Notes

Discussion 1

Why do we need to study and learn ENTREPRENEURSHIP???

1. It Nurtures Personal Growth and Development

2. Tap into Unrealized Talents

3. Risk is something to live with

4. It makes us Critical thinkers

5. Benefits society

6. Be able to make a difference

7. Preparedness for Real Life



Entrepreneurship comes from the French word “entreprendre” which means to undertake, to pursue opportunities, to fulfill needs and wants through innovation.

Entrepreneurship is a proactive process of developing a business venture to make a profit. It Involves seeking opportunities for a market, establishing and operating a business out of the opportunity, and assessing its risks and rewards through close monitoring of the operations.

Societal and Economic Benefits of Entrepreneurship

1. Entrepreneurship produces more jobs that equate to an increase in national income.

2. Entrepreneurship amplifies the economic activities of different sectors of society.

3. Entrepreneurship introduces new and innovative products and services.

4. Entrepreneurship improves people’s living standards.

5. Entrepreneurship disperses the economic power and creates equality.

6. Entrepreneurship controls the local wealth and balances regional development.

7. Entrepreneurship reduces social conflicts and political unrest.

Common and Core Competencies in Entrepreneurship

Entrepreneurship is a career that requires a plethora of common and core competencies. Therefore, to be considered a successful entrepreneur, he or she must possess common entrepreneurial competencies that are needed throughout the entrepreneurship career. At the same time, he or she also possesses core competencies that are needed for business sustainability and management.

Common traits that entrepreneurs should always have:

1. Proactive. Entrepreneurs are active not passive. They forecast and address issues, problems, and challenges before it happens.

2. Agents of change. Innovations are common to society. Entrepreneurs are always enthused to improve and develop new products and services and introduce them to the market.

3. Risk Takers. Entrepreneurs calculate risks; if they think that there is a big chance of succeeding, they push through with the venture and do not let the opportunity pass.

4. Have a sharp eye for opportunities. Entrepreneurs have a talent for recognizing an opportunity and decide intelligently if a venture should be considered or not.

5. Sociable. Soft skills are one of the most important competencies of entrepreneurs as these establish the relationship with the most important assets of the company- its people and its customers.

6. Networkers. A networker knows the key people to connect with.

7. Decisive. Entrepreneurs always have a decision about their business

8. Balanced. The minds of entrepreneurs should have a balance between the analytical and the creative side.

9. Innovative. The minds of entrepreneurs are rich with big ideas that can add value to their existing business or could become a game-changer in the industry or business where they belong.

Core traits that entrepreneurs should develop in managing and running the business:

1. Leaders. Successful entrepreneurs always have the heart of a leader. To be successful leaders, they must be a source of inspiration for their employees. They must be very humble, approachable, friendly, and also know how to listen to people’s concerns.

2. Communicators. Entrepreneurs know how to use all forms of communication to effectively share and address certain concerns with their customers or employees.

3. Specialists. Entrepreneurs are experts on their chosen business. They are tactical and very keen with details.

4. Problem Solvers. Entrepreneurs possess critical thinking skills and look at problems as challenges or puzzles that they need to solve.