ENTREPRENEURSHIP

BY THE END OF THIS

PRESENTATION YOU WILL KNOW:
• THE DEFINITION OF ENTREPRENEURSHIP
• W H O A N ENTREPRENEUR IS
• WHY ENTREPRENEURSHIP
• CHARACTERISTICS OF A N ENTREPRENEUR/
ENTREPRENEURIAL SKILLS
• TYPES OF ENTREPRENEURSHIP
• PROS A N D CONS OF ENTREPRENEURSHIP
WHAT IS
ENTREPRENEURSHIP?
• The process of designing, launching and running a new
business.

• The capacity and willingness to develop, organize and manage

a business venture along with any of its risks in order to
make a profit.
WHO IS AN
ENTREPRENEUR?
• An entrepreneur is someone who envisions, creates and spreads an
idea that they are absolutely crazy about.

• Someone who looks at life differently. An entrepreneur doesn’t see the

normal obstacles that life puts in our way and shy away like most of us
do. Entrepreneurs think the word “no” means “to find a better way”.
Entrepreneurs are continually learning growing and reaching higher.
WHO IS AN
ENTREPRENEUR?
• The entrepreneur is defined as someone who has the
ability and desire to establish, administer and succeed
in a startup venture along with risk entitled to it, to
make profits.
WHO IS AN
ENTREPRENEUR?
• Jeff Bezos, Founder, Chairman and Chief Executive Officer of
Amazon
 KEY CONCEPTS OF
ENTREPRENEURSHIP
The 4 key concepts of entrepreneurship are as
follows:
1. Innovation
2. Risk taking
3. Vision
4. Organisation
 WHY
ENTREPRENEURSHIP?
• Unemploymen
t
 WHY ENTREPRENEURSHIP?
• Profit
making
 WHY ENTREPRENEURSHIP?
• The need to learn
more
 IMPORTANCE OF
ENTREPRENEURSHIP
Creation of Employment- Entrepreneurship generates employment. It provides an entry-level job,
required for gaining experience and training for unskilled workers.
Innovation- It is the hub of innovation that provides new product ventures, market, technology and quality
of goods, etc., and increase the standard of living of people.

Impact on Society and Community Development- A society becomes greater if the employment base is
large and diversified. It brings about changes in society and promotes facilities like higher expenditure on
education, better sanitation, fewer slums, a higher level of homeownership. Therefore, entrepreneurship
assists the organisation towards a more stable and high quality of community life.
 IMPORTANCE OF
ENTREPRENEURSHIP
Increase Standard of Living- Entrepreneurship helps to improve the standard of living of a person by
increasing the income. The standard of living means, increase in the consumption of various goods and
services by a household for a particular period.

