This document provides information about entrepreneurship and what it means to be an entrepreneur. It defines entrepreneurship as creating incremental wealth through taking on risks and providing value. An entrepreneur is someone who creates something new with value by devoting time and effort while accepting financial and social risks. Successful entrepreneurs have traits like passion, discipline, confidence, and strong work ethic. Setting objectives that are specific, measurable, agreed upon, realistic and time-bound can help a business achieve its aims of becoming a leader in its industry. Creativity and innovation are important for entrepreneurs as sources of new ideas and products.
The document provides an overview of entrepreneurship and entrepreneurial competencies. It discusses the history and evolving definitions of entrepreneurship. Key entrepreneurial competencies discussed include management competency, leadership, and marketing competency. Management competency relates to managing key business functions like marketing, finance, and people. Leadership involves having a vision and influencing others to achieve goals. Marketing competency encompasses identifying customer needs, communicating value, and retaining customers.
This document provides a syllabus for an Entrepreneurial Development course. It outlines 4 units that will be covered: (1) entrepreneur traits and types, (2) competing theories of entrepreneurship and entrepreneur development programs, (3) entrepreneur motivation and behavior, and (4) searching for business ideas and preparing feasibility reports. The syllabus also includes sample questions that will be asked to assess students, focusing on defining key terms and explaining concepts covered in the various units.
Introduction to Entrepreneurship Meaning and concept of entrepreneurship, the history of entrepreneurship development, role of entrepreneurship in economic development, Myths about entrepreneurs, agencies in entrepreneurship management and future of entrepreneurship types of entrepreneurs.
The document discusses entrepreneurship, entrepreneurs, and the benefits of entrepreneurship. It defines entrepreneurship as identifying opportunities and starting new business ventures by organizing resources and taking on associated risks and rewards. Entrepreneurs take initiative, see opportunities, and create new products/services or expand markets. Benefits include job creation, economic growth through capital mobilization and tax revenue, empowering individuals, enhancing national identity, improving competition and quality of life, and equitable distribution of income and wealth. The document also categorizes different types of entrepreneurs such as solo self-employed individuals, team builders, independent innovators, and acquirers.
The Nature and Importance of Entrepreneursgohar321
Â
This document summarizes key points from Chapter 1 of the textbook on the nature and importance of entrepreneurs. It defines what an entrepreneur is and discusses the entrepreneurial decision process. It describes the different types of startups such as lifestyle firms, foundation companies, and high-potential ventures. It also examines the role of entrepreneurship in economic development through innovation and commercializing new products and services.
A lost item was found. No other details are provided in the single word document. The document contains very little information that can be summarized in 3 sentences or less.
This document provides an overview of entrepreneurship and defines key related concepts. It discusses how entrepreneurship involves creativity, innovation, risk-taking and exploiting opportunities. Entrepreneurship is defined in various ways that commonly reference creating value, starting new businesses, and bringing together resources to meet needs. Creativity is described as bringing something new into existence, while innovation is transforming creative ideas into useful applications. The relationship between creativity, innovation and entrepreneurship is explored. The document also outlines the creative process and discusses how innovation is a tool that entrepreneurs use to exploit change and create opportunities.
The document provides an overview of entrepreneurship and entrepreneurial competencies. It discusses the history and evolving definitions of entrepreneurship. Key entrepreneurial competencies discussed include management competency, leadership, and marketing competency. Management competency relates to managing key business functions like marketing, finance, and people. Leadership involves having a vision and influencing others to achieve goals. Marketing competency encompasses identifying customer needs, communicating value, and retaining customers.
This document provides a syllabus for an Entrepreneurial Development course. It outlines 4 units that will be covered: (1) entrepreneur traits and types, (2) competing theories of entrepreneurship and entrepreneur development programs, (3) entrepreneur motivation and behavior, and (4) searching for business ideas and preparing feasibility reports. The syllabus also includes sample questions that will be asked to assess students, focusing on defining key terms and explaining concepts covered in the various units.
Introduction to Entrepreneurship Meaning and concept of entrepreneurship, the history of entrepreneurship development, role of entrepreneurship in economic development, Myths about entrepreneurs, agencies in entrepreneurship management and future of entrepreneurship types of entrepreneurs.
The document discusses entrepreneurship, entrepreneurs, and the benefits of entrepreneurship. It defines entrepreneurship as identifying opportunities and starting new business ventures by organizing resources and taking on associated risks and rewards. Entrepreneurs take initiative, see opportunities, and create new products/services or expand markets. Benefits include job creation, economic growth through capital mobilization and tax revenue, empowering individuals, enhancing national identity, improving competition and quality of life, and equitable distribution of income and wealth. The document also categorizes different types of entrepreneurs such as solo self-employed individuals, team builders, independent innovators, and acquirers.
The Nature and Importance of Entrepreneursgohar321
Â
This document summarizes key points from Chapter 1 of the textbook on the nature and importance of entrepreneurs. It defines what an entrepreneur is and discusses the entrepreneurial decision process. It describes the different types of startups such as lifestyle firms, foundation companies, and high-potential ventures. It also examines the role of entrepreneurship in economic development through innovation and commercializing new products and services.
A lost item was found. No other details are provided in the single word document. The document contains very little information that can be summarized in 3 sentences or less.
This document provides an overview of entrepreneurship and defines key related concepts. It discusses how entrepreneurship involves creativity, innovation, risk-taking and exploiting opportunities. Entrepreneurship is defined in various ways that commonly reference creating value, starting new businesses, and bringing together resources to meet needs. Creativity is described as bringing something new into existence, while innovation is transforming creative ideas into useful applications. The relationship between creativity, innovation and entrepreneurship is explored. The document also outlines the creative process and discusses how innovation is a tool that entrepreneurs use to exploit change and create opportunities.
This document provides an overview of entrepreneurship. It defines entrepreneurship as activities carried out by a person to establish and run business enterprises according to changing social, political and economic environments. Entrepreneurship development is influenced by psychological traits like achievement motivation, sociological traits, and economic factors in a region. The document discusses different concepts of entrepreneurial traits and provides a definition of entrepreneurship. It explains that entrepreneurship development activities are multiplying due to changes in the liberalized economy.
This document provides an introduction to entrepreneurship including:
- Entrepreneurship involves setting up a business to meet consumer needs for profit. It has roots in barter trade.
- Advantages include independence, flexibility, challenge, direct payoffs, and unlimited earnings. Disadvantages include no regular salary and unpredictable schedule.
- Common business ideas involve capitalizing on skills, filling needs, and franchising. Common reasons for starting a business are independence, creativity, and using skills.
- Entrepreneurship benefits the economy through jobs, income, consumer demands, and linking industries. Small and medium enterprises are defined by assets and employees.
The document discusses various definitions and concepts of entrepreneurship from different scholars and authors. It defines entrepreneurship as a purposeful economic activity that involves innovation, risk-taking, organizing abilities and leadership. Entrepreneurship requires combining capital, technology and human intellect to undertake new production processes and introduce new products, sources of supply and techniques. The document also discusses different types of entrepreneurs such as innovative, imitative, habitual and serial entrepreneurs.
