2-Introduction To Entrepreneurship
2-Introduction To Entrepreneurship
2-Introduction To Entrepreneurship
Entrepreneurship
(Innopreneurship ;
Entrepreneurship
and Innovation)
Entrepreneurship
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Innopreneurship
is defined as the teaching and
practice of entrepreneurial action
aimed at the implementation of new
technical, organizational or
scientific findings into marketable
products and services as well as
their successful establishment as
novelties within the market.
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Entrepreneur-
French word
entreprendre
meaning “to begin
something,
undertake.”
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Richard Cantillon
(1759), -an Irish
economist of
French descent-
first, who used
the term
entrepreneur.
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Who is an Entrepreneur ?
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Characteristics of Entrepreneurs
Characteristics are distinguishing traits or qualities
of an individual. These are favorable
interdependent characteristics which make one
successful and extraordinary person. Here some
of the most important characteristics of
entrepreneurs:
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Self confident. Entrepreneurs have a strong belief in their abilities, talents and skills.
They do not accept things as it ordinarily exist. They see to it that they can do better.
Hardworking. Successful people work far beyond the regular time-schedule. They
enjoy challenges and difficult tasks, and love their work. When people love work they
don’t consider it sacrifice but instead joy. In fact people who are always busy forget their
worries and problems.
Reasonable risk-taker. This characteristic makes one enjoys challenges but are
careful and experience less damage. Life is very uncertain. A successful entrepreneur
faces the fact that in business there are success and failure. So, to avoid high risk
situation the entrepreneur must gather complete data about the situation, analyze data
before making the decisions. Considering the risk –taking abilities of entrepreneurs,
they make things happen instead of making them just happen.
Positive thinker. They always think of the bright sides of life that success begets
success. If one thinks of doing the right things it will not turn out wrong. Individuals
who always think of failures and other negative thoughts will exactly get what they
think. Their failure consciousness ore defeatist attitude will make them experience
failure one after the other.
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Innovative. Entrepreneurs are creative. They make new things in a
different ways. They are interested in exploring the unknown, and blaze
new paths for progress. Innovations are made in response to the needs of
people. For instance, high costs of production serve as an opportunity for
entrepreneurs to introduce a technology that can reduce costs of
production. Without innovations people will remain in their primitive stage
of development.
Helpful. He works with others from different fields believing that through
cooperative works, he shows that he truly cares for the welfare and the
development of the entire business.
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Determinants of Successful
Entrepreneurship
Ability to conceptualize and plan. An entrepreneur must plan considering all the aspects of the
business such as product, price ,cost inventory and other related matters in a coordinated manner for
the total operation of the business. He must have a foresight of upcoming problems and must at least
have in mind the necessary realistic solutions.
Ability to manage others. One function of entrepreneurship is to generate employment. This requires
management of people. The entrepreneur must be able to organize work assignments properly so as to
elicit maximum efficiency and productivity. Good human relations and communication should be skills
that an entrepreneur should possess to achieve the objectives of the enterprise.
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Ability to manage time and to learn. In view of the various
functions of the entrepreneur, he should be an expert on time
management. He should also acquire basic training in small
business management and specialized courses in accounting,
finance, marketing and personal relations. Learning is a lifelong
process. Learning can also be acquired through reading,
attending seminars, traveling and being keen observer.
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Every business starts with an idea. Ideas are
based on the vision of the proponent. Then,
investment of cash (or the equivalent of cash) is
needed to bring the idea to life. The cash is used
to buy inventories (oftentimes on credit by
established businesses but cash would still be
needed to pay when credit becomes due),
inventories are sold, often with some credit terms
and when these receivables are collected, they are
converted back to cash. It is a cycle adding greater
value to the firm.
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3 C’s Key Factors to Successful
Entrepreneurship