entrepreneurship oucome 1

7/17/2019 Entrepreneurship Oucome 1

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Introduction to Entrepreneurship

What is Entrepreneurship? Entrepreneurship is the process of creating

something new of value by devoting (giving) thenecessary time and effort.

By accepting and acnowledging the necessaryfinancial! psychological! and social riss! and

"inally receiving the resulting rewards# be itmonetary! personal satisfaction or freedom to dowhat you want.

$obert %.&isrich! '. eters %.* +hepherd


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+imple %efinition

rocess of creating something new and

assuming the riss and rewards. $obert %.&isrich! '..eters %.*.+hepherd


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Prof Howard Stevenson from Harvard University state that : entrepreneurship is the

pursuit of opportunity beyond resources controlled.. Thisdefinition is divided as follows:

Pursuit: implies a singular, relentless focus. This means that the entrepreneurs often perceive littleopportunities. They need to show sustancial!tangile progress to attract resources, and the mere passage

of time consumes limited cash alances.

Opportunity implies an offering that is novel in one or more of four ways: Pioneering a truly innovative product "evising a new usiness model #reating a etter or cheaper version of an e$isting product

Targeting an e$isting product to new sets of customers.

Beyond resources controlled implies resource constraints. %t a new venture&s onset, its founderscontrol only their own human, social, and financial capital. 'oth approaches have something in common

and it is the opportunities. (et the concept could e anything related to them. THU),

Entrepreneurship is the art of detecting opportunities and work it out, until

they becoe a copetitive advantage!"



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,ommon -nderstanding of an

Entrepreneur

The boss

The business owner The risk taker

One who starts a small business

The resourceful guy? French Word origin - Entependre an

undertaker


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What is an Entrepreneur? &e or she is an individual who actively form or lead their own

business and nurture them for growth and prosperity.-i' Entrepreneurship +tudy /roup

* person who creates andmanages change by the recognitionof opportunities (needs! wants! opportunities! problems! andchallenges) and developspeople and managesresources totae advantage of the resources in order to tae the opportunityand creates a venture (profitable business).

Eston 0imani! '1


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!ifferent outcomes of engaging in

Entrepreneurship

1nnovation or newness product or service. 2rgani3ing resources finance! people! physical and

information resource.

,reating new product or service. /enerating wealth aing ris in a business venture. repared to face uncertainty. ,reate 4ob opportunity

1ncrease the abundance of wealth generation for the nation.


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Walt %isney5s definition

67.to do things and mae

things which will givepleasure to people in new

and ama"ingways. 7.1t is

magic8

9

A ViewWaltDisney andentrepreneurship


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Entrepreneurship involves:

'*/1, soft issues

:2/1, hard issues


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61t is maing the world forever new. 1t istaing aggressi#eactions.;

$ccording to %eorge %ilder from &The

'pirit of the Enterprise()

$ccording to *oseph 'chumpeter < 61t is destroying the old order and creating newones.;


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+chumpeters =iew of

Entrepreneurship

$ustrian economist *oseph 'chumpeter+s definition of entrepreneurship

placed an emphasis on inno#ation, such as

new products

new production methods

new marets

new forms of organi3ation

Wealth is created when such innovation results in new demand.

"rom this viewpoint! one can define the function of the entrepreneur as one of

combining various input factors in an innovative manner to generate value to the

customer with the hope that this value will e>ceed the cost of the input factors! thus

generating superior returns that result in the creation of wealth


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It is about

EW@

Business ideas

roducts

rocesses

E$E$EE-$+&1

* '1%+E

*bout a forever

innovating mindset


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!iff b.w Entrepreneurial #entures and 'mall

/usinesses


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&E &$EE '*+E$1E+ "2$

* E$E$EE-$@

'astery of +elf

'astery of 2pportunity

'astery of the Enterprise


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#raits of an Entrepreneur $ %&s and '&s


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*natomy of the Entrepreneur

he Entrepreneurial

'ind "rame

he Entrepreneurial

/ut /ame

he Entrepreneurial

&eart "lame


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*natomy of the Entrepreneur

WISDOM

HEART

GUTS

What lies

behind us!

what lies

before us! is

nothing

compared to

what lieswithin us. HANDS


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+elf *nalysis@

/ifted minds

+teely /uts

*bility to intuit ,ourage

atriotic &earts

&ands that truly care

Do I possess all of the above?


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ersonality est @

[email protected]

$esults@[email protected]


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he $ole of Entrepreneurship in

Economic /rowth

1n order for Entrepreneurs to thrive in a

nation! the /overnment must play importantrole in creating the ind of business

environment that create the basis for growth!

stability and future success of entrepreneurs.


