Entrepreneurship

 a process or pattern of activities undertaken with the purpose of establishing, building or expanding an
enterprise, especially one with profit-making potential.

 it means taking risks, attacking problems, and bringing new ideas to market. It’s about creating value
for others, making money from something you create yourself, or selling a service or product that isn’t
directly related to your line of work but still makes you money.

RELEVANCE OF THE COURSE

• Entrepreneurship as a key driver to our economy
- Entrepreneurship can fuel economic growth under the right conditions and when people become
entrepreneurs for the right reasons.
- The role of entrepreneurship in the economic development of a nation is extremely important. It is the
backbone of the country’s economy. Entrepreneurship is important for the economy because it provides
innovation & jobs that the country needs.

• Entrepreneurship education is an individual lifelong learning process

- continuous learning refers to the ongoing process of acquiring new skills, knowledge, and experience to
improve and adapt to the ever-changing world of business. As an entrepreneur, it’s crucial to embrace this
concept to stay competitive and meet the needs of your customers.
- As an entrepreneur, you’re constantly facing new challenges and opportunities. You need to be adaptable
and have the ability to learn quickly to stay ahead of the game.

• Entrepreneurship will energize school management

- Entrepreneurship can be defined as the process of finding creative solutions to existing problems. School
management is one of the most complex and difficult tasks which can be energized and effectively
performed with innovative and creative ideas.
-Entrepreneurship involves innovation and creativity due to which the same tasks of management can be
done in an effective and efficient manner.
-This would also ensure success and better services to students.

• Entrepreneurship will transform learners to be innovators.

- Entrepreneurship education provides a comprehensive learning management for student entrepreneurs,
helping them to establish correct values and cognitive systems, enhance their perceptions of innovation
and continuously integrate, and accumulate new knowledge to shape their innovative ability and
personality
- INVENTION VS INNOVATION : Invention involves the discovery of something new, while innovation
entails the utilization of a novel idea or method. Innovation is the act of introducing fresh concepts or
approaches to the market and transforming existing inventions into practical products or processes that
have real-world utility.

KEY CONCEPTS AND COMMON COMPETENCIES

✓ Locus of control
- Locus of Control refers to an individual's perception about the underlying main causes of events in his/her
life. Or, more simply: Do you believe that your destiny is controlled by yourself or by external forces

✓Specific goal setting

- Entrepreneur goal setting is when business professionals create specific objectives for the future. These
can include both long-term and short-term goals.

SMART stands for specific, measurable, achievable, relevant, and time-bound.

• Specific – Objective clearly states, so anyone reading it can understand, what will be done
and who will do it.
• Measurable – Objective includes how the action will be measured. Measuring your
objectives helps you determine if you are making progress. It keeps you on track and on
schedule.
• Achievable – Objective is realistic given the realities faced in the community. Setting
reasonable objectives helps set the project up for success
• Relevant – A relevant objective makes sense, that is, it fits the purpose of the grant, it fits the
culture and structure of the community, and it addresses the vision of the project.
• Time-bound – Every objective has a specific timeline for completion.

✓ Self-efficacy
-Entrepreneurial self-efficacy is an individual's belief in his or her ability to achieve various entrepreneurial
tasks
- self-efficacy is important because entrepreneurs must be confident in their ability to perform different
and often unexpected tasks during situations of uncertainty

✓Layers of competency
- Entrepreneurial competency is a set of skills and behaviour needed to create, develop, manage, and grow
a business venture. It also includes the ability to handle the risks that come with running a business.
- here are different sub-categories here. The competencies could be technical, behavioural, attitude-based,
or productivity-based.

✓Need for achievement

- To be successful in this field, entrepreneurs need to have a high need for achievement. They must be
driven by the desire to excel, set ambitious goals, and accomplish them despite the challenges and
setbacks that they may encounter.

✓ Ambition
- Ambition is a character trait that allows an entrepreneur to overlook his or her limitations and set goals
that will lead to success for the company. Most entrepreneurs are ambitious. It is often the degree of the
ambition that sets one entrepreneur apart from the others.

✓Willingness to learn
-Willingness to learn describes a commitment to continuously acquire new knowledge and to develop
oneself, both in professional and personal ways. It means staying curious about things and actively looking
for experiences that enhance your skills or knowledge, even if it is not directly connected to your business.

✓Strong Initiative
- A sense of initiative and entrepreneurship is the ability to turn ideas into action through creativity,
innovation, and risk-taking, as well as the ability to plan and manage projects.

✓ Adaptability & Flexibility

- In a new entrepreneurial world, the business environment is always constantly changing and evolving.
Therefore, it is critical to be adaptable and flexible to flourish in this ever-changing world.

✓ Willingness to take risks

- Risk taking in entrepreneurship refers to the willingness and ability of entrepreneurs to make decisions
and take actions that involve uncertainty, potential loss, and the possibility of failure.

✓ Interpersonal Skills
- Interpersonal skills influence business cultures because they affect job performance, which in turn helps
to decide the outcome of a company's success. Interpersonal skills include interaction with others, good
communication skills, active listening skills, and attitude.

INDUSTRY WIDE COMPETENCIES/WORK COMPETENCIES

❖ Networking/collaboration
❖Creative/ Critical thinking
❖ Organizing
❖ Checking, Examining, & Recording ❖ Planning
❖Business Principles
❖Computer Competency ❖Workplace competencies
❖High-growth, high value Entrepreneurship
❖Innovation and creation
❖ Marketing
❖Busines Operations
❖Risk Assessment and management ❖Financial Management
❖Problem solving & Decision Making