The Entrepreneurial

Mindset
Icebreaker Pictionary

1. Draw a picture depicting your favorite food or your favorite

subject. 3 mins.
2. Show it to your classmates. They must guess what you drew.
Objectives

1. Define the term entrepreneurship

2. Identify and discuss the characteristics of an entrepreneur
3. Discuss the elements of entrepreneurship
4. Discuss and identify drivers of entrepreneurship.
5. Emerging areas in enterprise development
6. Types of Entrepreneurs
7. Entrepreneurship Myths
8. Discuss the work of local entrepreneurs
9. Examine the development of entrepreneurship.
Successful Entrepreneurs
• https://www.youtube.com/watch?v=8SN9Kj8SdgE – Jack Ma
• https://youtu.be/pMMbxhhxpFU - Top 10 most successful entrepreneurs

• Local entrepreneurs
• https://www.youtube.com/watch?v=9rxEb0oQe6M – T&T CoC 2022 Awardees
• https://www.youtube.com/watch?v=Gsa7fC0d_es - Dr. Anthony Sabga
• https://www.youtube.com/watch?v=RI3qDjbXNj0 - Dominic Hadeed
• https://www.youtube.com/watch?v=kI0einl1zFY - Derick Chin
• https://www.youtube.com/watch?v=2D9KkOOaEzs - More Vino Ltd
• https://www.youtube.com/watch?v=gUtF4Gpmubg - Kenson Group
• https://www.youtube.com/watch?v=9rxEb0oQe6M - Bermudez
Research and Presentation

• Students must research and prepare a presentation on the following

Entrepreneurs:
• Aleem Mohammed Chris Blackwell
• Bill Gates Marley Family
• Marck Zuckergurg Eddie Grant
• Oprah Winfrey
• Steve Jobs
• Hubert and Helen Bhawansingh
• Ronald Ramjattan
• Edward Beharry
Local Entrepreneurs

• Anthony Sabga - ANSA McAL

• Dominic Hadeed – Blue Waters Products Limited
• Derek Chin – Movie Towne
• Christian Stone – More Vino Ltd
• Kenneth Fergurson – Kenson Group of Companies
 1. Definitions of an Entrepreneur

• An entrepreneur is someone who sets up an innovative business undertaking,

while raising necessary money, organises production and appoints the
management to operate the business. The entrepreneur bears all financial
risk involved, in the hope that the business will succeed and make a profit.
(Fast times political dictionary)
Characteristics of Successful Entrepreneurship

Follow the links to watch the videos:

https://www.youtube.com/watch?v=h-KHWUq3B7I
https://www.youtube.com/watch?v=X9JExlvPwcs

➢The need for achievement – the desire to succeed, where success is

measured against a personal standard of excellence.

➢Willingness to take risks – By investing money, they assume financial

risk.

➢Self- Confidence- Can meet challenges that confront them

2. Characteristics of Successful
Entrepreneurship
(a) innovative; - using a new approach or product to solve a problem.
(b) creative; - having the ability or power to create, especially something new or
imaginative
(c) calculated risk-takers/premeditated; - someone that takes rational risk
based on some assessment.
(d) systematic planner; - a planning process based on a scientific method and
includes an objective approach.
(e) visionary; - has a clear vision or foresight about their future.
(f) achievement oriented; - works hard to achieve whatever they set their
minds to.
(g) persistent; - never gives up and keeps on trying.
Characteristics of Successful
Entrepreneurship Cont’d

(h) dynamic; - someone that can adapt to change.

(i) hardworking;
(j) self-confident;
(k) aggressive; - having a strong driving force or initiative
(l) egotistic; - extremely driven by their sense of ego as a source of motivation
to push forward and achieve success.
(m) emotional intelligence. – ability to understand and control ones own
emotions as well as that of others.
 Other Characteristics

➢Has imagination and creativity- successful entrepreneurs develop

creative solutions and are challenged by problems facing their business.