Entrepreneurial development of rural and tribal womenPflcw Secretariat
Â
This document discusses entrepreneurial development for rural and tribal women. It defines an entrepreneur as someone who searches for change and exploits opportunities for new businesses. It reviews concepts of entrepreneurship including planning new ventures, analyzing opportunities, and financing. It discusses the status of Philippine tribal and rural women from pre-colonial to modern times, noting a lack of unified government assistance compared to other countries. Finally, it discusses the importance of entrepreneurship to economic growth through innovation and job creation, and various programs that can support entrepreneurial development for women and underserved groups.
The document discusses the evolution and concepts of entrepreneurship. It begins by outlining how entrepreneurship emerged as a factor of production in the 14th century with tax contractors. It then summarizes key thinkers' contributions, including Schumpeter viewing entrepreneurs as innovators. The document also defines entrepreneurship and an entrepreneur, examines theories of entrepreneurship including economic, sociological, and psychological perspectives. It discusses problems inhibiting entrepreneurship growth in India and concludes by comparing the pros and cons of entrepreneurship and defining intrapreneurship.
An entrepreneur is defined as an individual who starts a business or enterprise, taking on financial risks to launch new ideas or products. They innovate by introducing new goods, production methods, markets, supply sources, or organizations. Successful entrepreneurs have traits like initiative, creativity, risk-taking, human relations skills, communication abilities, and technical knowledge. They motivate teams, have self-confidence, are long-term committed problem solvers who set goals and take moderate risks to achieve them. Entrepreneurship involves recognizing opportunities, organizing resources, and taking action despite uncertainty to correct markets and bring them back to equilibrium through innovation.
The document defines entrepreneurship and discusses the various types of entrepreneurs. It also covers entrepreneurial competencies and qualities, factors influencing entrepreneurship, entrepreneurial development programs, and organizations providing entrepreneurship development programs. In summary:
1. Entrepreneurship involves recognizing business opportunities, managing risk, and using skills to organize resources to bring projects to fruition.
2. Entrepreneurs can be classified based on their functions, developmental angle, type of business, and personality types.
3. Factors like family tradition, culture, psychology, policies, and economic conditions influence entrepreneurship in a society.
This document provides an overview of entrepreneurial options and starting a new business. It discusses what a business is, types of businesses including commerce, industry, finance and services. It outlines the values and purposes of businesses in creating jobs, paying taxes and more. The document then covers essentials of a successful business system including having a product or service in demand, adequate capital, competent management and a proper business organization structure. Finally, it discusses identifying business opportunities through generating ideas, selecting the right idea, and developing a business plan with elements like introduction, business description, marketing plan, management plan, financial plan and legal considerations.
This document outlines the syllabus for the course "Entrepreneurship Development (II Year / III Sem)" including 4 units: 1) Entrepreneurial Competence, 2) Entrepreneurial Environment, 3) Business Plan Preparation, and 4) Management of Small Business. It provides notes on key topics within Unit 1 including definitions of entrepreneur and entrepreneurship, types of entrepreneurs, distinguishing entrepreneurs from managers, and characteristics of successful entrepreneurs.
An entrepreneur is defined in several ways in the document. Adam Smith defined an entrepreneur as someone who provides capital for a business but does not take an active role. Others define an entrepreneur as someone who identifies opportunities to improve an environment, marshals resources, and implements actions to maximize opportunities. An entrepreneur also sets up businesses, takes on financial risk, and hopes to earn a profit. Entrepreneurship involves seeking investment opportunities, organizing an enterprise, raising capital, arranging supplies and managers. It is a creative activity that involves doing things not typically done in the ordinary course of business. Entrepreneurship is a multi-dimensional concept that emerges within socio-economic and cultural settings.
Nature & Development of EntrepreneurshipMuhammad Ali
Â
This document provides an overview of entrepreneurship and entrepreneurs. It defines entrepreneurship and different types of entrepreneurs such as novice, habitual, nascent, serial, and portfolio entrepreneurs. It also discusses the entrepreneurial process which involves identifying opportunities, developing business plans, determining required resources, and managing the enterprise. The document outlines the history of entrepreneurship from earliest periods to the 20th century. It distinguishes between entrepreneurs and inventors and discusses the role of entrepreneurship in economic development. Finally, it covers ethics, social responsibilities, and the future of entrepreneurship.
The document defines an entrepreneur as an individual who undertakes the risk of operating a business in the face of uncertainty. Entrepreneurship is the process of taking calculated risks with confidence to achieve a business objective. An entrepreneur is described as a visualizer, creator, innovator, decision maker, risk taker, and leader. Entrepreneurship involves initiating a new technology, idea, or perception through an innovative process. The concept of entrepreneurship can be explained through economic, sociological, and psychological approaches.
This document provides an overview of entrepreneurship presented by Simran Kaur. It defines key terms like enterprise, entrepreneurship, and entrepreneur. It discusses theories of entrepreneurship and characteristics of successful entrepreneurs like being self-employed, risk-taking, and innovative. Intrapreneurs who create new ideas within companies are also covered. The roles of entrepreneurship in economic development and common problems entrepreneurs face are summarized. The presentation outlines the development stages of starting a new enterprise and differences between entrepreneurs and managers.
This document is an entrepreneurship module prepared by Kanbiro Orkaido for Furra College Hawassa Campus. It contains 7 chapters that discuss basic concepts of entrepreneurship including definitions, the entrepreneurial process, traits of successful entrepreneurs, and classifications of entrepreneurs. The module provides a comprehensive overview of key topics related to entrepreneurship.
WHAT IS ENTREPRENEUR ?
DEFINITIONS
CONCEPTS OF ENTREPRENEUR
ELEMENT OF ENTREPRENEUR
FACTORS OF ENTREPRENEUR
IMPORTANCE OF ENTREPRENEUR
ENTREPRENEUR VS ENTREPRENEURSHIP
The document defines entrepreneurship as starting a new business by identifying opportunities, assembling resources, and taking on associated risks and rewards. An entrepreneur determines supply of capital, allocates resources, identifies opportunities, implements plans, and harvests rewards in a flexible manner. Their functions include risk bearing, organization, innovation, management, and decision making. An entrepreneur's performance is affected by factors like personality traits as measured by the Myers-Briggs Type Indicator, which sorts preferences into 16 types based on dimensions of extraversion-introversion, sensing-intuition, thinking-feeling, and judging-perceiving. The Trade Related Entrepreneurship Assistance and Development program aims to empower women through counseling, training,
An entrepreneur is a person who starts and operates a business, assuming the risk for potential profit. Key qualities of entrepreneurs include courage, focus, passion, creativity, risk-taking, competitiveness, and hard work. Early entrepreneurship programs involved activities like raising livestock and growing crops. Today, entrepreneurial activities are more varied. Entrepreneurship refers to identifying market opportunities and generating business ideas to address them by committing resources despite risks. Successful entrepreneurs drive business creation and have skills like thinking ability, human relations, communication, and technical expertise. The advantages of entrepreneurship are independence, profits, and flexibility, while the disadvantages include long hours, costs, regulations, and difficult decisions.
This document discusses entrepreneurship, including its evolution, schools of thought, theories, stages, cycle, and essential criteria. It covers several topics:
- The history of entrepreneurship from the Industrial Revolution to modern times and influential eras like the post-war period.
- Different schools of thought on entrepreneurship including macro views on external factors and micro views focusing on internal control. It also discusses theories like risk-bearing, innovation, and strategic formulation.
- The typical stages of entrepreneurship like seed and development, start-up, growth, expansion, and maturity or exit.
