Session 08: Entrepreneurship Flashcards
What is Entrepreneurship?
Process of producing innovations by managing risks and identifying business opportunities to satisfy human needs and wants.
Importance of entrepreneurship?
- Contributes to economic and social development of a country.
- Find innovations and react to changes in the world that change rapidly.
- Give leadership to the changing world.
- Generative innovations to survive in the competitive business world.
- Uplift the living standards through satysfying human needs and wants at highlevel.
- Create employments through starting new busnesses.
Characteristics of Entrepreneurship?
- Willing to take risks
- Creativity
- Commitment
- Self confidence
- Self reliant
Skills of Entrepreneurship?
- Leadership
- Communication
- Interpersonal skills
- Basic management
5.
Process(Stages) of Entrepreneurship?
- Discovery stage
- Concept
- Resourcing
- Actualization
- Harvesting
What is a Business Idea?
The spark of creativity that gives a vision for a business or product.
What is opportunity?
The set of circumstances in which an idea can be turned into a successful business.
Differences between Business idea and Business opportunity
Business Idea:
1. An unproven concept
2. Comes from our minds
3. Spark of creativity that gives a vision for a business or a product.
4. Provides the direction and the vision for the business.
Business opportunity:
1. A proven concept
2. Comes from observation and analysis
3. Set of circumstances in which an idea can be turned into a successful business.
4. Provides the context in which the idea is being implemented.
4 approaches of opportunity identification?
- Observing trends
- Solving a problem
- Finding gaps in the market
- Entrepreneur’s personal characteristics
Source of Business ideas
- Emerging trends
- Hobbies
- Existing and potential customer needs and wants
- Market surveys
- Analyzing environment
Elements of Business environment
- Political Environment
- Legal..
- Economic..
- Social..
- Technical..
Role of Entrepreneurship
- Job creation
- Wealth creation
- Innovation and technology advancement
- Regional development
- Entrepreneurial eco system and Supportive policies