➢Highly motivated
➢Has the ability to organise
➢Has administrative abilities
➢Has technical knowledge
➢Has the ability to learn from mistakes
➢Has self- confidence
Assessment

Entre U2 2022

Ques:
1a
2a i,ii.
3. Elements of Entrepreneurship

There are four (4) key elements of entrepreneurship:

• Innovation
• Risk-taking
• Vision
• Organization
Elements of Entrepreneurship - Innovation

• Innovations are a practical way to provide new products and services or

enables individuals or organizations to do things more efficiently.
• Innovation can be a new product, service, technology, production
technique, marketing strategy, etc.
• It can also can involve doing something better and more economical.
• Innovation is a crucial factor as it gives the entrepreneur a competitive
edge.
• They can use innovation to exploit market opportunities and overcome
any threats.
Example of Innovation

• S‍ tate-owned organization CEPEP in China has created the world's

biggest floating solar plant in Anhui Province. Finished in 2018, the
solar plant covers 140 hectares of ocean, and is set to power
21,000 households per year with electricity.
Elements of Entrepreneurship – Risk-taking

• Risk-taking can be defined as the willingness to engage in an

undertaking where success is not guaranteed.
• Entrepreneurship and risk-taking go hand in hand.
• Not taking any risks can stagnate a business and excessive
impulsive risk-taking can cause losses.
• The willingness of an entrepreneur to take risks gives them a
competitive edge in the economy
Example of Risk-taking

• Burger King took a risk by moving away from their famous beef
burgers and offered a meatless option. This was a risky move
because original Whopper lovers might not want to try it, and
vegetarians might not trust it.
Types of risk

There are three(3) types of risks:

• Strategic risks - It is important to have a strategy when taking a risk to see if the
positive outcome will outweigh the possibility of failure. For e.g KFC introduced Curry
Fried Chicken in Trinidad and this was quickly removed from their menu since
customers did not like the new recipe.

• Reputational risks - Reputation risk exists when making business decisions directly
affects how you are publicly known. For e.g Nike have come under fire for
featuring trans influencers like Dylan Mulvaney in the face of growing anti-
trans hate and legislation.

• Financial risks - Financial risk comes when taking out loans to support a business.
This money invested into the business may generate profits if the product or idea is
successful or a loss will be incurred if the product is unsuccessful.
Elements of Entrepreneurship - Vision

• A vision is about a business’ reason for existing.

• 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.
• This helps them set out short term and long term goals for their
business and also plan ways to achieve these objectives.
Examples of Vision Statements

• For example, an early Microsoft vision statement was “a computer

on every desk and in every home.”
Elements of Entrepreneurship - Organization

• Organization refers to a systematic way of planning to have the

right resources, at the right place, on the right time and in the
right amounts.
• An entrepreneur must be able to manage and organize his
finances, his employees and his resources to have control over his
organization.
Activity

• If you were in charge of planning a sweet sixteen birthday party

for your sister, how would you go about organizing the party?
4. Drivers of Contemporary Entrepreneurship

• Information and communication technology

• Globalization
• Changing demands
• Changing demographics
• Unemployment
• Institutional Support
• Ease of entry
• Cultural diversity

• View video on the Chamber of Commerce Entrepreneurship awards

ceremony. Discuss the drivers that propelled the awardees forward.
• https://www.youtube.com/watch?v=C1x5EsRElpw
 Impact of ICT on Entrepreneurship
https://youtu.be/jv3Bavxq2mk

The role of ICT in promoting entrepreneurship is as follows:

• It fosters efficiency and productivity
• It can allow the entrepreneur to test different decision making scenarios
through simulations. https://youtu.be/ZWysRIFr6kI
• It can provide tools for creating and developing entrepreneurial skills.
https://youtu.be/SkEcQqgTWLw
• ICT can offer, learning opportunities, business planning solutions and
database tools. https://youtu.be/VXGrYz2kejc
• Enhance communication and social networks
• Assists in creating easy access to markets
Impact of ICT on Entrepreneurship Cont’d

• Creates access to markets

• Can virtually coordinate business activities efficiently
• Advertising and marketing communications
• Helps to increase revenue streams and save time and money.
https://advantech.co.ke/2016/10/12/ict-as-a-tool-for-
entrepreneurship/
Influence of globalization on
entrepreneurship

https://www.investopedia.com/terms/g/globalization.asp

• To access new markets

• Assist in accessing cheaper raw materials and other resources.
• Firms can also face global competition. But, this can be used as a
challenge for firms to become more competitive and efficient.
• https://www.youtube.com/watch?v=hBVu-EYNKWY
Activity

Research assignment:
1. Research the impact of globalization on entrepreneurship.
2. Discuss five ways in which globalization impacts
entrepreneurship.
Changing demands

1. Follow the link below to read about how the COVID 19 pandemic
has affected entrepreneurial activity:
https://www.weforum.org/agenda/2020/06/how-covid-19-will-
change-entrepreneurial-business/

