2. Entrepreneurs - Bus Man CFE Higher
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Entrepreneurs start businesses in the private sector of the economy. They develop business ideas, combine factors of production like land and labor, take on financial risks if the business fails, make key decisions, delegate responsibilities, and determine company objectives. Successful entrepreneurs possess skills in areas like technology, numbers, negotiation, decision-making, communication, interpersonal skills, and qualities such as confidence, determination, perseverance, motivation, and creativity. The document tasks students with identifying entrepreneurs who started four businesses and researching one in depth.
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Overview of Entrepreneurship Updated
This document provides an overview of small businesses and entrepreneurship. It defines entrepreneurship as undertaking opportunities through innovation to fulfill needs and wants. It discusses key elements of starting a business like conducting analysis, developing a plan, acquiring funding, implementing resources, and scaling the venture. Common traits of successful entrepreneurs are outlined like creativity, risk-taking, and a profit-oriented mindset. Finally, it identifies factors like competence, products/services, financing, planning, and management that contribute to small business success.
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Successful entrepreneurs possess certain personal characteristics and skills. They are persistent, creative, responsible, inquisitive, goal-oriented, independent, self-confident, and willing to take risks. They also have strong communication, human relations, math, problem-solving, technical, and basic business skills which allow them to start and run their own businesses successfully.
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10. entr lesson 5
Entrepreneurs differ from other business people in that they create their own ideas and realize them as businesses, taking on high risks, whereas others may purchase or inherit businesses and play it safe. Entrepreneurs are innovators, customer-oriented, and enthusiastic, while managers are servants who execute decisions and take on less risk. To be a successful entrepreneur requires competencies including knowledge of business opportunities and management, skills in both technical and managerial areas, and personal traits like being an initiator who takes calculated risks.
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The document discusses the role of the entrepreneur. It provides questions and answers about the characteristics needed by entrepreneurs such as initiative, creativity, hard work, risk-taking, self-confidence, and resilience. It also discusses what motivates entrepreneurs such as working for profit rather than a wage, independence, and ethical reasons. Finally, it outlines the role of entrepreneurs in business development by having new ideas and exploiting opportunities, and their role in economic development by bringing new products, methods, markets, supply sources, and industry organization.
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Entrepreneurs plays an important role in developing countries as well as developed countries.
What are the role played by them is mentioned in this presentation.
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The document discusses various topics related to entrepreneurship including definitions of an entrepreneur, qualities of successful entrepreneurs, stages of the entrepreneurial process, types of entrepreneurs, and the creative process. An entrepreneur is defined as someone who organizes and manages a business undertaking while assuming the risk for potential profit. Successful entrepreneurs tend to be driven, creative, have strong communication skills, and technical expertise. The entrepreneurial process involves stages like opportunity identification, resource mobilization, and business creation. Entrepreneurs can be classified by the type of business, functional characteristics, or personality traits. The creative process entrepreneurs go through has stages like germination, preparation, incubation, illumination, and verification.
Enterprations Weekly Strategy, Number 1 April, 2017
The document discusses seven traits of Nigerian intrapreneurs that were identified based on a study of 20 professionals in Lagos: enthusiastic, supportive, inspiring, audacious, futuristic, coordinating, and making the workplace better. It also discusses what these professionals want from their employers, which includes a favorable innovation climate, technical excellence incentives, motivation, emotional balance, participative decision-making, appreciation, and recognition for their work. Finally, it outlines some of the biggest corporate blocks to innovation, such as silo mentality and risk aversion, and argues that Nigerian companies need to foster internal entrepreneurial programs to compete in a faster, more innovative manner and benefit from intrapreneurship.
Entrepreneurship
The document discusses the concept of entrepreneurship, defining it as an innovative function that involves introducing new products, methods of production, markets, or supply sources. Entrepreneurship is characterized by risk-taking and involves connecting resources to organize new business ventures. Modern concepts view entrepreneurs as agents of change who transform resources into goods and services, often leading to industrial growth.
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This document provides an introduction to entrepreneurship. It defines key terms like entrepreneurship, entrepreneur, and intrapreneur. Entrepreneurship involves identifying opportunities, organizing resources, taking risks, and creating value. Qualities of successful entrepreneurs include opportunity-seeking, perseverance, risk-taking, goal-setting, and leadership. The document also outlines the process of entrepreneurship which involves identifying opportunities, developing a business plan, determining required resources, and managing the enterprise.
chap 1 (1).pptx
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This document outlines an introductory course on entrepreneurship for freshman students. It covers 7 chapters: the nature of entrepreneurship, business planning, business formation, product/service development, marketing, business financing, and managing growth. Chapter 1 defines entrepreneurship and entrepreneurs. It discusses the types of entrepreneurs and their roles in economic development. Qualities of successful entrepreneurs like opportunity-seeking and risk-taking are also covered. The chapter outlines the entrepreneurial process and competencies needed like creativity, innovation, and adapting to different environments.
