MPU3222: Foundation of Entrepreneurship Cultivation

Entrepreneurship, entrepreneurial processes and activities

Entrepreneurship is the activity of setting up a business or businesses, and taking on
financial risks to make profit.
The Timmons Model of Entrepreneurial Process best describes the four major necessary
components in venture creation:

 Founder
 Opportunity
 Team
 Resources
Entrepreneurs product, transport or sell products and services to consumers. They seek
business opportunities by identifying what is needed, wanted or desired by consumers.
Entrepreneurs create new products, take risk in investing money. Consumers get to choose
products or services based on their needs and budget.

Importance of entrepreneurial activities

Entrepreneurial activities are pillars of a nation’s economic progress, growth and prosperity.
A society that has a great entrepreneurial culture will be more productive, competitive and
prosperous.

Entrepreneurial characteristics and attributes

Optimistic
Creative, innovative, resourceful
Able to manage and solve problems.
Able to take calculated risk and able to accept failure.
Communicative and persuasive ability to influence others.
Able to think independently, exhibit high level of self-confidence
Willingness to work hard with a high degree of commitment, determination, perseverance,
tenacity and discipline.
Types of entrepreneurship
1. Digital Entrepreneurship
2. Franchise Entrepreneurship
3. Corporate Entrepreneurship
4. Conventional Entrepreneurship (Private or Independent)
5. Public Sector Entrepreneurship (GLCs)

Types of business entities and business registration

1
Registration of
Business Entities 3