Assigned Activity (Role Playing, Debate etc.

,)
GROUP 1- Innovator, Relevance of Studying
Entrepreneurship and Innovation (slide 4, 5 & 6)
GROUP 2 - Innovator; Relevance of Studying
Entrepreneurship and Innovation (slide 8,9, and 1)
GROUP 3 - Who are Entrepreneurs? (slide 12, & 13)
GROUP 4 - Typical Characteristics, background and
experiences of Entrepreneurs (slide 14 & 15)
GROUP 5 – Challenges and Opportunities with the
Entrepreneurial Career Path (slide 16 & 17)
GROUP 6 - Changing Face of Entrepreneurship; Common
Myths about Entrepreneurship (slide 18 & 19)
What is Entrepreneurship?
Entrepreneurship is the act of creating a business or businesses
while building and scaling it to generate a profit.

However, as a basic entrepreneurship definition, it’s a bit limiting.

The more modern entrepreneurship definition is also about
transforming the world by solving big problems. Like
initiating social change, creating an innovative product or
presenting a new life-changing solution.

What the entrepreneurship definition doesn’t tell you is that

entrepreneurship is what people do to take their career and
dreams into their hands and lead it in the direction of their own
choice. It’s about building a life on your own terms. No bosses.
No restricting schedules. And no one holding you back.
Entrepreneurs are able to take the first step into making the world
a better place, for everyone in it.
Entrepreneurship- is an important aspect of
the contemporary business world. It occurs
for individuals and within organizations, both
large and small. Entrepreneurship fuels
success in a highly competitive business
environment.

 Strategic thinking and risk-taking behavior

that results in the creation of new
opportunities for individuals and / or
organizations
The Entrepreneur and the
Innovator

Who is an Entrepreneur?
• An entrepreneur is an owner of a business
who invests his/her resources to bring an
idea to life, setting the direction that
transforms that idea into reality, thus
providing and gaining value that balances
effort, purpose and profit.
 Five Components of an
Entrepreneur

1. Owner who invests resources

2. Brings an idea to life
3. Setting direction
4. Making things happen
5. Adding value
Who is an Innovator?
 An innovator is a person who introduces
either a new process, product, service or
business model to the market place that
becomes commercially successful.

This description is different from an inventor

who creates something new but has not
attained commercial success.
 Innovation, therefore, has two necessary
elements – it must be new and it must be a
commercial success. In this scenario,
anything new requires customer acceptance
and there must be a critical mass of target
customers willing to pay for the innovation.

Elements of Innovation
1. New
2. Commercial success
 What is the Relevance of
Studying Entrepreneurship and
Innovation
 Entrepreneurship is focused on
developing knowledge, skills, and
understanding of how an innovative and
creative idea, product, or process can be
used to form a new and successful
business or to help an existing firm to grow
and expand. ... For this purpose
Government also
welcomes entrepreneurs to start their
business.
 Entrepreneurs create employment
opportunities not only for themselves but for
others as well. Entrepreneurial activities
may influence a country's economic
performance by bringing new products,
methods, and production processes to the
market and by boosting productivity and
competition more broadly.
Entrepreneurs are:
 Risk-taking individuals who take actions to pursue
opportunities and situations others may fail to
recognize or may view as problems or threats.
 Founders of businesses that become large-scale
enterprise
 People who:
o Buy a local franchise outlet
o Open a small retail shop
o Operate a self-employed service business
 People who introduce a new product or
operational change in an existing organization.
Typical Characteristics of entrepreneurs:
 High energy level
 High need for achievement
 Tolerance for ambiquity
 Self-confidence
 Passion and action orientation
 Self-reliance and desire for independence
 Flexibility
Typical entrepreneurial backgrounds and
experiences:
 Parents were entrepreneurs or self-employed
 Families encourage responsibility, initiative, and
independence
 Have tried more than one business venture
 Have relevant personal or career experience
 Become entrepreneurs between 22 and 45 years of
age
 Have strong interests in creative production and
enterprise control
 Seek independence and sense of mastery
 Challenges and Opportunities with the
Entrepreneur Career Path
CHALLENGES OPPORTUNITIES
Finding the right business Creating wealth
opportunity
Needing to work , often without pay, Becoming independent-taking charge of a
for long hours career
Uncertainty as to when the venture Doing well while doing good through social
will succeed-high risk entrepreneurship
Needing to make major decisions, Working in a business environment that the
often that affect other people’s lives entrepreneur creates
Relying on other people for Doing something the entrepreneur is
expertise and resources passionate about
Having no previous experience on Making a difference
which to rely
Facing failure at some point Creating new jobs
Finding the right people to grow the Supporting the community
business
Raising capital and other resources
Dealing with a sense of isolation and
disillusionment
Changing Face of Entrepreneurship:
 Necessity-based entrepreneurship
*driven by absolute need
• few to no employment or career options
elsewhere
 Social entrepreneurship
- Seeks novel ways to solve social problems at home
and abroad
- May include job training for homeless, improving
literacy among disadvantaged youth, providing
start-up capital for minority-owned businesses
Common Myths about Entrepreneurs:
 Entrepreneurs are born, not made
 Entrepreneurs are gamblers
 Money is the key to entrepreneurial success
 You have to be young to be an entrepreneur
 You must have a degree in business to be an
entrepreneur
Trends in Entrepreneurship
 Technological advancements
 Independent lifestyles
 E-Commerce and the World Wide Web
 International opportunities
 Young entrepreneurs
 Women entrepreneurs
 Minority enterprise
 Immigrant entrepreneurs
 Part-time entrepreneurs
 Home-based business
 How does one start a new venture?
•Life cycle of entrepreneurial firms
•Birth Stage
•Breakthrough stage
•Maturity Stage

Each stage poses different managerial

challenges and requires different managerial
competencies.
How to avoid the Pitfalls

 Know your business in depth

 Prepare a business plan
 Manage financial resources
 Understand financial statements
 Learn to manage people effectively
 Set your business apart from the competition
 Keep in tune with yourself
Preparing to be an Entrepreneur
 Find a mentor
 Build a network
 Learn about entrepreneurs
 Identify reasons for wanting to own a business
 Analyze personality and business preferences
 Improve or acquire critical skills
 Study an industry