established in the 1700s the meaning has evolved ever since

In the 20th century, economist Joseph Compete (1883-1950) focused on how the entrepreneur's drive for

innovation and improvement creates upheaval and change

Business expert Peter Drunker (1909-2005) took this idea further, describing the entrepreneur

as someone who actually searches for change, responds to it, and exploits change as an opportunity

Most economists today agree that entrepreneurship is a necessary ingredient for stimulating economic growth and employment opportunities in all societies

Understood as a Combination of Creativity and Innovation

involves coming up with innovative ideas and trying out new methods within the operations

involves the consideration of a number of opportunities to improve employee performance and business profits

it is a useful tool within the sphere of influence of entrepreneurship and serves a niche market for improving on the business performance

involves the owner taking absolute responsibility of empowering the employees and in turn, affecting sales and profitability of the business.

` Businessman / Business Entrepreneur / Entrepreneurship

Works for the company The company works for him

Usually plays safe Bold and ambitious

Generally traditional An innovator

Usually distressed and experiences sleepless nights

Always a happy and enthusiastic businessman

Generally hire people to contribute profit

Hire people to make their lives better

Customers A growing number of consumers consider such factors when

deciding whether to patronize your business. A company's "social responsibility" quotient can make a

difference to its bottom line. If you think getting involved in social causes would work for

your business, here are some things to consider First and foremost, customers can smell "phony" social

responsibility a mile away, so unless you're really committed to a cause,

don't try to exploit customers' concerns to make a profit.

discuss the competencies of entrepreneurship 1. Integrity - the entrepreneur has a clear sense of values and

beliefs that underpin the creative and that influence the actions they take 

2. Conceptual Thinking - the entrepreneur is prepared to use fresh approaches; comes up with crazy ideas that may just work

3. Risk taking - the entrepreneur understands that risk taking means trying something new, and possibly better 

4. Networking - the entrepreneur understands that networking is a key business activity which can provide access to information 

5. Strategic Thinking -is able to think through any complex implications for the business

Personal Initiative (PUTTING YOURSELF TO TASK)

Virtually everything we do on earth is born out of initiative, but whether it is personal or collective is another issue altogether.

Personal initiative could be described as a divine

Opportunities Opportunity is an auspicious state of affairs or a suitable time: "If

you prepare yourself . . . you will be able to grasp opportunity for broader experience when it appears" (Eleanor Roosevelt). Occasion suggests the proper time for action: an auspicious occasion; an occasion for celebration. An opening is an opportunity affording a good possibility of success: waited patiently for her opening, then exposed the report's inconsistency. Chance often implies an opportunity that arises through luck or accident: a chance for us to chat; no chance of losing. A break is an often sudden piece of luck, especially good luck: got his first big break in Hollywood.

Example Of Endurance Patience Smart thinking willing to take risks in the company earned wise deal with customers quickly detect errors wisely manage the effects

Information Seeker This is the glossary definition for Directed information seeker from

my E-marketing glossary which provides succinct definitions of the many terms related to managing and implementing Internet marketing today.

The Most Important Things to Know About Information Seeker Information as a concept bears a diversity of meanings, from

everyday usage to technical settings. Generally speaking, the concept of information is closely related to notions of communication, constraint, control, data, form, instruction, knowledge, meaning, mental stimulus, pattern, perception, and representation

High Work Quality high quality means that the thing provided is

better. It provided all things better no complaint about it.

Commitment toward work agreement an act of committing to a charge or trust: as 

(1) : a consignment to a penal or mental institution  (2) : an act of referring a matter to a legislative committee : MITTIMUS

an agreement or pledge to do something in the future; especially : an engagement to assume a financial obligation at a future date : something pledged : the state or an instance of being obligated or emotionally impelled <a commitment to a cause>

Examples of COMMITMENT We've got commitments from several charities to donate food and clothing. the government's commitment of troops to the region The church has a commitment to helping the poor. The boss noticed her strong commitment to her work. No one doubts your commitment to the cause.

Efficient A manager should set the targets to be achieved by the employees.

Objectives should be clearly stated, measurable, prioritized and timed. A good manager constantly checks weather these targets are being achieved and takes corrective measures when called upon.

When it comes to purchasing, it should be made from the cheapest source not forgetting to check on quality of the products. Apart from that, sales increasing policies such as displays and advertising budget should be affordable.

In any organization, the secret to getting the most out of workers is by boosting their morale. Once the employees are motivated, they will work hard towards achieving the company's set objectives and thus ensure the success of the business. Some of the ways of motivating workers would include periodic salary increments, rewarding best performing employees, organizing team building activities just to mention a few.

Systematic-planning The process has 3 stages:

I. Define Needs II. Assess Status of Current Tools III. Design and Implement Solutions

Creative Problem Solving Having Self-Confidence Having Belief In Your Business Venture Focusing On Your Strengths Having The Ability To Recognize Opportunity Being A Decision Maker Being A Leader

Build Self Confidence 1. Dress Sharp 2. Walk Faster 3. Good Posture 4. Personal Commercial 5. Gratitude 6. Compliment other people 7. Sit in the front row 8. Speak up 9. Work out 10. Focus on contribution

Persuasion Methods Persuasion methods are also sometimes referred to as persuasion

tactics or persuasion strategies. Step 1: Survey your situation

This step includes an analysis of the persuader's situation, goals, and challenges that he faces in his organization.

