entrepreneurship

1. BUSINESS ENTREPRENEURSHIP

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,)