ENTREPRENEURSHI

P DEVELOPMENT
 Introduction

Characteristics

Qualities

ENTREPRENEURSHI Key Elements & Skills

P DEVELOPMENT
Entrepreneurial Stress

Corporate Entrepreneurship

Entrepreneurial Process
According to George Bernard Shaw, people fall into three categories:

(1) Those who make things happen

(2) Those who watch things happen, and

(3) Those who are left to ask what did happen.

Generally, Entrepreneurs fall under the first category.

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 EVOLUTION:
• In early 16th century it was applied
to those who were engaged in
military expeditions.
• In 17th century the word
‘entrepreneur’ was used for civil
engineering activities such as
The word entrepreneur is construction and fortification.
derived from the French verb • It was applied to business for the
“enterprendre”, which means first time in 18th century, to
designate a dealer who buys and
“to undertake”. sells goods at uncertain prices.
• 1970s - ‘Professionalism’ word in
Management
• 1980s – the word Entrepreneurship
started catching up in management
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“
what exactly we mean by
the term ‘Entrepreneur’?

There is generally no
accepted definition or
model of what the
entrepreneur is or does.

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 ENTREPRENEUR
Richard Cantillon, French Economist, who applied
the term entrepreneur to business for the first time =
“An entrepreneur as a person or an agent who buys RISK BEARER
factor services at certain prices with a view to sell
them at uncertain prices in the future.”

Jean-Baptiste Say
An entrepreneur is an economic agent who unites ENTREPRENEUR
all means of production- land, labour and capital =
to produce a product or service.
ORGANIZER
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 Schumpeter
The entrepreneur in an advanced
economy is an individual who introduce
ENTREPRENEUR
something new in the economy- a
=
method of production not yet tested by
INNOVATOR
experience in the branch of
manufacturing, a product with which
consumers are not yet familiar, a new
source of raw material or of new markets
and the like.
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David McClleland: An entrepreneur is a person with a high need for
achievement [N-Ach]. He is energetic and a moderate risk taker.

Peter Drucker: An entrepreneur searches for change, responds to it

and exploits opportunities. Innovation is a specific tool of an
entrepreneur hence an effective entrepreneur converts a source into a
resource.

Albert Shapero: Entrepreneurs take initiative, accept risk of failure

and have an internal locus of control.

Ronald May—Someone who commercializes his or her innovation.

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ENTREPRENEUR -
Definition

▸Entrepreneur is any person that continuously seeks

and acts upon opportunities for economic and or
social gains through applying the principle of
creative problem solving.

▸Entrepreneur is the person who brings together the

factors of production and combines them into a
product. He organizes and manages a business unit
assuming the risk for profit.

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Entrepreneurship is the process
of creating value by bringing
together a unique package of
resources to exploit an
opportunity.

Entrepreneurship is the process

of starting a business or other
organization.

Arthur H. Cole “Entrepreneurship is the purposeful activity of

an individual or a group of associated individuals undertaken
to initiate, maintain or organize a profit-oriented business unit
for the production or distribution of economic goods and
services.” 11
ENTREPRENEUR ENTREPRENEURSHIP ENTERPRISE
PERSON PROCESS OBJECT

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Entrepreneur Entrepreneurship
Refers to a person Refers to a process
Visualiser Vision
Creator Creation
Organiser Organisation
Innovator Innovation
Technician Technology
Initiator Initiative
Decision-maker Decision
Planner Planning
Leader Leadership
Motivator Motivation
Programmer Action
Risk-taker Risk-taking
Communicator Communication
Administrator Administration 13
 Self- Thinkers &
Action Oriented
determined Doers

Highly Planners & Communication

Dedicated
Motivated Workers Skills

Self- Foresee the Maintain Public

Risk Taking
Confidence future Relations

Accept
Creative Responsibilitie Goal Setting Innovativeness
s

Hard working
for Personal & Use of
Result-Oriented Achievement
Financial Resources
rewards 14
 Moderate
Need to Perseverance Ability to find
Risk Taker
Achieve & Explore
Opportunity

Analytical
Ability
Stress
Taker

Using
Qualities of Feedback
Motivator Entrepreneur

Positive Self
Concept
Interpersonal
Skills

Facing
Planner Independence Uncertainty
Flexibility
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 Motivation and
Commitment Abilities
and Skills

Resources

Strategy
Key and Vision
Ellements:

Planning and
Organising

The idea in
relation to the
market
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 Communication

Team Building

Leadership

Interpersonal

Sales

Financial

Management (Time,
Failure, Stress, etc..)

Etc….
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 Entrepreneurial Stress:
The extent to which the entrepreneurs’ work
demands and expectations exceed their abilities to perform
as venture initiators, they are likely to experience stress.

Recommendations
CAUSES

• Pay attention to your body's stress

signals
Responsibility • Take systematic breaks
pressure • Try to achieve work/life balance
• Adopt a healthy lifestyle
• Delegate to reduce your workload
• Talk to the people you trust
• Learn to say ‘No’
• Get your business’s financial
situation under control
• Take a vacation
• Etc.

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Corporate Entrepreneurship (also know as Intrapreneurship)
Corporate Entrepreneurship is a process used to develop new businesses,
products, services or processes inside of an existing organization to create
value and generate new revenue growth through entrepreneurial thought and
action.

Intrapreneurship is the concept of supporting employees to think and behave

like entrepreneurs within the confines of an existing organisational structure.

“Intrapreneurship is innovation within a company”

INTRAPRENEUR

“…a person within a large corporation who takes direct

responsibility for turning an idea into a profitable finished
product through assertive risk-taking andinnovation.”
(The American Heritage Dictionary)
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 SOURCE OF COMPETITIVE
ADVANTAGE

And more…. 20
 Radical Incremental
Innovation Innovation

Innovation
Strategic Corporate
Renewal Venturing

Corporate
Entrepreneurship

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ENTREPRENEURIAL PROCESS

1. Discovery

2. Concept
5. Harvesting
Development

4. Actualization 3, Resourcing

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 • Generate Ideas Develop a Business Plan
o Search for new Idea
o Preliminary Assessment of Idea • Size of the Unit
o Detailed Analysis of Promising Idea • Location
o Selection of Most Promising Idea • Plant Layout
• Recognizes Opportunities • Code of Ethics
• Studies Market • Mission Statement
• Patents/Trade Marks
• Consider your hobbies and skills
• Consider consumer needs and wants
• Conduct surveys and questionnaires-
test the market
• Study demographics
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 • Launching &
• Managing Company

• Opening &
• Financial • Operating Business
• Human • Utilizing resources
• Capital • Achieving goals/objectives

• Identifying Potential Investors

• Applying for Loans/Grants/Assistance
• Hire Employees
Future:
• Growth
• Development
• Demise
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