Entrepreneurship skills Flashcards
Define entrepreneurship
Entrepreneurship is the ability and readiness to
develop, organize and run a business enterprise, in
order to make a profit.
Define an entrepreneur
An individual who takes on financial risks to start and
grow a business, using innovative ideas and strategies to capitalize on
market opportunities.
Entrepreneurship from an economic perspective
Involves identifying and seizing opportunities in the market to create value through innovative ideas, products, or services. It’s about assuming risks and allocating resources effectively.
Entrepreneurship from an academic perspective
Entrepreneurship is often viewed as a process of innovation and transformation, where individuals or groups leverage their creativity, skills, and resources to establish and grow ventures that fill a gap or solve a problem in the market.
Entrepreneurship from an Practical Perspective
entrepreneurship is about action. It involves the actual execution of ideas,
taking calculated risks, managing resources efficiently, navigating uncertainties, and
adapting to changing market conditions to establish and sustain a business.
Entrepreneurship mindset
• Creativity and Innovation: Being able to think outside the box and come up with novel solutions or ideas.
• Risk-Taking: Willingness to take calculated risks and embrace uncertainty.
• Resilience and Adaptability: Ability to bounce back from setbacks and adapt to
changing circumstances.
• Vision and Passion: Having a clear vision for their venture and being passionate about their goals.
• Proactiveness and Initiative: Taking proactive steps and seizing opportunities rather than waiting for them to appear.
Types of Entrepreneurs
- Social Entrepreneurs : These individuals focus on addressing social or environmental issues through innovative solutions. Their primary goal is to create positive change rather than maximizing profits.
- Serial Entrepreneurs : They are individuals who repeatedly start and grow businesses. They thrive on the process of creating new ventures and often have multiple businesses in succession.
- Lifestyle Entrepreneurs : They prioritize their personal values, passions, and interests when starting businesses. They aim to create a business that supports their desired lifestyle rather than focusing solely on financial gains.
- Scalable Entrepreneurs : These are individuals who focus on creating businesses with the potential for significant growth and scalability. They often aim for rapid expansion and seek large market opportunities.
Historical Overview of Entrepreneurship
1.Ancient Roots: Study entrepreneurship in ancient civilizations
and the role of merchants and traders.( Mesopotamia, Egypt and India)
2.Industrial Revolution and Beyond: Analyze the impact of
the Industrial Revolution on entrepreneurship and business.
3.Modern Entrepreneurship: Explore the evolution of
entrepreneurship in the 20th and 21st centuries.
Globalization in the Industrial Revolutions
Increasing interconnectedness of markets, the
rise of global trade, and digital connectivity facilitated a borderless economy, allowing entrepreneurs to reach international markets more easily
Importance of Entrepreneurship in Modern Economies
Entrepreneurship plays a crucial role in modern economies, contributing
significantly to job creation, fostering innovation/progress, Adaptability and Resilience and driving economic
development.
Characteristics of a successful entrepreneur
Curiosity
Willingness to experiment
Adaptability
Decisiveness
Self awareness
Risk tolerance
Comfort with failure
Persistence
Innovative Thinking
Long term focus
Define Idea generation
The act of conceiving, evolving, and expressing abstract, tangible, or visual concepts. It revolves around generating potential answers to identified or real challenges and possibilities.
Aim for idea generation
This process aims to devise creative solutions for perceived or actual issues and opportunities. In entrepreneurship, idea generation is one of the main factors that lead to its success. The idea thought of here should be able to solve a problem. And along with being unique, the idea should also be easy to execute.
Identify new opportunities: Leverage the collective wisdom of stakeholders across your organization to explore uncharted territories
ripe with potential. Engaging in discussions can illuminate avenues for discovering new customer segments
or uncovering innovative applications for your existing successes.
Develop new ideas: In business fresh ideas are akin to vital sustenance, fueling the growth desired by every manager. Idea
generation acts as the propulsion for continuous innovation, propelling your business forward by
introducing ingenious approaches to age-old challenges and identifying novel problems that warrant your
attention.
Refine old ideas: Challenge the status quo by subjecting your entrenched notions to deliberate scrutiny. Cultivate an environment where individuals feel secure in questioning conventional problem-solving paradigms. This safe space fosters the evolution of existing ideas, refining them into more potent solutions.
Update current practices: In the perpetual pursuit of progress, new ideas serve as catalysts for rejuvenating and modernizing your
current operational methodologies. Not every new idea needs to come as a bolt from the blue; sometimes,
the simple act of revitalizing existing practices can breathe new life into your endeavors.
Idea Generation Techniques
1.Brainstorming: Various brainstorming methods to generate creative
ideas, such as mind mapping, SCAMPER technique, or reverse
thinking.
2. Problem-Solving Approach: How to identify problems they
personally encounter or observe in their surroundings and brainstorm
solutions.
3. Design Thinking: Introduce the design thinking process emphasizing
empathy, ideation, prototyping, and testing.
