established in the 1700s
the meaning has evolved ever since
In the 20th century, economist Joseph Compete (1883-1950)
focused on how the entrepreneur's drive for innovation and
improvement creates upheaval and change
Business expert Peter Drunker (1909-2005)
took this idea further, describing the entrepreneur as someone
who actually searches for change, responds to it, and exploits
change as an opportunity
Most economists today agree that entrepreneurship is a necessary
ingredient for stimulating economic growth and employment
opportunities in all societies
Understood as a Combination of Creativity and Innovation
involves coming up with innovative ideas and trying out new
methods within the operations
involves the consideration of a number of opportunities to improve
employee performance and business profits
it is a useful tool within the sphere of influence of entrepreneurship
and serves a niche market for improving on the business
involves the owner taking absolute responsibility of empowering
the employees and in turn, affecting sales and profitability of the
Businessman / Business
Entrepreneur / Entrepreneurship
Works for the company
The company works for him
Usually plays safe
Bold and ambitious
Usually distressed and experiences
Always a happy and enthusiastic
Generally hire people to
Hire people to make their lives
A growing number of consumers consider such factors when deciding whether to
patronize your business.
A company's "social responsibility" quotient can make a difference to its bottom
If you think getting involved in social causes would work for your business, here are
some things to consider
First and foremost, customers can smell "phony" social responsibility a mile away,
so unless you're really committed to a cause,
don't try to exploit customers' concerns to make a profit.
discuss the competencies of entrepreneurship
1. Integrity - the entrepreneur has a clear sense of values and beliefs that underpin the
creative and that influence the actions they take
2. Conceptual Thinking - the entrepreneur is prepared to use fresh approaches; comes
up with crazy ideas that may just work
3. Risk taking - the entrepreneur understands that risk taking means trying something
new, and possibly better
4. Networking - the entrepreneur understands that networking is a key business
activity which can provide access to information
5. Strategic Thinking -is able to think through any complex implications for the
(PUTTING YOURSELF TO TASK)
Virtually everything we do on earth is born out of initiative, but
whether it is personal or collective is another issue altogether.
Personal initiative could be described as a divine
Opportunity is an auspicious state of affairs or a suitable time: "If you prepare
yourself . . . you will be able to grasp opportunity for broader experience when it
appears" (Eleanor Roosevelt). Occasion suggests the proper time for action: an
auspicious occasion; an occasion for celebration. An opening is an opportunity
affording a good possibility of success: waited patiently for her opening, then
exposed the report's inconsistency. Chance often implies an opportunity that arises
through luck or accident: a chance for us to chat; no chance of losing. A break is an
often sudden piece of luck, especially good luck: got his first big break in
Example Of Endurance
willing to take risks in the company earned
wise deal with customers
quickly detect errors
wisely manage the effects
This is the glossary definition for Directed information seeker from my Emarketing glossary which provides succinct definitions of the many terms related to
managing and implementing Internet marketing today.
The Most Important Things to Know About Information Seeker
Information as a concept bears a diversity of meanings, from everyday usage to
technical settings. Generally speaking, the concept of information is closely
related to notions of communication, constraint, control, data, form,
instruction, knowledge, meaning, mental stimulus, pattern, perception, and
High Work Quality
high quality means that the thing provided is better. It
provided all things better no complaint about it.
Commitment toward work agreement
an act of committing to a charge or trust: as
(1) : a consignment to a penal or mental institution
(2) : an act of referring a matter to a legislative committee : MITTIMUS
an agreement or pledge to do something in the future; especially : an engagement to assume a financial
obligation at a future date : something pledged : the state or an instance of being obligated or
emotionally impelled <a commitment to a cause>
Examples of COMMITMENT
We've got commitments from several charities to donate food and clothing.
the government's commitment of troops to the region
The church has a commitment to helping the poor.
The boss noticed her strong commitment to her work.
No one doubts your commitment to the cause.
A manager should set the targets to be achieved by the employees. Objectives should be clearly
stated, measurable, prioritized and timed. A good manager constantly checks weather these
targets are being achieved and takes corrective measures when called upon.
When it comes to purchasing, it should be made from the cheapest source not forgetting to
check on quality of the products. Apart from that, sales increasing policies such as displays and
advertising budget should be affordable.
In any organization, the secret to getting the most out of workers is by boosting their morale.
Once the employees are motivated, they will work hard towards achieving the company's set
objectives and thus ensure the success of the business. Some of the ways of motivating workers
would include periodic salary increments, rewarding best performing employees, organizing
team building activities just to mention a few.
The process has 3 stages:
I. Define Needs
II. Assess Status of Current Tools
III. Design and Implement Solutions
Creative Problem Solving
Having Belief In Your Business Venture
Focusing On Your Strengths
Having The Ability To Recognize Opportunity
Being A Decision Maker
Being A Leader
Build Self Confidence
1. Dress Sharp
2. Walk Faster
3. Good Posture
4. Personal Commercial
6. Compliment other people
7. Sit in the front row
8. Speak up
9. Work out
10. Focus on contribution
Persuasion methods are also sometimes referred to as persuasion tactics or persuasion
Step 1: Survey your situation
This step includes an analysis of the persuader's situation, goals, and challenges that he
faces in his organization.
