Introduction to

Entrepreneurship
Learning Objectives:
It is expected that after this session
you will be able to:
1.Define and identify the benefits of
entrepreneurship.
2.Familiarize the entrepreneurial
traits.
3.Value the importance of
entrepreneurial traits.
What is Entrepreneurship
Student 1:
The word entrepreneurship has
three Latin roots: entre,
meaning enter; pre, meaning
before; and neur, meaning
center.
What is Entrepreneurship
Student 2:
The art and science of converting ideas
into highly marketable goods and
services that will improve man’s quality
of life. It involves the systematic
utilization of four essential elements
(man, money, material, and machines)
Entrepreneurship as a Science
As a science, it involves
coordinated, arranged and
systematized knowledge. It
follows logically organized
processes and employs
proficiency or skills.
Entrepreneurship as an Art
As a art, it uses a great deal
of knowledge of the
elements and principles of
design.
What is Entrepreneurship
Student 3:
It is the process of identifying
and starting a new business
venture, sourcing and
organizing the required
resources, while taking both the
risks and rewards associated
with the venture.
Benefits of Entrepreneurship

 Provides employment to
people
 Contributes towards research
and development
 Creates wealth to the nation
Who is an entrepreneur
Is one who has the ability to see
and evaluate business
opportunities, gather necessary
resources and take advantage of
them, and evaluate appropriate
action to ensure success.
An entrepreneur is an individual
who accepts some sort of risks –
usually financial _ in the pursuit
of new venture. The word can
apply to any person organizing a
new project or opportunity,
though it is most often used in a
business context.
An entrepreneur is a person who
tries to do something new,
visualizes a business opportunity,
organizes the necessary
resources for setting up the
business and bears the risks
involved.
Entrepreneurial Traits
Disciplined
focused on making their
businesses work
 resist temptation to do what is
unimportant
 disciplined enough to take steps
every day toward the achievement
of their objectives.
Confidence
display extreme
confidence in order to
cope with all the risks of
operating their own
business.
 Open-Minded
realize that every event and
situation is a business opportunity.

Ideas are constantly being

generated about workflows and
efficiency
have the ability to look at
everything around them and focus
Self Starter/Feels a Sense of
Ownership
 Know that if something needs to be
done, they should start it themselves
 They set the parameters and make
sure that projects follow that path.

 They are proactive, not waiting for

someone to give them permission.
 Independent
Innovative
Creator of new ideas
Have an eye for
opportunities.
Start by finding a need
and quickly satisfying it
Are inventive,
Novel
Have originality
Pioneering.
Competitive
 Often come up with
solutions
 Produce products to
market them to new
industries
 Determination/Positive Attitude
 Not frustrated by their defeats. They
look at defeat as an opportunity for
success.
 They are determined to make all of their
endeavors succeed, so will try and try
again until it does.
 Do not believe that something cannot be
done.
 Hopeful, bright, cheerful, expectant,
enthusiastic
Good human relations/ Strong people skills
 Has strong communication skills
to sell the product
 Can motivate employees to
utilize their best efforts. Most  
successful entrepreneurs know 
how to motivate their employees 
so the business grows overall.
 Strong work ethic
often be the first person to arrive at
the office and the last one to leave.
They will come in on their days off to
make sure that an outcome meets
their expectations.
Their mind is constantly on their
work, whether they are in or out of
the workplace.
Hard-working/ Endurance
has an appetite for hard work.

They are careful, thorough,

meticulous, painstaking and
reliable.
“If you want to become rich, wake up
early, if you want to become poor, sleep”
 Passion
 the most important trait of the successful
entrepreneur
 genuinely love their work
 willing to put in those extra hours to make
the business succeed because there is a joy
their business gives which goes beyond the
money
 always be reading and researching ways to
make the business better.

“Make your passion your profession”

Evaluation: (Quiz)
Answer the following questions:
1. Define and identify the
benefits of entrepreneurship
2. Enumerate the basic
entrepreneurial traits
Assignment:

Three Most Successful

Entrepreneurs and
their success stories.