Unit 1 Flashcards
Define Entrepreneurship
Entrepreneurship is a dynamic and social process where individuals, alone or in collaboration, identify opportunities for innovation and act upon these by transforming ideas into practical and targeted activities, whether in a social, cultural or economic context.
Origin of entrepreneurship
Economist perspective - as do to with bringing about different use of resources from traditional uses to new combinations
Behavioral perspective - looks at the physiological behavior of entrepreneurs
Management science perspective - the research focus on what entrepreneurs do and why they do it
Social perspective - it concentrates on the support needed by entrepreneurs
Entrepreneurial perspective - what are the entrepreneurial activities and what is required to perform them
Benefits of entrepreneurship in society
Donations - entrepreneurs often donate money to charities to help improve the standard of living in a society
Scholarships - entrepreneurs give money to less privileged students for study
Sponsorship - entrepreneurs can choose to sponsor to people for ex funding a child’s orphanage
Problems to entrepreneurship
Entrepreneurs can misuse natural resources and deplete them
Entrepreneurs can destroy the natural environment by cutting down tree and clearing land for construction projects
A belief
is an acceptance that something is true or exists, especially without proof
Common beliefs about enterprises
Starting a venture is risky and often ends in failure
Money is the most important start-up ingredient
Enterprises depend on luck
Explain that the success of an enterprise does not depend on gender roles
It will require certain skills and characteristics which both males and females have
gender role don’t determine the success of an enterprise because both men and women do different types of work
Both men and women can succeed in business if well-trained
Importance of apply positive beliefs in the enterprise:
positive beliefs will be passed on to employees and in turn productivity will increase
It encourages the entrepreneur not to give up but persevere
Entrepreneur
an innovative and creative person that see an opportunity, forms an idea, transforms an idea and takes a risk by starting a business
Explain the qualities of an entrepreneur
Risk-taking - willing to take risks in hope to succeed
Perseverance - ability to not give up easily
Independence - ability to make your own decisions
Creative - ability to come up with new ideas
Implement strategies for developing and strengthening entrepreneurial qualities
Never stop learning - study the necessary knowledge, skills and attitudes of a successful entrepreneur
Start a small business- starting a small business can be a way to gain entrepreneurial experience
Network with other entrepreneurs - in order to get access to other business opportunities and you can learn from other entrepreneurs
The role of entrepreneurship in Namibia
entrepreneurship can create jobs that will employ people
they contribute to the economic growth by paying taxes
Stimulate the economy by installing confidence in the people
Model of entrepreneurship
are steps followed to establishing an enterprise
Models of entrepreneurship
Idea generation - involves coming up with enterpneurial ideas
Research and Market research
Financing - this is the money needed to start an enterprise, expand an enterprise or take an enterprise out of a bad situation
Legal requirements - ensures the legal requirements of the country are met
Running the enterprise - involves the management activities
IRFLR
Describe the link between entrepreneurship and a model of entrepreneurship
The model of entrepreneurship deals with the steps needed to establishing a venture, while entrepreneurship requires the model of entrepreneurship for a venture to be established
Creativity
refers to the formulation of new ideas
Identify and explain 4p model of creativity
Person - refers to the entrepreneur who started a venture
Process - techniques used to create
Product - direct result of the process, what is produced
Press - refers to the environment the person operates in
Barries to creativity
refers to the blockade/ differences that eliminate creative possibilities
Barriers to creativity
Environmental barriers - Uncomfortable working environments and distractions
Cultural barriers - can be formed as a result of social influences, experiences and pressures based on social and institutional norms. ex- in some cultures, women are not supposed to indulge in entrepreneurial activities
Social barriers - can be formed as a result of the social environment of an individual. ex-teenagers might feel pressured to dress a certain way due to peer groups
Perceptual barriers - are obstacles that prevent a problem-solver from foreseeing a problem ex- some people have habit of viewing things in a negative way
Identify and explain techniques in enhancing creativity
Random input - a technique to stimulate creative thinking through the development of words and images
Problem reversal - a technique to stimulate creative thinking by consider the problem then doing the opposite
Association technique - a technique to stimulate creative thinking by linking related concepts, ideas and objects
Discountinuity principle - a technique to stimulate creativite think by forcing oneself to think out-of-the-box
The 5HWs technique (what, where, when, who and how) - a technique used to find the root of the problem in order to solve the problem
Stages in the creative process
Generating interest and awareness - recognition of problems and curious to find out more
Preparation - development of ideas
Incubation - processing and reflecting on ideas
Insight - focus on the idea or solutions that will effectively address a situation
Verification - allows you to observe the advantages and disadvantages
GPIIV
Describe opportunities for job creation
Learners at a school don’t not have transportation to school, so a business opportunity of a taxi can be taken
Social entrepreneurship
refers to the practice of entrepreneurship involving human welfare ex- home of good hope (orphangge)
Unemployment
refers to the percentage of the labour force that actively seeking for a job or jobless
