EDS 111

BEING AN ENTREPRENEUR:
Entrepreneurship and
Entrepreneurial studies
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
 Defining Entrepreneurship

Entrepreneurship is the process by which

individuals or a group of individuals
(entrepreneurs) exploit a commercial/social
opportunity, either by bringing a new
product or process to the market, or by
substantially improving an existing good,
service, or method of production.

This process is generally organized through

a new organization (a start-up company),
but may also occur in an established small
business that undergoes a significant
change in product or strategy.
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