneurial mindset, common requirements for starting a business, why people become entrepreneurs centered around control, ambition, and profit, and factors to consider regarding what type of business to start.
The document discusses the pros and cons of entrepreneurship. It outlines the pros as including work flexibility, following your passion, total control over your business, unlimited earning potential, and being able to be creative. However, it also lists cons such as financial risk, long work hours, greater responsibility, high competition, and unreliable income. It then discusses the entrepreneurial mindset, common requirements for starting a business, why people become entrepreneurs centered around control, ambition, and profit, and factors to consider regarding what type of business to start.
The document discusses the pros and cons of entrepreneurship. It outlines the pros as including work flexibility, following your passion, total control over your business, unlimited earning potential, and being able to be creative. However, it also lists cons such as financial risk, long work hours, greater responsibility, high competition, and unreliable income. It then discusses the entrepreneurial mindset, common requirements for starting a business, why people become entrepreneurs centered around control, ambition, and profit, and factors to consider regarding what type of business to start.
The document discusses the pros and cons of entrepreneurship. It outlines the pros as including work flexibility, following your passion, total control over your business, unlimited earning potential, and being able to be creative. However, it also lists cons such as financial risk, long work hours, greater responsibility, high competition, and unreliable income. It then discusses the entrepreneurial mindset, common requirements for starting a business, why people become entrepreneurs centered around control, ambition, and profit, and factors to consider regarding what type of business to start.
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ENTREPRENEURIAL BEHAVIOUR
AND COMPETENCIES THE PROS AND CONS OF ENTREPRENUERSHIP While aspiring entrepreneurs have the potential to earn massive fame and fortune by starting a successful business, entrepreneurship is not without its hazards. Here are some of the pros and cons.
PROS OF ENTREPRENEURSHIP 1.Work Flexibility - Entrepreneurship means self-employment, which comes with the ability to set your own schedule and work where you want. 2.Ability to follow your passion - If your innovative idea is related to your passions or hobbies, entrepreneurship enables you to make a career out of your love. 3.Total control - Because they own their business, entrepreneurs have complete control of their entrepreneurial ventures, with the ability to make decisions quickly. 4.Creativity - Without the burdens of bureaucracy common in large,mature companies,entrepreneurs can solve problem creatively and experiment often. 5.Unlimited earning potential- As famous entrepreneurs like Mark Zuckerberg or Bill Gates show, a start-up entrepreneur with a successful business idea can make millions or even billions of dollar. CONS OF ENTREPRENEURSHIP 1.Financial risk- Becoming an entrepreneur means putting money on the line for your idea. If it doesn’t work out, you’ll be responsible for dealing with disappointed investors and outstanding bank loans. 2.Long hours- Between Brainstormingnew idea, wooing potential investors, and managing the day-to-day operations of their businesses, many entrepreneurs work long and hard to make their dreams a reality. 3.Greater responsibility- As the leader of your own business, everyone will be looking to you for vision and direction, which can cause tremendous personal stress 4.High competition- Just because your business idea is innovative doesn’t mean you won’t face stiff competition,whether from established firms in your industry or other entrepreneurs looking to beat you to the finish line. 5.Unreliable income- While successful entrepreneurs may see a big payday, it won’t happen overnight. In the meantime, expect lean times as you invest all of your income into growing your business. WHAT IS THE ENTREPRENEURIAL MIND-SET? Becoming a successful entrepreneur starts with bringing an entrepreneurial mind-set to your business venture. The entrepreneurial mind-set a set of skills, beliefs, and thought processes entrepreneurs bring to the task of building a new business. The main elements of this mind-set are:
1.Curiosity- An effective entrepreneur questions everything, learns all they can, and is open to new and radical ideas, even if they contradict your most basic assumption. 2.Independence- There’s no pricise roadmap to sucess as an entrepreneur. Turning a new idea into a successful business requires risk taking and an ability to plan your next move without hand- holding from others. 3.Resiliency- Succeeding as an entrepreneur means not only enduring pressure and failure, but also learning and growing from those experience. 4.Persuasiveness- To raise money and grow their team, an aspiring entrepreneur needs to be able to confidently sell their business idea to what is often a sceptical audience. 5.Focus on helping others- Entrepreneurs create value by solving problems for the people around them. The best entrepreneurs are focused on creating a positive impact, rather than making money. COMMON ENTREPRENEURSHIP REQUIREMENTS
• A business concept or idea involving a product,service,process,or new
technology •Peopleto support the work, whether as employees,vendors,or advisors • A process by which the product or service will be delivered, or the technology will be developed • Enough funding to support the development of the idea to the point that it generates revenue • A peer reviewed business plan WHY ENTREPRENEURS START NEW BUSINESS?
According to research by Cox Business, the main reasons people engage
in entrepreneurship and go out on their own, rather than staying employed, are: 1. Control: to be their own boss 2.Ambition: to start something from scratch themselves 3.Profit: opportunity to earn more money In fact, an Intelligent office study reported that 65% of employees would rather be entrepreneurs than work for someone else. DECIDING WHAT KIND OF BUSINESS TO START Finding a need or opportunity in the market and filling it is at the core of entrepreneurship and small business success. That doesn’t mean that starting a business similar to one already in existence can’t be successful, however.
In considering what kind of business to start, assess:
a) Your interests - Are any of your passions, hobbies, or interests ripe for innovation? b) Your background and experience - How has your personal history prepared you for the challenges of being an entrepreneur? c) Your financial resources - Can you gather the necessary resources to get a given business idea off the group? d) Unmet market needs - What business opportunities exist in your chosen industry or field? e) Problems you can solve - What challenges do your skills and knowledge prepare you to address in your external environment? f) Your network and connections - Which people in your professional network can help you along in your entrepreneuship journey? With an estimated 50% of new businesses failing in the first five years, entrepreneurs will also need to be committed, persistent, and adaptable to beat the odds
ENTREPRENEURIAL COMPETENCIES The term competent is commonly used to described someone who is qualified to perform a certain activity. While common sense appears to have no difficulties characterizing a person’s competence, point out thatnscientific interpretations of the subject have emerged from different fields of human and social sciences and the resulting definitions, with their roots in different contexts, are inevitably expressions of diverging views and concepts. THANK YOU
