Lecture1 entrepreneureship by Miss
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The document outlines the foundations of entrepreneurship, defining an entrepreneur as someone who starts a new business amidst risks for profit and growth. It covers the traits of entrepreneurs, benefits and drawbacks of entrepreneurship, as well as forces driving its growth, including demographic and economic factors, advancements in technology, and global opportunities. It concludes by emphasizing the significance of small businesses and their varying definitions based on industry.
Lecture1 entrepreneureship by Miss
- 1. Foundations Of Entrepreneurship • Definition:- An entrepreneur is one who creates a new business in the face of risk and uncertainty for the purpose of achieving profit and growth by identifying significant opportunities and assembling the necessary resources to capitalize on them. • Traits of Entrepreneurship – Desire for responsibility – Preference for moderate risk – Confidence in their ability to succeed – Desire for immediate feedback – High level of energy – Future orientation – Skill at Organizing – Value of Achievement – High Degree of Commitment – Tolerance For ambiguity – Flexibility
- 2. Foundations Of Entrepreneurs • Serial Entrepreneurs:- Entrepreneurs who repeatedly start business and grow them to a sustainable size before striking out again. • Benefits Of Entrepreneurship • Opportunity to create your own destiny • Opportunity to make Difference • Opportunity to reach your Full Potential • Opportunity to Reap Impressive Profits • Opportunity to contribute to society and be recognized • Opportunity to do what you enjoy
- 3. Foundation Of Entrepreneurship • Potential Drawbacks of Entrepreneurship • Uncertainty of Income • Risk of losing your entire Investment • Hard work • No Time Limit in Work hours • Lower quality of life • Complete Responsibility • Discouragement
- 4. Foundations of Entrepreneurship • Forces driving the growth of entrepreneurship – Entrepreneurs as heroes • People follow the role models e.g. Bill Gates etc – Entrepreneurial Education • Nowadays entrepreneurship has become a very popular course • Due to the downsizing, less job offering and less promising career paths students are focusing on this course and developing themselves as an entrepreneur. – Demographic Factor • Nearly two third f entrepreneurs start their business between the age of 25-44 • They are more enthusiastic and energetic. • Mostly they have capacity to take risk. – Economic Factor • Economic growth that spanned most of the 1980’s and 1990’s created a significant amount of wealth among people of age 25-44
- 5. Foundation of entrepreneurship • Shift to Service economy – Because of their relatively low start up costs, service business have become very popular among entrepreneurs. – Booming service sector continues to provide many business opportunities. • Technological Advancements – With the help of modern business machines such as PC, Laptops computers, fax even a small business can look like a complete business. – These days the prices are affordable with in the budget. – Service Based or information based company effectively. • Independent Life Style – People want the freedom to choose where they live, the hours they work and what they do. – Financial security remains an important goal for most entrepreneurs – Some place top priority on lifestyle issues such as more time with family and friends, more leisure time, and more control over work related stress.
- 6. Foundation Of Entrepreneurs • World Wide Web – The vast network that links computers around the globe via the internet and opens up oceans of information to users, a major business opportunity for entrepreneurs • International opportunities – No longer are small businesses limited to pursuing customers with in their own borders. – The shift to a global economy has opened the door to tremendous business opportunities all around the globe – Entrepreneurs are discovering that selling product and services in foreign markets is really not that difficult. – Small companies that have expanded successfully in to foreign markets tend to rely on the following strategies • Researching foreign markets thoroughly • Focusing on single country initially • Utilizing govt resources designed to help small companies establish an international presence.# • Having alliances with local partners.
- 7. Foundation of Entrepreneur • The power of small Business • There is no universal definition of small business (the US Small Business administration has more than 800 definitions of a small based on industry category) • Small business is the one that employs fewer than 100 people.