Chapter 2 Entrep

Chapter 2
Presentation towards an Entrepreneurial Journey
Introduction
This chapter provides you with an overview of entrepreneurship and the nuances of
entrepreneurship. The learning of various challenges associated with becoming an entrepreneur
and embarking on an entrepreneurial activity are explored, as an overview of how
entrepreneurship can be done from idea creation to iteration.
a. Converting Ideas to Reality
As a stimulus of economic growth, entrepreneurship is a profitable way of converting

ideas into reality. It is also about looking at potential business ideas by keenly and insightfully
observing current market conditions and seizing opportunities as it is reflected. Exploring both
the local and global environment may present much sought after ideas in the form of
groundbreaking developments in science and technology that needs commercialization,
international trends that can be converted to a hyped product and service, new markets due to
migration, and green business direction as a result of more awareness for environmental
protection create a business as a result of new trade associations and agreements, business
inducing government policies and regulations, and even diversification strategies of legacy
businesses.
b. Creativity in Entrepreneurship
Creativity is not all about coming up with ideas as much as having the ability to adapt to
changing circumstances and conditions of the environment. Every enterprise is bound to evolve
for reasons that are oftentimes beyond the entrepreneurs' control. The reasons behind the need to
evolve may be as obvious as changes in technology and systems to a more volatile global trend
or shift in consumer tastes and preferences. Brands may no longer communicate the right
message across the market, funding may not be enough for new product development or sales is
no longer growing as much are some of the reasons when the creative juices of an entrepreneur
will come in handy. An enterprise that is not able to adapt to the requirements of the environment
will see an untimely and natural death.
c. Innovation in Entrepreneurship
From ideas to solution then to transformation, outlines the difference between

innovations to mere creativity. According to the Oslo Manual (OECD, 2018), there are five types
of innovation. These are: (a) organizational innovation; (b) process innovation; (c) product
innovation; (d) marketing innovation; and most recently, (e) eco innovation.
Organizational innovation refers to changes in organizational strategies that will cause a change
in company culture and general practices. Process innovation involves change in the way that
products or services get produced, created, and delivered to the final consumers. It may mean
variation in technology, equipment, or software. Product innovation means introducing new or
enhanced products or service features that will induce new product or service experience and
satisfaction, and not necessarily involving an increase in sales. Marketing innovation involves
having creative ideas and executing the same in the area of price, packaging, design or
promotion. Eco innovation is synonymous to innovation borne out of a business's direction
toward its sustainability agenda. This type of innovation is unique and Inevitable as it deals with
product and service innovation in direct response to the UN SDG Agenda of 2030.
Table 4. Innovation Cases

Organizational innovation Work from home arrangement
Process innovation Virtual tours
Product innovation Edible water pouch
Marketing innovation Refilling outlets for hygiene products
Eco innovation Solar powered hotels; electronic vehicles for
short distance tour
d. Passion Follow-through in Entrepreneurship
Entrepreneurial passion is critical for the success of any venture, whether start-up or in
expansion. It is required to convince people to on-board in an endeavor as it is necessary when
one tries to fund an idea or enlarge the consumer base. Passion can therefore be a deciding factor
between the success and the failure for an entrepreneur.
Entrepreneurial passion is a motivational paradigm that is characterized by positive emotional
and internal drive. It is also about the engagement with personally significant work that is
prominent to the self-value of the businessperson. Individuals who convey strong passion tend to
be more persuasive, highly motivated, have a wider social circle and social capital. As a result,
these entrepreneurs have more income capacity; they have high potential sales revenue; and have
a larger foreseen growth in sales and earnings compared with those who are less passionate.
Passion is therefore crucial to an entrepreneur's success.
Opportunity seeking is the ongoing process of considering, evaluating and pursuing market-
based activities that are believed to be advantageous for the enterprise. A prior business
experience is an advantage when observing for opportunities in as much as this process calls for
continuous reconsideration and adaptive learning. Some of the clear sources of opportunities
identified by Peter Drucker (2015) would include:
 the unexpected development in the market;
 the discrepancy between what is expected in products and services vis-à-vis what is
available in the market;
 the company's own process gaps;
 the changes in the industry and market structure;
 the changing market demographics;
 the changes in consumer perception, behavioral meaning, and general market sentiment;
and
 the availability of new knowledge.
Opportunity screening on the other hand, is the process by which entrepreneurs evaluate
innovative products ideas, strategies, and marketing trends. The capacity of the entrepreneur and
the resources available at his disposal can serve as filters when screening business opportunities.
Meanwhile, opportunity seizing is all about taking the opportunity in a business activity as it
presents itself and while it is still available.
f. Personal Entrepreneurial Competencies
The United Nations Conference on Trade and Development (UNCTAD) has offered 10
entrepreneurial competencies, summarizing the key qualities necessary to launch an
entrepreneurial start-up. They are enumerated and explained in Table 5.
Table 5. Entrepreneurial Competencies (UNCTAD)

