Entrepreneurship

entrepreneurship

What is entrepreneurship?
 Entrepreneurs
– Risk-taking individuals who take actions to pursue opportunities and situations others may fail to recognize or may view as problems or threats.  Entrepreneurship
– Strategic thinking and risk-taking behavior that results in the creation of new opportunities for individuals and/or organizations.
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What is entrepreneurship?
 Entrepreneurs are …
– Founders of businesses that become large-scale enterprises. – People who introduce a new product or operational change in an existing organization.

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An Entrepreneur…

… takes on the risk of starting their own enterprise or investing in other start-ups. Successful entrepreneurs are known for…

… Finding innovation and market gaps for new products and services. What is entrepreneurship?
 Typical entrepreneurial backgrounds and

experiences:

– Parents were entrepreneurs or self-employed.
– Families encouraged responsibility, initiative and independence. – Have tried more than one business venture.
– Have relevant personal or career experience.
– Become entrepreneurs between 22 and 45 years of age.
– Have strong interests in creative production and enterprise control.
– Seek independence and sense of mastery.
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What is entrepreneurship?
 Typical characteristics of entrepreneurs:
– Internal locus of control
– High energy level
– High need for achievement
– Tolerance for ambiguity
– Self-confidence
– Passion and action-orientation
– Self-reliance and desire for independence
– Flexibility
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David McClelland characterized high achievers/ entrepreneurs as possessing these traits:
– Preference for moderate risk (risk eliminators)
– Desire for responsibility
– Confidence in their ability to succeed
– Desire for immediate feedback
– High level of energy
– Future orientation
– Skill in organization
– Value of achievement over money

Entrepreneurial capacities
An entrepreneur should have or build the capacity to: a)exhibit entrepreneurial behaviour for