Scribd
Upload
39 views4 pages

GST201 Lecture One

This document provides an overview of the key concepts to be covered in the GST201 course on entrepreneurship and product development. It defines an entrepreneur as an individual who coordinates factors of production like land, labor, and capital to commercially succeed with a product or service. An entrepreneurial mindset is described as having traits like risk-taking, motivation, adapting to changes, and learning quickly. The document also outlines nine characteristics of entrepreneurial mindsets, including determination in the face of failure, focus, drive, decisiveness, independence, authenticity, flexibility, thirst for knowledge, and creativity.

Uploaded by

marvellousokezie6
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as DOCX, PDF, TXT or read online on Scribd
39 views4 pages

GST201 Lecture One

This document provides an overview of the key concepts to be covered in the GST201 course on entrepreneurship and product development. It defines an entrepreneur as an individual who coordinates factors of production like land, labor, and capital to commercially succeed with a product or service. An entrepreneurial mindset is described as having traits like risk-taking, motivation, adapting to changes, and learning quickly. The document also outlines nine characteristics of entrepreneurial mindsets, including determination in the face of failure, focus, drive, decisiveness, independence, authenticity, flexibility, thirst for knowledge, and creativity.

Uploaded by

marvellousokezie6
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as DOCX, PDF, TXT or read online on Scribd
You are on page 1/ 4

GST201: Entrepreneurship and Product Development

Lecture One: a – c of the Course Outline


a. Definition and Conceptual Clarifications in Entrepreneurship

Though the concept of entrepreneurship have been defined in various ways, we shall look
at the term ‘Entrepreneur’ as: “…that individual, who, using the ideology of innovation
and creativity, coordinates and optimizes the other factors of production (land, labour,
and capital), towards commercial success of a product or service” (Adefiranye, 2020).

Quick Clarifications…
 Essentially, entrepreneurs coordinates the other factors of production … e.g. Aliko
Dangote as an entrepreneur – Cement; Consumables like sugar, spaghetti, etc and now
into refinery…
 Entrepreneurship is more of ideology and not necessarily skills acquisition, although
skills acquisition may enhance the activities of the entrepreneurs, most especially at a
cottage or small/medium scale levels…
 Whereas all entrepreneurs are considered as businessmen, not all businessmen are
entrepreneurs…
 One of the things that differentiates an average businessman from an entrepreneur is
the aspect of physical and direct involvement in the day to day activities and/or the
conversion processes…
 Being entrepreneurial isn't just about starting companies. It is about having a vision
and making it a reality.

b. Entrepreneurial Mindset and Behavioral Traits


What do we mean by the concept “Entrepreneurial Mindset”?
An entrepreneurial mindset is a set of skills that enable people to identify and make the
most of opportunities, overcome and learn from setbacks, and succeed in a variety of
settings. Research shows that an entrepreneurial mindset is valued by employers, boosts

1
educational attainment and performance, and is crucial for creating new businesses (nfte,
2021).
Components of the entrepreneurial mindset:
1) Risk.
2) Motivation.
3) Continuous building and development.
4) Be happy about making mistakes.
5) Learn quick.
6) Respond to changes.
7) Work smart.

c. Characteristics of Entrepreneurship and Success Secrets.

Basic Issues in Entrepreneurial Mindset?


McCoskey-Reisert (2021) observed the main characteristics obtained in entrepreneurial
mindset thus:
1. Determination
The refusal to fear failure keeps entrepreneurs going. As setbacks happen, entrepreneurs
seek solutions instead of focusing on the negative. In the first attempt at an ideology, it is
possible that the idea failed along the line. However, the word, FAILURE is taken to
mean First Attempt In Learning; Use Relevant Experience(s) (Adefiranye, 2020).
2. Focus
Entrepreneurs rarely allow distractions to take their minds off matters at hand. As busy
students, for instance, you are required to balance school with the responsibilities of work
and family.
3. Drive
Entrepreneurs are driven to make their ideas work, so much so that they develop daily
habits in order to remain on track. “Setting goals and keeping them in mind, visualizing
success, and exercise is also good to improve thought processes and gain clarity”.

2
4. Decisiveness
When you’re the head of an entrepreneurial venture, everything falls on you. Time is
money, so the ability to make rational decisions quickly can help an entrepreneur avoid
wasteful thoughts and actions.
5. Independence
Though networking plays a big part in sharing ideas and gaining perspective,
entrepreneurs are very comfortable taking matters into their own hands. The need for
independence is one of the reasons why a person who has already enjoyed a long career
in business may break from their company to strike out on their own.
6. Authenticity
There is a genuineness to entrepreneurs; they’re not phonies. Even if people don’t always
believe in their ideas, you cannot question their passion for what they are hoping to
create.
7. Flexibility
9-to-5 is not really an option for entrepreneurs. They’re thinking about their ideas 24/7,
and have no qualms about getting down to work at any time of the day or night. This
author, for instance, made a reference to a trait of Global Campus students who are
perfectly comfortable finishing a paper after the kids have gone to bed, or reading the
chapter of a book on their phones during their lunch breaks.
8. A Thirst for Knowledge
Entrepreneurs have a natural desire to learn, and this is what often drives them to earn
their bachelor’s degrees. They have ideas, but they recognize that much more information
is needed to bring those ideas to life.
9. Creativity
The ability to think outside the box and improvise when necessary is an essential element
of the entrepreneurial mindset. Entrepreneurs can see how something is done and imagine
how it can be done better.

3
4

You might also like

pFad - Phonifier reborn

Pfad - The Proxy pFad of © 2024 Garber Painting. All rights reserved.

Note: This service is not intended for secure transactions such as banking, social media, email, or purchasing. Use at your own risk. We assume no liability whatsoever for broken pages.


Alternative Proxies:

Alternative Proxy

pFad Proxy

pFad v3 Proxy

pFad v4 Proxy