Opportunity seeking and initiative Seek opportunities and act upon them
Persistence Capacity to stick it out on an initiative
Commitment Staying capacity despite the odds
Demand for efficiency and quality Striving for excellence in doing things
Taking calculated risks Risks tempered by reason and safe
assumptions
Goal setting Having targets that are reasonable and doable
Information seeking Using hard facts as grounding for decision-
making
Systematic planning and monitoring Logical decision-making and follow-through
Persuasion and networking Ability to influence and form good alliances
Independence and self-confidence Self-assurance about one's capability to get
things done
g. Interpersonal Competencies
It is imperative for anyone wishing to begin an entrepreneurial journey to be armed with

all the necessary competencies to lessen the chances of failure. A grasp of technical and business
skills proves to be inadequate in ensuring business success. Since becoming an entrepreneur
requires having good relations with several types of stakeholders and being part of a structure,
having a good set of interpersonal skills is important. This means helping shape the company
culture through skills in social interaction and performance.
Interpersonal skills are qualities, behaviors, and soft skills that are exhibited when interacting
and communicating with others. For an entrepreneur, interpersonal skills are major factors
determining organizational cohesion, a way to effectively communicate with co-workers in
resolving concerns and enhance general workplace mood. The following are the important
interpersonal skills that are worth giving attention:
 Verbal communication
 Nonverbal communication Listening skills
 Negotiation
 Problem-solving
 Decision-making
 Assertiveness
 Teamwork
 Time Management
 Empathy
h. Business Competencies
While the attraction of turning ideas to profitable entrepreneurial activities is strong, it

should be noted that having a strong business competency is a more critical ingredient to success.
Facts, trends, and challenges about a product or service have to be identified and understood in
order to navigate the intricacies of entrepreneurial pursuit.
The crests and troughs of business characterized by slumps and rise in demand are matters of
importance. An awareness of the changing consumer tastes and preferences is also a key
business competency. Business planning, managerial know-how, appropriate business location,
prudent and wise fund management and control, a good knowledge of risk management, and a
wide familiarity of government regulations constitute what is valuable and critical business
competency.
i.Protection of Creative Ideas
Patents-This pertains to the restricted right granted for an invention, including the
materials and processes that is attributed to it, through an approval patent application.
(www.investopedia.com)
Trademarks- This pertains to the identifiable sign, word or symbol that indicates the identity of a
product or service, and is protected through a legal or non-legal process.
(www.investopedia.com) of a
Copyright-This pertains to the right over an intellectual property that is protected through a legal
process, in case of copy issues. (www.investopedia com)

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Chapter 2

Presentation towards an Entrepreneurial Journey

a. Converting Ideas to Reality

As a stimulus of economic growth, entrepreneurship is a profitable way of converting

From ideas to solution then to transformation, outlines the difference between

Table 4. Innovation Cases

d. Passion Follow-through in Entrepreneurship

f. Personal Entrepreneurial Competencies

Table 5. Entrepreneurial Competencies (UNCTAD)

It is imperative for anyone wishing to begin an entrepreneurial journey to be armed with

While the attraction of turning ideas to profitable entrepreneurial activities is strong, it

i.Protection of Creative Ideas

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