UNIT 2.1 ENTREPRENEURSHIP SKILLS - Concepts and Characteristics

CikguOnline
CikguOnline





























Concepts and Characteristics


(Lecture 1 hour)





JULIE JAMES ABDULLAH

CikguOnline
CikguOnline







Learning






Outline












1. Concept of entrepreneurship

• Definition of entrepreneurship


• Definition of entrepreneur

• Purpose of entrepreneurship

CikguOnline
CikguOnline





Learning






Outline











2. Process and nature of


entrepreneurship


• Identify opportunities in the work

environment


• Plan appropriate strategies


• Implement the strategies

• Evaluate the effectiveness


• Recommend new strategies

CikguOnline
CikguOnline




Learning






Outline








3. Characteristics of an entrepreneur


• Creative

• Innovative


• Risk taking


• Competitiveness

• Opportunities focus


• Futuristic / forward looking

• Information seeker


• Communication and interpersonal skills


• Problem solving skills

• Leadership & integrity

CikguOnline
CikguOnline



Learning






Outcome












By the end of this lecture, you are able


to:





1.Explain the concept of

entrepreneurship.


2.Discuss the process and nature of


entrepreneurship.

3.Describe the characteristics of an


entrepreneur.

CikguOnline
CikguOnline









































CONCEPT OF ENTREPRENEURSHIP

CikguOnline
CikguOnline



DEFINITION OF




ENTREPRENEURSHIP







“is the practice of starting new organizations


or revitalizing mature organizations,

particularly new businesses generally in


response to identified opportunities.”


(Onuoha, 2007)




“someone who demonstrates initiative and


creative thinking, is able to organize social

and economic mechanisms to turn resources


and situations to practical account, and

accepts risk and failure”.


(Hisrich, 1990)

CikguOnline
CikguOnline



DEFINITION OF




ENTREPRENEURSHIP







“entrepreneurs as individuals who exploit


market opportunity through technical and/or

organizational innovation”


(Schumpeter, 1965)

CikguOnline
CikguOnline
DEFINITION OF ENTREPRENEUR



















(Dictionary.com, 2021) (British Dictionary, 2021)



“a person who “the owner or


organizes and manager of a

manages any business enterprise


enterprise, who, by risk and


especially a initiative, attempts to

business, usually make profits”


with considerable

initiative and risk.”

CikguOnline
CikguOnline
PURPOSE OF ENTREPRENEURSHIP



Entrepreneurial Function



Entrepreneurial




Function








Discovery, assessment and


exploitation of opportunities


new products, services or

production processes




New strategies and

organizational forms and new


markets for products and inputs

that did not previously exist

CikguOnline
CikguOnline







Entrepreneurship is an



essential element for



economic progress as it


manifests its fundamental



importance in different



ways:





a. by identifying, assessing and


exploiting business



opportunities

CikguOnline
CikguOnline







Entrepreneurship is an



essential element for



economic progress as it


manifests its fundamental



importance in different



ways:





b. by creating new firms and/or


renewing existing ones by



making them more dynamic

CikguOnline
CikguOnline







Entrepreneurship is an



essential element for



economic progress as it


manifests its fundamental



importance in different



ways:





c. by driving the economy


forward – through innovation,



competence, job creation- and


by generally improving the


wellbeing of society

CikguOnline
CikguOnline



































PROCESS AND NATURE OF


ENTREPRENEURSHIP

CikguOnline
CikguOnline
PROCESS AND NATURE OF ENTREPRENEURSHIP






Plan appropriate strategies 02
01 Identify opportunities in the Once the entrepreneur has
work environment
formulated a strategy, it is time to
Involved in opportunity 01 02 formalize a plan. A good business
identification to include scanning plan is essential to exploiting the
the informational environment, defined opportunity and
being able to capture, recognize determining the resources
and make effective use of required, obtaining those
abstract, implicit and changing 03 resources and successfully
information from the changing 05 managing the resulting venture.
external environments. .