Step 2: Confront the five barriersFive obstacles pose the greatest risks to a successful influence encounter: relationships, credibility, communication mismatches, belief systems, interest and needs.

Step 3: Make your pitchPeople need a solid reason to justify a decision, yet at the same time many decisions are made on the basis of intuition. This step also deals with presentation skills.

Step 4: Secure your commitmentsIn order to safeguard the long-time success of a persuasive decision, it is vital to deal with politics at both the individual and organizational level.

Power And Authority Authority  comes  power.  Power  is  the ability to influence people toward

organizational objectives.  However,  you  have  limits  on  your authority  and  power.  View  your  authority  and power as a funnel, broad at the top and narrow at the bottom. Always assume you have enough authority  and  power  to  meet  your  obligations,  but do  not  exceed  that  limit.

Authority   only   exists   when   subordinates accept the idea that the supervisor has authority over  them.  

LINE AUTHORITY.  —Line authority is the authority  you  have  over  subordinates  in  your chain  of  command.  This  type  of  authority corresponds directly to your place within the chain of command and does not exist outside the chain of  command.

STAFF  AUTHORITY.  —Staff  authority  is the  right  of  staff  to  counsel,  advise,  or  make recommendations to line personnel. would not,  however,  have  the  authority  to  enter  your work  centre  or  division  and  make  changes  that only  you  and  your  superiors  have  the  authority to  make.

FUNCTIONAL AUTHORITY. —Certain  staff organizations are granted functional authority to direct  line  units  within  the  area  of  the  staff's specialty.

Power In  conjunction  with  your  authority,  you  use power to influence others toward the accomplishment  of  command  goals.  

REWARD  POWER.  —Reward  power  stems from  your  use  of  positive  and  negative  rewards to influence subordinates. Positive rewards range from  a  smile  or  kind  word  to  recommendations for  awards.

Understand E-business A starting point is to define e-Business as “

interaction with business partners, where the interaction is enabled by information technology

understanding the potential of new technologies in your market and in your supply chain and then reorienting your business to implement your vision

State The Importance Of E Business Entrepreneur

Expand markets to increase revenues Conventional markets have limits in terms of space and

time Internet access

Reduce costs promise of changing the distribution of products and

services to customers Strengthen Customer Relationships

purpose of a business is to find and keep customers

Advantages A firm engaging in e-business

can have a nationwide or a worldwide presence.

worldwide presence is ensured if companies rethink their business in terms of the Internet. 

the web to market products guarantees worldwide reach at a nominal price.

Affiliate marketing, where customers are directed to a business portal

Many a times, on visiting a website, the customer is greeted by a pop-up chat window.

Disadvantages disadvantage of e-business is

the lack of growth in some sectors on account of product or sector limitations

The food sector has not benefited in terms of growth of sales and consequent revenue generation

Consumers do not look for food products on the Internet since they prefer going to the supermarket to buy the necessary items as and when the need arises.

It's evident that the advantages clearly outweigh the disadvantages of e-business.

Identify Online Marketing Communication Online marketing communications are moving toward interactions

between individual recipients and consumers rather than being directed from a

marketing organization to masses of consumers. It is now possible for an individual to be just as efficient in

broadcasting information, both positive and negative, about an organization as it

is for a large corporation to promote itself. The social networking that allows the quick and easy dissemination

of information and miss-information is in part a product of changes in online communication channels,

but these communication channels are in part enabled by such social networking.

Direct Email Marketing E-mail marketing is a form of direct marketing which uses electronic mail as a means

of communicating commercial or fund-raising messages to an audience. sending e-mails with the purpose of enhancing the relationship of a merchant with its

current or previous customers, to encourage customer loyalty and repeat business, sending e-mails with the purpose of acquiring new customers or convincing current

customers to purchase something immediately, adding advertisements to e-mails sent by other companies to their customers. sending e-mails over the Internet, as e-mail did and does exist outside the Internet

(e.g., network e-mail and FIDO).

Online Public Access Catalogue An OPAC (Online Public Access Catalogue) is an online

bibliography of a library collection that is available to the public. OPACs developed as stand-alone online catalos, often from VT100 terminals to a mainframe library catalogue. With the arrival of the Internet, most libraries have made their OPAC accessible from a server to users all over the world.

User searches of an OPAC make use of the Z39.50 protocol. This protocol can also be used to link disparate OPCS into a single "union" OPAC

Public Relations Public relations (PR) is a field concerned with maintaining a public image for 

businesses, non-profit organizations or high-profile people, such as celebrities and politicians.

A fundamental technique used in public relations is to identify the target audience, and to tailor every message to appeal to that audience.

It can be a general, nationwide or worldwide audience, but it is more often a segment of a population

Public relations is used to build rapport with employees, customers, investors, voters, or the general public.

Other public relations disciplines include: Financial public relations - providing information mainly to business reporters Consumer/lifestyle public relations - gaining publicity for a particular product or

service, rather than using advertising Crisis public relations - responding to negative accusations or information Industry relations - providing information to trade bodies Government relations - engaging government departments to influence

policymaking

END OF INTRODUCTION TO ENTREPRENEURSHIP