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Entre Module .......

The document outlines the fundamental concepts of entrepreneurship, distinguishing between entrepreneurs, intrapreneurs, and managers, and emphasizing the role of entrepreneurship in economic development. It discusses the importance of developing an entrepreneurial mindset, effective work habits, and personal entrepreneurial competencies. Additionally, it highlights the motivations behind entrepreneurship and the critical decisions entrepreneurs must make when starting and managing a business.

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4 views4 pages

Entre Module .......

The document outlines the fundamental concepts of entrepreneurship, distinguishing between entrepreneurs, intrapreneurs, and managers, and emphasizing the role of entrepreneurship in economic development. It discusses the importance of developing an entrepreneurial mindset, effective work habits, and personal entrepreneurial competencies. Additionally, it highlights the motivations behind entrepreneurship and the critical decisions entrepreneurs must make when starting and managing a business.

Uploaded by

marefiyaadane5
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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Download as DOCX, PDF, TXT or read online on Scribd
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Entrepreneurship for employability – I

1: Understanding Entrepreneurship Skills

1.1 Basic Concepts of


1.1.1 Entrepreneurship:-
 Entrepreneurship is indeed the process of creating and building something of from
practically nothing.
 Entrepreneurship is the process of identifying, developing, and bringing a vision to life.
 As early as 1730, Richard Cantillon defined entrepreneurship as self-employment of any
sort.
1.1.2. Entrepreneur and intrapreneur
The main difference between an entrepreneur and intrapreneur is that an entrepreneur
starts their own company, whereas an intrapreneur works at accompany that someone
else founded.
1.1.3. Entrepreneur and manager
An Entrepreneur is the company owner, while a manager is the company’s employee.
Entrepreneurs take risks, particularly financial ones, while managers are not susceptible
to business related risks.

Entrepreneurs versus Managers


An entrepreneur A manager
He is the owner of the business He is just an employee
Takes calculated risk Is salaried person.
Focuses on starting & expanding the business Does not invest capital
A person who identifies new opportunity, invests A person who leads the business organization by
capital and run his own business administering and controlling organization activities.
1.1.4. Enterprising and Enterprise
Enterprising;- showing initiative and willingness to undertake new projects; ready to
undertake important, difficult or new projects.
Enterprise;- refers to a for profit business started and run by an entrepreneur. And we
will often say that people running such businesses are enterprising.
1.1.5. Identify the role of Entrepreneurship in Economic Development
The entrepreneur is the catalyst that plays a crucial role in developing a country's economy.
Following are some contributions of the entrepreneur.
➢ Create job opportunities:- opens job opportunities to many others in addition to the
entrepreneur him/herself.
➢ Often bring abolition of monopoly and enhancements of competition- they create
alternative methods that can supply similar or substitute goods and services.
➢ It provides Balanced reginal development
➢ Increased income for the entrepreneur, his/her employees and other related businesses.
➢ Entrepreneurs that are in the export business generate significant amount of foreign
currency to their home countries:
➢ Develop positive externalities: The entrepreneurs, while establishing their business, may
develop infrastructure such as streets, electricity and water-wells that will be shared by
the community as well.
➢ It improves the living standard of the society
1.2. Developments of Entrepreneurial mindset
1.2.1. Mindset is defined as the set of attitudes or beliefs that we hold. An Entrepreneur
view’s needs, problems and challenges as opportunities.

1.2.2. Developing Positive mindset towards work

How to develop a positive mindset?

- Fill your mind with positivity


- Be encouraging and empathetic
- Set and complete your goals
- Work with the right people
- Practice gratitude
1.2.3. Developing effective work habit (Culture)
- Be punctual at the work place

-Take criticism well

- Ask relevant question

- Be organized

-Communicate effectively

1.3. Understanding Entrepreneurial Competencies and Environment

1.3.1. Identify Personal Entrepreneurial competencies (PECs)


- Risk taking ability

- Out of the box thinking and creativity

- Problem solving ability

- Persuasion and social skills-

- Business Management skills

- Effective communication Skills

1.4. Entrepreneurial motivation and Decision

1.4.1. Entrepreneurial motivation

-Entrepreneurs may be motivated by financial motives such as money/profits & also be


motivated by non-financial motives such as freedom (desire for independence).

1.4.2. Entrepreneurial Decision


- The decision taken by an entrepreneur include decisions about their business structure,
their marketing strategy, and their financial strategy. It is important carefully consider all
of these factors before making any final decisions. Starting a business is a big decision
that should not be taken lightly.

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