04
05 Recommend new strategies Implement the strategies 03

Entrepreneur decides on the Includes initial stages,

prospects of the business, i.e., its incorporation, setting up and
growth and development. Evaluate the effectiveness launching.
Here, the actual growth is 04 The new venture, business
compared against the planned Initiate the business operations to strategy, implementing the
growth and then the decision achieve the set goals. business plan, running the
regarding the stability or the First, an entrepreneur must decide the business, deploying of resources,
expansion of business operations management structure or the hierarchy building success and managing
is undertaken accordingly. that is required to solve the operational the venture
problems when they arise.

CikguOnline
CikguOnline



































CHARACTERISTICS OF AN


ENTREPRENEUR

CikguOnline
CikguOnline
1
CHARACTERISTICS OF SUCCESSFUL ENTREPRENEURS 7









1 2 3 4



Able to find innovative Believe there’s a need for Entrepreneurs are willing to Entrepreneurs tend to thrive
ways to problem solve. change. take a risk. on competition. While they

Always look for new and Tries to develop new While most people try to may actively compete with
better ways to do things / technology, products, avoid risk, entrepreneurs others, they are more likely
ways that have not markets, etc. understand that risk is a to compete against
occurred to others. An entrepreneur uses his natural part of trying to themselves. In other words,

Thinking creatively will creative faculties to do new achieve goals. they are constantly trying to
open ones mind to things and exploit Their self-confidence helps improve their own

creativity. opportunities in the them accept the challenges performance regardless of

market. of the risks they take. what others may be doing.














Creative Innovative Risk taking Competitiveness

CikguOnline
CikguOnline
1
CHARACTERISTICS OF SUCCESSFUL ENTREPRENEURS 8








5 6 7




They are opportunity Thinking about the future Willing to learn. They may
focused and forward- provides direction, and already know a great deal,

looking. helps inform immediate yet they recognize that no
They can set both short- decisions. one knows everything, and
and long-term goals. Should not fear change, that they can learn valuable

They create a vision of but should embrace it. information from others.
what they want their future Be willing to pivot, and will Entrepreneurs who are not

to be, and then they work not hesitate. open to learning often
to achieve it. These are compromise the degree of
some of the qualities that success they will be able to
help them see problems as achieve.
opportunities










Futuristic / forward
Opportunities focus Information seeker
looking

CikguOnline
CikguOnline
1
CHARACTERISTICS OF SUCCESSFUL ENTREPRENEURS 9








8 9 10



Entrepreneurs constantly Rather than viewing a Entrepreneurs are self-reliant.
interact with people, problem as someone else’s, They do not wait for others to
including customers and the entrepreneur sees it as tell them what to do.

clients, employees, financial his or her own and takes They are self-starters and feel
lenders, investors, lawyers pride in finding a solution, confident making decisions.
and accountants, to name a leaving things in better

few. shape then they were To accomplish their goals and
make their vision a reality,
The ability to establish and before encountering them, successful entrepreneurs must
maintain positive and improving upon have drive, persistence, the

relationships is crucial to situations rather than ability to complete tasks, and
the success of the leaving them unattended. be willing to work hard.
entrepreneur’s business
venture.









Communication and Leadership & Integrity
interpersonal skills Problem Solving Skills

CikguOnline
CikguOnline



































EXERCISE

CikguOnline
CikguOnline





EXERCISE 1














Discuss the differences


between entrepreneur and



leader

CikguOnline
CikguOnline





EXERCISE 2
















1. Divide into groups.


2. Create a scenario and



apply the process and



nature of



entrepreneurship in your



created scenario.

CikguOnline
CikguOnline



REFERENCES








Dictionary.com (2021). Entrepreneur. Retrieved at

https://www.dictionary.com/browse/entrepreneur?s=t


Hisrich, R.D. (1990) Entrepreneurship/Intrapreneurship. Am Psychol 45(2),

209–222


Onuoha G., (2007) Entrepreneurship, AIST International Journal 10, 20-32.


Schumpeter J. A. (1965). Economic Theory and Entrepreneurial History. In:
Aitken HG (ed) Explorations in enterprise. Harvard University Press,

Cambridge, MA


Shane and Venkataraman (2000). The Promise Of Entrepreneurship As A

Field of Research. Retrieved at
https://entrepreneurscommunicate.pbworks.com/f/Shane%2520%252B%

2520Venkat%2520-%2520Ent%2520as%2520field.pdf