Fundamentals of

Entrepreneurship
Entrepreneurship & Self-
employment Decision

DR. A VISPERAS
Entrepreneurship and the Entrepreneur
Entrepreneurship is basically aimed to gear someone
towards self-employment. It also generally pertains to
engaging in small and medium-sized business. An
entrepreneur learns the tenets of entrepreneurship so he
can put up and operate his own business , whatever the
size or magnitude.
If an individual merely desires independence for the sake of independence, or
wants to go into business because he wants to be his own boss, he may be sorely
disappointed. A practicing entrepreneur has probably more bosses than he
realizes. Here are some of them:
1. the various government regulatory bodies
2. the suppliers
3. the financial creditors and stakeholders
4. the demands and cycles of the market
5. the demands on the entrepreneur’s personal life
 Failure?
At present, many businesses are experiencing failure. This is an indication that only the
competent entrepreneurs stand a better chance of succeeding in today’s highly competitive
marketplace.

Based on research, the causes of business failures are:

1. Neglect

2. Fraud

3. Lack of technical expertise

4. Lack of experience

5. Incompetence

6. Disaster and other reasons (pandemic)

The Concept of Entrepreneurship
Entrepreneurship started in France after the French Revolution. It was the
start of Capitalism and Feudalism. The word entrepreneur was coined by
Jean Baptiste Say, a renowned French economist.
The classical capitalism spouses the optimization of what already exists.
Entrepreneurship, on the other hand, sees change as normal and healthy.
It promotes something different rather than making the existing better.
Entrepreneurship
Entrepreneurship refers to
an individual that has an idea
and intends to execute on that
idea, usually to disrupt the
current market with a new
product or service.
Who is the Entrepreneur?
The person behind entrepreneurship is the entrepreneur possessing certain
characteristics and different traits which makes him unique.
•take and accept risks
•own ventures
•Mangers
•Establish new, ventures and develop ones
•Identify opportunities in the market
•Apply their expertise
Who is the Entrepreneur?
•Process market information
•Bring innovations
•Provide market efficiency
•Maximize investment returns
•Provide leadership
What makes the successful Entrepreneur?
History is full of personalities who succeeded as
entrepreneurs. They are people who worked
hard to attain the dream. They came from all
walks of life and decided to take control of their
lives. They wanted to explore and test their
limits. They are the successful entrepreneurs.
Characteristics of the Entrepreneur
1. Entrepreneurs are in good physical health
2. Entrepreneurs have superior conceptual abilities
3. Entrepreneurs have the broad thinking of the generalist
4. Entrepreneurs have high self-confidence
5. Entrepreneurs have strong personal drive
Characteristics of the Entrepreneur
6. Entrepreneurs need to control and direct
7. Entrepreneurs have moderate interpersonal skill
8. Entrepreneurs are moderate risk takers
9. Entrepreneurs have a realistic outlook
10. Entrepreneurs have a high degree for emotional stability
11. Entrepreneurs have a low need-level for status
Characteristics often Attributed to the
Entrepreneur
•Confidence •Versality
•Perseverance •Creativity
•Energy •Ability to get along with people
•Resourcefulness
•Initiative
•Ability to take calculated risks
•Flexibility
•Dynamism, leadership
•Intelligence
•Optimism
•Orientation to clear goals
•Need to achieve
•Positive response to challenges
Characteristics often Attributed to the
Entrepreneur
•Independence •Foresight
•Responsive to challenges •Accuracy, thoroughness
•Independence •Cooperativeness
•Responsive to suggestions and •Profit-orientation
criticisms
•Ability to learn from mistakes
•Time-competence, efficiency
•Sense of power
•Ability to make decisions quickly
•Pleasant personality
•responsibility
Characteristics often Attributed to the
Entrepreneur
•Egotism •Efficacy

•Courage •Commitment

•Imagination •Ability to trust workers

•Perceptiveness •Sensitivity to others

•Tolerance for ambiguity •Honesty, integrity

•Aggressiveness •Maturity, balance

•Capacity for enjoyment

More Characteristics of Successful
Entrepreneurs
•Commitment and determination •Motivation to excel

•Desire for responsibility •Orientation to the future

•Opportunity obsession •Willingness to learn from failures

•Tolerance for risk •Leadership abilities

•Creativity and flexibility

•Desire for immediate feedback

•High level of energy

More Characteristics of Successful
Entrepreneurs
•Hard work •Eager to learn

•Self-starting •Attuned to opportunity

•Setting of personal goals •Receptive to change

•Resilience •Commitment to others

•Receptiveness to new ideas •Comfort with power

•Assertiveness

•Information seeking
The Myths, Fears and Excuses of People
Who are not Entrepreneurs
▪Entrepreneurs are born ▪Entrepreneurs are academic and
social misfits
▪Entrepreneurs are super humans
▪Entrepreneurs are gamblers and
▪Entrepreneurs are investors
risk takers
▪Entrepreneurs inherit business
▪Luck and money are the only
traits
things needed to become
▪Entrepreneurs possess a definite entrepreneurs
characteristics profile
▪Entrepreneurs experience a lot of
▪The Gender-difference myths failures
The Advantage of Becoming Entrepreneurs
▪Have the opportunity to create your own destiny
▪Have the opportunity to be financially well-off
▪Have the opportunity of knowing yourself better
▪Have the opportunity to excel, be recognized and
contribute to society
Reference:
Disclaimer:

No copyright infringement intended for this

presentation, solely for educational purposes only.