COURSE TITLE: THE

ENTREPRENEURIAL MIND
COURSE CODE: ENT 101

COURSE DESCRIPTION: This course is design to train the mindset of students by developing their
attitude to become motivated entrepreneurs. Students will be immersed in situations
that could change their lives and inspire them to address these changes using their skills
to carefully evaluate opportunities, productively resolve complications, effectively
communicate with people, and effectively work as an individual and in teams as how it
affects the organization.
PRE-REQUISITE/CO-REQUISITE

COURSE OBJECTIVES:

Comprehend the importance of entrepreneurship and its impact to the economy

Know the activities in their address for an entrepreneurial career
Design a viable business plan and its effectiveness

COURSE CONTENTS

Module 1: The Concept of Entrepreneurship and its Role to the Economy

Module 2: Different Types of Businesses, Its Challenges and Opportunities Contents of the Business Plan

Module 3: Contents of the Business Plan, Accounting and Legal Requirements of a Business

Topic 2
ENTREPRENEURIAL COMPETENCIES

Entrepreneurs are ambitious. They have strong desire to succeed. They are
motivated by their personal mission and vision. They are willing to do whatever it takes
to succeed, if not now, maybe in some future time, but they keep on pursuing their
desire to succeed. They take risk and sometimes at a higher level than most other
people. The entrepreneur has a way of controlling the outcome.

Characteristics of entrepreneur:
1. They have strong desire to succeed
2. They are risk taker
3. They are creative
4. They take responsibility for their activities
5. They have a high level of confidence
MANAGERIAL SKILLS THAT MAKES A SUCCESSFUL ENTREPRENEUR

1. The Ability to Plan and Conceptualize

Conceptualization and planning go together. Good concepts need to put
into the planning table to avoid risk factor. The entrepreneur is able to forecast
the future seeing that future risks are properly controlled. He visualize the
direction of the business towards success and see that the product, service,
pricing strategy, production cost, inventory management will generate profit and
return of investment.

2. The ability to Organize the Resources of the Enterprise

Entrepreneurs work with other people that has the same values and
working ability. Efficiency and effectiveness are the results of working with
people with dedication to do the job properly. The entrepreneur must be able to
give specific direction and work activity that will result to the efficient delivery of
a product or service.

3. The ability to Direct and Motivate People in his Organization

People are like people that need oil that will make them work smoothly,
efficiently and effectively. Same principles work with people, they need proper
compensation and motivation for them to deliver necessary output. The
entrepreneur must be able to communicate ideas and plans to his subordinates
with sense of humility.

4. The Ability to Control

Controlling the whole operation is a difficult task for an entrepreneur, it is carefully
protected with policies and procedures that can be understood by all who implement them.
The implementation stage should be thoroughly monitored and check and feedback mechanism
should be workout during reports and meeting. Controlling cost save important profit.

5. The Ability to Manage Time

Time management is very essential to a successful entrepreneur as he attends to many
activities like meetings and conferences.

6. The Ability to Adopt to the Challenging Environment of Business

The new entrepreneur must be able to adopt to the fast changing advent of technology
and innovation. Consumers taste and preferences are gradually changing to better quality
products or service. Competition is shifting to more affordable and quality products and
entrepreneur must be aware of changing customer demand.
THE REWARD OF ENTREPRENEURS
1. Money or material return or profit
2. Freedom
3. Psychological rewards

Profit – is in the form of money or cash, it is the rewards for running a business. Profit is what
is left after deducting the cost and expenses from the selling price of products and services.
Profit is the result of accomplishment.
Selling price – Cost and Expenses = Profit

Freedom of an entrepreneur- It has the freedom to do and decide what is good to his business.
Freedom include what product to sell, where to sell and when to sell. He does not depend on
others as he thinks that his success lies on his own making. Achievement are the ego of people
with the inner desire for independence. The strong personality of the entrepreneur carries with
it the power to make decisions.

Psychological rewards- refers to the good feeling of being of service to others. The
entrepreneur is able to satisfy customer’s needs, give work or employment to others, pay taxes
to government and support the community. The entrepreneur enjoys what they are doing and
running their business is fun. They feel like they are always socializing with their customer,
employees and business associates.

PROBLEMS OF ENTREPRENEURSHIP
1. Entrepreneurship demands hard work
2. Entrepreneurship demands long working hours
3. Entrepreneurship may cause emotional stress

REMINDERS TO NEW ENTREPRENEURS

1. Make sure you get things done
2. Be close to the customer
3. Innovate. Be open new ideas
4. Produce through people
5. Be hands-on in running your business
6. Be clear with your values
7. Know your expertise. Continue doing it. Stick to what you know best.
8. Keep things simple
9. Keep a lean staff.
10. Keep firm on directions but at the same time give your people autonomy. Be good at
balancing the two.