ENTREPREUNERSHIP , RELEVANT CONCEPTS AND ENTREPREUNERIAL PROCESS

Business:-
An organization operated with the objective of making a profit from the sale of goods or services

 A business sells or buys services and products.

 The objective of a business is to make a profit.

 All business entities have customers with specific needs and wants.
 Business requires a solid financial footing.

Entrepreneur:-
The word entrepreneur originates from the French word entreprendre which means to undertaeke
The person who plans, implements and manages a small business is usually called an entreprene
ur.
An entrepreneur, can be defined as ;one who undertakes innovations, finance and business acu
men in an effort to transform innovations into economic goods.
 Be a risk taker

 Be innovative.
 Possess business acumen.

 See potential opportunities in the community.

Entrepreneurship:-
The process of identifying business opportunities, allocating resources, and taking risks to produ
ce goods and services of value, through creative and innovative processes, to satisfy unmet cons
umer demands.
 Has impact on individuals.

 Provides financial opportunities.

 Has an impact on the economic well‐being of a society.
 Requires Innovation.

 Is dynamic.

IMPORTANT ASPECTS OF ENTREPRENEURSHIP

Building upon the definition, Nieman et al, (2004:9) identified the following concepts as integral
 to the understanding of entrepreneurship. Entrepreneurship means that an individual must be ab
le to:
 Identify an opportunity ‐ This means that there must be a real business opportunity.
Be innovation and creativity ‐ Something new and different is required that is needed by a targ
et audience.
 Gather resources ‐ Capital, labour and operating equipment must be found.
Create and grow a business ‐ This means the start of a new business venture or the conversion
of an existing business.
 Take risk ‐ There will be both personal and financial risks.
 Create rewards ‐ Reward can be in the form of profit or increased value of the business.
Manage a business ‐ This means that there must be planning, organisation, leadership and cont
rol of all the functions

THE ENTREPRENEURIAL PROCESS

The Entrepreneurial Process includes the systematic steps required to create and implement a n
ew business venture. This includes all the functions, activities, and actions associated with perc
eiving opportunities and creating organizations to pursue them. Entrepreneurs often discover
is process through trial and error, but you can shorten your learning curve by benefitting from t
he experiences of others.
1. SELF DISCOVERY
Learning what you are doing; examining your strengths and weaknesses. Examining w
ork experience and relating it to potential opportunities.
2. IDENTIFYING OPPORTUNITIES
Looking for needs, wants, problems and challenges that are not yet being met or dealt
with effectively
3. GENERATING AND EVALUATING IDEAS
Using creativity and past experience to devise new and innovative ways to solve a prob
lem, or meet a need and then narrowing the field to one best idea.
4. PLANNING
Researching and identifying resources needed to turn the idea into a viable venture. Pr
eparing the research in the form of a written business plan. Preparing marketing strategi
es.
5. RAISING START‐UP CAPITAL
Using the business plan to attract investors, venture capitalists partner. This stage can i
nvolve producing prototypes or test‐ marketing services
6. STARTUP
Launching the venture, developing a customer base and adjusting marketing and operat
ional plans as required
7. HARVEST
Selling the business and harvesting the rewards. For many entrepreneurs, this also mea
ns moving on to new ventures and new challenges.
8. GROWTH
Growing the business: developing and following strategic plans, adapting to new circu
mstances

M.ARBAZ HAMEED
BS PHYSICS