2. In this topic we will discuss the following
• Introduction to entrepreneurship
• Characteristics of entrepreneur
• Entrepreneurial process
• Entrepreneurship model
3. Introduction to entrepreneurship
This is the era of the entrepreneur! Through the
world, growing numbers of people are realizing their
dreams of owning and operating their own business.
Entrepreneurship is thriving. The past two decades
have seen record numbers of entrepreneurs launching
new businesses and each year.
4. What is Entrepreneurship?
The capacity and willingness to develop, organize
and manage a business venture along with any of
its risks in order to make a profit. The most obvious
example of entrepreneurship is the starting of
new businesses.
In economics, entrepreneurship combined
with land, labor, natural
resources and capital can produce profit.
5. What is an entrepreneur?
An entrepreneur is someone that creates a new
business. This can carry a high risk because it
requires money to set up a new business without
knowing if it will give a return on investment.
An entrepreneur: Sees an opportunity. Makes a plan.
Starts the business. Manages the business. Receives
the profits.
6. Characteristics of entrepreneur
• Desire for responsibility
• Preference for moderate risk (risk eliminators)
• Confidence in their ability to succeed
• Desire for immediate feedback
• High level of energy
• Future orientation (serial entrepreneurs)
• Skill in organization
• Value of achievement over money
• High degree of commitment
• Willingness to accept risk, work hard and take action
• Flexibility
7. The Benefits of Entrepreneurship
The primary benefits entrepreneurs enjoy include the
opportunity to:
• Create their own destiny
• Make a difference
• Reach their full potential
• Generate impressive profits
• Contribute to society and be recognized for their
efforts
• Do what they enjoy and have fun at it!
8. The Potential Drawbacks of
Entrepreneurship
With these potential rewards, Entrepreneurship also presents
risk and uncertainty.
Entrepreneurs may experience:
• Uncertainty of income –”The entrepreneur is the last one to
be paid.”
• Risk of losing their entire investment
• Long hours and hard work
• Lower quality of life until the business gets established
• High levels of stress
• Complete responsibility
• Discouragement
9. Trends of the Entrepreneurship
The rapid increase in entrepreneurs has been a
result of:
• Considering entrepreneurs as heroes
• Entrepreneurial education
• Demographic and economic factors
• Shift to a service economy
• Technological advancements
• Independent lifestyles
• Commerce and the Internet
• Additional international opportunities
10. Growth of entrepreneurship
Entrepreneurs are found in virtually every walk of life
including:
• Young Entrepreneurs
• Women Entrepreneurs
• Minority Enterprises
• Immigrant Entrepreneurs
• Part-time Entrepreneurs
• Home-Based Businesses
• Family Businesses
• Co-preneurs
• Corporate Castoffs
• Corporate Dropouts
11. Why entrepreneur Fail?
1. Management mistakes
2. Lack of experience
3. Poor financial control
4. Weak marketing efforts
5. Failure to develop a strategic plan
6. Uncontrolled growth
7. Poor location
8. Improper inventory control
9. Incorrect pricing
10. Inability to make the “entrepreneurial transition”
12. How to Avoid the Pitfalls?
These same studies have indicated that
entrepreneurs can increase their changes for
success if they:
• Know their business in depth.
• Develop a solid business plan in writing.
• Manage financial resources.
• Understand financial statements.
• Learn to manage people effectively.
• Keep in tune with who they are.
14. Entrepreneurial process
The process of starting a new venture is
embodied in the entrepreneurial process, which
involves more than just problem solving in a
typical management position. An entrepreneur
must find, evaluate, and develop an opportunity
by overcoming the forces that resist the creation
of something new.
15. The Entrepreneurial Process
The Entrepreneurial Process Consists of 4
Steps
Step 1: Deciding to become an entrepreneur.
Step 2: Developing successful business ideas.
Step 3: Moving from an idea to an enterprise.
Step 4: Managing and growing the enterprise.
1-15
17. Entrepreneurship model
Entrepreneurship is not something special that a few
people are born with. Entrepreneurship is a way of
thinking that can be nurtured. So the question is;
“ An entrepreneur is born or made”
The ACRO model was introduced to focus on the
attitudes, skills and behaviors needed to enable
young people to meet the needs of business in the
21st century
19. Attitude.
If you want to succeed at anything in life, having the
right attitude is vital. This dimension is about
understanding yourself, your motivations and how to
achieve your goals.
• Self knowledge, belief and confidence
• Motivation
• Aspiration
• Determination
• Competitiveness
20. Creativity.
You don’t need to be a genius to be creative. It is
about the ability to generate fresh ideas, solve
problems and spot new opportunities
• Problem solving
• Lateral thinking / ideas generation
• Spotting and creating opportunities
• Innovation
21. Relationship.
It’s all about people, the ability to communicate
effectively, expressing your own views and ideas,
appreciating others’ viewpoint and working co-
operatively
• Working with others
• Managing difficult situations
• Negotiation, persuasion and influence
• Presentation
• Communication
22. Organization.
Making informed decisions and fulfilling your
objectives by planning and managing situations,
resources and risk
• Planning
• Managing resources
• Decision making
• Research and understanding the environment
• Managing risk
• Vision and goal setting
23. Conclusion.
This model is used as the foundation for all the
resources and programme development. Providing
the highlight the skills and attitudes needed by
young people to succeed, and how these are applied
in their everyday lives
