Entrepreneurship Development

BUS 304
Module- 1
Fundamental of Entrepreneurship
Learning Outline

 Definitionof Entrepreneurship
 The Nature and characteristic of etrepreneurship
 Entrepreneurship concept
 Entrepreneurship roles influence
 Economical influence
Entrepreneurship
 What is Entrepreneurship?
 Entrepreneurship is the act of creating a business or
businesses while building and scaling it to generate a profit. 
 This entrepreneur definition can be a bit vague but for good
reason. An entrepreneur can be a person who sets up their first
online store on the side or a freelancer just starting out. 
 The meaning entrepreneur involves much more than being a
business or job creator. Entrepreneurs are some of the world’s
most powerful transformers. From Elon Musk sending people
to Mars to Bill Gates and Steve Jobs making computers part
of every household, entrepreneurs imagine the world
differently.
 An entrepreneur is an individual who creates a new
What Is an Entrepreneur?

business, bearing most of the risks and enjoying most of the

rewards. The entrepreneur is commonly seen as an innovator,
a source of new ideas, goods, services, and business/or
procedures.
 Entrepreneurs play a key role in any economy, using the
skills and initiative necessary to anticipate needs and bring
good new ideas to market. Entrepreneurs who prove to be
successful in taking on the risks of a startup are rewarded with
profits, fame, and continued growth opportunities. Those who
fail, suffer losses and become less prevalent in the markets.
 Entrepreneur…
 A  person who undertakes the risk of starting a new business
venture is called and entrepreneur.
 An entrepreneur creates a firm, which aggregates capital and
labor in order to produce goods or services for profit.
 Entrepreneurship is an important driver of economic growth
and innovation.
 Entrepreneurship is high-risk, but also can be high-reward as
it serves to generate economic wealth, growth and innovation.
Entrepreneurial Ideas

A startup entrepreneur can build almost any type of business.

Here are a few business ideas to get you started:
Ecommerce store owner
Freelancer (write a blog, accountant, designer)
Teaching (online courses, author)
App creator (Chabot's, social media apps)
Service based business (food delivery, cleaning, dog
walking)
Consultant based business (wedding planner, life coach)
Apartment rentals (Air bnb)
Marketing businesses (PR firms, influencers, SEO brands)
Entrepreneurial Ideas…

Affiliatemarketing (Amazon, Clickbank, etc)

Blogger (Product reviews, niche blog, magazine)
Vlogger (Start a YouTube channel, Twitch)
Flipper (domain name, website, house)
Translator
Gig Economy (driver)
Real estate agent (condos, houses, commercial)
Photographer (product photography, sell photos)
Stock Broker (buying and selling stocks)
Tutor
Reseller business
The Characteristics Entrepreneurship

Ensure Financial Stability 

Though financial estability is not a vital requirement but is
definitely recommended. While entrepreneurs have built
successful businesses while being less than financially
flush (think of Facebook founder Mark Zuckerberg as a
college student), starting out with an adequate cash supply
and ensuring ongoing funding can only help an aspiring
entrepreneur, increasing his or her personal runway and
give him more time to work on building a successful
business, rather than worrying about making quick money.
 The Characteristics Entrepreneurship

Build a Diverse Skill Set 

Once a person has strong finances, it is important to build a diverse set of skills
and then apply those skills in the real world. The beauty of step two is it can be
done concurrently with step one.

Building a skill set can be achieved through learning and trying new tasks in
real-world settings. For example, if an aspiring entrepreneur has a background
in finance, he can move into a sales role at his existing company to learn the
soft skills necessary to be successful. Once a diverse skill set is built, it gives an
entrepreneur a toolkit that he can rely on when he is faced with the inevitability
of tough situations.
 The Characteristics Entrepreneurship

Consume Content Across Multiple Channels 

As important as building a diverse skill set is, the need to
consume a diverse array of content is equally so. This content
can be in the form of podcasts, books, articles or lectures. The
important thing is that the content, no matter the channel, should
be varied in what it covers. An aspiring entrepreneur should
always familiarize himself with the world around him so he can
look at industries with a fresh perspective, giving him the ability
to build a business around a specific sector.
 The Characteristics Entrepreneurship
Identify a Problem to Solve 

“Where there is a problem , there is opportunity” across multiple channels,

an aspiring entrepreneur is able to identify various problems to solve. One
business adage dictates that a company's product or service needs to solve a
specific pain point either for another business or for a consumer group.
Through the identification of a problem, an aspiring entrepreneur is able to
build a business around solving that problem.
 The Characteristics Entrepreneurship
Entrepreneurs create jobs
Without entrepreneurs, jobs wouldn’t exist. Entrepreneurs take
on the risk to employ themselves. Their ambition to continue
their business’ growth eventually leads to the creation of new
jobs. As their business continues to grow, even more jobs are
created. Thus, lowering unemployment rates while helping
people feed their families.
 The Characteristics Entrepreneurship
Entrepreneurs innovate
Some of the greatest technologies in today’s society have come from
businesses. The technological advances come out of a need to solve a
problem, create efficiencies, or improve the world. Thus, in periods where
there’s more advancement in technology, it’s usually due to the work of an
entrepreneur. 

