practice of starting new organizations, particularly new businesses generallyin response to identified opportunities. Entrepreneurship is often a difficultundertaking, as a vast majority of new businesses fail. Entrepreneurialactivities are substantially different depending on the type of organization thatis being started. Entrepreneurship ranges in scale from solo projects (eveninvolving the entrepreneur only part-time) to major undertakings creatingmany job opportunities. Many "high-profile" entrepreneurial ventures seekventure capital or angel funding in order to raise capital to build the business.Many kinds of organizations now exist to support would-beentrepreneurs, including specialized government agencies, businessincubators, science parks, and some NGOs.
The understanding of entrepreneurship owes much to the work of economist Joseph Schumpeter and the Austrian School of economics. In Schumpeter(1950), an entrepreneur is a person who is willing and able to convert a new idea or invention into a successful innovation. Entrepreneurship forces "creative destruction" across markets and industries, simultaneously creating new products and business models.
Entrepreneurshave many of Bill Gatesthe samecharacter Microsoft,traits as Co.leaders.Similarly tothe early Henry SYgreat mantheories of SM Mallsleadership;however
•The entrepreneur has an enthusiasticvision, the driving force of an enterprise.•The entrepreneurs vision is usuallysupported by an interlocked collection ofspecific ideas not available to themarketplace.•The overall blueprint to realize the visionis clear, however details may beincomplete, flexible, and evolving.•The entrepreneur promotes the vision withenthusiastic passion.•With persistence and determination, theentrepreneur develops strategies to changethe vision into reality.•The entrepreneur takes the initialresponsibility to cause a vision to become asuccess.
1. Develop new markets.2. Discover new sources of materials.3. Mobilize capital resources4.Introduce new technologies, ne w industries and new products.
1. Self-employment2. Employment for others3. Development of more industriesespecially in the rural areas4. Encouragement of the processing oflocal materials into finished goods fordomestic consumption as well as forexport5. Income generation6. Healthy competition thus encourageshigher quality products7. More goods and service available8. Development of market9. Promotion of the use of moderntechnology in small-scalemanufacturing to enhance higherproductivity10. Encouragement of more researches/studies and development of modernmachines and equipment for domesticconsumption11. Development of entrepreneurialqualities and attitudes among potentialentrepreneurs to bring aboutsignificancant changes in the rural areas
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