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  1. 1. Entrepreneurship 1 BY: PANG CHIN HUEY
  2. 2. Definitions of Entrepreneurship: 2  Entrepreneurship is the act of being an entrepreneur, which is a French word meaning "one who undertakes an endeavor".  Entrepreneurs assemble resources including innovations, finance and business acumen in an effort to transform innovations into economic goods.
  3. 3. Definitions of Entrepreneurship: 3  It is more than mere creation of business  Entrepreneurship is a process of innovation and new venture creation through four major dimensions – individual, organizational, environmental and process.  The entrepreneurship process is aided by collaborative networks in government, education and institutions.
  4. 4. An entrepreneur: 4  An innovator of business enterprise who recognizes opportunities to introduce a new product, a new process or an improved organization, and who raises the necessary money, assembles the factors for production and organizes an operation to exploit the opportunity.  Someone who is willing to assume the responsibility, risk and rewards of starting and operating a business.
  5. 5. Characteristics of entrepreneurs: 5     Confident Enthusiastic Not afraid to make decisions Determined Entrepreneurs know:  What they want  Where to get the best information. Entrepreneurs can:  See opportunities that others can’t see  Take on a challenge rather than always opting for the safe path  Plan for different possible outcomes
  6. 6. The Importance of Entrepreneurship: 6  It turns innovation and new ideas into demand  It is vital part of one’s nation economy  It provides employment to huge mass of people  Creates wealth for nation and for individuals as well  Entrepreneurship provides self sufficiency  Through Entrepreneurship, it contributes towards research and development
  7. 7. Business Entrepreneurship Planning 7 Getting Started  Starting with a feasibility plan, a business plan and a proposal will be useful in the preliminary process.  The planning process should follow the sections of a feasibility study, which investigates whether the idea is capable of becoming successful. Working As an Entrepreneur  Once the business is in operation, the planning does not end. Entrepreneurship requires constant innovation and change.  Business entrepreneurship planning can come in many forms.  It requires creativity, independent thought and strategic planning skills.
  8. 8. Mentorship 8  Becoming a mentor or being mentored in     entrepreneurship planning will take effort from both sides. It is well worth it, though, because it strengthens the planning process with another perspective. Mentors learn along with the mentee s they help develop approaches to business problems that are not their own. Give back after starting to work as an entrepreneur because it will keep the business mind open to innovation. In addition, becoming a mentor could help refine the current business plan, which should be reviewed for adjustments every month to remain competitive.