2. The Entrepreneur and the
Innovator
1 The Entrepreneur
Creates, manages, and grows a new business venture, identifying
and seizing opportunities.
2 The Innovator
Identifies new opportunities in existing ventures, and continually
improves products or services.
3. Relevance of Studying
Entrepreneurship and Innovation
1. Fuels economic growth and job creation
2. Encourages creativity and innovation
3. Helps in identifying and solving problems
4. Empowers individuals to achieve their dreams
4. Why be an Entrepreneur?
Be Your Own
Boss
Take charge of your own
career, work according to
your values, and make
your own decisions.
Build Something
from Scratch
Create something that is
truly yours from the
ground up, and leave
your legacy.
Avoid Boredom
Entrepreneurship
provides a wide variety of
opportunities and
challenges, constantly
keeping you engaged and
stimulated.
5. How does Business Work?
Value Chain
A process of delivering goods or services
that includes all the activities that add
value to the final product.
Business Model
A conceptual framework that outlines how
a company creates, delivers, and captures
value.
Finance & Accounting
Managing financial resources, recording
transactions, and communicating financial
information to stakeholders.
6. Key Factors for Successful
Entrepreneurship
Passion & Persistence
The drive to pursue something you
believe in, and the ability to overcome
challenges.
Opportunity & Innovation
Recognizing emerging trends,
identifying opportunities for new
products or services, and creating
something unique.
Flexibility & Adaptability
Being responsive to feedback, learning
from mistakes and adjusting plans
accordingly.
Resourcefulness & Creativity
Finding effective solutions to problems,
utilizing limited resources, and thinking
outside the box.
7. 7 Competencies of an Entrepreneur
1
Product/Ser
vice
Developing
and offering
.products or
services that
meet the
needs of your
2
Marketing
and Sales
Creating
effective
strategies to
communicate
the value of
your product
or service and
to attract
customers.
3
Operations
Manageme
nt
Efficiently and
effectively
organizing,
planning and
controlling
4
Financial
Manageme
nt
Managing
business
finances,
controlling
costs and
assets, and
planning for
profitability
and growth.
5
Human
Resources
Recruiting,
training,
managing and
retaining
employees to
enhance
6
Team
Building
and
Leadership
Creating a
team culture
and
developing
team
members to
facilitate
successful
business
operations. 7
Mentorship/
Advisory
Board
Building a
group of
trusted
mentors or
advisors who
8. 4 Competencies of an Innovator
1 Observation and Pattern
Recognition
Identifying patterns in the world,
making connections among
seemingly unrelated
phenomena, and seeing
opportunities for improvement or
innovation.
2
Creative Problem-Solving
Thinking creatively, exploring all
possible solutions, accepting
uncertainty and ambiguity, and
avoiding assumptions.
3 Idea Development and
Evaluation
Generating new ideas,
developing them, and evaluating
them through prototyping and
experimentation.
4
Collaboration and
Networking
Working with diverse individuals,
teams, and networks to build
partnerships, co-create, validate,
and promote new concepts or
products.
9. 12Ms Entrepreneurship Journey
Map
Market Analysis
Conducting an examination of an industry
and its customers to understand their
motivations, behaviors and perceptions.
Mission Statement
Summarizing the organizational mission
and vision in a clear, concise and
compelling way.
Marketing Plan
Developing effective strategies for
Management Team
Setting up an effective organization
10. Conclusion and call to action
Entrepreneurship and innovation go hand in hand, and success in business demands the
highest levels of commitment, creativity, and ingenuity. With the right approach, anyone
can make a change in their personal and professional life.
