CH-1 Introduction to Nature of Entrepreneurship PPTX

7 Habits That Turn Boys into Men

1. Taking Responsibility:

Real men understand the importance of taking responsibility for their actions and decisions. This habit goes beyond simply admitting when they are wrong; it involves owning up to the consequences of their choices and working to make amends. They don't make excuses or blame others for their circumstances. Instead, they face challenges head-on and use their experiences as learning opportunities. By taking responsibility, they build credibility and trust with others, which is foundational for any meaningful relationship. This practice fosters maturity and accountability, setting the stage for personal and professional growth.

2. Developing Self-Discipline:

Self-discipline is a cornerstone habit that men cultivate in all areas of life. They set clear, achievable goals and establish effective routines to reach them. This involves prioritizing long-term benefits over short-term pleasures, such as maintaining a healthy lifestyle, managing finances wisely, or advancing in their careers. By mastering self-discipline, they develop the ability to stay focused and resilient in the face of distractions and setbacks. This habit empowers them to make consistent progress toward their aspirations, ultimately leading to a more fulfilled and purposeful life.

3. Seeking Continuous Growth:

Men are committed to personal growth and lifelong learning. They actively seek new knowledge, skills, and experiences, understanding that growth is a continuous process. They embrace challenges and step out of their comfort zones to push their boundaries. This habit includes reading, attending workshops, learning new hobbies, or seeking mentorship. By constantly pushing themselves to improve, they become more adaptable and innovative, capable of navigating an ever-changing world. This commitment to growth not only enhances their own lives but also positively impacts those around them.

4. Cultivating Emotional Intelligence:

Emotional intelligence is crucial for building strong, meaningful relationships. Men develop self-awareness, allowing them to understand their emotions and the impact they have on others. They regulate their emotions effectively, ensuring that their reactions are appropriate and constructive. By empathizing with others, they build deeper connections and navigate social complexities with ease. Effective communication and mature conflict resolution are key aspects of this habit, fostering an environment of mutual respect and understanding.

5. Showing Respect:

Real men treat others with respect, regardless of their background or status. They listen attentively, value different perspectives, and treat everyone with dignity. This habit is about recognizing the inherent worth of every individual and behaving in ways that reflect this understanding. Respect is earned through actions, not demanded, and men who consistently show respect build strong, supportive networks both personally and professionally

1. CHAPTER ONE THE NATURE OF ENTREPRENEURSHIP 7/22/2021 Entrepreneurship Ch 1 - 1

2. 1.1 INTRODUCTION The word ‘ entrepreneur Is originated from a French word, entreprender , was considered as an individual commissioned to undertake a particular commercial project. Entrepreneur is someone who undertakes certain projects. Entrepreneurship is then what the entrepreneur does. Entrepreneurial is an adjective describing how the entrepreneur undertakes what he or she does. 7/22/2021 2 Entrepreneurship

3. Con’t… In ancient period, the word entrepreneur was used to refer to a person managing large commercial projects through the resources provided to him . In the 17 th Century a person who has signed a contractual agreement with the government to provide products or service was considered as entrepreneur . In the 18 th Century the first theory of entrepreneur has been developed by Richard Cantillon and He said that an entrepreneur is a risk taker. 7/22/2021 3 Entrepreneurship

4. Con’t… The other development during the 18 th Century is the differentiation of the entrepreneurial role from capital providing role. In the late 19 th and early 20 th century, the entrepreneur was defined as one who organizes and operates an enterprise for personal gain. In the middle of the 20 th Century, the notion of an entrepreneur as an inventor was established. From the historical development it is possible to understand the fact that the perception of the word entrepreneur was evolved from managing commercial project to the application of innovation (creativity ) in the business idea. 7/22/2021 4 Entrepreneurship

5. 1. 3 Definitions of Entrepreneurship and Entrepreneur Entrepreneurship is 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, then develop ideas for, and initiate a business. Entrepreneurship is a process of creating something different and better with value by devoting the necessary time and effort by assuming the accompanying financial, psychic and social risks and receiving the resulting monetary reward and personal satisfaction. Entrepreneurship is the art of identifying viable business opportunities and mobilizing resources to convert those opportunities into a successful enterprise through creativity, innovation, risk taking and progressive imagination . 7/22/2021 5 Entrepreneurship

6. Con’t… It refers to an individual’s: ability to turn ideas into action involving and engaging in socially-useful wealth creation through application of innovative thinking and execution to meet consumer needs, using one’s own labor, time and ideas. In General , the process of entrepreneurship includes five critical elements . i.e : The ability to perceive an opportunity. The ability to commercialize the perceived opportunity i.e. innovation The ability to pursue it on a sustainable basis. The ability to pursue it through systematic means. The acceptance of risk or failure. 7/22/2021 6 Entrepreneurship

7. 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, to experiment, to accomplish or perhaps to escape the authority of others. For capitalist philosopher, one who creates wealth for others, who 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. 7/22/2021 7 Entrepreneurship

