L1: INTRO

• “entrepreneur” was derived from the French verb enterprendre, which means “to undertake.”
• The enterprise is created by an entrepreneur and the process is called “Entrepreneurship.”
• COMMON COMPETENCIES IN ENTREPRENEURSHIP

  1. Decisive
  2. Communicator
  3. Leader
  4. Opportunity Seeker
  5. Proactive
  6. Persuasion
  7. Risk Taker
  8. Innovative
  9. Initiative
• Decisive

  • makes quick and firm decisions, solve problems and adapt to change.
• Communicator

  • an entrepreneur must have a convincing power
• Leader

  • an entrepreneur must have the charisma to be obeyed by his employees.
• Opportunity Seeker

  • an entrepreneur must have the ability to be the first to see business chances.
• Proactive

  • an entrepreneur can control a situation by making things happen or by preparing for possible future problems.
• Innovative

  • the entrepreneur has big business ideas and he does not stop improving and thinking of new worthwhile ideas for his business.
• CORE COMPETENCIES IN ENTREPRENEURSHIP

  1. Economic and Dynamic Activity
  2. Innovative
  3. Profit Potential
  4. Risk Bearing
• Economic and Dynamic Activity

  • it involves the creation and operation of an enterprise with a view to creating value or wealth by ensuring optimum utilization of limited resources.
• Innovative

  • The entrepreneur constantly looks for new ideas, thus he needs to be creative.
• Profit Potential

  • The entrepreneur can be compensated by his profit coming from the operation.
• Risk Bearing

  • The entrepreneur needs to gamble but wise enough to offset the risk.
• PERSONAL ATTRIBUTES OF AN ENTREPRENEUR

  1. Creativity
  2. Dedication
  3. Determination
  4. Flexibility
  5. Leadership
  6. Passion
  7. Self-confidence
  8. SMARTS
• Creativity

  • is the spark that drives the development of new products or services or ways to do business. It is the push for innovation and improvement.
• Dedication

  • is what motivates the entrepreneur to work hard. Planning of an ideas must be joined by hard work to succeed.
• Determination

  • The unwavering drive and persistence to see a project through to completion, no matter the obstacles that may arise.
• Flexibility

  • is the ability to move quickly in response to changing market needs. It is being true to a dream while also being mindful of market realities.
• Leadership

  • is the ability to create rules and to set goals.
• Passion

  • is what gets entrepreneurs started and keeps them there.
• Self-confidence

  • comes from thorough planning, which reduces uncertainty and the level of risk.
• SMARTS

  • consists of common sense joined with knowledge or experience in a related business or endeavor.
• ENTREPRENEUR

  • an independent-minded or innovative business person who is interested in breaking out of the conventional and tedious environment.
• Types of Entrepreneurship

  1. Innovative Entrepreneurs
  2. Imitating Entrepreneurs
  3. Fabian Entrepreneurs
  4. Drone Entrepreneurs
  5. Social Entrepreneurs
• Innovative Entrepreneurs

  • They are those who always make new things by thinking of new ideas.
  • They have the ability to think newer, better and more economical ideas.
• Imitating Entrepreneurs

  • They are those who don’t create new things but only follow the ideas of other entrepreneurs.
• Fabian Entrepreneurs

  • They are skeptical about changes to be made in the organization. They don’t initiate but follow only after they are satisfied.
• Drone Entrepreneurs

  • They are those who live on the labor of others. They are die-hard conservatives even ready to suffer the loss of business.
• Social Entrepreneurs

  • They are those who initiate changes and drive social innovation and transformation in the various fields such as education, health, human rights, etc.