ENTREPRENEURSHIP concept of entrepreneurship

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1. Who are the entrepreneur? Is a developer or a designer who develops new ideas and business procedures in response to market demands and personal interest. It is critical to have managerial skills and strong team building talents in order to be a successful entrepreneur The mind-set of an entrepreneur is a barometer of his own success. One of the most essential determinants success is motivation. – is defined as a mix of competency and willingness t do tasks acquired through a combination of experiences, talents and education.

2. Who are the entrepreneur? Entrepreneurs take and accept risks Entrepreneurs own ventures Entrepreneurs are managers Entrepreneurs establish new ventures and develop existing ones. Entrepreneurs identify opportunities in the market Entrepreneurs apply their expertise Entrepreneurs process market information Entrepreneurs bring innovation Entrepreneurs provide market efficiency Entrepreneurs provide leadership

3. The earliest entrepreneurship The first entrepreneurs, believe it or not, dated back approximately 20,000 years. Around 17,000 BCE, the first recorded human trade took place in New Guinea when local traded obsidian.-

4. Development on entrepreneurship as a concept RISK AND UNCERTAINTY Richard Cantillon (1680-1734) Appears to be the individual who first coined the term entrepreneur. The entrepreneur is a specialist in taking on risk, insuring workers by buying their output for resale before consumers have indicated how much they are willing to pay for it. As result the workers income incomes are mostly stable but the entrepreneur risk losing if market prices fluctuate. He was the first writer to give the term entrepreneurship a more defined definition. Entrepreneurs, according to Cantillon are individuals.

5. Development on entrepreneurship as a concept RISK AND UNCERTAINTY Adolf Reidel (1809-1872) He took Cantillon’s concept of uncertainty so that others, such as income earners, do not have to. As a result, by taking on risk on behalf of risk averse income earners, entrepreneurs provide a service to them. Entrepreneurs are compensated in exchange of the effects of uncertainty and sell their products at a higher price than their input costs.

6. Development on entrepreneurship as a concept RISK AND UNCERTAINTY Frank Knight(1885-1972) He clarified Cantillon’s viewpoint on entrepreneurs and risk by differentiating insurable risk from uncertainty which is not insurable. Some hazards are insurable because they have occurred frequently enough for the predicted loss to be calculated. On the other hand, uncertainty is not subject to probability calculation. Entrepreneurs cannot share the risk of loss by insuring themselves against unpredictable events, thus they must face these risks individually, and profit is the incentives for taking uninsurable risks.

7. The distinction between entrepreneur and manager

8. Why is motivation required? Tough competition Unfavourable condition To generate public demand To boost creativity To boost productivity

9. What motivates an entrepreneur? Earn profit Make one’s own choices Attain success Grab an opportunity Give back/ pay it forward

10. What makes a successful entrepreneur? Entrepreneurs are in good physical health Entrepreneurs have superior abilities Entrepreneurs have the broad thinking of the generalist Entrepreneurs have high self confidence Entrepreneurs have a strong personal drive Entrepreneurs need to control and direct Entrepreneurs have moderate interpersonal skills Entrepreneurs are moderate risk taker Entrepreneurs has realistic outlook Entrepreneurs have high degree of emotional stability.

11. 12. Other characteristics of an entrepreneur: Perseverance Energy, diligence Resourcefulness Ability to calculate risk Leadership Optimism Need to achieve Versatility Initiative Flexibility Creativity Intelligence Profit-oriented Cooperativeness Commitment aggressiveness

12. Inspiring entrepreneurs Walt Disney Co-founded the alt Disney company- one of he most successful motion picture companies in the world. He was also responsible for the creation of theme parks such as Disney land and alt Disney . His brand began with the creation of the mickey mouse and later evolved to encompass characters such as snow white, Cinderella and others Mark Zuckerberg

13. The myths, fears, and excuses of people who are not entrepreneurs Entrepreneurs are born Entrepreneurs are super human Entrepreneurs are inventors Entrepreneurs inherit business traits Men are better entrepreneurs Luck and money are the only things needed to become entrepreneurs Entrepreneurs experience many failure.