2. Discuss two positive and two negative ways in which the

pandemic has affected entrepreneurial activity.
Changing demographics

Follow the link below to watch video on demographics:

https://youtu.be/cxA9SJmydeI

Based on the video, in what ways do you think demographics can

influence entrepreneurial activity?
Institutional Support

• The government of Trinidad and Tobago is providing support to

entrepreneurs in the following ways:
• Grants
• Loans
• Training
Research activity

• Visit links below to learn about funding and grants offered by the government:

• https://www.fftsbiz.com/funding-small-businesses-in-trinidad-and-tobago/
• https://www.ttconnect.gov.tt/gortt/portal/ttconnect/!ut/p/a1/jdDNCoJQEAXgp3H
rjIqV7VyUf1FoWHo3oXG7GuoVNe3xU1cJZc1uhu_AYYBAAKSI2pRFTcqLKBt2srg4royqpSl
oaL6Esufq-6VtKWiqPQjfwcEztj3YqJLpnBRE_C-PX0b_mT_SAs5AZtnQYgo-
1BzBTA8bCMt4PP4k1ItYWTEgFb3Rilbio-
rPSdOU9VpAAbuuExnnLKPilecCfookvG4gmEoocz94Wnc1a3f6C06XL8o!/dl5/d5/L2dBIS
EvZ0FBIS9nQSEh/?WCM_GLOBAL_CONTEXT=/gortt/wcm/connect/gortt+web+content
/TTConnect/Business/Role/AJobSeeker/GettingintoBusiness/Micro-
Enterprise+and+Training+Grant
• https://www.finance.gov.tt/2020/07/29/entrepreneurial-relief-grant/
• https://connectamericas.com/service/nedco-funding-trinidad-and-tobago-small-
and-medium-sized-firms
Ease of entry

Ease of entry into a market will be determined by factors such as:

• Ability of competitors to enter an industry.
• Scale of investment required to start-up
• Level of competition existing in the industry.
• Power held by suppliers
• Power held by buyers
• The availability of substitute products/services
• Tariffs imposed on imports
Cultural Diversity
• Culture can be defined as the learned behavior that is transmitted through
primary and secondary socialization.

• Primary socialization whereby children learn societal norms and values

from their family.

• Secondary socialization involves learning through formal schooling and

interaction during their adult life. It includes behaviours learned from the
hidden curriculum.

• The Caribbean has a diverse culture consisting of: Whites, Mestizos,

Mulattoes, East Indians, Africans with the two latter (East Indians and
Africans) forming the majority of the population.
Elements of Culture

Some main elements of culture are:

• Gestures - a movement usually of the body or limbs that expresses or
emphasizes an idea, sentiment, or attitude.

• Artifacts - An artifact is an object made by a human

being. Artifacts include art, tools, and clothing made by people of any
time and place.

• Rituals - a way of doing something in which the same actions are done
in the same way every time.
 Elements of Culture

Beliefs- Tenets or convictions that people hold to be true

Folkways - direct, appropriate behavior in the day-to-day practices and expressions

of a culture

formal norms - established, written rules

informal norms - casual behaviors that are generally and widely conformed to

Language - a symbolic system of communication

Elements of Culture

Symbols - gestures or objects that have meanings associated with them

that are recognized by people who share a culture

Values - a culture’s standard for discerning what is good and just in

society
Mores - the moral views and principles of a group

Norms - the visible and invisible rules of conduct through which

societies are structured
Religion as part of Culture

• Religion is considered to be a part of culture and acts as one

among many forms of overtly expressing and experiencing
spirituality that is inward, personal, subjective, transcendental,
and unsystematic.
Religions in the Caribbean

• Christianity
• Hinduism
• Islam
• Roman Catholicism
• Anglicans
• Methodists
• Voodoo
• Pocomania
• Orisha
Research assignment

Research the following for each religion mentioned above:

• Definition
• Main Tenants
• Restrictions and prohibitions
• Discuss how these Fctors impact entrepreneurship in the
Caribbean region.
Past papers

• May/June 2022 ques – 1 (a) (ii)

5.Emerging trends in Enterprise

• including the creative and cultural industries, https://youtu.be/DziSsVGtI8w

• http://www.news.gov.tt/content/call-increased-cultural-entrepreneurship-and-
festival-tourism#.YZHHVGDMI2x

