B.Sc.

Year III Entrepreneurial Business Development & Franchising

Unit 2 Session 1 Impact of Entrepreneurship

Session Objectives
y y

By the end of session you will be able to understand: Impact of Entrepreneurship

Impact of Entrepreneurship
y

Entrepreneurship and innovation are central to creative processes in the economy, to promoting growth, increasing productivity and creating jobs.

The importance of entrepreneurship to hospitality organisations and beyond

y

... an entrepreneurial approach is no longer seen as an option but as the only option for managers seeking to enhance the performance of their organisations. Wickham (2004)

A practitioner view
y

Entrepreneurship is critical to the hospitality sector as with rapidly changing consumer demands and expectations, constant innovation by businesses is vital to meet and, hopefully, exceed these evolving demands and expectations

The changing landscape some macro and micro changes

Inflation

Building blocks of successful entrepreneurship

The DNA of an entrepreneur

y y y y y y y y y y y y y y y

Alert to opportunities Anxiety Creativity Decisiveness Easily bored Independent nature Inner focus of control Innovatory tendency Need to achieve Risk taking propensity Self-confidence Self-motivation Versatility Vision Self realization through action

Innovation:The core of entrepreneurship

y

"Innovation is the specific tool of entrepreneurs, the means by which they exploit change as an opportunity for a different business or a different service. It is capable of being learned and capable of being practiced. Entrepreneurs need to search purposefully for the sources of innovation, the changes and their symptoms that indicate opportunities for successful innovation. Peter Drucker

Innovation

Innovation distinguishes between a leader and a follower. Steve Jobs, Apple

Entrepreneurs introduce new products

y

Entrepreneurs are responsible for the commercial introduction of many new products and services, and for opening new markets.

Importance of Entrepreneurship
y y y y

Entrepreneurship act as a vehicle for personal development Solving social problems To achieve social good through the process of identifying opportunities. Exercising creativity and building new services.

Strategies to promote Entrepreneurship

y y y y y

Securing Capital Providing technical assistance Providing financial and management guidance One stop business centres can serve as a point of contact. Improving state regulations and licensing environments

Strategies to promote Entrepreneurship

y y y

Streamlining the registration and license process. Creating industry clusters and entrepreneurial networks. Encouraging entrepreneurs in education builds a foundation for successful entrepreneurial ventures.

Recap
y y

Now ! You are able to understand: Impact of Entrepreneurship

Preview Next Session

y

In the next Unit we will learn about: Opportunity in Entrepreneurship