T.E.
M
(NOTES)
Entrepreneur- work comes from French origin meaning “to undertake”.
Entrepreneur take initiation for profits( brand, trademark, business)
TO UNDERTAKE- commit oneself to and begin (an enterprise or
responsibility); take on.
● Entrepreneur (Person)- An entrepreneur is a person who searches for
changes and responds to it by starting a enterprise.
● Entrepreneurship ( Process) - Who setup a business or a set of
business for taking financial risk in the hope of profits.
● Enterprise- An entrepreneur introduce new ideas, carries new
activities, co-ordinates the factor of production and describes now
business should run.
DEFINITIONS OF ENTREPRENEURSHIP
Entrenpreneurship is a multi-dimensional skill. It is defined by different
authorities. A number of definitions advanced by various experts can be
put under the following categories:
● Risk and Uncertainty Oriente Definitions- According to Frank
Knight, “iit involves a specialized group of persons who bear ‘risk’ and
meet the uncertainty”.
● Setting-up New Venture Definitions- According to Preek and
Nadkami, “Entrepreneurship refers to the general trend of setting up
new enterprises in a society”.
● Innovation and Leadership Oriented Definitions- According to Rso
and Mehta, “Entrepreneurship can be described as creative and
innovative response to the environment”.
● Composite Skill Oriented Definitions- According to Howard W.
Jonson, “Entrepreneurship is a composite of these basic eleIments —
invention, innovation and adaptation.
ENTREPRENEURSHIP DEVELOPMENT
Entrepreneurship is the process of identifying opportunities in the market
place, and arranging resources required to exploit the opportunities for
long term gains.
● It is creating wealth by bringing together resources in new ways to
start an operate an enterprise.
● It is the process of planning, organizing, operating and assuming the
risk of a business venture.
● It is the ability to take risk independently to make more earnings in
market-oriented economy.
FEATURES OF ENTREPRENEURSHIP
- Entrepreneurship is a very regarded as a factor of production together
with land, labor, natural resources and capital. Entrepreneurial spirit
is characterized by innovation and risk-taking, and essential
component of nation’s ability to succeed in an ever changing and
more competitive global marketplace.
THE BENEFITS OF ENTREPRENEURSHIP IN THE ECONOMY
1. Entrepreneurs Additional Income
- As we creating new business, it will also create opportunities for
people. On the other side, another effect of increased
employment is higher earnings contribute to better national
income in the form of higher tax revenue and higher
government spending. This revenue can be used by the
government to invest in other, struggling sectors and human
capital.
2. Entrepreneur Create Social Impact
- Why social impact? It has a unique way of offering goods an
services which able to break the tradition by developing people
to be open-minded about what happened to the world since it
needs to know the trends of the world. Entrepreneurs break
away from the tradition and indirectly support freedom by
reducing dependence on obsolete systems and technologies.
Overall, this results in an improved quality of life, greater
morale and economic freedom.
3. Entrepreneurs Provide Job opportunities
- When people start a new business, they will need additional
people to support and develop the business, along the job
opportunities will increase will increase and people who don’t
have a job before will have a chance to have career with that it
means… Beside, the opportunities in entrepreneurship will
make you able to learn a lot of things that will sharpe to be a
person with experience.
OBSTACLES IN BUILDING A BUSINESS
● Financing
● Overcoming Bureaucracy
● Hiring Talent
● Finding Customers
● Product Promotion
ATTRIBUTES, QUALITIES AND CHARACTERISTICS OF AN
ENTREPRENEUR:
Self-awareness - He knows who he is, what he is good at, and what he likes
to do. He starts a business that is based on his expertise in a specific field,
and focuses on his involvement in an area he thoroughly enjoys.
Self-motivated - is one the most important personality traits of successful
entrepreneurs. It is what gives him tenacity and confidence to call on a
potential client, even though he has heard “No” three times.
Courage - The willingness to take risk is a valuable trait when striving for
success. The willingness to take the chance.
Confidence - A confident attitude is one of the most appealing traits he
exhibits to prospective clients, to let them know that they will be getting
the best their money can buy. Confidence is achieved because of positive
thinking.
Positive Thinkers - They think of success and bright sides. Wealth does not
always the most intelligent or the most ambitious individuals, but to those
individuals who think money.
Patience - When one owns his business there will be times that feels like
the roof is craving in, especially when the customer’s demands seem to be
unrealistic.
Decisiveness - One should go with his intuition and trust that he is doing
the right thing. A process of making one fast decision after another.
Experience -A primary reason some business fall within a few years of
start-up is lack of business experience. Is directly related to business he is
planning to start, it is a key component for growth.
Knowledge - One has a better chance of succeeding by knowing about
business basics, the industry he is entering and consumer markets.
Information-Seeking - To assure accomplishment goals, the entrepreneurs
continuously seeks for relevant information regarding the market, client,
suppliers, competitors and consults experts advice on business and other
technical matters.
Perseverance - is 90% of the battle to succeed. If you are like the majority of
new small business owners, the entire staff and support system for your
venture is probably you.
Drive - one must believe in his goal and be determined to succeed. He does
not view obstacles but rather as challenges.
Risk-Taking - they are not foolhardy as to undertake activities where they
know nothing at all possibilities for success.
Innovative - they love to explore the unknown and to be blaze new paths of
progress.
Opportunity-Seeking - he will seize unusual opportunities to tap sources
of financing, acquire equipment, land, workspace, business information and
assistance.
Demand for Efficiency and Quality - setting high, but realistic standards
of excellence for himself. Always strives to find ways to do things better,
faster, and at a lower cost.
Systemic Planning and Monitoring - sets what to be accomplished, and
meticulously assesses how today’s activity can contribute to the
accomplishment of his long-term goal.
Persuasion and Networking - easily establishes a network of personal and
business contacts around him. Power is required to achieve his business
objectives.
“BUGSAY WELL!>>”