• renewable energy; https://youtu.be/xBM7Rdz5ajA

• agro-entrepreneurship https://youtu.be/qBwCQ-Ik7qA
https://www.youtube.com/watch?v=QU7JYVZXsSQ&pp=ygUeYWdybyBlbnRyZXByZW
5ldXJzaGlwIHRyaW5pZGFk
• Vertical gardening: https://youtu.be/C6o6p5zBFDc

• ICT. https://youtu.be/ZSiXZxVpVhs
6. Types of Entrepreneurs

• The various types of entrepreneurs include but are not limited to:
(a) nascent;
(b) novice;
(c) serial;
(d) survival/necessity;
(e) lifestyle;
(f) habitual;
(g) portfolio;
(h) social;
(i) opportunity; and,
(j) speculative.
Types of Entrepreneurs Cont’d

• Nascent Entrepreneur Is an individual who is in the process of

starting a new business. The nascent entrepreneur can either be a
novice or a habitual entrepreneur.

• Novice Entrepreneur Is an individual who has NO prior ownership

experience as a business founder; inheritor of a business or a
purchaser of a business. It is not similar to early starter; a novice
can also be a 50 year old with over 25 years of experience in the
industry. He is also someone who has just started to run his or her
own business or venture and is still learning new things to make it
work successfully
Types of Entrepreneurs Cont’d

• Habitual Entrepreneur Is an individual who has PRIOR business ownership

experience and as a result have gained tremendous entrepreneurial
experience and skills from acquiring major or minor equity stake in two
or more businesses.

• Serial Entrepreneur Is an individual who has sold or closed an original

business, established another new business, sold or closed that business
& continue this cycle. They are experienced entrepreneurs as they own
several businesses but one at a time.

Elon Musk is an example of a Serial Entrepreneur.

Types of Entrepreneurs Cont’d

• Portfolio Entrepreneur Is an individual who retains an original

business and builds a portfolio of additional business through
inheriting, establishing or purchasing them. Serial Entrepreneur
and Portfolio entrepreneur are also referred to as Habitual
Entrepreneurs.
 Entrepreneurship Myths
• Myth 1: Entrepreneurs are born, not made.

• Myth 2: It is necessary to have access to money to become an entrepreneur.

• Myth 3: An entrepreneur takes a large or irrational risk in starting a business.

• Myth 4: Most successful entrepreneurs start with a break-through invention.

• Myth 5: Entrepreneurs become successful on their first venture.

• Myth 6: Entrepreneurship and small businesses are the same thing.

• Myth 7: Entrepreneurs make wild and speculative forays into business venture.
• https://www.youtube.com/watch?v=ZC0aJlslgYM
Myth 1: Entrepreneurs are born, not made.
Busted

Oprah Winfrey, one of the most influential people in media, came

from a difficult background but worked hard to achieve her success.
Myth 2: It is necessary to have access to money
to become an entrepreneur.
Busted
Starbucks founder Howard Schultz may be synonymous with
entrepreneurial success, but life wasn’t always so rosy. His family didn’t
have much money and he grew up in a housing estate. He paid for college
with government loans and money earned from part-time jobs. He was
also the first person in his family to go to college. It was while working for
a coffee company that Schultz first came into contact with Starbucks
brand. He visited a branch of the new company in Seattle. Soon after, he
joined the company as marketing director. In 1985, Schultz left Starbucks
and decided to open his own coffee house. He raised the $500,000 he
needed to open the first store and started his business. Two years later,
the original Starbucks management decided to sell its retail unit to Schultz
and Starbucks as we know it today was born. Schultz is now worth in
excess of $2.9 billion — not bad for an empire that he dreamed up over an
afternoon cup of coffee!
Myth 3: An entrepreneur takes a large or
irrational risk in starting a business.
Busted
Let's look at the example of Elon Musk and Tesla. When Musk
decided to build a company around making electric vehicles (EVs),
it looked like a crazy risk to many people. But for Musk, it was a
calculated risk. He knew, for instance, that all the technology he
needed to build his EVs already existed. The batteries, AC drives,
wheels, chassis, and electronics could all be acquired. He didn't
have to take on any risk in trying to develop those things himself.
Frankly, the rest of the original vehicles was all known technology
with limited risk.
Myth 4: Most successful entrepreneurs start with
a break-through invention.
Busted
• Thomas Edison
• “I have not failed 10,000 times—I have successfully found 10,000
ways that will not work.” Edison once said.
• Thomas Edison is one of the greatest innovators and cultural
figures of modern America. He pioneered the method of
technological research and invented electric lighting and the
phonograph. In addition, he made major contributions to power
generation, motion pictures, and telecommunications.
Myth 5: Entrepreneurs become successful on
their first venture.
Busted
• Prior to the creation of Microsoft (MSFT ), 16-year old Bill Gates
alongside Paul Allen and Paul Gilbert set out to make their mark …
in the traffic industry. The three partners created Traf-O-Data, a
company whose objective was to read the raw data from roadway
traffic counters and create reports for traffic engineers.
Unfortunately, when the partners tried to present their software
on their newly created microcomputer, the machine “didn’t work”
and the company eventually disintegrated after the State of
Washington started to provide free traffic processing services to
cities.
Myth 6: Entrepreneurship and small businesses
are the same thing.
Busted
• Entrepreneurs tend to be classified as those who take on high-
growth, high-risk innovations while small business owners oversee
an established business with an established product and customer
base.
Myth 7: Entrepreneurs make wild and
speculative forays into business venture
Busted
Many successful new businesses enjoy longevity because their
owners conduct regular market research to understand their target
market, identify consumer problems and pinpoint realistic
competitors.
It’s the simplest way for entrepreneurs to keep up with market
trends and maintain a competitive edge by sizing up your business
opportunity.
Activity