- Frameworks for analyzing the business environment including scanning, monitoring, forecasting, and assessing.
- Es
This document discusses the origins and nature of entrepreneurship through the perspectives of several influential thinkers. It provides biographies of Joseph Schumpeter, Karl Vesper, Howard Stevenson, and Peter Drucker, who were early contributors to the study and understanding of entrepreneurship. The document also outlines seven steps to becoming an entrepreneur: 1) finding the right business, 2) determining if education is needed, 3) planning the business, 4) finding the target audience, 5) networking, 6) selling the business idea, and 7) marketing. Overall, the document provides foundational information about entrepreneurship through the lens of important scholars and offers practical guidance for aspiring entrepreneurs.
Entrepreneur development
External allaences for international business
Presentations By Rajendran Ananda Krishnan, https://www.facebook.com/ialwaysthinkprettythings
This document announces a Youth Empowerment Summit from December 13-16, 2016 that aims to nurture young minds and develop leaders. The summit will provide practical steps and entrepreneurship qualities to help attendees achieve their dreams by writing business plans. Young pastors, youth executives, and entrepreneurs who want a complete life transformation can register for GHâĩ10 by December 3rd. Registration forms are available at Gods Purpose Kingdom and World Peace Global Ministries or can be downloaded from the MCF Worldwide Facebook page.
The document announces a Trail Blazers conference to empower the next generation of entrepreneurs in Africa. It will feature special guests of honor and speakers, and is sponsored by various partners. The conference aims to support and develop young entrepreneurs across Africa through knowledge sharing and networking opportunities.
This document provides an overview of entrepreneurship. It defines entrepreneurship as activities carried out by a person to establish and run business enterprises according to changing social, political and economic environments. Entrepreneurship development is influenced by psychological traits like achievement motivation, sociological traits, and economic factors in a region. The document discusses different concepts of entrepreneurial traits and provides a definition of entrepreneurship. It explains that entrepreneurship development activities are multiplying due to changes in the liberalized economy.
This document provides an introduction to entrepreneurship including:
- Entrepreneurship involves setting up a business to meet consumer needs for profit. It has roots in barter trade.
- Advantages include independence, flexibility, challenge, direct payoffs, and unlimited earnings. Disadvantages include no regular salary and unpredictable schedule.
- Common business ideas involve capitalizing on skills, filling needs, and franchising. Common reasons for starting a business are independence, creativity, and using skills.
- Entrepreneurship benefits the economy through jobs, income, consumer demands, and linking industries. Small and medium enterprises are defined by assets and employees.
The document discusses various definitions and concepts of entrepreneurship from different scholars and authors. It defines entrepreneurship as a purposeful economic activity that involves innovation, risk-taking, organizing abilities and leadership. Entrepreneurship requires combining capital, technology and human intellect to undertake new production processes and introduce new products, sources of supply and techniques. The document also discusses different types of entrepreneurs such as innovative, imitative, habitual and serial entrepreneurs.
Entrepreneurial development of rural and tribal womenPflcw Secretariat
Â
This document discusses entrepreneurial development for rural and tribal women. It defines an entrepreneur as someone who searches for change and exploits opportunities for new businesses. It reviews concepts of entrepreneurship including planning new ventures, analyzing opportunities, and financing. It discusses the status of Philippine tribal and rural women from pre-colonial to modern times, noting a lack of unified government assistance compared to other countries. Finally, it discusses the importance of entrepreneurship to economic growth through innovation and job creation, and various programs that can support entrepreneurial development for women and underserved groups.
The document discusses the evolution and concepts of entrepreneurship. It begins by outlining how entrepreneurship emerged as a factor of production in the 14th century with tax contractors. It then summarizes key thinkers' contributions, including Schumpeter viewing entrepreneurs as innovators. The document also defines entrepreneurship and an entrepreneur, examines theories of entrepreneurship including economic, sociological, and psychological perspectives. It discusses problems inhibiting entrepreneurship growth in India and concludes by comparing the pros and cons of entrepreneurship and defining intrapreneurship.
An entrepreneur is defined as an individual who starts a business or enterprise, taking on financial risks to launch new ideas or products. They innovate by introducing new goods, production methods, markets, supply sources, or organizations. Successful entrepreneurs have traits like initiative, creativity, risk-taking, human relations skills, communication abilities, and technical knowledge. They motivate teams, have self-confidence, are long-term committed problem solvers who set goals and take moderate risks to achieve them. Entrepreneurship involves recognizing opportunities, organizing resources, and taking action despite uncertainty to correct markets and bring them back to equilibrium through innovation.
The document defines entrepreneurship and discusses the various types of entrepreneurs. It also covers entrepreneurial competencies and qualities, factors influencing entrepreneurship, entrepreneurial development programs, and organizations providing entrepreneurship development programs. In summary:
1. Entrepreneurship involves recognizing business opportunities, managing risk, and using skills to organize resources to bring projects to fruition.
2. Entrepreneurs can be classified based on their functions, developmental angle, type of business, and personality types.
3. Factors like family tradition, culture, psychology, policies, and economic conditions influence entrepreneurship in a society.
This document provides an overview of entrepreneurial options and starting a new business. It discusses what a business is, types of businesses including commerce, industry, finance and services. It outlines the values and purposes of businesses in creating jobs, paying taxes and more. The document then covers essentials of a successful business system including having a product or service in demand, adequate capital, competent management and a proper business organization structure. Finally, it discusses identifying business opportunities through generating ideas, selecting the right idea, and developing a business plan with elements like introduction, business description, marketing plan, management plan, financial plan and legal considerations.
This document outlines the syllabus for the course "Entrepreneurship Development (II Year / III Sem)" including 4 units: 1) Entrepreneurial Competence, 2) Entrepreneurial Environment, 3) Business Plan Preparation, and 4) Management of Small Business. It provides notes on key topics within Unit 1 including definitions of entrepreneur and entrepreneurship, types of entrepreneurs, distinguishing entrepreneurs from managers, and characteristics of successful entrepreneurs.
An entrepreneur is defined in several ways in the document. Adam Smith defined an entrepreneur as someone who provides capital for a business but does not take an active role. Others define an entrepreneur as someone who identifies opportunities to improve an environment, marshals resources, and implements actions to maximize opportunities. An entrepreneur also sets up businesses, takes on financial risk, and hopes to earn a profit. Entrepreneurship involves seeking investment opportunities, organizing an enterprise, raising capital, arranging supplies and managers. It is a creative activity that involves doing things not typically done in the ordinary course of business. Entrepreneurship is a multi-dimensional concept that emerges within socio-economic and cultural settings.
Nature & Development of EntrepreneurshipMuhammad Ali
Â
This document provides an overview of entrepreneurship and entrepreneurs. It defines entrepreneurship and different types of entrepreneurs such as novice, habitual, nascent, serial, and portfolio entrepreneurs. It also discusses the entrepreneurial process which involves identifying opportunities, developing business plans, determining required resources, and managing the enterprise. The document outlines the history of entrepreneurship from earliest periods to the 20th century. It distinguishes between entrepreneurs and inventors and discusses the role of entrepreneurship in economic development. Finally, it covers ethics, social responsibilities, and the future of entrepreneurship.