Step 2: Confront the five barriers
Five obstacles pose the greatest risks to a successful influence encounter: relationships,
credibility, communication mismatches, belief systems, interest and needs.
Step 3: Make your pitch
People need a solid reason to justify a decision, yet at the same time many decisions are
made on the basis of intuition. This step also deals with presentation skills.
Step 4: Secure your commitments
In order to safeguard the long-time success of a persuasive decision, it is vital to deal with
politics at both the individual and organizational level.
Power And Authority
Authority comes power. Power is the ability to influence people toward organizational
objectives. However, you have limits on your authority and power. View your authority and
power as a funnel, broad at the top and narrow at the bottom. Always assume you have enough
authority and power to meet your obligations, but do not exceed that limit.
Authority only exists when subordinates accept the idea that the supervisor has authority
LINE AUTHORIT Y. —Line authority is the authority you have over subordinates in your
chain of command. This type of authority corresponds directly to your place within the chain
of command and does not exist outside the chain of command.
STAFF AUTHORIT Y. —Staff authority is the right of staff to counsel, advise, or make
recommendations to line personnel. would not, however, have the authority to enter your
work centre or division and make changes that only you and your superiors have the
authority to make.
FUNCTIONAL AUTHORIT Y. —Certain staff organizations are granted functional authority to
direct line units within the area of the staff's specialty.
Power In conjunction with your authority, you use power to influence others toward the
accomplishment of command goals.
REWARD POWER. —Reward power stems from your use of positive and negative
rewards to influence subordinates. Positive rewards range from a smile or kind word to
recommendations for awards.
A starting point is to define e-Business as “ interaction with
business partners, where the interaction is enabled by
understanding the potential of new technologies in your
market and in your supply chain and then reorienting your
business to implement your vision
State The Importance Of E Business Entrepreneur
Expand markets to increase revenues
Conventional markets have limits in terms of space and time
promise of changing the distribution of products and services to customers
Strengthen Customer Relationships
purpose of a business is to find and keep customers
A firm engaging in e-business can have a
growth in some sectors on account of
nationwide or a worldwide presence.
product or sector limitations
worldwide presence is ensured if companies
rethink their business in terms of the
worldwide reach at a nominal price.
Affiliate marketing, where customers are
Many a times, on visiting a website, the
customer is greeted by a pop-up chat window.
Consumers do not look for food products on
the Internet since they prefer going to the
supermarket to buy the necessary items as
directed to a business portal
The food sector has not benefited in terms of
growth of sales and consequent revenue
the web to market products guarantees
disadvantage of e-business is the lack of
and when the need arises.
It's evident that the advantages clearly
outweigh the disadvantages of e-business.
Identify Online Marketing Communication
Online marketing communications are moving toward interactions between
recipients and consumers rather than being directed from a marketing organization
to masses of consumers.
It is now possible for an individual to be just as efficient in broadcasting
information, both positive and negative, about an organization as it is for a large
corporation to promote itself.
The social networking that allows the quick and easy dissemination of information
and miss-information is in part a product of changes in online communication
but these communication channels are in part enabled by such social networking.
Direct Email Marketing
E-mail marketing is a form of direct marketing which uses electronic mail as a means of communicating
commercial or fund-raising messages to an audience.
sending e-mails with the purpose of enhancing the relationship of a merchant with its current or previous
customers, to encourage customer loyalty and repeat business,
sending e-mails with the purpose of acquiring new customers or convincing current customers to purchase
adding advertisements to e-mails sent by other companies to their customers.
sending e-mails over the Internet, as e-mail did and does exist outside the Internet (e.g., network e-mail
Online Public Access Catalogue
An OPAC (Online Public Access Catalogue) is an online bibliography of a
library collection that is available to the public. OPACs developed as standalone online catalos, often from VT100 terminals to a mainframe library
catalogue. With the arrival of the Internet, most libraries have made their
OPAC accessible from a server to users all over the world.
User searches of an OPAC make use of the Z39.50 protocol. This protocol can
also be used to link disparate OPCS into a single "union" OPAC
Public relations (PR) is a field concerned with maintaining a public image for businesses, non-profit
organizations or high-profile people, such as celebrities and politicians.
A fundamental technique used in public relations is to identify the target audience, and to tailor every
message to appeal to that audience.
It can be a general, nationwide or worldwide audience, but it is more often a segment of a population
Public relations is used to build rapport with employees, customers, investors, voters, or the general
Other public relations disciplines include:
Financial public relations - providing information mainly to business reporters
Consumer/lifestyle public relations - gaining publicity for a particular product or service, rather than
Crisis public relations - responding to negative accusations or information
Industry relations - providing information to trade bodies
Government relations - engaging government departments to influence policymaking
END OF INTRODUCTION TO ENTREPRENEURSHIP