Lesson 1 Flashcards
What is entrepreneurship according to Henry hisrich
The process of creating something new with value by devoting time and effort, assuming the accompanying financial physic and social risk, receiving the resulting reward of monetary and personal satisfaction and independence.
Founder of Amazon
Jeff bezos
Founder of Microsoft
William Henry gates
Founder of Facebook
Mark elliot Zuckerberg
What is an entrepreneur
Someone who has the ability and desire to establish, administer and succeed in a start up venture along with rusk entitled to it to make profit
Importance of Entrepreneurship in the Macro Perspective:
Generates job opportunities
Enhances economic growth
Improve the community
Importance of Entrepreneurship in the Micro Perspective
Develop the character of the individual
Improve the economic status of the individual
Acquires a sense of fulfillment
Enhances many skills of individual
Task and function perform by entrepreneur
1.Risk taking and uncertainty bearing
2.Taking business decision
3.Managerial function
4.Innovation
5. Maintain good relation
6.Planning and organizational function
An entrepreneur must be prepared for all the risks and adversities
Risk taking and uncertainty bearing
An entrepreneur must be able to formulate an action plan for all the decisions that he/she has to
make.
Taking business decision
Entrepreneur must know how to manage the
different operations in the business like financial and supply management
Managerial function
Entrepreneur must know how to manage the
different operations in the business like financial and supply management
Managerial function
the most important function of an entrepreneur. He initiates to introduce and craft new
products
Innovation
entrepreneur must be able to establish a good relationship with his employees and most
especially with his clients and customers.
Maintain good relation
These are the first things that an
entrepreneur must do when starting up his/her own business.
Planning and organizational function