Entrepreneurship
The document defines entrepreneurship and discusses different theories of entrepreneurship. It defines an entrepreneur as someone who initiates a business by combining factors of production to supply goods and services. It discusses characteristics of entrepreneurs and factors that affect entrepreneurial growth. The document also defines intrapreneurs as individuals within an organization who create innovation and discusses characteristics of intrapreneurship. Finally, it summarizes several theories of entrepreneurship including economic, sociological, psychological, and other perspectives.
Entrepreneurship
The document defines entrepreneurship and intrapreneurship. It provides definitions of an entrepreneur from various sources, highlighting that an entrepreneur takes initiative and risks by organizing resources to create and manage a business. Characteristics of successful entrepreneurs and factors influencing entrepreneurial growth are discussed. Intrapreneurs are defined as individuals within an organization who take initiative to create innovation. Different theories of entrepreneurship are outlined, exploring perspectives on what motivates and drives entrepreneurial behavior.
ENTREPreneurship MODULE 1.pptxtechnology and livelihood education
The document discusses key concepts in entrepreneurship and marketing, including:
1. It defines entrepreneurship as the process of starting and operating a business by providing goods and services to customers.
2. It lists important personal factors and skills for entrepreneurs like initiative, problem-solving, and risk-taking.
3. It discusses marketing mix elements like the 7 P's: product, price, place, promotion, people, packaging, and positioning. Promotion techniques include advertising, public relations, personal selling, and sales promotions.
MDU IMSAR
This document provides information about an entrepreneurship development course, including course objectives, units of study, instructions for examiners, and sample short notes from previous years' exam papers. The course aims to acquaint students with challenges of starting new ventures and developing an entrepreneurial mindset. Key topics covered include entrepreneurship concepts, generating business ideas, developing functional plans, sources of financing, and legal issues for entrepreneurs. Sample short notes provide definitions and explanations of entrepreneurship terms to help students prepare for exams.
Chapter 1 the foundation of entrepreneurship (lecture 1 & 2)
The document defines an entrepreneur as a person who starts and operates a business by taking on financial risk. It discusses the key skills needed by an engineer entrepreneur, including both engineering/technical skills as well as business management and entrepreneurial skills. Finally, it outlines some of the key characteristics, expectations, rewards and challenges of being an entrepreneur.
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This document discusses stock control and inventory management. It describes the different types of stock a company holds, including raw materials, work in progress, and finished goods. It also outlines the benefits and costs of holding stock, factors to consider when choosing suppliers and determining optimal stock levels, and methods for storing stock, including centralized versus decentralized storage. The document also provides an overview of just-in-time manufacturing and considers various transportation options for logistics and distribution.
35. Stock Control - Part 1
This document discusses stock control and operations. It defines stock as raw materials, work in progress, and finished goods. It notes the benefits of holding stock such as discounts on large orders and avoiding running out. However, it also lists the costs of holding stock like opportunity costs and storage costs. The document also discusses choosing reliable suppliers based on price, quality, and availability. It states that poor purchasing can lead to overstocking or understocking. Finally, it defines economic stock level as the optimal level to minimize holding and running out costs, and lists factors that influence determining stock levels like demand, seasonality, and cash flow.
34. Market Research
This document discusses different types of market research, including desk research and field research. Desk research involves using secondary sources like newspapers, websites, and trade journals, while field research gathers primary data through surveys, interviews, and observations. Both methods have advantages and disadvantages in terms of cost, time requirements, specificity of information, and ability to access unique data. The document also provides examples of different survey methods and considerations for sampling techniques.
33. Promotion
This document discusses various aspects of promotion, including its aims, importance, and examples. Promotion aims to persuade customers to buy products, inform them of new features, and remind them of existing products. The importance of promotion depends on factors like market competitiveness, product availability, differentiation, and the product life cycle stage. Promotion occurs both within the supply pipeline between producers and retailers, and outside the pipeline directly to consumers. Examples of promotion methods discussed include point-of-sale displays, sales, competitions, discounts, and public relations activities.
32. Place
This document discusses place, or distribution, as part of the marketing mix. It describes the channel of distribution that a product passes through from producer to consumer. This can include producers selling directly to consumers or going through wholesalers and retailers. It examines factors that affect distribution channels and provides examples. It also defines and compares different types of retailers and methods of direct selling to consumers.
31. Price
This document discusses various pricing strategies that companies use in marketing. It outlines strategies such as low pricing to attract customers, high pricing for luxury goods, promotional pricing for limited time deals, cost-plus pricing to cover costs and make a profit, and psychological pricing slightly below a round number to seem lower. Other strategies covered are loss leaders where one product is priced very low to attract customers to the store, penetration pricing to boost new product sales before raising price, and skimming to start with a high price for attention then gradually lower it.
30. Boston Matrix
This document outlines the Boston Matrix framework for analyzing a company's business units based on their market share and market growth. It classifies units as cash cows, stars, question marks, or dogs depending on their relative market share and the market growth of the industry they operate in. The overall aim is to use cash generated from cash cows to help develop stars and improve problem children's market share to transition them into stars.
28. The Product Life Cycle
The document outlines the typical stages in a product's life cycle: development, introduction, growth, maturity, saturation, and decline. During development, market research is conducted to build prototypes. Introduction involves heavy advertising costs and high production costs due to low scale. In the growth stage, awareness and word of mouth increases sales rapidly. Maturity is when sales peak and profits are highest, with competition entering. Saturation occurs when all potential buyers own the product. During decline, sales fall as better products emerge and technology becomes obsolete, leading companies to employ extension strategies like new packaging or changing the product.
