Concept of Entrepreneurship
Concept of Entrepreneurship
Concept of Entrepreneurship
Words to Study
Economy is the system by which the production and
consumption of goods and services is organized in a country or
community.
Employment is the state of being employed or having a job; the
occupation for which you are paid.
Enterprise is any activity which provides customers with a
product (goods/services) with a view to making a profit.
Entrepreneurship is the practice of starting new organizations,
particularly new business, generally in response to identified
opportunities.
Small business is one that is independently owned and
operated by the owner.
Remember….
Entrepreneurship can bring valuable benefits such as self-
employment for people, improvement in goods and services,
use of local raw materials, and increased income for
themselves which help improves the quality of life of the
people.
1.Integrity - someone once said, “Right is right even if no one is doing
it, and wrong is wrong even if everyone is doing it” We all hear stories
about corporate greed and corruption
2. Self –discipline – to become a successful entrepreneur you have to
be highly disciplined. If you are trying to build a business from the
ground up, you will be faced with doing all the job functions of a
company, such as accounting, marketing and costumer service.
3. People skills - another critical factor among successful
entrepreneurs is having good people skills. You should make an effort
to genuinely like, respect, and appreciate other people
4. Strong work ethics – there’s no substitute for hard work when it
comes to becoming a successful entrepreneur. Most people want to do
the fastest and easiest solution when it comes to work.
5. Passion – you need to be passionate about your business. This
doesn’t necessarily mean you have to build a business around
something you love.
6. Strong leadership qualities- being able to communicate effectively,
motivate others, sell your ideas, and be decisive, are just a few
qualities of a good leader
7. Competitiveness – competition is everywhere. In business, it is the
survival of the fittest. If you can out market and outperform your
competitors, your chance of being a successful entrepreneur will be
much better.
8. Well-organized – One of the main reason why small businesses fail
is lack of organization. Everyone can learn organization skills with
enough hard work, practice and persistence.
Personal Entrepreneurial
Characteristics Clusters and
Achievement Cluster
I. Planning Cluster