Entrepreneurship

What is an Entrepreneur?
An entrepreneur is one who creates a new business in
the face of risk and uncertainty for the purpose of
achieving profit and growth by identifying significant
opportunities and assembling the necessary resources
to capitalize on them.
Entrepreneurial Profile
• Desire for responsibility.
• Preference for moderate risk.
• Self-reliance.
• Confidence in their ability to succeed
• Determination.
• Desire for immediate feedback
• High level of energy.
• Future orientation.
• Skill at organizing
• Value of achievement over money
Other characteristics of Entrepreneur
• High degree of commitment
• Tolerance for ambiguity
• Creativity
• Flexibility
• Resourceful
• Willingness to work hard.
• Tenacity.
Characteristics of a Successful
Entrepreneur
• 1) Creativity and innovation
• 2) Professionalism.
• 3) Risk-taking.
• 4) Passion.
• 5) Planning.
• 6) Knowledge.
• 7) Social Skills.
• 8) Open-mindedness towards learning, people, and even failure.
• 9) Highly adaptable and future orientated.
• 10) Visionary
The Benefits of Entrepreneurship
• Opportunity to Create Your Own Destiny
• Opportunity to Make a Difference
• social entrepreneurs: these business builders seek innovative solutions to
some of society’s most vexing problems.
• Opportunity to Reach Your Full Potential
• Opportunity to Reap Impressive Profits
• Opportunity to Contribute to Society and Be Recognized for Your
Efforts
• Opportunity to Do What You Enjoy and Have Fun at It
The Potential Drawbacks of
Entrepreneurship
• Uncertainty of Income
• Risk of Losing Your Entire Investment
• Long Hours and Hard Work
• Lower Quality of Life Until the Business Gets Established
• High Levels of Stress
• Complete Responsibility
• Discouragement
• Salary-substitute firms Dry cleaners, convenience
stores, restaurants, accounting firms.

• Lifestyle firms ski instructors, golf and tennis pros,

wine bars, and tour guides.

• Entrepreneurial firms Google, Facebook,and Zynga

(video games services) are well-known, highly
successful examples of entrepreneurial firms.
Feeding the Entrepreneurial Fire
• Entrepreneurs as heroes. Intangible factor, we have raised them to
hero status and have held out their accomplishments as models to
follow.
• Entrepreneurial education. Colleges and universities have discovered
that entrepreneurship is an extremely popular course of study.
• Demographic and economic factors. More than 75 percent of
entrepreneurs start their businesses between the ages of 20 and 44.
COVID is also a factor.
• Shift to a service economy. Because of their relatively low start-up
costs.
• Technology advancements. With the help of modern business
machines such as personal computers, laptop computers, smart
phones
Feeding the Entrepreneurial Fire
• Independent lifestyle. People want the freedom to choose where
they live, what hours they work.
• The Internet, cloud computing, and mobile marketing. The
proliferation of the Internet, the vast network that links computers
around the globe and opens up oceans of information to its users.
• cloud computing internet-based subscription or pay-per-use software
services that allow business owners to use a variety of business applications,
from database management and inventory control to customer relationship
management and accounting.
• International opportunities.
THE ENTREPRENEURIAL PROCESS
• Step 1 Deciding to become an entrepreneur
• Usually, a triggering event prompts an individual to become an entrepreneur.
(Time, inheritance, lifestyle issues)

• Step 2 Developing successful business ideas

• Many new businesses fail not because the entrepreneur didn’t work hard but
because there was no real opportunity to begin with.
• It includes opportunity recognition, feasibility analysis, writing a business
plan, industry analysis, and the development of an effective business model.
THE ENTREPRENEURIAL PROCESS
• business plan is a written document that describes all the aspects of a
business venture in a concise manner

• business model is plan of how business competes, uses its resources,

structures its relationships, interfaces with customers, and creates
value to sustain itself on the basis of the profits it generates.
THE ENTREPRENEURIAL PROCESS
• Step 3 Moving from an idea to an entrepreneurial firm
• prepare a proper ethical and legal foundation for a firm, including selecting an
appropriate form of business ownership.

• Step 4 Managing and growing the entrepreneurial firm

• all firms must be managed and grown properly to ensure their ongoing
success. This is the final stage of the entrepreneurial process.