1) The document discusses entrepreneurship, introducing concepts like identifying needs, developing solutions, pooling resources, taking risks to establish profitable businesses, and eventually transferring control. 2) It notes that a good business meets needs, is powered by passion, and properly develops and executes ideas from conceptualization to commercialization. 3) The document provides tips for business success, including starting small with own capital, developing a passion for action, networking to avoid being isolated, and accepting surprises.

1. UNDERSTANDING
ENTREPRENEURSHIP
BY EPHRAIM NJEGA
MANAGING CONSULTANT
PROFITZONE CONSULTANTS AND TRAINERS
Presented at Nairobi School
SATURDAY, 28 MAY 2011

2. INTRODUCTION
Understanding Entrepreneurship
Land Labour
Economy
Capital Entrepreneurship

3. INTRODUCTION
Understanding Entrepreneurship
Country GDP Population Land Area
Name US$ Billion Million Km sq.
USA 14,657.80 309.997 9,629,091
China 5,878.26 1,341.41 9,596,960
Japan 5,458.87 127.483 377,835
Israel 213.147 7.43 20,770
United Kingdom 2,247.46 62.222 244,820
Spain 1,409.95 46.018 504,782
Kenya 32.163 39.742 582,650
South Korea 1,007.08 48.909 98,480
South Africa 357.259 49.912 1,219,912
France 2,582.53 62.96 547,030
Germany 3,315.64 81.603 357,021

4. WHY A CAREER
Real
Estate
Investment Groups
Shares
Bank Deposit

5. WHY ENTREPRENEURSHIP ?
 Enables you to do what is favourable rather
than what is available
 Allows you to do what you are good at rather
than what is good
 Enables your money to work for you rather you
work for your money
 All other careers keep the world moving but
entrepreneurship determines the direction
 Enables you to live your life in full rather than
in monthly installments
 No qualifications are needed. Anyone can
 Entrepreneurship is fun. It is an adventure into
unbeaten path. It is a never ending discovery

6. INTRODUCTION
Role of an Entrepreneur
• Identifies needs and wants
1
2 • Develops solutions in form of products
• Pools and coordinates required resources
3
• Takes calculated risk to establish institutions
4 that produce and sell the products at a profit
• Gradually cedes control and ownership for
5 sustainability

7. INTRODUCTION
A Good Business Is
 Based on a good idea not availability of
capital
 Based on a need – people buy
benefits/solutions not products
 Powered by passion i.e. pull vs push factors
 Entrepreneur has the capacity to conquer
 Readiness to push the idea to the end
 Properly develop and execute the idea i.e.
Conceptualize, Initialize, Commercialize,
Specialize, Generalize
 Money not the objective but a consequence

8. INTRODUCTION
Business Success Tips
Feed the Seed – Start with own capital
Dream big, Start small, get it right
Failure may be fatal but is never final: RESTART
A business without a strategy is a tragedy
Plans are nothing planning is everything
Develop a passion for action. Do more: Dream less
A moment of greed can lead to a lifetime of need
Business as usual results in nothing unusual
Being a lone-ranger is a business danger. Network
Expect the unexpected and accept it: Surprise!
It pays to pray

9. DISCUSSIONS
QUESTIONS AND ANSWERS

10. ****THE END****
THANK YOU FOR YOUR
KIND ATTENTION