The document defines an entrepreneur as an individual who undertakes the risk of operating a business in the face of uncertainty. Entrepreneurship is the process of taking calculated risks with confidence to achieve a business objective. An entrepreneur is described as a visualizer, creator, innovator, decision maker, risk taker, and leader. Entrepreneurship involves initiating a new technology, idea, or perception through an innovative process. The concept of entrepreneurship can be explained through economic, sociological, and psychological approaches.
This document provides an overview of entrepreneurship presented by Simran Kaur. It defines key terms like enterprise, entrepreneurship, and entrepreneur. It discusses theories of entrepreneurship and characteristics of successful entrepreneurs like being self-employed, risk-taking, and innovative. Intrapreneurs who create new ideas within companies are also covered. The roles of entrepreneurship in economic development and common problems entrepreneurs face are summarized. The presentation outlines the development stages of starting a new enterprise and differences between entrepreneurs and managers.
This document is an entrepreneurship module prepared by Kanbiro Orkaido for Furra College Hawassa Campus. It contains 7 chapters that discuss basic concepts of entrepreneurship including definitions, the entrepreneurial process, traits of successful entrepreneurs, and classifications of entrepreneurs. The module provides a comprehensive overview of key topics related to entrepreneurship.
WHAT IS ENTREPRENEUR ?
DEFINITIONS
CONCEPTS OF ENTREPRENEUR
ELEMENT OF ENTREPRENEUR
FACTORS OF ENTREPRENEUR
IMPORTANCE OF ENTREPRENEUR
ENTREPRENEUR VS ENTREPRENEURSHIP
The document defines entrepreneurship as starting a new business by identifying opportunities, assembling resources, and taking on associated risks and rewards. An entrepreneur determines supply of capital, allocates resources, identifies opportunities, implements plans, and harvests rewards in a flexible manner. Their functions include risk bearing, organization, innovation, management, and decision making. An entrepreneur's performance is affected by factors like personality traits as measured by the Myers-Briggs Type Indicator, which sorts preferences into 16 types based on dimensions of extraversion-introversion, sensing-intuition, thinking-feeling, and judging-perceiving. The Trade Related Entrepreneurship Assistance and Development program aims to empower women through counseling, training,
An entrepreneur is a person who starts and operates a business, assuming the risk for potential profit. Key qualities of entrepreneurs include courage, focus, passion, creativity, risk-taking, competitiveness, and hard work. Early entrepreneurship programs involved activities like raising livestock and growing crops. Today, entrepreneurial activities are more varied. Entrepreneurship refers to identifying market opportunities and generating business ideas to address them by committing resources despite risks. Successful entrepreneurs drive business creation and have skills like thinking ability, human relations, communication, and technical expertise. The advantages of entrepreneurship are independence, profits, and flexibility, while the disadvantages include long hours, costs, regulations, and difficult decisions.
This document discusses entrepreneurship, including its evolution, schools of thought, theories, stages, cycle, and essential criteria. It covers several topics:
- The history of entrepreneurship from the Industrial Revolution to modern times and influential eras like the post-war period.
- Different schools of thought on entrepreneurship including macro views on external factors and micro views focusing on internal control. It also discusses theories like risk-bearing, innovation, and strategic formulation.
- The typical stages of entrepreneurship like seed and development, start-up, growth, expansion, and maturity or exit.
- Frameworks for analyzing the business environment including scanning, monitoring, forecasting, and assessing.
- Es
This document discusses the origins and nature of entrepreneurship through the perspectives of several influential thinkers. It provides biographies of Joseph Schumpeter, Karl Vesper, Howard Stevenson, and Peter Drucker, who were early contributors to the study and understanding of entrepreneurship. The document also outlines seven steps to becoming an entrepreneur: 1) finding the right business, 2) determining if education is needed, 3) planning the business, 4) finding the target audience, 5) networking, 6) selling the business idea, and 7) marketing. Overall, the document provides foundational information about entrepreneurship through the lens of important scholars and offers practical guidance for aspiring entrepreneurs.
Entrepreneur development
External allaences for international business
Presentations By Rajendran Ananda Krishnan, https://www.facebook.com/ialwaysthinkprettythings
This document announces a Youth Empowerment Summit from December 13-16, 2016 that aims to nurture young minds and develop leaders. The summit will provide practical steps and entrepreneurship qualities to help attendees achieve their dreams by writing business plans. Young pastors, youth executives, and entrepreneurs who want a complete life transformation can register for GHâĩ10 by December 3rd. Registration forms are available at Gods Purpose Kingdom and World Peace Global Ministries or can be downloaded from the MCF Worldwide Facebook page.
The document announces a Trail Blazers conference to empower the next generation of entrepreneurs in Africa. It will feature special guests of honor and speakers, and is sponsored by various partners. The conference aims to support and develop young entrepreneurs across Africa through knowledge sharing and networking opportunities.
The document provides information about designing communication plans to enhance fundraising campaigns. It includes tools and guidelines for developing a persuasive case statement, writing effective brochures, and balancing publicity and fundraising efforts. The main points are:
- Tool 1 outlines key elements to include in a case statement to engage donors, such as organization history and impact, assessment of needs, and calls to action.
- Tool 2 provides tips for designing effective campaign brochures, including sample sections like mission, programs, donation opportunities, and endorsements.
- An addendum discusses balancing broad publicity with focused donor communication, noting the need to directly engage top donors who will provide most of the funds.
This document provides an overview of the educational, entrepreneurial, leadership, and cultural activities offered by the International Youth Executive Forum in Ghana. The forum aims to raise a generation of believers who will stand up for their faith. Its activities include entrepreneurship workshops, youth leadership programs, cultural competitions, and prayer rallies. The goal is to provide resources to support youth development, facilitate idea sharing, and empower young people to create positive change.
The Young Impact Initiative project by the International Youth Executive Forum raises funds to support young entrepreneurs and provide scholarships and educational materials to students. For every 1 unit of currency invested in education and entrepreneurship, 10 units are gained in career and school success. The initiative introduces a "One man one cedi" campaign to allow ordinary Ghanaians to contribute and support young entrepreneurs starting businesses and students continuing their education. Funds are used for business start-up support, training, and marketing as well as student scholarships and educational materials.
The International Youth Executive Forum (IYEF) has launched the International Youth Executive Leaders of Development (IYELOD) journal to provide a platform for young African leaders across various disciplines to share their ideas on developing the African continent. IYELOD invites research articles in English from interested young Africans addressing topics like education, health, agriculture, politics, entrepreneurship, technology, culture and social reforms with the goal of outlining pathways for African development. Articles must be original, between 2,500 words, and submitted by authors between ages 16-25 by November 20, 2028 to be considered for publication in the December 2016 issue.
King Jesus Luther King delivered the keynote speech at the 2nd Trail Blazers Conference at the University of Ghana. He welcomed young entrepreneurs and said the conference was an opportunity for them to be inspired, trained, and motivated to bring out their best and promote their businesses. King encouraged the entrepreneurs to not be afraid of failure or mistakes, and to start small with little capital. He wished for them to make amazing mistakes as that means they are trying new things and learning. King concluded by telling the entrepreneurs to believe in themselves, not let future disappointments stop them, and to start taking action toward their dreams and goals.
The document contains inspirational quotes about taking action and pursuing dreams and goals. It emphasizes that vision without action is meaningless, and one should not let the future self down by failing to act on beliefs. It also notes that if you start working on your dreams, others may help you achieve them, while failing to act could result in someone else generating the same ideas. The quotes encourage thinking about how and where to start pursuing one's dreams through small, steady actions.