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$$$(n E)planation

https:!!www.youtue.com!watch*v+yUiU$-Pwc

/"P is the sum of #onsumption 0#1, 2nvestment 021, /overnment )pending 0/1 and 3et 4$ports 05 6 1

*%P + - . - * - /0 $ 12 0consumption1 is normally the largest /"P component in the economy, consisting of private 0household final

consumption e$penditure1 in the economy.

20investment1 includes, for instance, usiness investment in e7uipment, ut does not include e$changes of

e$isting assets.

/0government spending1 is the sum of government e$penditures on final goods and services. 2t includes salaries

of pulic servants, purchase of weapons for the military, and any investment e$penditure y a government.

50e$ports1 represents gross e$ports. /"P captures the amount a country produces, including goods and servicesproduced for other nations8 consumption, therefore e$ports are added.

0imports1 represents gross imports.
https://www.youtube.com/watch?v=yUiU_xRPwMchttps://www.youtube.com/watch?v=yUiU_xRPwMc


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he $ole of Entrepreneurship in

Economic /rowth

2ncreasing the Per capita incoe of the people of the country. P#2 is a measure of the amount of money that

is eing earned per person in a certain area. 2t can e calculated for a country y dividing the country8s

national income y its population

2nitiating and creating change in the structure of business and society. 9urther growth and increased output

arises, thus to enale more wealth to e divided among the various participants 0 staeholders1.

/eneration of innovation that leads to the creation of new product and service.

.provisation and odification on e$isting product to etter suit maret and customers& needs.

#reation of self eployent and to cut ac the dependency of potential employment of new worers in

government sectors. )treamline 0mae more efficient and effective by employing faster or simpler woring methods)

of the private sector and encourage the inclusion of new technology that is less laor dependent.

2ncrease in the national output which in turn lead to greater and stronger economic growth.

;aying the seed bed for creating new entrepreneur in various new technologies such as 'io Technology, 'io

Technology edicine, 3ano Technology , 3ew aterial Technology etc.


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W01 '0O23! $41/O!1 /E $4

E4T5E65E4E25?

he entrepreneur(s) is the principal catalyst in the modern economy. hey are the group of people

that continuously challenge themselves turning the chaos into opportunities revitali3ing the maret

place and the economy of their own country.

:ooing bac at the previous definition! it answers the Fuestion in a simple manner that everyone

can become an entrepreneur. It is a skill which we all ha#e in us, primarily to use to detectopportunities and use these opportunities to generate #alue7

he future economy needs people doing that every day at all levels of the society. &owever! not

everyone is ready to defeat the obstacles of setting up oneGs own new business! creating 4obs and

develop the economy of a country.

1n the real world there are people who engage endeavours and become enterprise entrepreneurs

and on the other hand there are people who sell their labour enabling entrepreneur to develop their

ideas.

1t means that! if you are not the person leading a new business idea! yet wor for one! you

demonstrate entrepreneurial sill.


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$nna 8ital in her book &E#eryone will become an entrepreneur( shows

some shocking arguments to support this argument

@

Every year! freelancer! consultants and

contractor! entrepreneurs developing their

own businesses have won 4obs


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$nna 8ital in her book &E#eryone will become an entrepreneur(

shows some shocking arguments to support this argument

"or an entrepreneur with money constraints! it is cheaper to hire outsourced

labour from countries where the labour is not as e>pensive < economies of

scale (E./@ o create a website to connect entrepreneurs with freelance! and

other contractors here in ew ealand)


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he technology had has replacing the human labour! in the future

many unsilled repetitive 4obs are going to be e>ecuted by machines.

(We should create one of these machines)


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(=ital -na! HIJ)

*ccording to =ital! becoming an entrepreneur means to develop the following points@

,reate =alue in his own wor or in a new business.

ae ris in his own wor or in a new business.

'ae lie better in his own wor or in a new business.

Be ambitious in his own wor or in a new business.




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The Entrepreneurial 6rocess

What is the Entrepreneurial rocess?

he process of pursuing (going after) a new

venture or business!

Whether it is a new product going into an e>isting

maret 2$

E>isting product going into a new marets 2$

he creation of a totally new organi3ation.


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"irst Entrepreneurial rocess@ ,reation rocess creating something new of value.

+econd Entrepreneurial rocess@ $eFuires the commitment of the necessary time and effort.

*ppreciate and understand the importance of time and effortdevoted to create something new and mae it worable.

hird Entrepreneurial rocess@ 1nvolves the en4oyment of the rewards ("reedom! monetary)

after the effort! followed by personal satisfaction.

The Entrepreneurial 6rocess


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he Entrepreneurial rocess "our

distinct process@

entrepreneurship oucome 1

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