Entrepreneurship Mr shimoomba Hastings 1.pptx

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1. Entrepreneurship DOMBOKA ROBERT PEDZISAI UZ , KIU, UNZA

2. INTRODUCTION Entrepreneur/ship, just like management, has no single definition. An entrepreneur is a person who is action oriented, highly motivated, takes risks to achieve goals An entrepreneur is a person who establishes his own business with the intention of making profits An entrepreneur is a person who only provides capital without taking active part in the leading role in an enterprise. An entrepreneur is a one who innovates, raise money, assemble input, choose managers and set the organization growing.

3. Continued… To sum up in the light of the developments, there are four key elements of entrepreneurs. These are: Vision (identifying emerging opportunities) Innovation (creating new business or new ways of doing something) Risk bearing (taking risk and facing uncertainty) Organizing (collection and coordination of the necessary resources)

4. In short, the different concepts of entrepreneurship are as follows: Risk  Bearing Concept. ... Innovative Concept. ... Managerial Skill Concept. ... Creative and Leadership Concept. ... High Achievement Capacity Concept. ... Professional Concept. ... Organisation and Coordination Concept. ... Business Oriented Concept

5. Entrepreneur & Entrepreneurship Entrepreneurship , like an entrepreneur, has no single definition. Entrepreneur is a person while entrepreneurship is a process. Entrepreneurship is a process under taken by an entrepreneur to create incremental value and wealth by discovering investment opportunities, organizing enterprises, undertaking risks and economic uncertainty and there by contributing to economic growth An  Entrepreneur  is often the founder of the business enterprise whereas  Entrepreneurship  ranges from single projects to multiple projects to generate various employment opportunities in society

6. CONT.. An  entrepreneur  is a person who starts a new business and usually risks his own money to start the venture.  Examples  of well-known  entrepreneurs  include Bill Gates, Steve Jobs, Mark Zuckerberg, Pierre Omidyar , Arianna Huffington and Caterina Fake, Master Kent, Mr Kaunda Eden University, Strive Masiiwa etc Zambian examples

7. Cont.. Entrepreneur Entrepreneurship Visualizer Vision Innovator Innovation Leader Leadership Risk Bearer Risk bearing Practices Coordinator Coordination Planner Planning Administrator Administration Initiator Initatives Technician Technology Showing 1 to 9 of 9 entries

8. An Entrepreneur is often the founder of the business enterprise whereas Entrepreneurship ranges from single projects to multiple projects to generate various employment opportunities in society. If an individual wish to set up a company of one Million $, then this vision is entrepreneurship whereas the individual who visualizes it is an entrepreneur.  Entrepreneur innovates/develop some unique products or services or technology whereas the processes/ measures to innovate or discover that products or services are Entrepreneurship. An entrepreneur is a leader, motivator or director who leads the organisation towards its vision whereas the tactics or practices through which an entrepreneur leads the organisation is entrepreneurship.

9. Cont.. Entrepreneurs are risk-takers who always ready to take risks to make their company profitable and to serve society, on the other hand, there are several segments in which an entrepreneur has to bear risks, hence these risk-taking practices are Entrepreneurship.  An entrepreneur is a coordinator who establishes coordination among different essential requirements of the organisation whereas the process of coordination is entrepreneurship. An entrepreneur is an initiator who initiates different initiatives for the sake of betterment in the organisation , on the other hand, those taken initiatives are the entrepreneurship. Entrepreneurs are the person who plans certain activities regarding marketing, finance, sales, techniques whereas entrepreneurship is  planning .

10. Cont.. Entrepreneurs typically not only initiates and operates a new venture but at the same time they are also accountable for risks associated in business whereas entrepreneurship is the procedure of starting new businesses or enterprises which is responsible for identifying opportunities. An entrepreneur is an administrator whereas entrepreneurship is administration. An entrepreneur is creator and entrepreneurship is creation. An entrepreneur is a technician whereas entrepreneurship is technology

11. Why entrepreneurship? Growth of Entrepreneurship./new ventures/new ideas Creation of job opportunities. Innovation./incubator of innovation Impact on community development. The consequence of business failure. Political and economic integration of outsiders. Spawns entrepreneurship. Enhances the standard of living. Promotes research and development

12. Characteristics of an Entrepreneur Entrepreneur is an agent. Entrepreneur is a risk-taker. Entrepreneur is a profit maker. Entrepreneur is an achievement motivator. Entrepreneur is a capital provider. Entrepreneur is the determinant of the nature of the business. Entrepreneur is an innovator. Entrepreneur is a reward receiver. Entrepreneur is a challenge taker.

13. Entrepreneur is an agent An entrepreneur is perceived as an economic agent who assembles materials for producing goods at a cost that ensures profits and re-accumulation of capital. He is also understood as a change agent who brings about changes in the structure and formation of the organization, market and the arena of goods and services

14. Entrepreneur is a risk-taker Many experts – old and new, have emphasized this characteristic. Back I955, Redlich pointed out that an entrepreneur is a person who identifies the nature of risk and takes a decision. Later on, Burch, Meredith and other experts have agreed that an entrepreneur is a risk-taker while undertaking a venture.

15. Entrepreneur is a profit maker An entrepreneur is an individual who establishes and manages the business for the principal purpose of profit and growth

16. Entrepreneur is an achievement motivator David C. McClelland has initiated this concept of the entrepreneur by calling him “as per sun with a strong desire for achievement.” Later on, Meredith and others have expressed the same concept while they termed “entrepreneurs are action-oriented, highly’ motivated individuals.” Therefore, entrepreneurs have to have a deep-rooted need for achieving their goals

17. Entrepreneur is a capital provider Entrepreneur a person who operates a business by investing his or her capital. Abbett first pointed out this characteristic in 1967. It supported by Nadkami (l97S) and Sharma (1981). They perceived entrepreneur as the founder of an enterprise who assembles necessary resources for the operation of the enterprise.

18. Entrepreneur is the determinant of the nature of the business This characteristic /concept of the entrepreneur was promoted by Evans in 1957 It says that an entrepreneur is the person or group of persons who perform the task of determining the kind of business to the operated. Therefore, entrepreneurs promote diversified and distinct types of business in society

19. Entrepreneur is an innovator . Joseph A. Schumpeter {1934) characterized entrepreneur as an innovator of a new combination in the field of production Later on Robinson (1962) and Hagen (1962) have described entrepreneurs as a person who lakes a small venture to the edge of success by his efforts, innovation and motivation. Innovation is perceived by Schumpeter as an action that introduces a product, a new quality, a new method of production, a new market and a new organization.

20. Entrepreneur is a reward receiver   An entrepreneur is a person who creates something new of value by devoting time and efforts and in tum receives monetary and personal rewards. Max Weber, Hartman, Hisrich and Peters have recognized this distinct phenomenon of entrepreneurs

21. Entrepreneur is a challenge taker It perceives an entrepreneur as a person who accepts challenges for developing and exercising vigilance about success and failure to take a risk and to generate products. The above-mentioned characterizes an entrepreneur show’ that an entrepreneur is a dynamic person who promotes society and civilization by taking ventures that give an enormous variety of goods and organizations to bring about changes in the arena of industrial activity