Entrepreneurship Lesson 2

Factors that Develop Entrepreneurial Activity 4. Development of entrepreneurial autonomy

Develops autonomy as he leads all the activities in the business organization. He knows the best direction because he also knows how to calculate the risk involved.

Factors that Develop Entrepreneurial Activity 1. Entrepreneur's initiative

Opportunity at hand. Convert ideas into actions. Ability to plan and manage projects with creativity, innovation, and risk-taking in order to achieve goals.

Entrepreneur as a missionary

The entrepreneur considers the business as a mission. For these people, there is a passion rather than drive.

Marketing

The process of acquiring and retaining customers.

Strengths

The things that the company does well. ​

Weaknesses

The things that the company lacks.

core competence

is something unique that a business has or can do strategically well.

Core competencies

the defining characteristics that make a business or an individual stand out from the competition

Factors that Develop Entrepreneurial Activity 3. Development of administrative machinery

Develop a structure based on the need for operations. Duties and responsibilities are assigned to individuals with skills that will fit their position and qualifications based on their capacity to do the job and not on personal connections.

Three general conditions that a business activity must meet

1. The activity must provide superior value or benefits to the consumer. 2. It should be difficult for a competitor to replicate. 3. It should be rare.

Opportunities

Are factors/events in the environment of the business which are favorable for its growth and success.

Factors that Develop Entrepreneurial Activity 2. Organization of capital resources

Human resources and financials. Entrepreneur's savings for start-up.

The concept of core competencies was developed by

C.K Prahalad and Gary Hamel

Entrepreneurs are goal-driven

Goal-oriented entrepreneurs achieve the maximum results of their efforts because they work towards clear and measurable targets. Working towards clearly defined goals is important. They think of what they want and how to get it.

Entrepreneur as a marketing man

Marketing is an important process for entrepreneurs. The process of acquiring and retaining customers is the focus of marketing. Entrepreneurs must design the product, set its price, distribute the product to the market and promote the product. Entrepreneurs must differentiate their company's product or service so its uniqueness and value are clear to the customer.

Entrepreneurs start small to big

Most successful entrepreneurs start small and think big. Many entrepreneurs start a small scale business but with their managerial talents and persistence, they will be able to make the company grows.

Factors that Develop Entrepreneurial Activity 5. Development of SWOT analysis

Strengths and Weaknesses are internal elements. Opportunities and Threats are external elements.

Threats

are the elements that could endanger the profitability of the business.