This presentation is for Grade 9 student .
this is about how modern farming methods help in increasing the total production
This presentation is for economics .
It includes :
1) preface
2) acknowledgement
3)what is agriculture
4)Introduction
5)definition of modern farming
6)About modern farming
7)Methods
8)Why it is important
9)Modern agriculture revolution
10)difference between traditional and commercial agriculture
11)Advantages
12)Disadvantages
13)How to overcome to it by sustainable agriculture.
The document provides information about effective communication and business plans. It discusses that a business plan outlines a business's goals, strategies, potential problems and solutions, organizational structure, and financial needs. An effective business plan generally includes sections on the business concept, marketplace, and financials. The document also discusses how to communicate effectively through engaged listening, avoiding barriers like stress or negative body language, and assertive expression of thoughts and needs while respecting others.
What does the future look like? Is it a dark space where weâre suffering from varying degrees of techamphetamine or are we heading towards a Utopian fantasy of abundance and harmony?
Understanding that our basic human needs and wants barely change, we explore the future state of a range of topics; from our need for physical sustenance through to our age-long fascination of transcending the limitations of our biology.
Looking at the future from a human perspective, our potential for greatness is teetering on a fine line between darkness and hope. Weâre banking on the latter.
The document defines entrepreneurship and describes the characteristics and skills of successful entrepreneurs. It discusses different types of entrepreneurs, theories of entrepreneurship, and the entrepreneurship process. Some key points are: Entrepreneurship involves creating value and wealth through risk. Successful entrepreneurs are passionate, innovative, visionary, and able to take risks. The entrepreneurship process begins with idea generation and progresses through evaluation, planning, resource organization, and managing the enterprise.
The document discusses the business environment and its importance for organizations. It defines the business environment as consisting of external forces and factors that influence a business's operations and performance. Understanding the business environment is crucial as it allows businesses to identify opportunities and threats, and adapt their strategies accordingly. The document outlines the key components of the business environment, including political, economic, social, technological, environmental, and legal factors. It emphasizes that the business environment is complex, dynamic, and constantly changing, requiring businesses to continuously monitor it.
This PPT is made in accordance to the references taken from the small business management course on the Sayloracademy.org The ppt provides a brief introduction to the small business world. Along with, it provides a overall angle to the various components included in a small business. The ppt is concise and in a well defined manner so as the reader finds it out interesting and understandable.
Entrepreneurial Management / Entrepreneurship Development NotesBilal's Academy
Â
Entrepreneurial Management / Entrepreneurship Development Complete Notes
Contents
1. Introduction to Entrepreneurship
2. Small Scale Industries
3. Starting a Small Industry
4. Preparing the Business Plan
5. Implementation of a project and Industrial Sickness
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.
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.
Entrepreneurial skills involve turning ideas into actions through creativity, innovation, and risk-taking. The document discusses entrepreneurship, defining entrepreneurs as people who start businesses to make a profit. Key qualities of successful entrepreneurs are discussed, such as being disciplined, confident, and determined. The roles of entrepreneurs are also outlined, such as job and wealth creation. While entrepreneurship has risks like uncertain income, the rewards include being your own boss and having flexibility to be creative.
The document defines an entrepreneur and discusses their essential characteristics and functions. It states that an entrepreneur is an innovator who exploits opportunities through risk-taking and the conversion of resources. The key characteristics of an entrepreneur are listed. It then discusses the five main functions of an entrepreneur: risk-bearing, organizational, innovative, managerial, and decision-making. Finally, it defines entrepreneurship and elaborates on its vital role in developing economies through employment generation, increasing national income, balanced regional development, dispersing economic power, and improving standards of living.
The document provides an introduction to entrepreneurship and entrepreneurs. It defines entrepreneurship as the process of setting up a business while taking on financial risks with the goal of making a profit. An entrepreneur is one who has an innovative idea and is willing to take risks to exploit that idea. The entrepreneurial process involves identifying an opportunity, establishing a vision, persuading others, and gathering necessary resources such as financial capital, human resources, and information to create a new venture. Entrepreneurship is important for job creation, economic growth, and innovation.
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.
Significance of entrepreneur in economic developmentmehakarora305
Â
The document discusses the concept of entrepreneurship. It defines an entrepreneur as an individual who takes initiative to establish a business and works on their own risk. Entrepreneurs are key figures in economic growth who coordinate various factors of production, take risks, and innovate through new combinations. The document outlines different types of entrepreneurs and the functions they perform such as organizing, managing risk, innovating, and making decisions. Entrepreneurship is important for economic development as it generates employment, income, and innovation.
ENTREPRENEURIAL MANAGEMENT - Defining Entrepreneurship and its related risks ...Alfredo Toledo
Â
This document provides an overview of entrepreneurship and entrepreneurial management. It discusses the history and evolution of entrepreneurship from the 13th century to present day. Key topics covered include defining entrepreneurship and entrepreneurial management, the entrepreneurial task, stages of long-term ventures, and risks and rewards of entrepreneurship. Government policies supporting small and medium enterprises in the Philippines are also summarized.
Introduction to Entrepreneurial ManagementAlfredo Toledo
Â
This document provides an overview of entrepreneurship and entrepreneurial management. It defines key terms like entrepreneurship, entrepreneur, and entrepreneurial management. It discusses the history and evolution of entrepreneurship from the 13th century to present. It also outlines the evolution of entrepreneurship in the Philippines. The document describes the entrepreneurial task and four stages of long-term ventures. It identifies risks and rewards of entrepreneurship and distinguishes between small businesses and entrepreneurial ventures.
This document outlines entrepreneurship topics including definitions, importance, traits, types, and processes. It defines entrepreneurship as establishing or improving something to benefit individuals and society. An entrepreneur organizes and operates businesses, taking initiative and risk. Key points include that entrepreneurship creates jobs, drives innovation, and enhances living standards. The document also discusses the traits of successful entrepreneurs, types like producing and investing, and the typical process of discovery, planning, resourcing, managing, and harvesting. It covers risks such as market risks, and barriers including economic, social, and personal challenges. Areas of application for entrepreneurship in healthcare are discussed like medical technology, electronic health records, telemedicine, and building hospitals.
The document discusses the concepts of entrepreneurship and intrapreneurship. It defines an entrepreneur as an individual who takes risks to start a new business venture, while an intrapreneur is an employee within an established organization who takes on entrepreneurial projects. Some key differences are that entrepreneurs take substantial financial risk as business owners, while intrapreneurs are paid employees whose compensation depends on their unit's success. The document also provides examples of famous intrapreneurs like those at 3M and Lockheed Martin who were encouraged to pursue innovative ideas within the company structure.
This document defines entrepreneurship and describes the key aspects of starting a business. It defines an entrepreneur as someone who organizes a business venture to take advantage of an opportunity. There are different types of entrepreneurs, including idealists, optimizers, hard workers, jugglers, and sustainers. The document also outlines characteristics of successful entrepreneurs like being a hard worker, risk taker, and innovator. It discusses the importance of developing a business model and business plan. A business model shows how a business makes money while a plan provides details on goals, operations, management, and finances.
