INTRODUCTION TO ENTREPRENEUR FOR NTA LEVEL 4

1. INTRODUCTION TO ENTREPRENEURISHIP
NTA LEVEL 4
NOBLE TRUST COLLEGE
(NTC)

2. ENTREPRENEURSHIP
NOBLE TRUST COLLEGE-2022
 Entrepreneurship is the act of being an
entrepreneur, who starts any economic activity for
being self-employed.
 Entrepreneurship is the “process of the
entrepreneur”.
 It is an attempt to create value through
recognition of business opportunity.
 It is basically communicative and management
functions to mobilize financial and material
resources.
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3. ENTREPRENEUR
NOBLE TRUST COLLEGE-2022
Entrepreneurs are people that notice opportunities
and take the initiative to mobilize resources to make
new goods and services.
 People who:
 Open a small retail shop
 Operate a self-employed service business
 People who introduce a new product or operational change in
an existing organization.
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4. INTRAPRENEUR:
 An intrapreneur is a person who takes on the
responsibility to innovate new ideas, products
and processes or any new invention within the
organization.
 An intrapreneur is a manager within a
company who promotes innovative product
development and marketing.
 Intrapreneurs are both employees and leaders
of a large organizations that act similar to
entrepreneurs in terms of e.g. self-motivation,
creativity and pro-activity.
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5. DIFFERENCE BETWEEN ENTREPRENEUR AND
INTREPRENEUR
NOBLE TRUST COLLEGE-2022
 An entrepreneur refers to a person who starts his own
business with a new idea or concept.
 Intrapreneur is an employee who promotes
innovation within the limits of the organization.
 Entrepreneurs are people that notice opportunities
and take the initiative to mobilize resources to make
new goods and services.
 Intrapreneurs also notice opportunities and take
initiative to mobilize resources, however they work in
large companies and contribute to the innovation of
the firm.
 Intrapreneurs often become entrepreneurs.
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6. ENTERPRISE
 Enterprise is another word for a for-profit
business or company, but it is most often
associated with entrepreneurial ventures.
 A business enterprise is any type of operation
that is involved in providing goods or services with
the anticipated outcome of earning a profit.
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7. ENTERPRISE
NOBLE TRUST COLLEGE-2022
 Types of business arrangements
 Single proprietorship (one owner)
 Partnership (two or more owners)
 Corporation (multiple owners i.e. the stockholders)
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8. CREATIVITY AND INNOVATION
NOBLE TRUST COLLEGE-2022
 Creativity is thinking new things, the ability to
develop new ideas and to discover new ways of
looking at problems and opportunities.
 Innovation is doing new things, the ability to apply
creative solutions to those problems and
opportunities in order to enhance people’s lives or
to enrich society
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9. ENTERPRISE
NOBLE TRUST COLLEGE-2022
 Creativity is the ability to develop new ideas and to
discover new ways of looking at problems and
opportunities.
 Innovation is the ability to apply creative solutions
to those problems and opportunities in order to
enhance people’s lives or to enrich society.
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10. ENTREPRENEURSHIP
NOBLE TRUST COLLEGE-2022
 Entrepreneurship is the result of a process that
apply both creativity and innovation to capitalize on
marketplace opportunities.
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11. BARRIERS TO INNOVATION AND CREATIVITY
NOBLE TRUST COLLEGE-2022
 Searching for the one ‘right’ answer
 Focusing on being logical
 Blindly following the rules
 Constantly being practical
 Viewing play as frivolous
 Becoming overly specialized
 Avoiding ambiguity
 Fearing looking foolish
 Faring mistakes and failure
 Believing that ‘I’m not creative’.
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12. FOUR PHASES TO AVOID INNOVATION AND
CREATIVITY BARRIERS:
NOBLE TRUST COLLEGE-2022
 knowledge accumulation e.g. reading, professional
conferences, talking, visit to library
 incubation process e.g. ‘sleep on it’, exercise,
 Idea: usually this phase slowly but surely
formulates the solution
 evaluation and implementation e.g. prototypes,
advice.
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13. FOUR TYPES OF INNOVATION
NOBLE TRUST COLLEGE-2022
 Invention - described as the creation of a new
product, service or process
 Extension - the expansion of a product, service
or process
 Duplication - defined as replication of an
already existing product, service or process
 Synthesis - the combination of existing concepts
and factors into a new formulation
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14. SOCIAL ENTREPRENEURSHIP
NOBLE TRUST COLLEGE-2022
 Social entrepreneurship is the activity of
establishing new business ventures to
achieve social change.
 The business utilizes creativity and innovation
to bring social, financial, service, educational
or other community benefits. Social enterprises
are not charities or welfare agencies.
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15. SOCIAL ENTREPRENEUR
NOBLE TRUST COLLEGE-2022
 A social entrepreneur is a person who pursues
novel applications that have the potential to solve
community-based problems.
 These individuals are willing to take on the risk and
effort to create positive changes in society through
their initiatives.
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16. KEY DRIVERS FOR SOCIAL ENTREPRENEURSHIP ACTION
NOBLE TRUST COLLEGE-2022
 Social issues that receive less attention e.g. from
government or private sector
 Needs to raise funds and mobilize resources for
charities
 Changing donor paradigms for aid and change
(e.g. sustainable investment)
 Increasing demand for corporate social
responsibility and ethical entrepreneurship
from various stakeholders
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17. CORE ELEMENTS
NOBLE TRUST COLLEGE-2022
 Triggered to provide benefits for a community.
 Unites mutual opportunities for actors and
beneficiaries (e.g. capacity building, multiplier
effect, reinvestment).
 Uses sound & traditional commercial business
practices to ensure its sustainability
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