Supports research and development- New products and services need to be researched and tested before
launching in the market. Therefore, an entrepreneur also dispenses finance for research and development
with research institutions and universities. This promotes research, general construction, and development
in the economy.
 WHY CHRISTIAN
ENTREPRENEURS
• 1 . T H E N E E D TO M U LT I P LY TO G I V E M O R E – L u k e 1 9 : 1 2 -
26
• God entrusts wealth to us so we can multiply it and
make it available to Him when He demands
• 2. TO MEET FUTURE FAMILY NEEDS – Heads of families should
provide for their own (1 Tim 5:8). Save part of your income until
you have enough to invest.
• 3. TO FURTHER THE GOSPEL – For the church to break out of
financial struggles, those who invest should set aside something to
give to legitimate needs within the church.
 BIBLICALLY UNSOUND
REASONS FOR
• 1 . G R E EENTREPRENEURSHIP
D – The desire to have more while demanding
o n l y t h e b e s t ( 1 Ti m 6 : 9 ) .
• 2. ENVY – The desire to achieve based on other
p e o p l e ’s s u c c e s s e s ( P s a 7 3 : 3 ) .
• 3. PRIDE – The desire to be elevated because of material
achievements (1 Tim 6:17)
• 4. IGNORANCE – Following the counsel of misguided people.
 CHARACTERISTICS OF A
SUCCESSFUL ENTREPRENEUR
COMMITMENT/RESILIENCE
Entrepreneurship will dole out constant challenges, some of which you’ve already
considered but many of which you’ll never see coming.You will face complex financial
problems, decision- based dilemmas, long hours, sudden changes and predictions that may
fail; personal lives may even be challenged a well.
You must remember that all these challenges, while difficult to face, are a natural part of
being an entrepreneur. Success in business ownership is rarely a matter of how many
challenges you face so much as it is a matter of how you face those challenges.Triumphant
entrepreneurs have a level of resilience, which allows them face an almost constant slew of
challenges without ever weakening their resolve.
 CHARACTERISTICS OF A
SUCCESSFUL
RISK TA K ER
ENTREPRENEUR
Entrepreneurs are risk- takers, ready to dive deep into the future of uncertainty.
Successful entrepreneurs are willing to risk their time and money on unknowns, but
they also keep resources and plans for dealing with them.
SELF-BELIEF, H A R D W O R K A N D D ISCIP LINE D D E D I C AT I O N
Entrepreneurs believe in themselves and are confident and dedicated to their
project.Their intense focus on and faith in their idea may be misconstrued as
stubbornness, but it is this willingness to work hard and defy odds that make them
successful.
 CHARACTERISTIC OF A
SUCCESSFUL
ENTREPRENEURCHARACTERISTI
R E SOUR C E FU L NE SS

CS
More often than not an entrepreneur has limited resources especially at the initial
stages of the business. successful entrepreneurs figure out how to get the most out
of these resources.
OBJECTIVITY
Objectivity connotes a lack of bias, judgment or prejudice. Entrepreneurs need to
be dispassionate when it comes to making business decisions because emotion,
bias and sentiment can result in poor choices.
 CHARACTERISTICS OF A
SUCCESSFUL ENTREPRENEUR
A D A P TABLE A N D FLEXIB LE
Being inflexible about client and market needs leads to failure. Successful
entrepreneurs welcome all suggestions for optimization that may enhance their
offering and satisfy client and market needs.
K N O W L E D G E OF T H E PRO D U C T A N D M A R K E T
Entrepreneurs must know their product and market. A lack of awareness of the
changing market needs, competition and external factors can cause a business to fail.
 CHARACTERISTICS OF A
SUCCESSFUL
ENTREPRENEUR
DEPENDABILITY
There is a strong positive relationship between your perceived level of reliability and the
success of your business. Your clients expect you to be dependable and will evaluate
you on the extent to which you do what you say you will do.
PROACTIVITY
Successful entrepreneurs anticipate problems in advance and deal with them before
they occur.
 CHARACTERISTICS OF A
SUCCESSFUL
M O N E Y M A N A GENTREPRENEUR
E M E N T SKILLS
Successful entrepreneurs plan for present and future financial obligations and set aside
an emergency fund. Even after securing funds or going fully operational, a successful
business person keeps a complete handle on cashflow, as it is the most important
aspect of any business.
EFFECTIVE PA L N N N G SKILLS
Successful entrepreneurs have a business plan in place, but remain capable of dealing
with unforeseen possibilities.
 CHARACTERISTICS OF A
SUCCESSFUL
E X C E L L E N T C OENTREPRENEUR
M M U N I C AT I O N SKILLS
Exemplary communication is important because you must accurately exchange
information in a fast-moving world. Of importance is the ability to listen and truly
understand where a person is coming from.
T E C H N I C A L K N O W L E D G E A N D SKILLS
Every business requires unique technical skills and knowledge on the part of the
owner.You MUST be good at what you do for your business to succeed.This often
means getting additional training and education on an ongoing basis.
HOW TO START
• Identify your area of interest
• Start with what you have
• Be courageous
• Treat failure as a learning point and success as a
motivation
• Be determined to continue no matter the obstacle or
setbacks
TYPES OF ENTREPRENEURS
 TYPES OF ENTREPRENEURS
• BUILDER ENTREPRENEURS

Builders seek to create scalable businesses within a short time frame.