This document provides an overview of entrepreneurship and entrepreneurs. It defines an entrepreneur as someone who starts and runs a business or organization, developing a business plan, obtaining financing, and hiring employees. Entrepreneurship involves innovation, risk-taking, and identifying market opportunities. Successful entrepreneurs often differentiate their ventures through innovation, product uniqueness, and focusing on niche markets. Government policies can encourage entrepreneurship and economic growth by supporting small businesses and creating incentives for new ventures.
The Kids and Wise Foundation is organizing a Career Day Celebration to educate and inspire children to achieve their dreams and be successful in life. They are inviting representatives from various professions to attend, and the event will educate parents on the importance of investing in their children's education. The CEO delivers a speech thanking supporters of the Foundation and its work providing education and support to less fortunate children. She outlines their achievements, needs, and future plans to expand their school and services.
The document is a participation form for a Youth Empowerment Summit aimed at nurturing young minds and developing leaders. It collects information such as name, date of birth, gender, place of stay, personality type, reasons for participating, desired experiences from the conference, how the participant heard about the event, and registration details including signature and contact information. Participants are asked to select at least three areas of interest among writing a business plan, record keeping, financial management, pitching and communication skills, and leading productive meetings.
This document provides an overview and introduction to evangelism by King Jesus Luther King. It discusses the importance of evangelism and obeying God's command to spread the gospel. It outlines King's background and inspirations. The document is divided into sections that will cover: the definition of evangelism and getting the word out; the method of evangelism and how Jesus modeled it by winning souls one by one and discipling them to win more; the relationship between evangelism and saving souls; and what lifestyle Christians should have when evangelizing.
This document summarizes the key points from a book about achieving one's dreams and vision. It discusses how the author struggled at first to pursue his vision of helping youth despite facing discouragement from friends and family. He failed in his early attempts but learned from his mistakes and adopted new strategies like organizing soccer tournaments to engage youth. The author encourages readers to take action on their dreams today rather than waiting, as vision without action will not lead to success. Starting small and learning from failures are important steps to achieving one's goals.
- To assist the main organization in achieving its goals.
Objectives:
- To organize events, conferences and seminars to promote the work of KWF.
- To train and equip ministers and leaders to support the work of KWF.
- To mobilize resources both human and material for the work of KWF.
- To establish branches of KWF in other regions and districts.
- To promote the vision and mission of KWF.
- To support the activities of KWF financially and materially.
- To advocate for the rights and welfare of children.
- To partner with like-minded organizations locally and internationally.
- To provide advisory services to members
This document outlines the constitution of the Ministers of Christ Foundation (MCF), a Christian organization.
Some key points:
- MCF aims to promote Christian values and organize religious programs. It has 8 departments including worship, outreach, media, and health.
- The founder is King Jesus Luther King who will serve as chairman until age 70. There is also a co-founder.
- Membership requires acceptance of MCF's objectives and undergoing an examination process. There are also options for affiliation and association with other groups.
- Leadership is appointed by the founder/chairman and includes heads of each department. Leaders must submit objectives for approval.
- An organizational council governs MCF and is composed of department
Recruiting in the Digital Age: A Social Media MasterclassLuanWise
Â
In this masterclass, presented at the Global HR Summit on 5th June 2024, Luan Wise explored the essential features of social media platforms that support talent acquisition, including LinkedIn, Facebook, Instagram, X (formerly Twitter) and TikTok.
Implicitly or explicitly all competing businesses employ a strategy to select a mix
of marketing resources. Formulating such competitive strategies fundamentally
involves recognizing relationships between elements of the marketing mix (e.g.,
price and product quality), as well as assessing competitive and market conditions
(i.e., industry structure in the language of economics).
How MJ Global Leads the Packaging Industry.pdfMJ Global
Â
MJ Global's success in staying ahead of the curve in the packaging industry is a testament to its dedication to innovation, sustainability, and customer-centricity. By embracing technological advancements, leading in eco-friendly solutions, collaborating with industry leaders, and adapting to evolving consumer preferences, MJ Global continues to set new standards in the packaging sector.
LA HUG - Video Testimonials with Chynna Morgan - June 2024Lital Barkan
Â
Have you ever heard that user-generated content or video testimonials can take your brand to the next level? We will explore how you can effectively use video testimonials to leverage and boost your sales, content strategy, and increase your CRM data.đ¤¯
We will dig deeper into:
1. How to capture video testimonials that convert from your audience đĨ
2. How to leverage your testimonials to boost your sales đ˛
3. How you can capture more CRM data to understand your audience better through video testimonials. đ
IMPACT Silver is a pure silver zinc producer with over $260 million in revenue since 2008 and a large 100% owned 210km Mexico land package - 2024 catalysts includes new 14% grade zinc Plomosas mine and 20,000m of fully funded exploration drilling.
Tata Group Dials Taiwan for Its Chipmaking Ambition in Gujaratâs DholeraAvirahi City Dholera
Â
The Tata Group, a titan of Indian industry, is making waves with its advanced talks with Taiwanese chipmakers Powerchip Semiconductor Manufacturing Corporation (PSMC) and UMC Group. The goal? Establishing a cutting-edge semiconductor fabrication unit (fab) in Dholera, Gujarat. This isnât just any project; itâs a potential game changer for Indiaâs chipmaking aspirations and a boon for investors seeking promising residential projects in dholera sir.
Visit : https://www.avirahi.com/blog/tata-group-dials-taiwan-for-its-chipmaking-ambition-in-gujarats-dholera/
At Techbox Square, in Singapore, we're not just creative web designers and developers, we're the driving force behind your brand identity. Contact us today.
Zodiac Signs and Food Preferences_ What Your Sign Says About Your Tastemy Pandit
Â
Know what your zodiac sign says about your taste in food! Explore how the 12 zodiac signs influence your culinary preferences with insights from MyPandit. Dive into astrology and flavors!
The 10 Most Influential Leaders Guiding Corporate Evolution, 2024.pdfthesiliconleaders
Â
In the recent edition, The 10 Most Influential Leaders Guiding Corporate Evolution, 2024, The Silicon Leaders magazine gladly features Dejan Å tancer, President of the Global Chamber of Business Leaders (GCBL), along with other leaders.
Company Valuation webinar series - Tuesday, 4 June 2024FelixPerez547899
Â
This session provided an update as to the latest valuation data in the UK and then delved into a discussion on the upcoming election and the impacts on valuation. We finished, as always with a Q&A
Top mailing list providers in the USA.pptxJeremyPeirce1
Â
Discover the top mailing list providers in the USA, offering targeted lists, segmentation, and analytics to optimize your marketing campaigns and drive engagement.
Best practices for project execution and deliveryCLIVE MINCHIN
Â
A select set of project management best practices to keep your project on-track, on-cost and aligned to scope. Many firms have don't have the necessary skills, diligence, methods and oversight of their projects; this leads to slippage, higher costs and longer timeframes. Often firms have a history of projects that simply failed to move the needle. These best practices will help your firm avoid these pitfalls but they require fortitude to apply.
Storytelling is an incredibly valuable tool to share data and information. To get the most impact from stories there are a number of key ingredients. These are based on science and human nature. Using these elements in a story you can deliver information impactfully, ensure action and drive change.
Structural Design Process: Step-by-Step Guide for BuildingsChandresh Chudasama
Â
The structural design process is explained: Follow our step-by-step guide to understand building design intricacies and ensure structural integrity. Learn how to build wonderful buildings with the help of our detailed information. Learn how to create structures with durability and reliability and also gain insights on ways of managing structures.
