entrepreneurial thinking Flashcards
ENTREPRENDRE word
meaning to undertake
certain activities)
1) Produces a product
2) Sells & market the product
3) Bear overheads like :-
*Pays rent of Land and building
*wages to labor
*interest on capital
*later generate profit
WORKING -entrepreneur def
A person who integrates different production variables =>processes raw materials => transforms them into a finished product + adds value, = sells the produce in the market in order to make money = Entreprenur
Entrepreneurs are not born; they are created.
oooo->O raw materials ~ [] |> = $
ENTERPRISE 4M’s
The 4 M’s
Material (Raw material/Finished material)
Men (People)
Machines (Production)
Money (Investment/ROI)
ENTREPRENEURSHIP
Innovation.
ii.Risk-taking.
iii.Vision.
iv.Organizing skill.
The most obvious example of entrepreneurship is the
starting of new businesses.
Types of Participants
DOERS : Achievers
- DREAMERS : Doing
something but not their dream project - DWADLERS : Undecided
- DUDS : Abandoned their ideas of being entrepreneur
! ENTREPRENEURIAL CHARACTERISTICS ! (10)
Risk Taker
Perceptive
Curious
Imaginative
Persistent
Goal-setting
Self-confident
Flexible
Independent
Hard-working
!Stages of an Entrepreneurship!
- The Dreamer.
This is where the idea for a business is born. The dream is the
culmination of the entrepreneur’s life experiences and
passions. - The Architect.
This stage is where the dream is interpreted into a business
model which becomes the blueprint of the venture. The
Dreamer typically does not make a good Architect. - The Builder.
This is the stage where the dream can first
become reality. The Builder then literally turns the
dream into reality. We are now at a critical
juncture of the venture. - The Cultivator.
This is the growth stage. Once the business is
launched the Cultivator’s primary role is to guide
the business through the various levels of growth.
Classification of Entrepreneur (2)
- Innovative Entrepreneur
These entrepreneurs introduce new goods or new
methods of production or discover new markets or
reorganize the enterprise. Examples of first movers
include innovative companies such as eBay and Coca-
Cola. eBay was the first company to take the auction
process online, kicking off operations in 1995.
- Imitative or adoptive entrepreneur :-
Such entrepreneurs don’t innovate, they copy
technology or technique of others.. Such entrepreneurs
are significant for under-developed economies because
they put such economies on high rate of economic
development`EX: Chinese mobiles.
different types of entrepreneurs
Prime mover :-
This entrepreneur sets in motion a powerful sequence of
development expansion and diversification of business. EX: Ambani
Manager :-
Such an entrepreneur doesn’t initiate expansion and its content in
just staying in business.
The artists:-
Are highly creative type, very conscious about business.
EX: Michael Dell (Dell), Deep Kalra (Make my trip)
The visionary:-
Too focused on dreams with little focused on reality.
EX: Jack Welch(GE), Bill Gates (Microsoft), Warren Buffet (Berkshire
Hathaway), Sam Walton(Wall Mart).
11 Reasons Why Most Entrepreneurs Fail
- Not Having Enough Money
- Not Knowing Your Market
- Lack Of Vision
- Biting Off More Than You Can Chew
- Trying To Be Everything To Everybody
- Not Enough Marketing
- Poor Planning
- Not Accepting Constructive Criticism
- Not Delegating
- Lack Of Soft Skills
- Burnout
Importance of Ethics in
Entrepreneurship
- Building Trust and Reputation
- Long-term Success
- Safeguarding Stakeholder Interests
- reducing Risks and Liabilities
- Contributing to a Better Society
IPR meaning for entrepreneurs
By securing intellectual property rights,
entrepreneurs can prevent unauthorised use or
replication of their unique ideas, trademarks, and
inventions.
* This not only protects their creations but also allows
them to fully capitalise on their innovations, i.e they
only can make the product
