Entrep Flashcards
important for several reasons, from promoting
social change to driving innovation
Entrepreneurship
are frequently
thought of as national assets to be cultivated, motivated, and
remunerated to the greatest possible extent.
Entrepreneurs
entrepreneurial behavior is the result of a combination of:
- strong motivation to achieve something; and
- the capabilities to achieve it.
may not strictly be related to business but
are to do with the kind of person the entrepreneur is and what
he/she does.
Habits of character
Entrepreneurs implement innovative ideas on the
available opportunities and bring out something
new.
Innovation
Always make sure that you have a back-up plan
Innovation
Entrepreneurs have a clear and coherent vision for
the success of their business.
Organization
Every type of business faces different kinds of
problem and risk taking is part of it. Being an
entrepreneur, you must be able to handle
unexpected situations, take it as a challenge, and
learn from it.
Risk
Having a vision provides a sense of purpose and
direction for the business. Your vision will help you
define your short and long-term goals and guide the
decisions you make along the way. “A leader has
the vision and conviction that a dream can be
achieved. He inspires the power and energy to get it
done”
Vision
This is the first thing you should have to be an
entrepreneur.
Personal Competency
It is a set of skills to include self-awareness,
self-management, and relations skills. Some of the
examples are creativity, determination, integrity
emotional balance and self-criticism.
Personal Competency
It is the ability to interact with others and with your
community
Interpersonal Competency
This includes the ability to maintain a healthy
relationship.
Interpersonal Competency
It is a set of abilities and knowledge that sets a company
apart from its competitors
Business Competency
These are some of the competencies:
Business vision, Resource management, Networking and
Negotiating skills.
help drive change with innovation, where new and
improved products enable new markets to be developed
Entrepreneurs
e three levels of competencies in Entrepreneurship
Personal competencies, Interpersonal competencies and Business
competencies
The 4 common competencies of an entrepreneur
Innovation,
Organization, Risk and Vision
The only way to acquire the habits essential for entrepreneurs
is
by acting in a way consistent with them.
They create new business and as
a result, new employment is offered.
. Entrepreneurs Create New Employment
– They generate new wealth. This
enables new markets to be developed and new wealth created.
Entrepreneurs Add to National Income
Entrepreneurs break away from
tradition and indirectly support freedom by reducing dependence on
obsolete systems and technologies.
Entrepreneurs Also Create Social Change
Entrepreneurs regularly nurture
entrepreneurial ventures by other like-minded individuals. They also invest in
community projects and provide financial support to local charities. This
enables further development beyond their own ventures
Community Developmen
Entrepreneur s derived from the French word
“entrependre”,
“entrependre”, which means
“to undertake.”
is a person who creates 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.
Entrepreneur
