Checklist

Read the following points, and indicate whether or not you

have understood them. If you have understood them, put a
tick (✔) mark under the ‘Yes’ column. If your answer is "no,
go back to that topic and read it again until you fully
understand it.
●

Poin Yes No
ts
I can define entrepreneurship. ✔️

I can explain the evaluation of entrepreneurship. ✔️

I can distinguish the fundamental characteristics of ✔️

entrepreneurship
I can explain the role of entrepreneurship ✔️
in
development
I can explain the role of creativity and innovation in ✔️
entrepreneurship development
I can discuss the myths of entrepreneurship. ✔️

1.5. Chapter Summary

Entrepreneurship is a symbol of strength and achievement.
Entrepreneurs are the founders of today’s development
success. Fundamentally, entrepreneurship is a creative
human act. It involves gaining personal energy by initiating
and building an enterprise or organization rather than by
just watching, analyzing, or describing others.
Entrepreneurship usually requires a vision and the
passion, commitment, and motivation to transmit this
vision into reality. It also requires a willingness to take
calculated risk-both personal and financial—and then do
everything possible to influence the odds.
There are many possible sources of ideas for an
entrepreneur to start a business. Some of the more useful
sources are existing companies, consumers, distribution
channels, the government, and internal research and
development.

Innovation is a tool with which entrepreneurs typically

exploit change rather than create it. Although some
inventions have created changes, they are rare. It is more
common to find innovations that take advantage of change.
Potential entrepreneurs need to realize the presence of
innovation principles. These principles can be learned and,
when combined with opportunity, enable individuals to be
innovative. One should understand the characteristics of
entrepreneurship and avoid myths about
entrepreneurship/Entrepreneurs.

1.7 Review questions

1. Briefly analyze and summarize the

historical development of entrepreneurship.
- Entrepreneurship has a long and varied history that
dates back to ancient times. The concept of
entrepreneurship has evolved over time, moving from
a focus on individuals who were simply willing to
take risks to those who possess specific skills and
traits such as innovation, creativity, and
perseverance.

- Overall, the historical development of entrepreneurship

has been shaped by a variety of factors, including
social, economic, and technological changes. While
the conce
2. Briefly explain the characteristics and myths of
entrepreneurship and draw implications.
 - Characteristics of entrepreneurship include risk-
taking, innovation, persistence, creativity, passion,
and vision. Entrepreneurs identify opportunities and
are willing to take calculated risks to pursue them.
They also have the ability to innovate and create new
products or services that meet the needs of their
customers. Entrepreneurs are persistent and have
the drive to overcome obstacles and challenges. They
also have a strong passion for what they do and a
vision for their business.
- Myths of entrepreneurship include the belief that
entrepreneurs are born, not made, that they are all
young and tech-savvy, and that they are always
successful. These myths can discourage people from
pursuing entrepreneurship and limit diversity in the
field.
- Implications of these characteristics and myths on
entrepreneurship are significant. Understanding the
characteristics of entrepreneurship can help
individuals assess their own strengths and
weaknesses and determine if entrepreneurship is a
good fit for them. Addressing the myths of
entrepreneurship can also help to broaden the pool
of potential entrepreneurs and encourage more
diversity in the field. By promoting entrepreneurship
as a viable career path for all individuals, we can
help to foster innovation and economic growth.
3. Discuss the role of innovation and creativity in
entrepreneurship.
- Innovation and creativity play a critical role in
entrepreneurship. Entrepreneurs are often tasked with
finding new and unique ways to solve problems and meet
the needs of their customers. Innovation and creativity
 enable entrepreneurs to identify and exploit opportunities
that others may not have seen.
- Innovation is the process of creating something new or
improving an existing product, service, or process. It is
essential for entrepreneurs to be innovative, as it allows
them to differentiate themselves from competitors and
offer unique value propositions to customers. For
example, innovative entrepreneurs may create new
products that appeal to untapped markets or identify
untapped niches that they can target.
- Creativity, on the other hand, is the ability to generate
new and unique ideas, often outside of traditional ways of
thinking. It is essential for entrepreneurs to be creative,
as it allows them to approach problems from unique
angles and develop innovative solutions. Creative
entrepreneurs are more likely to find unique solutions to
complex problems and come up with out-of-the-box ideas
that enable them to stand out from the competition.
- Both innovation and creativity are critical for
entrepreneurs to succeed in today's dynamic business
environment. Entrepreneurs who are innovative and
creative are better equipped to identify opportunities,
solve problems, and deliver innovative solutions to
customers. This, in turn, helps them grow their
businesses, establish themselves as leaders in their
industries and achieve long-term success and
profitability.

4. Based on your personal experience an.Based on your

personal experience and your reading, you argue that
entrepreneurs are born, not made.

- Some argue that entrepreneurship is an innate quality

that some individuals possess from birth, while
 others believe that anyone can learn how to be an
entrepreneur through education, training, and
experience.

- Those who argue that entrepreneurs are born often

point to characteristics such as risk-taking,
creativity, innovation, and visionary thinking that
seem to be inherent in successful entrepreneurs.
They believe that these qualities cannot be taught
and are instead part of a person's genetic makeup.

- On the other hand, those who argue that

entrepreneurs are made believe that
entrepreneurship can be learned through training,
education, and experience. They point to successful
entrepreneurs who did not necessarily possess these
innate qualities but instead learned through trial and
error.

- In conclusion, the debate on whether entrepreneurs

are born or made is an ongoing one, and there is no
definitive answer to this question. While some people
may be naturally predisposed to be entrepreneurs,
others can develop the necessary skills and qualities
through practice and experience.