ENTREPRENEURSHIP

 Creating of something new by devoting time and effort

 Accepting and acknowledging the necessary financial, psychological
and social risk.
 Receiving and resulting the reward be it monetary and personal
satisfaction and freedom to do what you want.
 Process of creating something new and assuming the risk and
rewards.
 ENTREPRENEUR – who actively form and lead their own business
and nurture them for GROWTH AND PROSPERITY.

ENTREPRENEURIAL MANAGEMENT
 The process of taking entrepreneurial knowledge and utilizing it for
increasing the effectiveness of new business as well small-and medium-
sized businesses.
DIFFERENT OUTCOMES OF ENGAGING IN ENTREPRENEURSHIP: (PICTOCIG)
1. Innovation and newness
2. Organizational resources
3. Creating new product or service
4. Generating wealth
5. Taking risk in a business venture
6. Prepared to face uncertainty
7. Create Job Opportunity
8. Increase in the abundance of wealth generation for the nation
PERSONAL COMPETENCY OF AN ENTREPENEUR
1. Iniatitve
2. Sees and Acts on Oppurtunities
3. Persistence
4. Self Confidence
5. Information Seeking
6. Corncerned for high quality products
 7. Commitment to Work Contract
8. Systematic and organized planning
9. Problem Solving
10. Assertiveness – Negotiation with supplier and costumer
11.Persuasive and Influential
12.Inspirational
13.Effective Communicator
THE ENTREPNEURIAL PROCESS
 The process of pursuing a new business or business
 Creation of a new organization

Creation Process – creating Requires the commitment of

something new of value time and effort

Involvement of enjoying the

reward

FOUR DISTINCT ENTREPRENEURIAL PROCESS (IDDM)

1. Identification and evaluation of opportunity
2. Development of business plan
3. Determination of required resources
4. Management of the resulting enterprise
THE BENEFITS OF ENTREPRENEURSHIP (CMRRSE)
 Opportunity to create your own destiny.
 Opportunity to make a difference.
 Opportunity to reach your full potential.
 Opportunity to reap extraordinary profits.
 Societal Responsibility and Recognition.
 Opportunity to engage in work for their choice.
DRAWBACKS OF ENTREPRENEURSHIP (URLLCD)
 Uncertainty of income
 Risk of losing your entire Investment
 Long hours and hardwork
 Lower Quality of life until business is established
 Complete Responsibilty
 Discouragement
TEN DEADLY MISTAKES OF ENTREPRENEURSHIP: (M,L,P,W, F, U, P, I, I)
 Management Mistakes
 Lack of Experience
 Poor financial control
 Weak marketing effort
 Failure to develop strategic and effective plans
 Uncrontolled Growth
 Poor location
 Improper Inventory Control
 Incorrect or unsuitable pricing
HOW TO AVOID FAILURE