COURSE TITLE: ENTREPRENEURIAL MIND

CODE: ENT 101

PRE-REQUISITE/CO-REQUISITE: None

COURSE UNIT: 3

COURSE OBJECTIVES:

The course is designed to train mindset of students by developing their attitude to become
motivated as entrepreneurs. Students will be immersed in situations that could change their lives
and inspire them to address these changes using their skills to carefully evaluate opportunities,
productively resolve complications, effectively communicate with people and efficiently work as
an individual and in teams as how it affects the organization.

COURSE CONTENTS:

MODULE 1: The Concept of Entrepreneurship

MODULE 2: Characteristics Associated with Entrepreneurial Mind-Set

MODULE 3: Entrepreneurial Ethics

MODULE 4: Entrepreneurial Mind Set in Organization: Corporate Entrepreneurship

MODULE 5: Social Entrepreneurship and the Global Environment for Entrepreneurship

MODULE 6: Innovation: The Creative Pursuit of Ideas

MODULE 7: Assessment of Entrepreneurial Opportunities

MODULE 8: Pathways to Entrepreneurial Ventures

MODULE 9: Sources of Capital for Entrepreneurs

MODULE 10: Marketing Challenges

MODULE 11: Developing an Effective Business Plan

MODULE 1

MODULE TITLE: The Concept of Entrepreneurship

In today’s world of modernization and development the term entrepreneurship is a well

known term. Entrepreneurship is the ability to foresee or ascertain the various opportunities
related with investment and then to evaluate these various opportunities and forming enterprise,
the purpose of which is to give the maximum contribution in the national’s growth. When we
combine these activities performed by entrepreneurs the results are known as entrepreneurship.

Entrepreneurship is more than the mere creation of business. Although that is certainly
an pimportant facet, it’s not the complete picture. The characteristics of seeking opportunities,
taking risks beyond security, and having the tenacity to push an idea through to reality combine
into a special perspective that permeates entrepreneurs. The term “Entrepreneurial Mind Set”
represents the cognition and commitment to view the world with an innovative perspective. This
composes the entrepreneurial potential in every individual. The mind-set can be exhibited inside
or outside an organization, in for-profit or not-for-profit enterprises, and in business or
nonbusiness activities for the purpose of bringing forth creative ideas.

Thus, entrepreneurship is an integrated concept that permeates an individual’s business in

an innovative manner It is this mind-set that has revolutionized the way business is conducted at
every level and in every country. It is clear that the world has embraced entrepreneurship and
innovation, and the way we view business will never be the same.

MODULE OBJECTIVES:
After Module 1, the student will be able to:
1. Understand the concept of entrepreneurship
2. Know the meaning of entrepreneurship
3. Describe the relationship between the small business and the entrepreneurship
4. Identify the elements of entrepreneurship
5. Apply the entrepreneurial competencies in real situation
Topic 1 – Content
The Concept of Entrepreneurship
Entrepreneurship involves decision making, innovation,
implementation, forecasting of the future, independency, and success
first and this is how entrepreneurship developed. It is a discipline with a
knowledge base theory. It is an outcome of complex socio-economic,
psychological, technological, legal and other factors. It is a dynamic
and risky process. It involves a fusion of capital, technology, and
human talent. Entrepreneurship is equality applicable to big and small
businesses, to economic and non-economic activities.
It is an important aspect of the contemporary
business world. It occurs for individuals and within
organizations, both large and small. Entrepreneurship fuels
success in a highly competitive business environment.
Thus, strategic thinking and risk-taking behavior results in
the creation of new opportunities for individuals and/or
organizations.

What the entrepreneurship definition doesn’t tell you is that

entrepreneurship is what people do to take their career and dreams into
their hands and lead it in the direction of their own choice. It’s about
building a life on your own terms. No bosses. No restricting
schedules, and no one holding you back. Entrepreneurs are able to take
the first step into making the world a better place, for everyone in it.

Who is an Entrepreneur(s)?

An entrepreneur is a person who starts, organizes,

and manages any enterprise, especially a business, usually
with considerable initiative and risk. An individual who
organizes or operates a business or businesses. They are
aggressive catalysts for change within the marketplace.
They start companies and create jobs at a breathtaking
pace.

According to Peter Drucker Entrepreneurship is

defined as a systematic innovation, which consists in the purposeful and organized search for
changes, and it is the systematic analysis of the opportunities such changes might offer for
economic and social innovation.

