LESSON 14 ENTEPRENEURSHIP

Leadership

Being able to communicate effectively, motivate others, sell your ideas, and be decisive are just some qualities of a good leader.

Competitiveness

Competition is everywhere. Play to win, but never sacrifice your integrity for the sake of the money.

Karl Vesper

Describes an Entrepreneur in a broader perspective by postulating that Entrepreneurship is now a concern of various professionals. For instance:

Demand for efficiency and quality

Do things that meet existing standards of excellence Strive to do things better, faster and cheaper

To a psychologist

Entrepreneur could refer to such a person as typically driven by certain forces: Need to obtain or attain something, to experiment, to accomplish, or perhaps to escape from authority of others.

Professor Robert Nelson of University of Illinois:

Entrepreneur is a person who is able to look at the environment, identify opportunities to improve the environment, marshal resources, and implement action to maximize those opportunities.

Lloyd Shefsky

Entrepreneurs are Made Not Born Author

Professor Howard Stevenson, the godfather of entrepreneurship studies at HBS

Entrepreneurship is the pursuit of opportunity beyond resources controlled.

Entrepreneur

Is a person who has the capability to understand and assess business opportunities, collect the necessary resources, start a business, and take the necessary actions to ensure its success.

Entrepreneurship

Is the act or process of introducing or starting new organizations, particularly new businesses, generally in response to identified opportunities. Innovation act of introducing something new based on existing products on the market, purposely to satisfy an emergent need, passion, or situation in a business environment.

Pre

Means before

Neur

Means nerve center

Entre

Means to Enter

Well-organized

One of the main reasons small businesses fail is lack of organization. Everyone can learn organizational skills with enough hard work, practice, and persistence.

GOAL SETTING INFORMATION SEEKING SYSTEMATIC PLANNING AND MONITORING

PLANNING CLUSTER

PERSUATION AND NETWORKING SELF-CONFIDENCE

POWER CLUSTER

Albert Shapero

Pointed out that Entrepreneurship is a dynamic process of innovation and new-venture creation through five major dimensions: 1.Individuals 2.Organization 3.Environment 4.Process 5.Institutions

Organization

Resources are bought together in organization to accomplish some objective (or the resources in existing organization are reorganized)

Albert Shapero

Said that in all of the definitions of Entrepreneurship there is an agreement that we are talking about a kind of behavior that includes the following: Initiative taking The organizing and recognizing of social/ economic mechanisms to turn resources and situations to practical account The acceptance of risks and failure

Opportunity Seeking

Sees and acts on new business opportunities.

Commitment to the work Contract

Should accept full responsibility Pitch in for others to finish the job Express concern towards the customer!.

Self-discipline

Successful entrepreneur has the ability to get things done, even if you do not like them.

Risk Taking

Take moderate risks State a preference for situations that involve moderate risks

Sales Ability

The ability to convince others to make a conscious decisions a key to be a successful entrepreneur. "People don't buy for logical reasons. They buy for emotional reasons." -Hilary Hilton Ziglar

Persuasion and Networking

The entrepreneur applies various strategies and techniques to influence, to persuade or convince others, to sell his/her good idea to people significant to the business and personal contacts and to achieve objectives.

Systematic Planning and Monitoring

The entrepreneur develops and applies logical step-by-step plans to realize goals, assess alternatives, monitor progress, and shift to other alternative strategies if necessary to be able to achieve set goals.

Self-confidence

The entrepreneur has a strong self-belief in himself/herself and his/her own abilities and skills to accomplish a highly difficult task or face equally challenging problems.

Goal Setting

The entrepreneur must establish specific, measurable, attainable, reliable, time-bound (SMART) short term as well as long term goals.

Information seeking

The entrepreneur personally seeks important data on clients, supplies, and even would-be competitors; consult experts for business or technical advice and uses contacts and information networks to obtain functional information, all for the purpose of fully realizing his/her end goals.

Strong work ethics

There is no substitute for hard work when it comes to becoming successful entrepreneur. To be successful, dedicate yourself to persistent, productive, and old-fashioned hard work.

To an economist

To an _ an Entrepreneur is one who brings resources, labor, materials, and other assets into combinations that make their value greater than before, and also one to introduces changes, innovation, and a new order.

Entreprendre

Which means "to undertake"

Passion

You need to be passionate about your business. Loving your business will also make it easier to get through the start-up phase and other future obstacles.

People Skills

You should make an effort to genuinely like, respect, and appreciate other people.

Entrepreneurship

_ Originated in Europe sometime in the Middle Ages _ Is of French origin - from the word entreprendre, which means "to undertake" In business sense, it means to start a business.

OPPORTUNITY SEEKING PERSISTENCE COMMITMENT TO THE WORK CONTRACT RISK TAKING DEMAND FOR EFFICIENCY AND QUALITY

ACHIEVEMENT CLUSTER

Joseph Schumpeter (1883-1950)

According to economist _ - Entrepreneurs are not necessarily motivated by profit, but regard it as a standard for measuring achievement or success.

To businessman

An Entrepreneur appears as a threat, an aggressive competitor, whereas to another businessman maybe an ally, a source of supply, a customer, or someone good to invest in.

Initiative

An individual or group takes the initiative

Traits

Are components of a person's behavior that are assumed to describe his or her enduring personal characteristics.

Characteristics 1. Physical 2. Functional 3. Operational

Are the peculiar features or qualities of an item, person, phenomenon, among others, usually divided into 3 categories: 1. _ 2. _ 3. _

Lloyd Shefsky

As someone who enters a business - any business - in time to form or change substantially that business nerves.

G.K. Chesterton

"Right is right, even if nobody does it. Wrong is wrong, even if everybody is wrong about it."

Integrity

"Right is right, even if nobody does it. Wrong is wrong, even if everybody is wrong about it." G.K. Chesterton. Successful Entrepreneurs are described as "honest with everyone". This is the number one factor for their success.

Jeffry Timmons

(New Ventures Creation Author) Described Entrepreneurship as the ability to create and build a vision from practically nothing.

Persistence

A persistence individual takes repeated or differentiations to overcome obstacles to his/her goals Stick to his judgment in the face of opposition or early lack of success Makes personal sacrifices.