2. Entrepreneurship
• Is a mindset
• the word is derived from the French term entreprendre meaning to
undertake.
• It is more than the mere creation of business:
It involves:
seeking opportunities
taking risks beyond security
having the tenacity to push an idea through to reality
committment,determination and perseverance
• Entrepreneurship requires an application of energy and passion
towards the creation and implementation of new ideas and creative
solutions
3. Entrepreneurship ingredients:
• willingness to take calculated risk in terms of time, equity
and career
• ability to formulate an effective venture, the creative skill
to marshal needed resourses
• the fundamental skills of building a solid business plan
• self confidence and optimism
• tolerance for failure
• seeking feedback
4. DEFINING AN ENTREPRENEUR
• An entrepreneur is an individual who undertakes the risk
associated with creating, organising and owning a
business
• An entrepreneur:
recognises opportunities where other see chaos,
contradiction or confusion
is an aggressive catalyst for change within the
marketplace
challenges the unknown and continously creates the
future
5. entrepreneurship as innovation
Innovation is the process of making changes to something that adds
value to consumers/customers
Innovation types:
• invention
• extension
• duplication and
• sythesis
Innovation sources:
• unexpeted occurences
• industry and market changes
• demographic changes
6. Stages in entrepreneurship
• discovery (opportunity identification,business idea generation and market research-
consider yo hobbies /skills, study demographics, conduct surveys and questionnaires,
consider consumer needs and wants)
• concept development (business plan development, proposal writing,
mission statement,executive summary, code of ethics, choose business
location)
• resourcing(identification and acquisition of financial, human and capital
resources needed for the venture start up
• actualisation(entrepreneur operates the business and utilises resources to
achieve its set objectives/goals)
• harvesting(decision on venture’s future growth/development, provision of
new products/services & locations, setting of 5-10 year plans,)