Relationship between Small Business and Entrepreneurship

 The term entrepreneurship is often conflated with the term small business or used
interchangeably with this term. While most entrepreneurial ventures start out as a small business,
not all small businesses are entrepreneurial in the strict sense of the term.

Small businesses are independently owned and operated, are not dominant in their fields,
and usually do not engage in many new or innovative practices. They may ever grow large, and
the owners may prefer a more stable and less aggressive approach to running these businesses; in
other words, they manage their businesses by expecting stable sales, profits, and growth.
Because small firms include those purchased as already established businesses as well as
franchises, small-business owners can be viewed as mangers of small businesses.

Entrepreneurship Small Business Management

Definition of the Field The process whereby an
individual discovers, evaluates
and exploits a business
opportunity.
Firm size Small, medium or large
Economic sector Private, public or non-for-
Potential for Growth profit
Innovation Significant: targets a large,
global market
Significant: usually based on a
new product, a new way of
producing it or a new business
model
Key individual and strategic The entrepreneur: an individual
objectives who established and manages a
business for the principal
purpose of profit and growth
The administration of a small,
independent business venture.
Small to medium
Primarily private
Limited: targets a local or
regional market
Limited: although a small
business might be new to a
locality, it usually delivers an
established product or service
The small business owner-
manager: an individual who
manages a business for the
principal purpose of
furthering personal goals.

Four Key Elements of Entrepreneurship

1. Innovation - An entrepreneur is the key source of innovation and variation in an economy.

It is actually one of the most important tools of an entrepreneur’s success. They use innovation
to exploit opportunities available in the market and overcome any threats.

So this innovation can be a new product, service, technology, production technique, marketing
strategy, etc. Or innovation can involve doing something better and more economically. Either
way in the concept of entrepreneurship, it is a key factor.
2. Risk-Taking - Entrepreneurship and risk-taking go hand in hand. One of the most important
features of entrepreneurship is that the whole business is run and managed by one person. So
there is no one to share the risks with. Not taking any risks can stagnate a business and
excessive impulsive risk-taking can cause losses. So a good entrepreneur knows how to take
and manage the risks of his business. But the willingness of an entrepreneur to take risks gives
them a competitive edge in the economy. It helps them exploit the opportunities the economy
provides.

3. Vision - Vision or foresight is one of the main driving forces behind any entrepreneur. It is the
energy that drives the business forward by using the foresight of the entrepreneur. It is what
gives the business an outline for the future – the tasks to complete, the risks to take, the
culture to establish, etc.

All great entrepreneurs of the world that started with an entrepreneurship business are known
to have great vision. This helps them set out short term and long term goals for their business
and also plan ways to achieve these objectives.

4. Organization - In entrepreneurship, it is essentially a one-man show. The entrepreneur

bears all the risks and enjoys all the rewards. And sure he has the help of employees and
middle-level management, yet he must be the one in ultimate control. This requires a perfect
organizational skills.

An entrepreneur must be able to manage and organize his finances, his employees, his
resources, etc. So his organizational abilities are one of the most important elements of
entrepreneurship.

How to become an Entrepreneur?

1. Prepare Yourself Mentally –A specific mindset that is most conducive to learning how to be a
successful entrepreneur, and aligning yourself with this way of thinking.
- Develop a positive perspective when it comes to mistakes Inevitably you
will commit mistakes, take it as a lessons for learning.
- Become your own cheerleader, critical voices in your head will hold you
back. Always look things in a positive perspective. Be optimistic on all
your undertakings.
- Avoid excuses for why you can’t move forward with your idea right away. If you think
you are inspired from your idea start working on it. Don’t put it off until the right or
perfect time.
2. Find a Mentor- a mentor can show you the ropes and offer the encouragement you need to
develop in your entrepreneurial skills. Any successful and willing entrepreneur may be
a good mentor. Find through school, networking, searching online for mentors for hire
and/ or placing a classified ad.
3. Get an Education in Entrepreneurship – study or enroll in entrepreneurship and or graduate
studies in business majors or you may enroll in an online training programs.
4. Network with other Entrepreneurs – Joining network clubs and online social networks,
and attend trade shows and seminars in order to find a group of like-minded
individuals
that can support, inspire, and challenge you to further your education or knowledge in
entrepreneurship. Joining networks can a be a great source of information in learning
mistakes and successes of other entrepreneurs.

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