EDS 111

BEING AN ENTREPRENEUR
OBJECTIVES
 At the end of this lecture, the students will be able
to;
 (i) Define an entrepreneur
 (ii) Determine the benefits of being an
entrepreneur
 (iii) What it takes to be an entrepreneur
 (iv) Identify how to attract the spirit of
entrepreneurship
 (v) Differentiate between invention and innovation.
 (v) Identify the reasons behind entrepreneurship
Who is an entrepreneur
 An entrepreneur is a person with ideas,
originality, vision, and foresight about what to
produce or how best to produce it (Haynes
1965).
 An entrepreneur is any person who
coordinates other factors of production and
bears the risk of uncertainty by investing his
scarce resources in the business venture
(Drucker 1985).
Cont’
 An entrepreneur is someone who is out to
make a difference in his or her environment
by bearing the risks involved in idea(s)
generation that will culminate in formation of
an enterprise for production of goods and
services for profit making or social benefits.
An entrepreneur is therefore;
 An initiator
 An originator
 A coordinator
 A visionary
 A risk taker
 An organizer
 An inventor
 An innovator
CONT’
 A motivator
 A speculator
 A manager
 A profit maximizer
 A leader
 An achiever
 A controller of resources
CONT’
 A goal getter
 A creator
 A developer
 A mobilizer
 An exploiter of opportunities
 A resource allocator
 A contractor
 A decision maker
Benefits of being an Entrepreneur
 Being an entrepreneur has several benefits
which may include the following;
 (i) It enhances someone’s mental system
 (ii) It helps you to maximize your potential
 (iii) It makes you to be an expert thinker
Cont’
 (iv) It makes you to be result oriented
 (v) It helps you to be impactful and a
contributor to your society
 (vii) It helps you to maximize your destiny
 (viii) It makes you to be a blessing to your
generation
CONT’
 (ix) It helps you to be above your peers
 (x) It helps you to fulfill your days and be
fulfilled in life
 (xi) It makes you to be conscious of what you
do, where you go, the people you move
with, what you eat and how you sleep

What it takes to be an Entrepreneur
 Being an entrepreneur is not a day business.
It is a serious matter.
 It is more than getting a job or pursuing a
career.
 It is a lifetime affair and it does not jump on
someone.
Cont’
 It comes through desire-Pro18:1-2.
 In other words, entrepreneurship is not by
force.
 It is for those that are ready to do what it
takes to be an entrepreneur.
CONT’
 To be an entrepreneur therefore, one must
sit down to provide answers to the following
questions;
 (i) Why do I want to be an entrepreneur?
 (ii) What is my main purpose of being a
live?
 (iii) What do I really want to achieve out of
life?
CONT’
 (iv) Can having my own business help me to
achieve this?
 (v) What in particular gives me excitement
about owing a business?
 (vii) What kind of business do I want to do?
 (viii) Will I be able to face the risk involved?
 (ix) What are those things that I have to my
advantage?
CONT’
 (x) What are the things that are likely to work
against me?
 (xi) How do I overcome them?
 (xii) What are the costs and benefits involved
in this business?
 (xiii) Where do I really want to do the
business?
Spirit of Entrepreneurship
 There is spirit behind every entrepreneurial
action, activity or venture.
That spirit is in every man but it needs
to be nurtured and provoked before it can
manifest –Job32:8.
It does not just come like that as the saying
goes, “nothing good comes easily”
CONT’
Entrepreneurship is therefore for those with
positive mental attitude, people who are
matured up stairs and are ready to take
advantage of every business opportunity in
their environment.
CONT’
It is not for critics, backbiters, mockers,
rumour mongers, complainers, critics,
murmurers, grumblers, character
assassins, accusers, time wasters,
unserious people, idol worshipers or
slothful persons but for people with positive
mind set and possibility mentality.
How to Develop Positive Mental
Attitude
 Developing positive mental attitude requires;
 (i) Being goal and action oriented –
working for satisfaction and fulfillment in
life and not for money.
Cont’
 (ii) Reasoning – robbing mind with other
successful entrepreneurs.
 This can be achieved by reading their
biographies, attending business programmes
and seminars, listening to their instructions
through audio and videotapes etc.
CONT’
(iii) Engaging in thoughtful activities –
such as thinking, meditation, imagination
(image formation), virtualization and
positive confession
(iv) Expanding one’s thoughts and having
deep insight in life issues through
dreaming big (vision) about the business
(v) Hard work and being diligence.
CONT’
(vi) Being humorous – laughing/creating fun
and making people happy. Being too
serious with people can be unhealthy to
your mental system.
Cont’
(vii) Being articulate – thinking through
problems, being creative, innovative and
proactive.

It is one thing however, to develop positive

mental attitude, yet another thing to
maintain it.
How to Maintain Positive Mind
Set
 To maintain positive mind set one needs to
be spiritual.
 You must learn to rob your mind with your
creator.
 God as the only wise God, has ALL YOU
NEED TO BE A SUCCESSFUL people on
earth.
Cont’
 Learn to forgive others no matter what they
have done wrong.
 Be joyful and rejoice always.
 Think good of others all the time.
 Always view things positively and see
positivity in all issues of life.
Invention and Innovation.
 Invention is to originate something unique.
 It has to do with ingenuity and creativity.
 It is being original and generating idea(s) on
how to do something in a different way.
 Invention gives birth to innovation.
CONT’
 Innovation on the other hand is the ability to
take one’s invention to the market place.
 It is the commercialization of the invented
item.
Cont’
 Innovation is also the enhancement of what
that has been in a existence.
 Innovation starts from where invention stops.
 Invention and innovation are important
attributes behind entrepreneurship.
 They are the outcomes of positive mind set
Reasons behind Entrepreneurship
 There are many reasons for going into
entrepreneurship.
 These depend on a number of factors (the
motivating factors of entrepreneurship).
 These factors can be grouped as;
 Push factors (negative factors)
 Pull factors (positive factors)
 Supporting factors (enabling factors)
THANK YOU
FOR
LISTENING