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THE NATURE AND CHARACTERISTICS
OF ENTREPRENEURSHIP

Definitions of entrepreneurship

Thecapacityand willingness todevelop, organize

andmanageabusiness venturealong with any ofits
risksin order tomakeaprofit.
The most obvious example ofentrepreneurshipis the
startingof new businesses.
Corporate entrepreneurship, corporate venturing or
Intrapreneurship

coined by legendary management thinker and consultantPeter.F.Drucker, is

the act of initiating new ventures or creating value with an already
establishedorganizationor social entity.
The most common form of corporate entrepreneurship or Corporate
venturing exists within theResearch and Development(R&D) department
within an organization to support and create value for the other functional
departments in the corporation as well as provide outstanding value for
consumers which need to be communicated through themarketingand other
functional departments as the entire corporate process is essential to
creating superior value for customers or end-users.

The corporate entrepreneur

an individual that exists within an organization to generateproductand
processideas that will create value for the organization, its stakeholders and
its consumers that buy its products
STAFF NEED TO THINK LIKE A BOSS:
http://experttrustedadvisor.com/corporate-entrepreneurship.4.22.news.html
Social entrepreneurship
means identifying or recognizing a social problem and using
entrepreneurial principlesto organize, create, and manage a
social ventureto achieve a desiredsocial change.
Business Entrepreneurstypically measure performance in profit and
return, but social entrepreneurs also take into account a positive return to
society. Social entrepreneurship typically furthers broad social, cultural,
and environmental goals and is commonly associated with the voluntary
and not-for-profit sectors. Profit can at times also be a consideration for
certain companies or other enterprises.
Social entrepreneurship practiced in a world or international context is
called international social entrepreneurship
5 examples: http://blog.ringcentral.com/2012/02/5-successful-examples-
of-social-entrepreneurship/
CHARACTERISTICS OF SUCCESSFUL ENTREPRENEURS

INNOVATIVE:
original ideas, doing things differently

COMMITTED AND SELF MOTIVATED:

willing to work hard, keen ambition to succeed,
energy and focus

MULTISKILLED:
Basic business, communication, decision making, human
relation,
Math, problem solving,, technical

LEADERSHIP SKILLS:
Lead by example, personality to encourage other to follow,
motivate

SELF CONFIDENCE AND ABILITY TO BOUNCE BACK:

Self believe, recover from failures

RISK TAKING:
Take risks