The Nature And Characteristics Of Entrepreneurship( Mod 3) Flashcards
What is an entrepreneur?
An entrepreneur is an individual who organizes and employs the factors of production to create a business venture in the hopes of making a profit.
What is entrepreneurship?
It is the capacity and willingness to develop, organize and manage a business venture with any of its risk in order to make a profit.
What is corporate entrepreneurship?
It refers to the creation, innovation and renewal of products or ideas in or outside of the organization. It could be the creation of a new product or venturing into the market by establishing a new organization. Changes in the organization can take the form of new products, production process and the revitalization of the organization’s operations and systems.
What is corporate entrepreneurship is based on ?
It is highly dependent on the organization’s resources such as its financial, physical, labor, intellectual and social capital
What is the importance of corporate entrepreneurship?
It improves the firm’s competitiveness by applying different strategies and the creation of variations of the product in the market. By using this the business can experience an increase in the profit margin and growth. However this will only work if the business is willing to take risk and be proactive which could bring great success.
What is social entrepreneurship?
It is a set of entrepreneurial principles, processes and operations geared at solving a social problem or to achieve a social change. Social issues could be poverty, crime, environmental deterioration and gender issues. Social entrepreneurship allows businesses and individuals to combine their social missions and business principles and innovation.
What are the characteristics of a successful entrepreneur?
Goal and opportunity oriented
- An entrepreneur has an eye for opportunity. Instead of complaining about an existing situation and its shortcomings, a successful entrepreneur looks for ways to improve the situation. The entrepreneur focuses his/her attention on identifying and capitalizing on opportunities that are created on a daily basis. For an entrepreneur another problem is seen as another opportunity for success.
High levels of commitment and determination
-A business has it own fair share of risks and setbacks. Therefore to become a successful entrepreneur one must be committed and determined to excelling in what she or he does. This characteristic is very prominence in the initials stage of starting your business as it could be very shaky and success, maybe lingering in the shadows of the distance future. Many entrepreneurs have boosted that success has only come to them once they remain committed, and determined to overcome any challenge or setback that comes their way in terms of operating their business .
Good problem- solving techniques
- It is more than likely, that at some point in time the entrepreneur is going to run into a problem. Whether that problem being with the product or conflict among employees. A successful entrepreneur must be able to identify the problem precisely and find ways in which to solve it. He or she must be able to solve the prevailing problem that is affecting the business. This may mean the entrepreneur spending long hours coming up with solutions for the problem to least the its effect on the business.
Flexibility
-We are living a rapidly changing world where entrepreneurs must be able to adapt to any situation that comes their way. The successful entrepreneur must adjust its product offerings and strategies in order to meet the taste and preferences of it consumers. When there are changes in the global environment, the entrepreneur may have to make certain changes in order to remain viable in the market.
What are the benefits of entrepreneurship?
- You will be able to become their own boss
- Financial independence
- self fulfillment
- Gaining a profit
What are the drawbacks of entrepreneurship?
1.long working hours
2. Risk of losing one’s personal assets
3. It can be stressful on the entrepreneur
What are the benefits of entrepreneurship for the country?
- Job creation
- Improvement in standard of living
- Expanding exports
