The document outlines a course on entrepreneurship, covering its definition, types, and the role of entrepreneurs. It differentiates between entrepreneurs and managers, discusses characteristics of successful entrepreneurs, the advantages and disadvantages of entrepreneurship, and evaluates various risks involved. The course also includes assessments such as attendance, mid-term exams, group projects, and a final examination.

1. Khalid Ismail Ali
BBA , MA, PhD (Candidate)
Doctor Philosophy business
Management
CHAPTER ONE
OVERVIEW OF
ENTREPRENEURSHIP

2. At the end of the course students will able to:
 Understand what is entrepreneurship and what
it does
 Discuss an over view of the various definitions of
Entrepreneur
Differentiate Entrepreneur and
Entrepreneurship
Identify Types of Entrepreneurship
Discuss the Characteristics of successful
entrepreneur.
Discuss the role of entrepreneurs in the
Learning objectives

3. CHAPTER ONE: AN OVERVIEW OF
ENTREPRENEURSHIP
CHAPTER TWO : Types and Theories of
Entrepreneur
CHAPTER THREE: SMALL BUSINESS
 CHAPTER FOUR: CREATING AND DEVELOPING BUSINESS
CHAPTER FIVE: LEGAL FORMS OF BUSINESS
ORGANIZATIONS
CHAPTER SIX: STRATEGIC DECISION MAKING PROCESS
OF ENTREPRENEURIAL VENTURE
CHAPTER SEVEN: MANAGING THE BUSINESS
Course Outline

4.  Attendances, Class activities, and
Quizzes………20%
 Mid Term Exam……………………………………20%
 Project(Group Assignment)
……………………....10%
 Final Examination………………………………….50%
TOTAL …………………………………..........100%
EVALUATION CRITERIA

5. CHAPTER CONTENT
 Difference between Entrepreneur and
Entrepreneurship
 Traits and characteristics of
entrepreneurs
 Background of entrepreneurs
Benefits and opportunities of
entrepreneurship
 Drawbacks of entrepreneurship

6. In this Introduction session, is concerned with developing a
predominant and integrated perspective of the
entrepreneur and entrepreneurship.
It reviews the great variety of definitions given for the word
entrepreneurship and also the different activities performed
by the entrepreneur.
The word ‘entrepreneur’ is widely used, both in everyday
conversation and as a technical term in management and
economics.
Entrepreneurial is an adjective describing how the
entrepreneur undertakes what he or she does
INTRODUCTION

7. Entrepreneur was originally a French word.
The word appeared for the first time in the
1437 “Dictionary de la Langue Francais”. Three
definitions were listed in this dictionary:
The most common meaning was a person
who is active and achieves something.
The corresponding verb is “entrepreneur”
which means to undertake something
Lastly, when the risk taking component
become more apparent, an entrepreneur was
understood as a person who took risk .
HISTORICAL PERSPECTIVE

8. WHAT IS ENTREPRENEURSHIP
 Entrepreneurship is the process of
identifying business opportunities and
getting necessary resource to start a
business for the purpose of getting
benefit.

9.  Entrepreneurship can also be defined as
the process of creating something
different and better with value by
devoting the necessary time and effort
by assuming the accompanying financial,
psychic and social risks and receiving the
resulting monetary reward and personal
satisfaction.
Cont..

10. Is both a science and an art
Involves vision and passion of innovation and
creation.
Requires willingness to undertake calculated
risk
Involves building a committed and
dedicated team.
More over involves accepting challenges,
managing skills and organization of resources.
Entrepreneurship

11. Entrepreneur
Vs
Entrepreneurship
VS
Enterprise

12. An entrepreneur is simply the founder of a
business who works towards a vision
An entrepreneur typically initiates and
operates a new business.
An entrepreneur is an individual or team of
people who not only generate profits but
also solve societal challenges through
products and services. They provide value
through their products, engage with clients
and customers and take risks
Entrepreneur (Person)

13. Entrepreneurship is the procedure of starting
a new business that prepares someone for
both risks and opportunities.
Entrepreneurship varies from single to
multiple projects, which help generate
multiple employment opportunities.
Entrepreneurship provides the platform to
make changes through innovations and out-
of-the-box thinking. It allows people to solve
problems with creative solutions.
Entrepreneurship (Process of action)

14. Enterprise is all about finding
new business opportunities
and taking advantage of them
to make a profit.
 An enterprise is any activity or
organization with a product or
service
Enterprise (Object)

15.  In general there are four key elements in
entrepreneurship and they are
1. Vision (identifying emerging opportunities)
2. Innovation (doing something new)
3. Risk taking (assuming different types of risks;
financial, psychological, social)
4. Organizing (coordinating resources and
creating enterprise)

key elements in entrepreneurship

16. Why do People Want to
Become Entrepreneurs?
Reflection

17.  Their creativity doesn’t fit the
corporate environment
 They’re passionate about learning
 They want to take action
 They want to change the world
 They embrace opportunity
 They seek freedom and control
Why do People Want to Become
Entrepreneurs?