Entrepreneurs create change

Entrepreneurs dream big so naturally some of their ideas will make
worldwide change. They might create a new product  that solves a burning
problem or take on the challenge to explore something never explored before.
Many believe in improving the world with their products, ideas or
businesses. 
 The Characteristics Entrepreneurship

Entrepreneurs give to society 

While some have this notion of the rich being evil and greedy, they often do more
for the greater good than the average person. They make more money and thus pay
more in taxes which helps fund social services. Entrepreneurs are some of the
biggest donors to charities and nonprofits for various causes. Some seek to invest
their money in creating solutions to help poorer communities have access to things
we take for granted like clean drinking water and good health care.
 The Characteristics Entrepreneurship
Entrepreneurship decreases poverty
In the spirit of sharing good news, more people are being pulled out of
poverty today than ever before. This is likely due to globalization. Being
able to connect to millions and billions of people on the internet allows new
entrepreneurs to find customers around the world. So, those who want to
make money online are able to do so to get out of poverty.
To change the world
Many entrepreneurs strive to make the world better. Whether entrepreneurs
believe in space exploration, eliminating poverty or creating a practical but
game-changing product, they ultimately build a brand in service of others.
Some entrepreneurs use their business as a way to raise capital quickly to
funnel into their noble causes. To social entrepreneurs, building an empire
is about creating a better world for everyone. 
 The Characteristics Entrepreneurship
They’re curious
 Entrepreneurs love finding out the answer to the question, ‘what will happen, if
’ they’re experimental. Entrepreneurs love learning. They regularly read business
books to advance their knowledge. So naturally, entrepreneurship appeals to
them because doing allows them to learn the most in the shortest amount of time.
Their curiosity allows their continued growth. 
They’re ambitious
 Those who love reaching difficult goals and milestones are made to be
entrepreneurs. There’s no limit to how much an entrepreneur can make and so
they can always work to achieve higher levels of greatness. Since there’s no
limit to what they can achieve, entrepreneurs constantly find themselves growing
and achieving more than they ever imagined. When obstacles get presented in
front of them, they find the workaround to their goal. Entrepreneurs are
unstoppable.
 What is Entrepreneur Skill ?

There are many skills required to start a business. The most

popular entrepreneur skills are marketing, business development,
customer service, leadership, execution, resilience, focus,
determination, talent acquisition, continuous learner. Want to find
more popular entrepreneur skills? Check out these business skills.
Concept of Entrepreneur

Innovation
 An entrepreneur is the key source of innovation
and variation in an economy. It is actually one of the
most important tools of an entrepreneurs success.
They use innovation to exploit opportunities
available in the market and overcome any threats.
 So this innovation can be a new product, service,
technology, production technique, marketing
strategy, etc. Or innovation can involve doing
something better and more economically. Either way
in the concept of entrepreneurship, it is a key factor.
Concept of Entrepreneur
Risk-Taking
 Entrepreneurship and risk-taking go hand in hand. One of
the most important features of entrepreneurship is that the
whole business is run and managed by one person. So there is
no one to share the risks with.
 Not taking any risks can stagnate a business and excessive
impulsive risk-taking can cause losses. So a good entrepreneur
knows how to take and manage the risks of his business. But
the willingness of an entrepreneur to take risks gives them a
competitive edge in the economy. It helps them exploit the
opportunities the economy provides.
Concept of Entrepreneur
Vision
 Vision or foresight is one of the main driving forces
behind any entrepreneur. It is the energy that drives the
business forward by using the foresight of the entrepreneur. It
is what gives the business an outline for the future – the tasks
to complete, the risks to take, the culture to establish, etc.
 All great entrepreneurs of the world that started with an
entrepreneurship business are known to have great vision.
This helps them set out short term and long term goals for
their business and also plan ways to achieve these objectives.
Concept of Entrepreneur
Organization
 In entrepreneurship, it is essentially a one-man show. The
entrepreneur bears all the risks and enjoys all the rewards. And
sure he has the help of employees and middle-level management,
yet he must be the one in ultimate control. This requires a lot of
organization and impeccable organizational skills.
 An entrepreneur must be able to manage and organize his
finances, his employees, his resources, etc. So his organizational
abilities are one of the most important elements of
entrepreneurship.
Concept of Entrepreneur
Creation of Businesses/Organization
Entrepreneurship is essentially a business owned
entirely by one person. And the majority of these
businesses are actually single handly run by the
entrepreneurs themselves. So they assemble and
coordinate their factors of production. They create
their organizations from the ground up. They even
learn some managerial skills along the way.
Concept of Entrepreneur
Economic Development
 Entrepreneurs play a very important role in the
national economy of any country. They are the spark
that ignites the flames of economic development in a
country.
 They not only invest their own capital but also
attract capital from the market. Entrepreneurs make
productive use of these savings, they mobilize them
and turn them into a productive resource.