8. 1.4 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. 7/22/2021 8 Entrepreneurship

9. 1.5 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 7/22/2021 9 Entrepreneurship

10. 1.6 Entrepreneurial Competence and Environment 1.6.1 Entrepreneurial Mindset 1.6.1.1 Who Becomes an Entrepreneur? The Young Professional The Inventor The Excluded 7/22/2021 10 Entrepreneurship

11. 1.6.1.2 Qualities of an Entrepreneur To be s uccessful , an entrepreneur should have the following qualities: Opportunity-seeking Persevering Risk Taking Demanding for efficiency and quality Information-seeking Goal Setting Planning Persuasion and networking Building self-confidence Listening to others Demonstrating leadership 7/22/2021 11 Entrepreneurship

12. 1.6.1.3 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 7/22/2021 12 Entrepreneurship

13. 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. 7/22/2021 13 Entrepreneurship

14. 1.6.1.4 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 7/22/2021 14 Entrepreneurship

15. 1.6.1.5 Wealth of the Entrepreneur Wealth is money and anything that money can buy. Who Benefits from the entrepreneur’s Wealth? Employees: Investors: stockholders/lenders. Suppliers Customers The local community Government 7/22/2021 15 Entrepreneurship

16. 1.6.2 Entrepreneurship and Environment 1.6.2.1 Phases of Business 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 Human Resource 7/22/2021 16 Entrepreneurship

17. 1.6.2.2 Environmental Factors Affecting Entrepreneurship Environmental factors which hinder entrepreneurial growth are; Sudden changes in Government policy . Sudden political upsurge . Outbreak of war or regional conflicts . Political instability or hostile Government attitude towards industry . Excessive corruption among Government agencies . 7/22/2021 17 Entrepreneurship

18. con’t… Ideological and social conflicts . Unreliable supply of power, materials, finance, labor and other inputs . Rise in the cost of inputs . Unfavorable market fluctuations . Non-cooperative attitude of banks and financial institutions . Entrepreneurship is environmentally determined. 7/22/2021 18 Entrepreneurship

19. 1.7 Creativity, Innovation and Entrepreneurship 1.7.1 Creativity; is a process of assembling ideas by recombining elements already known but wrongly assumed to be unrelated to each other . key elements of this definition ; Process: implies that, it is more likely a skill than an attitude , and that you can get better at it with practice . Ideas : creativity results in ideas that have potential value . Recombining : the creative process is one of putting things together in unexpected ways. 7/22/2021 19 Entrepreneurship

20. 1.7.1.1 Steps in the Creative Process Step 1 : Opportunity or problem Recognition; A person discovers that a new opportunity exists or a problem needs resolution . Step 2 : Immersion; the individual concentrates on the problem and becomes immersed in it. Step 3: Incubation; a person does not appear to be working on the problem actively; however, the subconscious mind is still engaged. Step 4: Insight; the problem-conquering solution flashes into the person’s mind at an unexpected time, such as on the verge of sleep, during a shower, or while running. Insight is also called the Aha! Experience . Step 5: Verification and Application; the individual sets out to prove that the creative solution has merit. 7/22/2021 20 Entrepreneurship

21. 1.7.1.2 Barriers to Creativity There are a numerous barriers to creativity, i.e. Searching for the one ‘right’ answer Focusing on being logical Blindly following the rules Constantly being practical Viewing play as frivolous Becoming overly specialized Avoiding Ambiguity Fearing looking Foolish Fearing mistakes and failure Believing that ‘I’m not creative 7/22/2021 21 Entrepreneurship

22. 1.7. 2 Innovation Innovation is the implementation of new idea at the individual, group or organizational level . It is a process of intentional change made to rate value by meeting opportunity and seeking advantage Types o f Innovation ; there are 4 types of innovation. Invention - the creation of a new product, service or process Extension - the expansion of a product, service or process Duplication - replication of already existing product, service or process Synthesis - the combination of existing concepts and factors into a new formulation .   7/22/2021 22 Entrepreneurship

23. 1.7.2.1 The Innovation Process Analytical planning : carefully identifying the product or service features, design as well as the resources that will be needed . Resources organization : obtaining the required resources, materials, technology, human or capital resources Implementation : applying the resources in order to accomplish the plans Commercial application : the provision of values to customers, reward employees and satisfy the stakeholders . 7/22/2021 23 Entrepreneurship

24. 1.7.2.2 Areas of Innovation New product New Services New Production Techniques New Way of Delivering the Product or Service to the Customer New Operating Practices New Means of Informing the Customer about the Product New Means of Managing Relationship within the Organization New Ways of Managing Relationships between Organizations 7/22/2021 24 Entrepreneurship

25. 1.7.3 From Creativity to 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 . 7/22/2021 25 Entrepreneurship

26. Con’t… 7/22/2021 26 Entrepreneurship

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