INTRODUCTION TO ENTREPRENEURSHIP
Definition of Terms
Definition of an entrepreneur
An entrepreneur is a person who identifies a business opportunity, harnesses and obtains the resources necessary to initiate a
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INTRODUCTION TO ENTREPRENEURSHIP
Definition of Terms
Definition of an entrepreneur
An entrepreneur is a person who identifies a business opportunity, harnesses and obtains the resources necessary to initiate a successful business activity.
The entrepreneur implements the idea
Undertakes to operate the business
An entrepreneur is therefore a central key individual in the society who makes things happens for economic development.
Entrepreneurship meaning
In the broader sense entrepreneurship refers to the means of stimulating innovative and creative undertakings for a better business community or world.
The act or process of identifying business opportunities and gathering the necessary resources to initiate a successful business activity.
Entrepreneurship is a French word meaning to undertake and focuses on a business enterprise
Entrepreneurship can exist in any situation – therefore it is the creation of values through establishing a business enterprise.
Entrepreneurship means having an idea of one’s own and trying to implement the idea to create values on it.
Entrepreneurship is a term which encompasses what entrepreneurs do i.e
□ Identifying a business opportunity of a particular demand
□ Look at the opportunity as a process of creating, something that did not exist.
□ Constantly searching/ harnessing ones environment and resources to implement the activities.
□ Creating a totally new product and using it in as new.
Entrepreneurship there is the practice of starting a new business or revitalizing existing businesses in response to identifying opportunities.
Self-Employment
Working independently and earning a living from it.
This is a concept that arises when the entrepreneur relies on revenues from his business as a source of income
What is Unemployment? Advantages and disadvantages of Self Employment?
What is Salaried Employment? Advantages and Disadvantages of Salaried employment? Enterprise
A business undertaking by an individual for the purpose of making a profit. Factors impeding the growth of Entrepreneurship
High Taxation Levels
Corruption and Official Harassment
Unregulated competition from outside countries
Decline in personal incomes
The high cost of finance
Lack of entrepreneurial culture
Poor transport and communication networks
Lack of skills and knowledge
Explain the distinctions between an Entrepreneur and a Manager
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