Entrepreneurship

Entrepreneur
• An Entrepreneur (ahn’tra pra nur)
is a person who recognizes a viable
idea for a business product or
service and carries it out.
• Any person (any age) who starts
and operates a business is an
entrepreneur.
 Entrepreneurship
• The process of initiating a
business venture, organizing
the necessary resources and
assuming the associated risks
and rewards
 WHO ARE ENTREPRENEURS?
 Start with a vision
 Unhappy with current job
 Bring resources for new venture
 Hardworking
 Distinguishable
STARTING AN ENTREPRENEURIAL
FIRM

New business idea

Business plan
Legal Form
Financial resources
 All definitions of
entrepreneurship includes
 Personal Entrepreneurial
Characteristics
• Opportunity seeking and initiative
 sees and acts on new or usual business
opportunities
 acts before being asked or forced to by events
• Persistence
 takes repeated actions to meet a challenge
 switches to alternative strategy to reach a goal
 Personal Entrepreneurial
Characteristics
• Commitment to work contract
 accepts full responsibility for problems in
completing a job
 makes a personal sacrifice to complete a job
• Demand for efficiency and quality
 find ways to do things better, faster or cheaper
 acts to do things that meet standards of
excellence
 Personal Entrepreneurial
Characteristics
• Risk taking
States a preference for situations involving a
challenge or moderate risk
Deliberately calculates risks
Takes actions to reduce risks
• Goal setting
Articulates clear, long range visions and goals
Continually sets and revises short range
objectives
 Personal Entrepreneurial
Characteristics
• Information seeking
 personally seeks information on clients,
suppliers, competitors
 uses personal and business contacts to obtain
useful information
• Systematic planning and monitoring
 plans by breaking a large task down into sub-
tasks
 develops procedures to monitor that work is
completed
 Personal Entrepreneurial
Characteristics
• Persuasion and networking
 uses deliberate strategies to influence or
persuade others
• Independence and self confidence
 seeks autonomy from the rules or control of
others
 expresses confidence in ability to complete
a difficult task