What I Know: TRUE or FALSE
1. Entrepreneur means "to undertake'". - TRUE
2. Entrepreneurship is a process of actions of an entrepreneur who is always in search of
opportunities. - TRUE
3. The greatest significance of entrepreneurship is to help identify and develop the
managerial capabilities of entrepreneurs. - TRUE
4. Entrepreneurship will lead to the creation of organizations. - TRUE
5. Entrepreneurship can improve the life of the entrepreneur only. - FALSE
6. Coward people will become successful entrepreneurs - FALSE
7.An entrepreneur is a "Risk Taker". - TRUE
8. Entrepreneurship is not an economic activity.
- FALSE
9. Entrepreneurs are innovative. - TRUE
10. Profit potential is the compensation of the entrepreneur. - TRUE
11. An entrepreneur can become a business consultant. -TRUE
12. An entrepreneur can also become a researcher. - TRUE
13. An entrepreneur can also become a salesman.
- TRUE
14. Entrepreneurship graduates can become business reporters. -TRUE
15. The entrepreneur could easily see the results of his efforts. - FALSE
Entrepreneur Vs Entrepreneurship
-was derived from the French verb enterprendre, which means "to underta ke".
-This is pinpointing to those who "undertake" the risk of enterprise.
- The enterprise is created by an entrepreneur and the process is called
"Entrepreneurship"
Relevance of Entrepreneurship to an Organization
1. Development of Managerial Capabilities
- this means that one of the benefits an entrepreneur gets is to develop his managerial
skills
2. Creation of Organization
-which means that because of entrepreneurship many organizations will exist.
Relevance of Entrepreneurship to an Organization
3. Improving Standard of Living
-this means that entrepreneurship can lift up the
economic status of an individual.
4. Means of Economic Development
-this means that not only the life of the entrepreneur is improved but also the society
where the business is located.
Factors Affecting Entrepreneurship
1. Personality Factors
2. Environmental Factors - which include political, climate, legal system, economic and
social conditions and market situations.
Personality Factors include:
1.Initiative - doing things even before being told.
2. Proactive - which means he can classify opportunities and seize it.
3. Problem Solver - which means he can reta in good relations with other people.
4. Perseverance - meaning he will pursue things to get done regardless of challenges.
5. Persuasion -means that he can entice people to buy even if they don't want to
Personality Factors include:
6. A Planner - he makes plans before doing things and does not fail to monitor it.
7. Risk-taker - which means that he is willing to gamble but he will calculate it.
Common Competencies in Entrepreneurship
1. Decisive - an entrepreneur must be firm in making decisions.
2. Communicator - an entrepreneur must have a convincing power.
3. Leader - an entrepreneur must have the charisma to be obeyed by his employees
4. Opportunity seeker - an entrepreneur must have the ability to be the first to see
business chances.
Common Competencies in Entrepreneurship
5. Proactive - an entrepreneur can control a situation by making things happen or by
preparing for possible future problems.
6. Risk Taker - an entrepreneur has the courage to pursue business ideas.
7. Innovative - the entrepreneur has big business ideas and he does not stop improving
and thinking of new worthwhile ideas for his business.
Core Competencies in Entrepreneurship
1. Economic and Dynamic Activity - entrepreneurship is an economic activity because it
involves the creation and operation of an enterprise with a view to creating value or
wealth by ensuring optimum utilization of limited resources.
2. Innovative - the entrepreneur constantly looks for new ideas, thus he needs to be
creative.
3. Profit Potential - the entrepreneur can be compensated by his profit coming from the
operation.
4. Risk Bearing - the entrepreneur needs to gamble but wise enough to offset the risk.
Types of Entrepreneurs
1. Innovative Entrepreneurs - they are those who always make new things by thinking of
new ideas.
2. Imitating Entrepreneurs - they are those who don't create new things but
only follow the ideas of other entrepreneurs.
3. Fabian Entrepreneurs - they are skeptical about changes to be made in the
organization. They don't initiate but follow only after they are satisfied.
4. Drone Entrepreneurs - they are those who live on the labour of others. They are die-
hard conservatives even ready to suffer the loss of business.
5. Social Entrepreneurs - they are those who initiate changes and drive social innovation
and transformation in the various fields such as education, health, human rights,
environment and enterprise development
Career Opportunities of Entrepreneurship
1. Business Consultant - with the expertise of in the field of entrepreneurship, he can be
a very good source of advices to other entrep reneurs and would be business men.
2. Teacher - a graduate of an entrepreneurship can use his knowledge in teaching.
3. Researcher - the entrepreneur can be employed as a researcher by an enterprise.
4. Salesman - the entrepreneurship graduate can apply as a salesman.
5. Business Reporter - the entrepreneur being expert in the field, can be employed as a
business reporter.
