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Chapter 1

This document outlines the contents of an entrepreneurship textbook. It includes 7 chapters that cover topics like business planning, formation, product development, marketing, and financing. Chapter 1 defines entrepreneurship and entrepreneurs, discusses the types of entrepreneurs and their skills and roles. It also covers the entrepreneurial environment and the relationship between creativity, innovation and entrepreneurship.

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59 views14 pages

Chapter 1

This document outlines the contents of an entrepreneurship textbook. It includes 7 chapters that cover topics like business planning, formation, product development, marketing, and financing. Chapter 1 defines entrepreneurship and entrepreneurs, discusses the types of entrepreneurs and their skills and roles. It also covers the entrepreneurial environment and the relationship between creativity, innovation and entrepreneurship.

Uploaded by

Hana
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PPTX, PDF, TXT or read online on Scribd
You are on page 1/ 14

⁑Chapter One: Fundamentals Of Entrepreneurship

⁑Chapter Two: Business Planning


⁑Chapter Three: Business Formation
⁑Chapter Four: Products Development
⁑Chapter Five: Marketing
⁑Chapter Six: Business Financing
⁑Chapter Seven: Managing Startup And Growth
02/24/2024 Entrepreneurship 1
THE NATURE OF
ENTREPRENEURSHIP

02/24/2024
CHAPTER ONE
Entrepreneurship Ch 1 -2
1.1 Definitions of Entrepreneurship and Entrepreneur
 a process of identifying opportunities and investing the resources to
exploit it for a profit.

 is the processes through which individuals become aware of


business ownership, develop ideas for, and initiate a business.

 a process of creating something different and better with value

 devoting time and effort

 assuming financial, psychic and social risks and receiving the


resulting monetary reward and personal satisfaction.

02/24/2024 Entrepreneurship 3
Con’t…
 In General, the process of entrepreneurship includes five critical
elements. i.e: the ability to:
 perceive an opportunity.

 commercialize the perceived opportunity i.e. innovation

 pursue it on a sustainable basis.

 pursue it through systematic means.

 The acceptance of risk or failure.

02/24/2024 Entrepreneurship 4
1.2 Definition of Entrepreneur from different perspectives

i.e. from the economist, psychologist and capitalist philosopher’s point of view.

• To an economist, one who brings resource, labor, materials, and other assets into
combination that makes their value greater than before.

• To a psychologist, a person typically driven by certain forces need to obtain or


attain something

• For capitalist philosopher, one who creates wealth, finds better way to utilize
resources and reduce waste and who produce job others are glad to get.

• In general, entrepreneur refers to the person and entrepreneurship defines the


process.
• All entrepreneurs are business persons, but not all business persons are
entrepreneurs.
1.3 Types of Entrepreneurs

 The individual entrepreneur: is someone who started; acquired or


franchised his/her own independent organization.

 Intrapreneur: is a person who does entrepreneurial work within


large organization.

 The Entrepreneurial Organization: An organization that create an


environment in which all of its members can contribute in some
function to the entrepreneurial function.

02/24/2024 Entrepreneurship 6
1.4 Role of Entrepreneurs in Economic Development
 Improvement in per capita Income/Wealth Generation
 Generation of Employment Opportunities
 Inspire others towards Entrepreneurship
 Balanced Regional Development

 Enhance the Number of Enterprise


 Provide Diversity in Firms
 Economic Independence
 Combine Economic factors

 Provide Market efficiency


 Accepting Risk
 Maximize Investor’s Return 7
1.5 Qualities of an Entrepreneur

To be successful, an entrepreneur should have the following qualities:


 Opportunity-seeking
 Risk Taking
 Demanding for efficiency and quality
 Information-seeking
 Goal Setting
 Planning
 Persuasion and networking
 Building self-confidence
 Listening to others
 Demonstrating leadership

02/24/2024 Entrepreneurship 8
1.6. Entrepreneurial Skills
 General Management Skills: are skills required
to organize the physical & financial resources
needed to run the venture. i.e:
 Strategy Skills
 Planning Skills
 Marketing Skills
 Financial Skills
 Project Management Skills
 Time Management Skills

02/24/2024 Entrepreneurship 9
 People Management Skills
 Communication Skills
 Leadership Skills
 Motivation Skills
 Delegation Skills
 Negotiation Skills
• All these different people skills are interrelated.
• Here entrepreneurial performance results from a
combination of industry knowledge, general
management skills; people skills and personal
motivation.

02/24/2024 Entrepreneurship 10
1.7 The Entrepreneurial Tasks

 Owning Organizations
 Founding New Organizations
 Bringing Innovations to
Market
 Identification of Market
Opportunity
 Application of Expertise
 Provision of leadership
 The entrepreneur as manager

02/24/2024 Entrepreneurship 11
1.8 Entrepreneurship and Environment

Business environment may be classified into two broad


categories; namely external and internal environment.
External Environment
 Economic Environment
 Legal Environment
 Political Environment
 Socio-Cultural Environment
 Demographic Environment
Internal Environment;
 Raw Material
 Production/Operation
 Finance
02/24/2024 Entrepreneurship 12
 Human Resource
1.9 Creativity, Innovation and Entrepreneurship

 Creativity is the ability to develop new ideas and to discover new


ways of looking at problems and opportunities.

 Innovation is the ability to apply creative solution to those problems


and opportunities in order to enhance people’s lives or to enrich
society.

 Entrepreneurship = creativity + innovation.


Con’t…

02/24/2024 Entrepreneurship 14

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