ENTREPRENEURSHIP AND ITS SOCIAL IMPACT

THE ENTREPRENEUR AS THE INDIVIDUAL THAT STEERS (6)

1. Entrepreneurs identify opportunities in the market.

 Entrepreneurial ventures are created because opportunities are identified, pursued and
exploited.

2. Entrepreneurs process market information.

 Entrepreneurs identify opportunities by merely observing and having and enthusiastic

willingness to learn and understand.
 “How can something be made better?” or “How can the customers’ experience happier?”.

3. Entrepreneurs bring innovation.

 More important that identifying opportunities

 Entrepreneurs don’t stop at simply creating a product but instead innovate and create more
value for customers.

4. Entrepreneurs take and accept risks.

 It is believed that they’d rather fail trying than have someone else try it before them.

5. Entrepreneurs establish new venture and improve existing ones.

 With innovations, entrepreneurs establish new ventures.

6. Entrepreneurs are managers as well as leaders

 Entrepreneurs are known to know even the tiniest details of their ventures.
1) Entrepreneurship Spurs Economic Growth
 creation of other economic activities

Economic activities

 Could be job creation, the production of supplementary products and services and other
activities that would stimulate economic development.

2) Entrepreneurship Creates Jobs

 As new businesses are made, jobs are also created.

 Leaving their day jobs creates a vacancy.

3) Entrepreneurships Bring Innovations

 Necessity is the mother of invention and its older sibling is innovation.

 Innovation - form of the products and service they offer, or the way they get the products

4) Entrepreneurship Creates Wealth

 Entrepreneurial ventures help generate new wealth not only for the entrepreneur but for the
nation as well.
 By introducing new and improved products and services