3. WHAT IS ENTREPRENEURSHIP
īļ Entrepreneurship is the dynamic process of creating incremental
wealth. The wealth is created by individuals who assume the major
risks in terms of equity, time and/or career commitment or provide
value for some product or service. The product or service may or may
not be new or unique, but value must somehow be infused by the
entrepreneur by receiving and locating the necessary skills and
resources efficiently and effectively.
4. WHAT IS ENTREPRENEURSHIP
Entrepreneurship is thus considered as the process of creating something new
with value by devoting the necessary time and effort, assuming the accompanying
financial, psychic, and social risks, and receiving the resulting rewards of monetary
and personal satisfaction and independence that comes with it.
This definition stresses four basic aspects of being an entrepreneur regardless of
the field. First, entrepreneurship involves the creation process, creating something
new of value. The creation has to have value to the entrepreneur and value to the
audience for which it is developed. This audience could be
1. the market of organizational buyers for business innovation,
2. the hospitalâs administration for a new admitting procedure and software,
3.prospective students for a new course or even college of entrepreneurship, or
4. the constituency for a new service provided by a non-profit agency.
5. WHAT IS ENTREPRENEURSHIP
īļ Secondly, entrepreneurship requires the devotion of the necessary time and
effort. Only those going through the entrepreneurial process appreciate the
significant amount of time and effort it takes to create something new and make it
operational.
īļ For the person who actually starts his or her own business, the experience is
filled with enthusiasm, frustration, anxiety, and hard work. There is a high failure
rate due to such things as poor sales, intense competition, lack of capital, or lack
of managerial ability. The financial and emotional risk can also be very high.
What, then, causes a person to make this difficult decision? The question can be
best explored by looking at the decision process involved in becoming an
entrepreneur.
6. ENTREPRENEURSHIP ESSENTIALS
Entrepreneurship is an essential element for economic progress as it manifests its
fundamental importance in different ways by:
īļ identifying, assessing and exploiting business opportunities;
īļ creating new firms and/or renewing existing ones by making them more dynamic;
and
īļ driving the economy forward through innovation, competence, job creation and by
generally improving the wellbeing of society.
Entrepreneurship is the active process of recognising an economic demand in an
economy, and supplying the factors of production (land, labour and capital) to satisfy
that demand, usually to generate a profit. High levels of poverty combined with slow
economic growth in the formal sector have forced a large part of the developing
worldâs population into self-employment and informal activities. But this is not
necessarily negative; microenterprises contribute significantly to economic growth,
social stability and equity.
8. īļ An entrepreneur is an enterprising
individual who builds capital through risk
and initiative
īļ The term was originally a loanword from
French and was first defined by the Irish-
French economist Richard Cantillon.
Entrepreneur in English is a term applied to
a person who is willing to help launch a new
venture or enterprise and accept full
responsibility for the outcome.
DEFINITION OF AN ENTREPRENEUR
īļ Jean-Baptiste Say, a French economist, is
believed to have coined the word âentrepreneurâ
in the 19th century. He defined an entrepreneur
as one who undertakes an enterprise, especially a
contractor, acting as intermediary between capital and
labour.
īļ Pickle & Abrahamson (1990) introduced a
compact definition of an entrepreneur: âAn
entrepreneur is one who organizes and manages a business
undertaking, assuming the risk, for the sake of profit.
The entrepreneur evaluates perceived opportunities and
strives to make the decisions that will enable the firm to
realize sustained growth.â
9. īļ An entrepreneur is an individual who
establishes a firm. Entrepreneurs set up
firms in response to economic incentives. In
turn, firms create and operate markets that
provide mechanisms of exchange for
consumers. Firms also create and manage
organizations that provide internal
coordination and market interactions. The
actions of entrepreneurs are the essential
force that helps to drive the economy
towards equilibrium.
ECONOMIC ROLE OF AN ENTREPRENEUR
īļ The entrepreneur is, before anything, a
consumer. The consumer becomes an
entrepreneur by choosing to establish a firm.
Consumers bring to the task of
entrepreneurship their judgment, knowledge,
and technology. Consumers decide to become
entrepreneurs based on their personal
characteristics and their judgment of available
market opportunities. Entrepreneurs act
rationally and purposefully based on
maximizing their net benefits.
10. īļ A firm is defined to be a transaction
institution whose objectives are separate
from those of its owners. All firms involve
some combination of market mechanisms
and organizational structures. A market is a
transaction mechanism that brings buyers
and sellers together. A market can be a store,
a web site, a matchmaker, or an auction..
ECONOMIC ROLE OF AN ENTREPRENEUR
īļ An organization is a mechanism for
managing nonmarket transactions inside the
firm, including those between owners and
managers, between managers and employees,
and between employees, and for managing the
firmâs market transactions. An organization
can involve hierarchies, bureaucracies, groups,
teams, and networks
11. THE OBJECTIVES AND AIMS OF A FIRM
When an Entrepreneur sets up a business, they may have some unstated aims or objectives. Other businesses
may wish to state exactly what they are aiming to do, such as Amazon, the Internet CD and bookseller, who
wants to âmake history and have funâ or Global Communications Nigeria (Glo) ârule your worldâ.
An aim is where the business wants to go in the future, its goals and aspirations. It is a statement of purpose.
Corporate aims express the long-term intentions of an organisation to develop in a certain way.
TERM DEFINITION EXAMPLE
MISSION Overall Purpose To be the best known for name for confectionery
GOAL General Statement To be the market leader in confectionery sales
OBJECTIVE Quantifiable Statement of the goal To increase sales by 10% per year
12. THE OBJECTIVES AND AIMS OF A FIRM
īļ A mission statement sets out the business vision and values that enables employees, managers,
customers and even suppliers to understand the underlying basis for the actions of the business.
īļ Business objectives are the stated, measurable targets of how to achieve business aims. Objectives give
the business a clearly defined target. Plans can then be made to achieve these targets. This can motivate the
employees.
The idea behind setting aims is to ensure that:
īļ Everyone in the business has a clear focus of the direction that it is going in.
īļ The entrepreneur can see or determine how much he has achieved after a given time.
īļ They provide a framework within which business strategies can be drawn up
īļ Having set long-term aims of the business, there is a need to communicate them to the stakeholders.
This is done through a mission statement. The mission statements will outline the overall reason for the
firmâs existence.
Aims and mission statements are long-term and therefore lack the detail for day-to-day decisions of
running a business. However, this detail will be given in the firmâs objectives, which should set measurable
targets. Many businesses set two types of objectives:
13. CHA R A CTER ISTICS OF EFFECTIVE BUSINESS
OBJ ECTIVES
The most effective business objectives meet the following criteria: (SMART)
īļ S â Specific â objectives are aimed at what the business does, e.g. a hotel might have
an objective of filling 60% of its beds a night during October, an objective specific to
that business.
īļ M â Measurable â the business can put a value to the objective, e.g. âŦ10,000 in sales
in the next half year of trading.
īļ A â Agreed by all those concerned in trying to achieve the objective.
īļ R â Realistic â the objective should be challenging, but it should also be able to be
achieved by the resources available.
īļ T- Time specific â they have a time limit of when the objective should be achieved,
e.g. by the end of the year.
