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Week 5

Entrepreneurship involves creating and managing a business venture to achieve specific goals, requiring creativity, innovation, and risk-taking. Successful entrepreneurs possess characteristics such as vision, passion, resilience, and financial understanding, which help them navigate challenges and capitalize on market opportunities. While entrepreneurship offers benefits like independence and potential profitability, it also comes with risks such as business failure and the need for capital investment.

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5 views7 pages

Week 5

Entrepreneurship involves creating and managing a business venture to achieve specific goals, requiring creativity, innovation, and risk-taking. Successful entrepreneurs possess characteristics such as vision, passion, resilience, and financial understanding, which help them navigate challenges and capitalize on market opportunities. While entrepreneurship offers benefits like independence and potential profitability, it also comes with risks such as business failure and the need for capital investment.

Uploaded by

zaryabimran222
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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Fundamentals of

Entrepreneurship
Week 5
Enterprise and Entrepreneur
What will you do when you leave school or college? May be go to
university or get a job. Some of you may decide to take the risk of
setting up your own business - this could be a full or a part time, If you
do decide to do this then you will become an entrepreneur. So

Entrepreneur is a person who organises, operates and takes the risk


for a new business venture.
Benefits of being an Disadvantages of being
entrepreneur an entrepreneur
Independence - able to choose how Risk - many new entrepreneurs’
to use time and money businesses fail, especially of there
is poor planning

Able to put own ideas into practice Capital - entrepreneurs will have to
put their own money into the
business and possible find other
sources of capital

May become famous and successful Lack of knowledge and


if the business grows experienced in starting and
operating a business

May be profitable and the income Opportunity cost - lost income for
might be higher than working as an not being an employee of another
employee for another business business

Able to make use of personal


interests and skills
Characteristics of Successful entrepreneurs
Vision: Successful entrepreneurs have a clear vision of what they want to achieve and
are able to articulate it to others. They have a long-term view of their business and are
able to set goals and develop strategies to achieve them.

Passion: Successful entrepreneurs are passionate about their business and are driven by
a desire to make a difference. They are committed to their vision and are willing to put in
the hard work and long hours necessary to achieve their goals.

Resilience: Successful entrepreneurs are able to overcome setbacks and failures and
learn from their mistakes. They are able to adapt to changing circumstances and are not
afraid to take risks.

Creativity: Successful entrepreneurs are able to think creatively and develop innovative
solutions to problems. They are able to identify new opportunities and capitalize on them
Characteristics of Successful entrepreneurs
Leadership: Successful entrepreneurs are effective leaders who are able to inspire and
motivate others. They are able to build teams and delegate responsibilities effectively.

Persistence: Successful entrepreneurs are persistent and determined. They are able to
stay focused on their goals and are not deterred by obstacles or challenges.

Adaptability: Successful entrepreneurs are able to adapt to changing circumstances and


are open to new ideas and feedback. They are able to pivot their business strategies
when necessary.

Financial understanding: Successful entrepreneurs have a strong understanding of


finance and are able to manage their business finances effectively. They are able to
make sound financial decisions and manage risks.
Defining Entrepreneurship

Entrepreneurship is the process of creating, developing, and managing a


business venture in order to achieve a specific goal or set of goals. This
involves identifying a market opportunity, developing a product or
service to meet that need, and creating a business model to bring that
product or service to market.

Entrepreneurship requires creativity, innovation, and risk-taking.


Successful entrepreneurs are able to identify gaps in the market and
develop products or services that meet the needs of their target
customers. They must also be able to manage the many challenges of
starting and growing a business, including financial management,
marketing, hiring and managing employees, and strategic planning.
Defining Entrepreneurship

Entrepreneurship can take many different forms, from small, home-


based businesses to large, multinational corporations. It can also be
pursued in a variety of sectors, including technology, retail,
manufacturing, and service industries. Regardless of the specific form
it takes, entrepreneurship plays an important role in driving economic
growth, job creation, and innovation.

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