• Go to page 12 of your text-book.

• Attempt MCQ’s 1-3

June 2019:
• Questions 1 a & b
• Question 2c.

• June 2018
• Questions 1a & b
Development of Entrepreneurship

• 18th Century - Richard Cantillon

• 19th Century – Jean Baptiste
• 20th Century – Joseph Schumpeter and Peter Drucker
• Late 20th Century – Morris et al, Ranstadt
Richard Cantillon

• Richard Cantillon coined the term ‘entrepreneur’.

• In 1700’s Richard Cantillon introduced the concept of entrepreneur as an ‘Adventurer’

• The movement of goods and resources throughout the economy was attributed to
entrepreneurs.

• Entrepreneurs would obey the command of price signals and the economy would be
self regulating.
•
• Associated entrepreneurship with a sense of uncertainty since prices in the future were
not guaranteed.
 Cantillon’s theory of entrepreneurship
His theory of entrepreneurship stated that:
• There were three main players in the economy; property owners (consumers), the
producers and traders.
• The entrepreneurs lived on unfixed income and bought at low prices to be sold at a higher
price.
• He considered many groups of people as entrepreneurs, such as:
➢Retailers, such as restaurateurs and shopkeepers
➢Owners of mines, theaters, and buildings
➢merchants of myriad varieties, including artisans, bakers, butchers, and drapers.
➢beggars and robbers
• Anyone who invests (in the sense of acquiring and employing resources) with the
purpose of selling goods in the future at an uncertain price is an entrepreneur.
Jean Baptiste Say

• Jean Baptiste Say, was an Australian economist.

According to him:

• He places entrepreneurs at the center of the economy to organize the

factors of production to achieve the satisfaction of human wants.

• An entrepreneur is someone who shifts resources from an area of lower

productivity to one of greater productivity and higher yield.

• There is a distinction between entrepreneurial profit and return on capital

or business profit.
• Entrepreneurs are forecasters, project appraisers and risk-takers.
Joseph Schumpter

• He described entrepreneurs as people who experiments with new combinations of

resources, with which they created new products and new production methods.
Thus, emphasizing the need for an entrepreneur to be innovative.

• The prospects of profits leads entrepreneurs to innovate while losses helps to guide
entrepreneurs to more successful use of resources.

• Entrepreneurs are the driving force of economic growth and prosperity.

• Entrepreneurs create something new while destroying something old “creative
destruction”.

https://www.youtube.com/watch?v=RqEetboK1s4 https://www.youtube.com/watch?v=l-soJGRgAAQ
 Peter Drucker
• Innovation depends on whether or not the entrepreneur has satisfied a new need or
want.
• Innovation is a unique tool for entrepreneurs to use changes as opportunities.
• He believed that there are seven sources of innovation:
1. The unexpected; success and failures
2. Incongruities
3. The process need
4. Industries and market structures
5. Changes in demographics
6. Changes in perception
7. New knowledge

https://hbr.org/2002/08/the-discipline-of-innovation
Assessment

• 1. Who coined the term entrepreneur?