15. TRAILS OF AN ENTREPRENEUR
īļ Entrepreneurial success depends on the management of your own self. For this
you require certain traits, qualities or behavioural competencies.
Barreto (1982) presents four groupings of the critical traits of an entrepreneur;
coordinator, arbitrage, innovation, and uncertainty-bearing. He further divides the
last category into sub-groupings: He further divides the last category into sub-
groupings: speculation, ownership, and decision-maker. These characteristics
demonstrate the human elements of entrepreneurship.
īļ Coordinator: An entrepreneur is a combiner and coordinator of productive
resources. He is at the crux of the market system. This implies that the entrepreneur
is the link of communication between the various classes of producer and
consumer. He directs the business of production and is the center of many bearings
and relationships
16. TRAILS OF AN ENTREPRENEUR
īļ Arbitrageur: The entrepreneur is someone with the ability to perceive profit
opportunities and act upon them. He observes the opportunity to sell something at a
price higher than that at which he may be willing to pay for it.
īļ Innovator: Innovation is an outcome of new combinations created by the
entrepreneur. These new combinations are created by the entrepreneur who
develops new goods, quality, new methods of production, new markets or new
organizations.
īļ A speculator: The entrepreneur, in conducting his transactions buys at a certain
price and sells at an uncertain price. He is a speculator and the key to the market
system because of his willingness to bear risk.
īļ Owner: The adoption of the entrepreneurial role carries with it the assumption
of responsibilities in an uncertain business environment. The entrepreneur
motivates production and becomes the responsible owner of the product.
17. P E R S O NA L C H A R A C T E R I S T I C S O F A N E N T R E P R E N E U R
īļ Timmons (1994) describes entrepreneurial mind (which means the attitudes and
behaviour of successful entrepreneurs) as those people who are capable of hard work,
and are driven by an intense commitment and determined perseverance. They see the cup
half full rather than half empty, they strive for integrity, they burn with competitive desire
to excel and win. They use failure as a tool for learning and eschew perfection in favour
of effectiveness. They believe they can personally make an enormous difference in the
final outcome of their ventures and their life.
īļ Successful entrepreneurs have many qualities in common with one another. They are
confident and optimistic, disciplined self-starters. They are open to any new ideas which
cross their path. Here are ten personal traits of a successful entrepreneur:
īļ Passion: Passion is the most important attribute of successful entrepreneur. They
genuinely love their work. They are willing to put in extra hours to make the business
grow because there is a joy their business gives which goes beyond the money or profit.
The successful entrepreneur will always be reading and researching ways to make the
business better.
18. P E R S O NA L C H A R A C T E R I S T I C S O F A N E N T R E P R E N E U R
īļ Disciplined: They are focused on making their businesses work, and eliminate any
hindrances or distractions to their goals. Successful entrepreneurs are disciplined enough
to take steps every day toward the achievement of their objectives.
īļ Confidence: The entrepreneur does not ask questions about whether they can
succeed or worthy of success. They are confidence with the knowledge that they will
make their businesses succeed. They exude that confidence in everything they do.
īļ Open Minded: Entrepreneurs realize that every event and situation is a business
opportunity. Ideas are constantly being generated about workflows and efficiency, people
skills and potential new enterprises. They have the ability to look at everything around
them and focus it toward their goals. They update their knowledge continuously and seek
information form a variety of sources.
īļ Self-Starter: Entrepreneurs know that if something needs to be done, they should
start it themselves. They set the parameters and make sure that projects follow that path.
They are proactive, not waiting for someone to give them permission.
19. P E R S O NA L C H A R A C T E R I S T I C S O F A N E N T R E P R E N E U R
īļ Competitive: Many companies are formed because of an entrepreneur knows they can do a job better
than another. They need to win at the sports they play and need to win at the business that they create. An
entrepreneur will always be willing to highlight their own companyâs track record of success. The success of
the entrepreneur will depend on the quality of their product or service.
īļ Creativity: One facet of creativity is being able to make connections between seemingly unrelated
events or situations. Entrepreneur often come up with solutions which are the synthesis of other items. They
will repurpose products to market them to new industries.
īļ Determination: Entrepreneurs are not thwarted by their defeats. They look at defeat as an opportunity
for success. They are determined to make all their endeavours succeed, so they will try and try again until it
does. Successful entrepreneurs do not believe that something cannot be done.
īļ Strong people skills: The entrepreneur has strong communication skills to sell the product and
motivate employees. Most successful entrepreneurs know how to motivate their employees so the business
grows overall. They are very good at highlighting the benefits of any situation and coaching others to their
success.
īļ Strong work ethic: The successful entrepreneur will often be the first person to arrive at the office and
the last one to leave. They will come in on their days off to make sure that an outcome meets their
expectation. Their mind is constantly on their work, whether they are in or out of workplace.
20. INTER PER SONAL SKILLS OF A N ENTR EPR ENEUR
These could be referred to as social skills. They are a set of skills that people use when interacting and
communicating with one another. These skills show up in countless interactions, from public
speaking, group projects and team presentations, to professional writing (work e-mails, contracts etc.)
and talking with friends and business associates. Here are a few tips on how to improve your
interpersonal skills:
īļ Ãŧ Be an active listenerâ Take the time to listen and show others that youâre listening and
understand their perspective-even if it is not in line with yours.
īļ Body languageâ I donât know many people who enjoy being around unhappy individuals or
those who appear to be unhappy in any given moment. Make sure to smile, stand tall, make eye
contact and do your best to give off a good vibe. Your body language introduces you to those
around you before you even open your mouth.
īļ Empathizeâ Try putting yourself in someone elseâs shoes and understand their perspective. This
will allow you to better respond to their feelings and it will show them that you care.
īļ Humourâ It is not all about business. After all, we are all human. Be spontaneous and say
something at an appropriate time that you think will make the other person smile. If they smile, you
know theyâre probably working on their interpersonal skills, too.
21. INTER PER SONAL SKILLS OF A N ENTR EPR ENEUR
īļ Optimismâ Be optimistic, open minded and have an overall positive
attitude. Positive attitudes are contagious to those around you. Everyone knows
someone who has a negative attitude and you definitely do not want to be one of
them.
īļ Think on your feetâ It is important to be sharp, pick up on, and react to both
verbal and nonverbal cues of others.
īļ Be patientâ Not everyone processes and understand concepts in the same
way. Take the time to make sure that whoever youâre talking to understands what
youâre saying.
īļ Practice- The more interactions you have with others, the more progress youâll
make.
23. CR EA TIVITY A ND INNOVA TION
īļ Sources of new ideas.
- consumers.
- Existing companies.
- Distribution channels.
- federal Government.
- Research and development.
īļ Methods of generating ideas.
- Focus Groups.
- Brainstorming.
- Problem inventory analysis.
Creative problem solving.
- Brainstorming.
- Reverse brainstorming.
- checklist method.
- Free association.
- Forced relationship.
- collective notebook method.
- scientific method.
- value analysis.
- Attribute listing.
- matrix charting.
- Big dream approach.
- Parameter analysis.
24. INNOVA TION A ND ENTR EPR ENEUR SHIP
Schumpeter has firmly expressed his opinion that the function of
entrepreneurship is innovation.
īļ Innovation of new product.
īļ Innovation of new technology.
īļ Innovation of new process of production methods.
īļ Exploration of new markets.
īļ Searching for the new sources and supply.
īļ Innovation of industrial reconstruction method.