GE 11 Pointers for PRELIM

Entrepreneurship
- is a literary term that refers to any activity that risks utilizing the available opportunity and
resources to start a new or revive an existing venture.
- Hebert and Link (1988) define it as any activity which involves the specialization of taking
responsibility for and making judgmental decisions that contribute to change to a particular
location, the form, and use of goods, resources, or institution

Intrapreneurship
- is a product of modernization.
- As companies are threatened with new ideas and competition, they tend to look for
someone who possesses the skill of wielding this challenge into something that can bring
success.
- The activity of doing so is called “intrapreneurship,” and the person who can do that is
called an “intrapreneur” (Daykin, 2019).

Entrepreneur
- is a concept that refers to a person who “undertakes” (from the French word
“entrepreneur”) risk by utilizing every available opportunity and resource to start a new or
revive an existing venture.
- The entrepreneur also refers to a person who takes responsibility for creating a sound
decision that would provide transformation in a certain kind such as profession, ideas, and
opportunity (Hebert and Link, 1988)

Entrepreneurial Behavior
- refers to a set of behaviors “willingly” performed in seeking new knowledge and innovative
ideas that can change the status quo.
- This behavior contributes to the principle that “only change is constant” (Kappel, 2016).

Entrepreneurial Process
- is a familiar concept for every aspiring entrepreneur.
- This refers to a process or steps available for every entrepreneur’s consumption in their
search for the open opportunity that eventually leads them to pursue new venture creation
(University of Pretoria, n.d.).
Social Entrepreneurship
- it is a growing field of entrepreneurship, thanks to the increasing study of impact evaluation
of every new venture in the society, environment, or economy.
- This concept refers to undertaking the responsibility of creating societal-driven ventures
or any business that provides inclusivity to a specific location or individuals (Martin and
Osberg, 2007).

People
- are the individuals who will have an important impact on a venture, whether or not, they
are actual employees.
- The category includes founders, employees, mentors/advisors, investors, and suppliers.
- In some instances, even customers can be considered part of the team/organization.

Opportunity
- is an intended product or service for which customers will pay more than the cost of the
venture it provided.
- In economic terms, an opportunity is a positive net present value project where customer
inflows exceed the value of outflows to all resource providers.

Deals
- are the direct and indirect contractual relationships between ventures and resource
providers.
- Deals allocate cash and risk and therefore affect the value of ventures.
- Examples of these deals range from contracts of employment to investment contracts.

It was believed that Richard Cantillon, a French economist during the 17th century gave this term.
Entrepreneurship refers to undertaking risk (from the French word entreprendre which means
to undertake) in scanning every available opportunity and transforming it into a sustainable
business venture (Pahuja & Sanjeev, 2015). A
Importance of Entrepreneurship (Baijal, 2016; Seth, 2019; Awlaqi and Altheeb, 2019; Hayes,
2020)
- Entrepreneurship spurs economic growth.
- Entrepreneurship adds to the national income of the country
- Entrepreneurship adds to the national income of the country
- Entrepreneurship creates social change
- Entrepreneurship creates community development
- Entrepreneurship creates community development
- Entrepreneurship gives rise to sound government policies

Common Myths About Entrepreneurship (Patel, 2014; Stibbe, 2019; Berry, n.d.)
- Entrepreneurs do not quit!
- Entrepreneurs know everything!
- Entrepreneurs are the boss.
- Entrepreneurship is unstructured and chaotic
- Entrepreneurship is all about money
- Entrepreneurship is fun!
- Entrepreneurship is all about risk-taking and gambling
- Entrepreneurship is all about inventing something new

Knowing yourself better: What/who is an entrepreneur? (De La Torre, 2015; Ward, 2019)
- An entrepreneur is a starter
- An entrepreneur is a driver
- An entrepreneur is accountable responsible

Think like them: How do entrepreneurs think?

- Entrepreneurs think through actions
- Entrepreneurs think about possibilities
- Entrepreneurs can think with ambiguity
- Entrepreneurial thinking embraces risks
- Entrepreneurs think in patterns
- Entrepreneurs think incessantly
- Entrepreneurs think internally
- Entrepreneurs think of value-add
- Entrepreneurs think of giving meaning
A glaring question: How to become an entrepreneur?
- You value comfort over performance
- You established Goals and Objectives
- You skillfully handle stress well

THE ENTREPRENEURIAL MIND PROCESS

The start of every entrepreneurial venture is to have an “idea.” An idea meant to address a lacuna
or gap between products supplied and demanded by the market players. The idea may be a
revolutionary or a subtle one. When we say entrepreneurial vision, there is no perfect or false
idea.

Ideas, if coupled with “opportunities” give entrepreneurs a high probability of pursuing them. In
this context, opportunity refers to an intended product or service for which customers will pay
more than the cost of the venture it provided.

Market research is deemed necessary as it tests hypotheses and determines the possible size
of your target customers. It gives entrepreneurs an empirical basis for whether the idea is worth
pursuing.

Once market research is conducted, you as an entrepreneur, need to carefully analyze and verify
the data collected and draw a conclusion/ decision on whether your idea is worthy of pursuing.
Is the data telling you to follow your thoughts, given your opportunities? If yes, then it is excellent!
If not, look for other options or places where your venture will flourish.

The fifth part of the process is to build or have competent human resources to help you
successfully run the business. Skilled human resource means the resources are fit, able to
produce the expected outputs, knowledgeable, and experienced in what they do.

Ensuring these critical elements are in position, you as an entrepreneur can now proceed with
launching of your business and expecting your model to work. It must be remembered that in a
business or any entrepreneurial venture, risks are always involved and you cannot expect a 100%
correct or flawless operation.

Through learning and growing, an entrepreneur will be able correct and achieve the goals set
for his/her venture.