Builders typically pass K5 million in revenue in the first two to four
years and continue to build up until K100 million or beyond. These
individuals seek to build out a strong infrastructure by hiring the best
talent and seeking the best investors. Sometimes, they have
temperamental personalities that are suited to the fast growth they desire
but may make personal and business relationships difficult.
 TYPES OF ENTREPRENEURS
• OPPORTUNISTS

Opportunistic entrepreneurs are optimistic individuals with

the ability to pick out financial opportunities, get in at the
right time, stay on board during the time of growth, and exit
when a business hits its peak.
These types of entrepreneurs are concerned with profits and
the wealth they will build, so they are attracted to ideas
where they can create residual or renewal income. Because
they are looking to find well-timed opportunities,
opportunistic entrepreneurs can be impulsive
 TYPES OF ENTREPRENEURS
• INNOVATORS

Innovators are those rare individuals that come up with a great

idea or product that no one has thought of before. Think of
Thomas Edison, Steve Jobs, and Mark Zuckerberg. These
individuals worked on what they loved and found business
opportunities through their vision and ideas.
Rather than focusing on money, innovators tend to care more
about the impact that their products and services have on
society. These individuals are not the best at running a business
as they are idea-generating individuals, so they often leave the
day-to-day operations to those more capable in that respect.
 TYPES OF ENTREPRENEURS
• SPECIALISTS

These individuals are analytical and risk-averse. They have a

strong skill set in a specific area obtained through education or
apprenticeship. A specialist entrepreneur will build out their
business through networking and referrals, sometimes
resulting in slower growth than a builder entrepreneur.
 PROS OF
ENTREPRENEURSHIP
T H E C O N TRO L A N D FLE X IBILITY OF YO U R O W N T IME.
As your own boss, you work when you want to work; and stop if you want to stop.You can
tailor your work according to your lifestyle and accommodate various tasks.You can work in
however way you please – in your pajamas, with the TV loudly blaring – without getting a
memo from the personnel department. Self- employment means freedom from rules.
T H E O PPO RT U N I T Y TO LEA R N A N D G A I N K N O W L E D G E
The entrepreneur often wears many hats – the strategic planner, the marketer, the
customer service rep, and the sales rep, even the bookkeeper.There are a million things
you probably didn’t know before you started your business that you will be forced to
learn.
 PROS OF
ENTREPRENEURSHIP
• T H E SE NSE OF PRIDE A N D FULFILLMENT I N
ACCOMPLASHING THINGS
As an entrepreneur, you make things happen.You create a vision, layout the plans and
pursue the steps needed to make the business a success. Doing all these things can
give an incredible feeling of pride and joy – seeing your website used by people,
finding your products in stores and getting compliments from customers on how your
business as helped them.
 PROS OF
ENTREPRENEURSHIP
T H E C H A N C E TO S H A R E YO U R L E A R N I N G
At the end of the day, you can have the chance to teach and share with others the
things you’ve learned as an entrepreneur. Sharing what you learned can be a way of
giving back to the community.
 PROS OF
ENTREPRENEURSHIP
W OR K SCHEDULE
The work schedule of an entrepreneur can be unpredictable.A major disadvantage of
being an entrepreneur is that it requires more work and longer hours than being an
employee.
N O R E GULA R SALARY
Being an entrepreneur often means giving up the security of a regular paycheck. If
the business slows down, your personal income can be at risk.
 PROS OF
ENTREPRENEURSHIP
A D M I N ISTA RT IVE TA S K S
When you run a business, especially at the initial stages, you need to check on finances
and other administrative tasks; Salaried employees mostly handle specific tasks.This
isn’t the most fun aspect of being your own boss, but it is crucial to the success of
your venture.
COMPETITION
As a small business owner, staying competitive is critical.You will need to differentiate
your business from others like yours in order to build a solid customer base and be
profitable.
 CONS OF
ENTREPRENEURSHIP
D I S R U P T I O N OF O N E S P E R S O N A L LIFE
Most of your time will be spent trying to keep your business afloat and this could
have adverse effects on your personal life.