Entrepreneurship
Mid term syllabus
1. Define Entrepreneurship?
Entrepreneurship is the process of creating, developing and managing a new business
venture with the aim of making profit while taking a financial risk.
1) Creation Process
2) Time & Effort
3) Risk-Taking
4) Rewards
2. Nature of Entrepreneurship
1. Creativity
An entrepreneur is a creative person. They always think of new ideas to start or
improve a business.
📝 Example: Creating a new type of fast-making tea.
2. Risk-Taking Ability
Entrepreneurs are not afraid to take risks. They know that success comes by taking
bold steps.
📝 Example: Starting a new business even if there is a chance of loss.
3. Opportunity Recognition
A good entrepreneur identifies the right opportunity at the right time and takes action.
📝 Example: Selling umbrellas during the rainy season.
4. Decision Making
Entrepreneurs are quick and smart decision-makers. They make choices that help
grow the business.
📝 Example: Deciding what product to sell and at what price.
5. Leadership Skills
An entrepreneur leads a team with motivation and confidence. He guides and supports
others.
📝 Example: Leading a team to start a new business project.
6. Self-Confidence
A successful entrepreneur believes in himself. He trusts his ability to achieve goals.
📝 Example: Believing in your business idea even when others doubt you.
7. Consistency
Entrepreneurs don’t give up. They keep working hard until they succeed.
📝 Example: Trying again and again after facing failures.
✅ Conclusion
The nature of entrepreneurship includes creativity, risk-taking, leadership, decision-
making, and consistency. Entrepreneurs play an important role in economic
development by creating jobs and bringing innovation.
3. Development of Entrepreneurship
1. Historical Background
Entrepreneurship has existed since ancient times when people traded goods and
services. Over time, it grew with the rise of markets, industries, and technology.
📝 Example: In early times, people exchanged goods (barter system), which was a
form of entrepreneurship.
2. Industrial Revolution
The Industrial Revolution in the 18th and 19th centuries played a big role in
developing entrepreneurship. New machines and factories opened the doors for
business and innovation.
📝 Example: Entrepreneurs started textile, steel, and transport businesses.
3. Economic Growth and Globalization
As countries developed, entrepreneurship also grew. Global trade and new markets
gave entrepreneurs more chances to grow their businesses internationally.
📝 Example: Selling products online across the world (e-commerce).
4. Government Support
Many governments started programs to support entrepreneurs through loans, training,
and education. This increased the number of new businesses.
📝 Example: Pakistan’s Prime Minister Youth Loan Program.
5. Technological Advancements
Technology made entrepreneurship faster and easier. Internet, mobile phones, and
digital marketing helped people start businesses with low investment.
📝 Example: Starting a business on Amazon, eBay, or Fiverr.
6. Educational and Training Institutes
Business schools and entrepreneurship courses helped young people understand how
to start and manage businesses professionally.
📝 Example: Colleges and universities teaching entrepreneurship as a subject.
7. Social Media and Innovation
Social media gave a platform to small businesses to advertise and connect with
customers. Innovation became the key to stand out in the market.
📝 Example: A small brand becoming popular on Instagram or TikTok.
✅ Conclusion
The development of entrepreneurship has gone through different stages — from small
trades to global businesses. With support from technology, education, and
government, entrepreneurship is now easier and more powerful than ever.
4. Evolution of Entrepreneurship
Definition:
Evolution of entrepreneurship means how the idea and role of entrepreneurship has changed
and improved over time — from ancient trading to modern digital businesses.
1. Ancient Period
• In old times, people used the barter system (exchanging goods).
• Traders and craftsmen were the first entrepreneurs.
• No money system, only goods-for-goods trade.
📝 Example: A farmer exchanging wheat for cloth.
2. Medieval Period
• Small business owners like shopkeepers and service providers appeared.
• Trade started between cities and countries.
• Use of money began, and markets were formed.
📝 Example: Spice trade between Asia and Europe.
3. Industrial Revolution (18th–19th Century)
• Major turning point for entrepreneurship.
• Invention of machines and factories.
• Entrepreneurs started large-scale businesses.
• Capitalism and profit-making became the focus.
📝 Example: Textile mills, steam engines, railways.
4. Modern Period (20th Century)
• Entrepreneurship became more organized.
• Business schools and management education started.
• Governments started support programs (loans, subsidies).
• Entrepreneurs were now seen as nation builders.
📝 Example: Industrialists like Henry Ford, creating jobs and innovation.
5. Contemporary Period (21st Century)
• Digital revolution changed everything.
• Now, even a person with a laptop and internet can be an entrepreneur.
• Social media, e-commerce, freelancing, and startups are booming.
• Focus is on innovation, technology, and global reach.
📝 Example: Startups like Amazon, Uber, TikTok influencers, Fiverr sellers.
✅ Conclusion
The evolution of entrepreneurship shows how humans adapted to economic, social, and
technological changes. From local trade to global digital platforms, entrepreneurs have
played a key role in growth and development of society.
5. Role of Entrepreneurship
Definition:
Entrepreneurship plays a very important role in the development of economy, society, and
country. Entrepreneurs create businesses, jobs, and bring innovation.
1. Economic Growth
Entrepreneurs help increase the income of the country. Their businesses produce goods and
services, which boosts the economy.