27. Extended Marketing Mix
The extended marketing mix focuses on customer service rather than products. Customers expect reliability and efficiency from services like fast food drive-thrus. Businesses are finding new ways to provide customer service through smartphone apps. Providing high quality customer service requires hiring and training the right employees and rewarding staff for hard work. Physical evidence includes the furnishings and appearance of premises that customers see.
26. Market Segmentation
This document defines market segmentation as splitting consumers into groups based on shared characteristics like age, gender, lifestyle or socioeconomic factors. It also defines consumer behavior as studying how and why consumers choose products and services and what influences their decisions. Common reasons to study consumer behavior include understanding motivations and identifying target segments. The document also outlines different types of buying behaviors like impulse purchases, routine purchases, and purchases with varying degrees of decision making involved.
25. Intro and Product/Market Led
This document defines key marketing terms and discusses different marketing orientations. It explains that marketing is the process of identifying, anticipating, and satisfying customer needs profitably. It describes product orientation, where businesses focus on production over customer needs, and market orientation, where businesses identify customer needs through research. The advantages and disadvantages of each orientation are provided, such as the risk of product failure under product orientation if customer needs aren't met. The document also discusses niche, differentiated, and undifferentiated marketing strategies.
24. Growth
This document discusses various methods of business growth, including organic growth, diversification, and external growth through integration. Integration occurs when two firms merge or one acquires another, and can be horizontal, vertical, or conglomerate. A management buyout occurs when a company's managers purchase the business, often to save jobs or gain control. Divestment or demerger is the opposite of integration, involving selling off parts of a business to focus on core activities. Real-world examples of these different growth methods are provided.
22. Effectiveness of Decision Making & use of ICT
The document discusses ways to evaluate business decisions including surveying employees and customers about the impact of decisions, and examining sales, profit, and absence figures. It also outlines different types of information and communication technologies that can help with decision making processes, such as using spreadsheets to make forecasts, databases to search for information, word processing and email to communicate decisions, and video conferencing and presentation software to hold meetings.
23. Corporate Culture
Corporate culture is defined as the values, beliefs, and norms relating to a company or organization that are shared by all its staff. Developing a strong corporate culture has several advantages, including improved customer satisfaction and loyalty because consumers associate the organization with its brand and logos. It also increases staff motivation by allowing them to associate with the organization and move between departments more easily by being aware of common practices and policies. Finally, a strong corporate culture leads staff to form an identity with the organization, reducing absences and turnover while increasing productivity.
21. Decision making model
This document outlines the stages of a structured decision-making model, including identifying the problem, objectives, gathering information, analyzing information, devising alternative solutions, selecting a solution, communicating the solution, implementing it, and evaluating the outcome. It then provides tasks for using this model to analyze problems at a business and create decision models. Finally, it discusses benefits of using the model, such as thorough consideration of options, and costs, such as time required.
20. SWOT Analysis
SWOT analysis is a tool that examines an organization's internal strengths and weaknesses as well as external opportunities and threats. It can be used to analyze whole organizations, departments, or single products. The purpose is to identify internal performance and areas for improvement, examine external factors that could improve performance or profitability, and consider potential threats. Benefits include making proactive rather than reactive decisions and building on strengths while reducing weaknesses. Potential costs include taking time, stifling creativity, and creating multiple solutions that are difficult to choose between.
18. Stakeholders
The document discusses stakeholders and their interdependencies and conflicts of interest. It identifies internal stakeholders as owners, managers, and employees, and external stakeholders as suppliers, local community, government, and customers. For each stakeholder, it describes how they depend on each other to operate but also how their interests can conflict, such as owners wanting lower costs while employees want higher pay.
17. Internal factors
The document discusses various factors that can impact businesses, including finance, decision making, employees, and technology. It outlines potential issues such as a lack of cash flow leading to inability to pay bills and possible administration, rising stock prices increasing costs, unpopular decisions demotivating staff, under-trained staff producing poor quality work, skilled staff demanding higher pay raising costs, outdated technology losing market share, and new technology requiring retraining and added costs. The document examines the impacts and consequences of these different scenarios.
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2. Entrepreneurs - Bus Man CFE Higher
- 2. Entrepreneurs are found in the private sector of the economy and are commonly seen as people who start a business.
- 3. Role of an Entrepreneur To create and develop a business idea. To combine the factors of production (land, labour, capital). To risk their initial investment if the business idea fails. To use their initiative to make decisions on finance, hiring staff, etc. To delegate responsibility to managers or staff. To decide the main objectives of the organisation.
- 4. Skills Qualities ICT Numeracy Negotiation Decision Making Communication Interpersonal Confidence Determination Perseverance Motivated Creative
- 5. Task For each of the 4 businesses in your private sector poster find out the name of the entrepreneur(s) who started the business Research any one of the entrepreneurs and prepare a PowerPoint about them including when and where they were born, when they started the business and their picture