ENTREPRENEURSHIP MIND

Test 1
Entrepreneurship and economic development
•Entrepreneurship is the process of starting/setting up a business or an organization; An

entrepreneur is a person that develops the business/organization, and he is responsible for the

success or failure of the business.

What is Entrepreneuship?
• An entrepreneur is an individual who creates a new business, bearing most of the risk and

enjoying most of the rewards. The process of setting up a business is known as

entrepreneurship. The entrepreneur is commonly seen as an innovator, a source of a new

ideas, goods, services, and business/or procedures

The Entreprenuer task

• Entrepreneur see a need in a market place and use their innovative talents to find a solution.

They start a new business and hire employees. The workers earn an income, which they spend

in the local economy. All of this creates wealth for the population and raises the standard of

living for everyone involved.

Entreprenuer and innovation

• Invention and new ventures can stand on its own, but innovation and entrepreneurship are

enter twined and go hand in hand. Entrepreneur innovate. They exploit change as an

opportunity for a different business or different service by innovation. Innovation does not have

to be technical nor does it have a "Thing"

The ventures and long term enterprise
•Pre-up stage
Viability of a concept, services, or product, market production, and funding prospects

• Start-up stage
Creation, acquisition of fund, establishment of facilities and equipment, developing of the product,

marketing testing

• Easy growth stage

Determining feasibility

• Late growth stage

The stage in which a new endeavor is still developing before becoming a steady

The reward for successful entrepreneur

• The opportunity to work for yourself instead of working for others is the best reward of any

entrepreneur. You no longer need to follow the set of rules shoved into you that you are not

amendable with. But rather, you create your own rules that you think it will help prosper the

business that you have started

Entrepreneurs predicament
• Cash crunch. Every step of this entrepreneurial journey you will get bundled by many

roadblocks and biggest and most frequent that will keep nagging you is a lack of liquidity. In

most every set up, it requires money to grow a business. And this is where a significant chunk of

all entrepreneurs gets bogged down

Entreprenuership and business science

• At their core, entrepreneurs and scientists both create and test hypothesis and develop

solution to problems. The challenges faced are also parallel d in both paths from funding to
communication. In business entrepreneurship, you managed a big companies but in social, you

are having a shares.

Test 2
Why is entrepreneurship an important component in economic development
• Entrepreneurs are important to market economies because they can act as the wheels of the
economic growth of the country. By creating new products and services, they stimulate new
employment, which ultimately results in the acceleration of economic development

What is entrepreneurship.? Who is the entrepreneur?

• An entrepreneur is an individual who creates a new business, bearing most of the risks and
enjoying most of the rewards. The process of setting up a business is known as
entrepreneurship. The entrepreneur is commonly seen as an innovator, a source of new ideas,
goods, services, and business/or procedures

What rule does entreprenuers play?

• Entrepreneurs play a key role in any economy, using the skills and initiative necessary to
anticipate needs and bring good new ideas to market. Entrepreneurship that proves to be
successful in taking on the risks of creating a startup is rewarded with profits, fame, and
continued growth opportunities. Entrepreneurship that fails results in losses and less
prevalence in the markets for those involved

In what ways are entrepreneurs useful to suppliers?

•Entrepreneurs are useful to suppliers in a way suppliers can make business with the
entrepreneurs by selling all available products to them. Business needs suppliers who can
consistently deliver products needed for business operation while suppliers need a business
establish where they can sell their finished products or the raw materials.