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The word Entrepreneur originates from the French Word, Entreprendre , which mean “to undertake” in the business contex PowerPoint Presentation
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The word Entrepreneur originates from the French Word, Entreprendre , which mean “to undertake” in the business contex

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The word Entrepreneur originates from the French Word, Entreprendre , which mean “to undertake” in the business contex - PowerPoint PPT Presentation


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The word Entrepreneur originates from the French Word, Entreprendre , which mean “to undertake” in the business context it means to start a business. ENTREPRENEURIAL MINDS & PERSONALITY. Innovative Creative Risk takers Pioneers Change

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The word Entrepreneur originates from the French Word, Entreprendre, which mean “to undertake” in the business context it means to start a business

entrepreneurial minds personality
ENTREPRENEURIAL MINDS & PERSONALITY

Innovative

Creative

Risk takers

Pioneers Change

Entrepreneurs have a sense of excellence: they think they are special and unique

Entrepreneur is a strong motivation for personal achievement

joseph a schumpeter
Joseph A. Schumpeter

Father of modern entrepreneurship is the Austrian born “Joseph A. Schumpeter” 1934

Austrian economist Joseph Schumpeter’s placed an emphasis on innovation such as

New product

New production methods

New market

New forms of organization

The core of Schumpeter’s definition of entrepreneurship is innovation

different forms of innovations
Different forms of innovations

A new good or a new quality of a good

A new method of production not previously tested

Opening of a new market, that is, a market that a firm has not previously entered

A new source of supply of raw materials

The carrying out of new organization

different views
DIFFERENT VIEWS

William Baumol’s description of an entrepreneur— an individual who exercises what in the business literature is called leadership

Al Shapero:- entrepreneurial behavior as the kind of behavior that includes

(1) Taking initiative,

(2) Organizing or reorganizing of social

(3) The acceptance of risk & failure

kirzner s view on entrepreneurship
Kirzner’s view on entrepreneurship

Schumpeter’s entrepreneur creates opportunities through innovation

Kirzner’s entrepreneur sees opportunities because he or she possesses unique information or knowledge

Kirzner’s entrepreneur seeks to market

Schumpeter’s entrepreneur creates new markets

why is entrepreneurship important
WHY IS ENTREPRENEURSHIP IMPORTANT?

Entrepreneurship is important to economic wealth creation at the national and individual levels

Entrepreneurship significantly impacts our own lives

A vital source of new job creation and a source of a vast majority of new technology and products

Entrepreneurship also plays a key role in providing effective and innovative solutions to environmental & social problems.

the search of opportunity
THE SEARCH OF OPPORTUNITY

There are basically three ways to recognize an opportunity

1. An active & systematic search of the external environment

2. Unexpected discovery

3. It is the creation of the entrepreneur.

characteristics commonly found in successful entrepreneurs
Characteristics commonly found in successful entrepreneurs

Cooperativeness and a strong team player,

Strong desire to work hard,

Strong desire to learn new and different things,

Ability to listen to others and network,

Not competitive, but visionary and goal setting,

Strong self-efficacy,

Coach or a trainer,

Not any more risk-prone than other professionals.

entrepreneurs types
Entrepreneurs Types
  • The first is the achievement entrepreneur
    • Associated with being high in the achievement
    • They are leaders with a strong sense of personal responsibility
  • Sales man entrepreneur
  • Typically using soft sales approach
    • Spending time in selling and letting some one else manage the business
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Third

  • The technology entrepreneur
    • These entrepreneur often invent new products or services, new niches, or develop new processes for existing product
  • Fourth
  • ALL three are facing the fourth, The manager, who like and tries to take charge.
  • They are usually positively willing to take authority, such as board of directors and external investors
picking the right business
Picking the Right Business

You should ask yourself the following five questions

What is something that I do well that I like to do?

Is there a market for this business?

Can I afford to start this business?

What will distinguish my business?

Can I make a profit?

making decision
Making decision

It consists of two steps:

1. Looking at how much you have to invest

2. Conducting market research

choosing great names locations
Choosing Great Names& Locations
  • What’s in a Name?
  • Naming your business should be enjoyable
  • What if you pick the wrong name?
  • What if the name you pick has already been taken?
how do you pick a name
How do you pick a name?
  • The first is to pick a name that says exactly what your business is.
  • The second method of business-name creation is to pick a name that is totally unique and has nothing to do with your business at all
  • The last method for creating a winning business name is to hire someone to name it for you.
trademark concerns
Trademark Concerns
  • A trademark is a distinctive word, phrase, or logo that is used to identify a business
  • Important to do a trademark search to see if the name already has been trademarked
locations
Locations
  • The things you want to consider when looking at a location are:
    • Population
    • Traffic
    • Competition
    • Signs
    • History
    • Rent
locations legal considerations
Locations & Legal Considerations
  • There are several different things to consider:-
  • Zoning
      • Cities usually zone buildings & areas into residential, commercial,industrial, and mixed-use areas

Other legal issues

      • Some municipalities limit the number of certain types of business, such as cafes or fast food franchises,to certain areas.
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Home office restrictions

    • Contact your city to find out what sort of occupational license & other licenses you may need.