18. characteristics of successful entrepreneur as
an individual with
Technical competence
 Risk taking
High initiative, good judgment
Intelligence to analyze and solve problem areas
Leadership qualities
Confidence, and positive attitude
High level of energy
 Creativeness, honesty, integrity, emotional
stability and fairness.
Traits and Characteristics of
Entrepreneurs by Different Approaches

19. Qualities of a true
entrepreneur
Reflection

20. An entrepreneur should have the first
hand knowledge of the product, process
and end users to bring inventive ability
and sound judgment of the planned
project.
 Flexibility
 Good social
 Open mind and the desire to take
personal responsibilities will fit in the
qualities of a true entrepreneur
Qualities of a true entrepreneur

21. Now that you have a better
understanding of the skills required to
become an entrepreneur, let’s look at
the advantages of this role:
Having a flexible schedule
Taking control of your income
Becoming a leader
What are the advantages of
entrepreneurship?

22. Like any job, there are some
challenges to becoming an
entrepreneur, including:
Wearing a lot of hats
Maintaining a work-life balance
Managing tax and financial
concerns
What are the Dis advantages of
entrepreneurship?

23. Approach One: Entrepreneurs are:
Self-directed (self-disciplined): Entrepreneurs have
independent mind, i.e. mind that is not derived and
manipulated by others. Their mind is not pushed by
anyone’s.
Self-Nurturing: Entrepreneurs believe in their ideas even
if no one else does.
Action-Oriented: Entrepreneurs have a burning desire of
building their dreams in to reality. They understand that
business ideas are not enough by themselves unless they
are implemented.
Highly energetic: Entrepreneurs are emotionally, mentally
and physically able to work long and hard.
Who are Entrepreneurs?

24. Approach Two: Entrepreneurs have the following
Qualities
Strong mental ability, intelligent, creative and
analytical.
Clear Objectives (entrepreneurs chase clear purposes
that are realistic).
Business Secrecy (ability to guard trade secrets).
Human relation ability (entrepreneurs display
polished behavior while dealing which customers,
employees, suppliers, government, etc.)
Communication skill (entrepreneurs are excellent
communicators
Who are Entrepreneurs?

25.  Approach Three: Entrepreneurs have the following
Psychological Qualities
 High need for achievement: Every human being possesses
three basic needs. These are need for power, need for
affiliation and need for achievement and only one is dominant.
For entrepreneurs need for achievement is dominant.
Entrepreneurs need to be successful in all assignments.
 High self determination (internal locus of control):
Entrepneurs’’ are quite confident in their ability to perform and
succeed which gives rise to external locus of control, i. e.
blaming others for failure and take credit for success.
 Desire for self independence: Entrepreneurs act according to
their personal vision, analysis, and decision making. They don’t
want to work under other’s influence.
Who are
Entrepreneurs?

26.  Financial Risk: Refers to the risk of losing one’s own saving and
entire capital that would result from failures to repay loans and
other financial requirements.
 Career Risk: If entrepreneurs fail to be successful, it would be
difficult for them to easily acquire another employment
opportunity.
 Psychic Risk: The mind of entrepreneurs is subject to constant
frustration and psychological tensions as to the fate of their
business.
 Family Risk: The spouses and off springs of entrepreneurs are
also subject to certain psychological frustrations in state being
worried whether their business will fail or not.
 Social Risk: Refers to social stigmas that would result from
being entrepreneur
Types of Risks assumed by Entrepreneur

27.  Background means origin. Under this title, we will try to look at the
common origins that holds true on the majority of entrepreneurs, as
justified by various researches.
 Childhood background
Most entrepreneurs are the either the first child or the only child for
their family.
 Parental background
The parents of most entrepreneurs are self-employed running their
own business
 Age background
Most male entrepreneurs became entrepreneurs in their early 30s Most
female entrepreneurs become entrepreneurs in their late 30s.
 Educational background
Most entrepreneurs at least hold 1st degree (more usually BA degree).
In other words, people with first degree become entrepreneurs than any
other qualification.
Background of Entrepreneurs

28.  Marriage background : Most entrepreneurs are
married.
 Parental Relationship background: The relation of most
entrepreneurs with their parents is proved to be strong
 Work History: most entrepreneurs have some previous
work experience especially the type of work that
resembles to their present business.
 Work environment background: the work environment
under which most entrepreneurs had been working
under was more presumably unsatisfying. That is one of
the push factors for becoming an entrepreneur
Cont..

29. An entrepreneur is different from a
manager. But it doesn’t mean that
they are entirely different form
each other. That means they also
have their own intersection points.
Entrepreneur Vs Managers

30. Both make decisions
Both are visionary
Both are accountable for their
actions
Both work under constraints
Both are organizers
Both perform management
functions
Similarities

31.  The main points of difference between the two
may be described as follows:
 Primary Motive: the entrepreneur is primarily
driven by innovation, profit and need for
independence. On the other hand, the manager
is driven by power and compensation.
 Focus: entrepreneurs focus more on exploiting
new opportunities. But managers focus is more
on optimizing the existing resources.
 Risk taking: an entrepreneur takes calculated
risks of a business venture. He may jeopardize his
own financial security for losses that may occur.
Differences

32. To the nation
Tax timely
 Follow rules and regulation
Adding to the nation wealth
To the society
Using resources properly
Employment Minimizing toxic level
 To the Enterprise
Survival and growth Profit
Company image Fair compensation
To their business Associates
Profit or dividend
fairly Future certainty
Fair knowledge of company performance
Responsibilities of Entrepreneurs

34. ANY
QUESTION