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Entrepreneurship

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Christine Meno
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13 views20 pages

Entrepreneurship

Uploaded by

Christine Meno
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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ENTREPRENEURS

HIP
WHAT IS ENTREPRENEURSHIP?

• IS THE ABILITY AND READINESS TO DEVELOP,


ORGANIZE AND RUN A BUSINESS
ENTERPRISE, ALONG WITH ANY OF ITS
UNCERTAINTIES IN ORDER TO MAKE A
PROFIT. THE MOST PROMINENT EXAMPLE
OF ENTREPRENEURSHIP IS THE STARTING OF
NEW BUSINESSES.
WHAT IS ENTREPRENEUR?
• IS DEFINED AS SOMEONE WHO HAS THE ABILITY
AND DESIRE TO ESTABLISH, ADMINISTER AND
SUCCEED IN A START VENTURE ALONG WITH RISK
ENTITLED TO IT, TO MAKE PROFITS.
• OFTEN KNOWN AS A SOURCE OF NEW IDEAS OR
INNOVATORS, AND BRING NEW IDEAS IN THE
MARKET BY REPLACING OLD WITH A NEW
INVENTION.
Types of Entrepreneurship
• 1. Small
Business Entrepreneurship-these businesses
are a hairdresser, grocery store, travel agent,
consultant, carpenter, plumber, electrician, etc. These
people run or own their own business and hire family
members or local employee. For them the profit would
be able to feed their family and not making 100 million
business or taking over an industry. They fund their
business by taking small business loans or loans from
friends and family.
Scallable startup Entrepreneurship
• This start-up entrepreneur starts a business
knowing that their vision can change the world.
They attract investors who think and encourage
people who think out of the box. The research
focuses on a scalable business and experimental
models, so they hire the best and the brightest
employees. They require more venture capital go
fuel and back their project or business.
Large Company Entrepreneurship
• These huge companies have defined life-cycle. Most of these
companies grow and sustain by offering new and innovative
products that revolve around their main products. The
change in technology, costumer preferences, new
competition, etc. build pressure for large companies to
create an innovative product and sell it to the new set of
costumers in the new market. To cope with the rapid
technological changes, the existing organizations either buy
innovations enterprises or attempt to construct the product
internally.
Social Entrepreneurship

•This type of entrepreneurship


focuses on producing product and
services that resolve social needs
and problems. Their only motto and
goal is to work for society and not
make any profits.
CHARACTERISTICS OF
ENTREPRENEUR
• 1. ABILITY TO TAKE RISK-entrepreneur needs to be
courageous and able to evaluate and take risks, which is an
essential part of being an entrepreneur.

• 2.INNOVATION-it should be highly innovative to generate


new ideas, start a company and earn profits out of it. Change
can be the launching of a new product that is new to the
market or a process that does the same thing but in a more
efficient and economical way.
VISIONARY AND LEADERSHIP
QUALITY
• To be successful, the entrepreneur should have a clear vision of his
new venture. However, to turn the idea into reality, a lot of resources
and employees are required. Here, leadership quality is paramount
because leaders impart and guide their employees toward the right
path of success.
• OPEN-MINDED-in a business, every circumstance can be the
opportunity and used for the benefit of a company . For example, Pay
time recognized the gravity of demonetization and acknowledged the
need for online transactions would be more, so it utilized the situation
and expanded massively during this time.
FLEXIBLE
•An entrepreneur should be flexible
and open to change according to
the situation. To be on the top, a
businessperson should equipped to
embrace change in a product and
service as and when needed.
KNOW YOUR PRODUCT
•A company owner should know the
product offerings and also be aware
of the latest trend in the market. It
is essential to know if the available
product or service meets the
demands of the current market.
IMPORTANCE OF ENTREPRENEUR

•CREATION OF EMPLOYMENT-
entrepreneurship generates
employment. It provides an entry –
level job, required gaining experience
and training for unskilled workers.
INNOVATION
•It is the hub of innovation that
provides new product ventures,
marketable technology and quality
of good, etc. Promotes increase the
standard of living of people.
IMPACT ON SOCIETY AND
NCOMMUNITY 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 home
ownership. Therefore, entrepreneurship assists
the organization towards a more stable and high
quality of community life.
INCREASE THE 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.
SUPPORT RESEARCH AND
DEVELOPMENT
• New products and services need to be
researched and tested before launching the
market. Therefore , an entrepreneur also
dispense finance for research and development
with research institutions and universities. This
promotes research, general construction , and
development in the economy.
JOSEPH ALOIS
SCHUMPETER
•Father of entrepreneurship. He
introduced the concept of
entrepreneurship
BRIEF INTRODUCTION
Have you tried going into a place you did not know without looking at its location
or a map? Or going into an occasion without thinking what to wear? Whatever it is
that we want to do, it is our instinct to carefully plan or think it before taking
action. In this lesson you will learn how to plan for your proposed business.
Definitions of a business Plan
• *It is written document describing in detail how a business usually a
new one is going to achieve its objectives. The business plan sets out
a written plan from a marketing, financial, and operational point of
view. (Kenton, 2019)
• * A business plan is a written outline of the future of your company.
It’s just a guide that details what you’re trying to do and how you’re
going to do it. It is also a road map that offers guidance so that a
company can prepare its future and help avoid road bumps.
Characteristics of a Business Plan
SIMPLE/SPECIFIC Use short sentences instead of long complicated ones.
Use simple and straightforward language.
Avoid using shortcuts, jargons, and acronyms.
Use bullet points for lists.
MEASURABLE Describe the goal clearly.
Contains concrete and measurable objectives.
Include specific actions and activities.
ACHIEVABLE/ ATTAINABLE Should list out attainable goals.
Should specify the goals to achieve.
Suggested number of pages is from 20-30 pages of text and another 10
pages of appendices.
REALISTIC/ RELEVANT Summarize other data by using simple business charts or summary tables
such as bar charts, two dimensional bars, pie charts and gantt charts.
Contains the company’s vision and mission.
TIME-BOUND Follow the time bound plan
Achieve goals within the time bound.

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