📝 Example: A new factory increases production and exports.
2. Employment Generation
Entrepreneurs create job opportunities for others by starting new businesses and companies.
📝 Example: A clothing brand hires tailors, designers, and marketers.
3. Innovation and Creativity
Entrepreneurs bring new ideas, products, and technologies that make life easier and better.
📝 Example: Smartphones, online shopping, food delivery apps.
4. Utilization of Resources
Entrepreneurs use natural and human resources effectively, which prevents wastage and
increases productivity.
📝 Example: Using local cotton to make clothes and sell them worldwide.
5. Improves Standard of Living
Entrepreneurs provide useful goods and services that improve lifestyle, comfort, and
convenience for people.
📝 Example: Affordable transport like Uber, or easy payments through apps.
6. Encourages Self-Reliance
Entrepreneurship helps people become independent. Instead of searching for jobs, they create
their own businesses.
📝 Example: A person starts a home-based food delivery business.
7. Balanced Regional Development
Entrepreneurs open businesses in different areas, even in small towns or villages, which helps
develop rural areas too.
📝 Example: Setting up a dairy farm in a rural village.
8. Foreign Exchange Earnings
Entrepreneurs who export goods bring foreign money into the country, which helps in
national development.
📝 Example: Selling Pakistani clothes or handicrafts to other countries.
✅ Conclusion
Entrepreneurship is the backbone of a strong economy. It reduces unemployment, increases
innovation, and improves living standards. A country with more entrepreneurs grows faster
and becomes more developed.
6. Entrepreneurship Process
1. Innovation
Definition:
Innovation is the stage where a new and creative idea is developed to solve a problem or offer
something better than before. It could be a new product, service, or business model.
Explanation:
Entrepreneurship begins with innovation. This idea must be different, useful, and able to
compete in the market.
📝 Example: A person creates a mobile app that helps students find study partners nearby.
2. Triggering Events
Definition:
A triggering event is something that motivates or pushes a person to take action and start a
business. It could be personal, economic, or social reasons.
Explanation:
This stage is the turning point where the entrepreneur decides to act on the idea. It can
include job loss, market demand, passion, or seeing a business opportunity.
📝 Example: A person loses their job and decides to start their own home-based bakery.
3. Implementation
Definition:
Implementation means putting the business idea into action. The entrepreneur arranges
resources, sets up operations, and officially launches the business.
Explanation:
At this stage, the planning turns into a real business. It includes registration, team hiring,
marketing, and selling the product or service.
📝 Example: Renting a shop, creating a logo, launching the product, and starting sales.
4. Growth
Definition:
Growth is the stage where the business expands in size, profits, customers, or markets. The
entrepreneur focuses on improving quality and increasing income.
Explanation:
This step requires good management, customer feedback, innovation, and strategy. Growth
may include opening new branches or selling in new areas.
📝 Example: A clothing brand starts from a home, then opens shops in different cities.
✅ Conclusion
The four key stages of the entrepreneurship process — Innovation, Triggering Events,
Implementation, and Growth — show how a business is created and developed step by
step. Each stage plays a vital role in turning an idea into a successful enterprise.
7. 10 D’s of Entrepreneurship
1. Dream
Definition:
Every entrepreneur starts with a dream or a big vision. It’s the idea of what they want to
create or change in the world.
📝 Example: Dreaming of starting a food delivery service that helps small towns.
2. Decisiveness
Definition:
Entrepreneurs must be able to make quick and smart decisions. Without decision-making,
progress stops.
📝 Example: Deciding to choose one product out of many ideas and launching it on time.
3. Doers
Definition:
Entrepreneurs are action-takers. They don’t just plan — they actually do things.
📝 Example: Instead of only talking about business, they start building it immediately.
4. Determination
Definition:
Entrepreneurs don’t give up easily. They keep going even when things get hard.
📝 Example: A business fails once, but the entrepreneur tries again with new strategy.
5. Dedication
Definition:
Entrepreneurs are fully committed to their goals. They give time, energy, and focus to their
business.
📝 Example: Working long hours every day to grow their startup.
6. Devotion
Definition:
Entrepreneurs are deeply passionate about their work. It’s not just business — it’s something
they truly care about.
📝 Example: Someone who loves animals starts a pet care service and gives it their heart.
7. Details
Definition:
Successful entrepreneurs pay attention to small things — customer feedback, product quality,
market trends.
📝 Example: Improving packaging just because customers said it was hard to open.
8. Destiny
Definition:
Entrepreneurs believe they are responsible for shaping their own future. They create their
own destiny.
📝 Example: Not waiting for a job, but creating their own company and career path.
9. Dollars
Definition:
Entrepreneurs must focus on earning and managing money wisely. Profits are important for
business survival.
📝 Example: Keeping track of all income and expenses to avoid loss.
10. Distribute
Definition:
Entrepreneurs know how to deliver their products or services to the right people at the right
time.
📝 Example: A food business setting up fast delivery and home service to satisfy customers.
✅ Conclusion
The 10 D’s of Entrepreneurship describe the mindset and habits that successful
entrepreneurs have. From dreaming big to distributing products — each D plays a key role in
building a strong and successful business.