• 2. Who created the concept of creative destruction?
• 3. What does the term creative destruction mean?
4. In 1866 John Pemberton tried to create a pain killer using Coca wine
from cocaine – containing coca plant and kola nuts containing caffine.
However a movement in 1886 banned the use of alcohol and an alcohol
free version was made using carbonated water. Thus the Coca-cola drink
was born. According to Peter Drucker’s theory, which source of
opportunity would this occurrence belong to?
5. How was Jean Baptiste Say’s theory of entrepreneurship different from
Richard Cantillon’s?
Role of entrepreneurship in the region

Entrepreneurship plays a significant role and has an impact in the

following areas within the Caribbean:
1. job creation,
2. growth in GDP,
3. social development (social entrepreneurship).
Role of entrepreneurship in the region

• Their contribution to job creation is significant. The rate of self

employment in the region is between 15% to 45%.
• They contribute to economic development by creating more jobs and
businesses, which will then pay taxes to the government. The
government then use the income from taxes to develop the economy.

• Visit the link below and read pages 1 -3.

• https://sta.uwi.edu/conferences/09/salises/documents/T%20Cornelis%2
0Baptiste.pdf
• https://core.ac.uk/download/pdf/234646013.pdf
Additional Readings

• https://publications.iadb.org/publications/english/document/Ent
repreneurship-Data-for-Latin-America-and-the-Caribbean-What-Is-
There-and-What-Is-Missing.pdf
Activity

• Write an essay on the role of the entrepreneur in the Caribbean

Region.
Who is an Intrapreneur?

An Intrapreneur is an employee of a business, that is given the

opportunity and resources to develop their own product idea, but
does not have to take personal risks as they are paid a salary while
developing the idea. The Intrapreneur then does not have to worry
about the success of failure of their product.
Corporate Entrepreneurship

Corporate entrepreneurship is a process used to create new

businesses, products, services or process, inside an existing
corporation to create value of revenues for the business. It involves
creating Intrapreneur by provided them with support, resources and
the necessary environment for innovation and growth.
Social Entrepreneur

A social entrepreneur is an individual, group or company that has

developed a fund, group or business to address some social issues in
society.

https://www.managementstudyguide.com/social-
entrepreneurship.htm
Entrepreneurship vs Small Business Management

• The small business can be described as one which employs a relatively small number of
persons, small amounts of capital employed and a small annual profit.
• According to the micro and small enterprise policy for T&T 2013/2016 a mini-micro
enterprise employs 1 individual, has an asset value up to 700,000 dollars and an annual
turnover up to 250,000 dollars. Micro enterprises employs up to 5 individuals including
owner/manager, has an asset value between 100,001 dollars to 500,000 dollars and
annual turnover up to 2 million dollars.
• Small enterprises employ between 5-25 employees including owner/manager, has an
asset value between 500,001 dollars to 5 million and annual turnover up to 10 million.
• Entrepreneurship is described as a process of innovation and new venture creation. It
is a dynamic process that is aimed towards the creation of new ideas and creative
solutions. There is a very fine line between running a small business and an
entrepreneurial venture as they have a lot in common. In the initial stages of both
small businesses and entrepreneurial ventures there is need for a significant amount of
hard work and dedication, but over a period of time very few small businesses become
entrepreneurial ventures.
Small Business Management

• Small business management is the process of planning, organizing,

and controlling the activities of a business which has
approximately 5 to 25 employees, sells an existing product and
the level of business risk is known.
Entrepreneurship vs Small Business Management

Small Business Entrepreneurship

A small business is one that is independently owned, An entrepreneurial venture is characterized as an
operated and financed. organization engaged in pursuing opportunities.

Have less than 25 employees May start with 2 individuals but there is no limit to
its growth.

Not oriented towards new or innovative practice, Motivated by innovation and seek out new
new startups and job creations opportunities in the environment

Small business are dominant players in the industry Characterized by new startups where ideas propel
the new business
Owners tend to prefer stability, therefore they less Greater potential for becoming big employers based
likely to grow. on growth and profit motives
Entrepreneurship vs Small Business Management

• Small business usually deals with known and established products and
services while, entrepreneurship venture are known for new
innovative offerings.
• Small businesses aim for limited growth and continued profitability
while entrepreneurship ventures target rapid growth and high
productivity returns.
• Small businesses deal with known risks while entrepreneurship
venture take deep dues with lots of unknown risks.
• Entrepreneurship ventures generally impact economies and
communities in a significant manner, which also results in a cascading
effect on other sectors like job creation where as small businesses
are more limited in the perspective and remain confined to their own
domain and group.
Activity

• Go to page 16 of your text-book (Entrepreneurship for Caribbean

Students)
• Read the case on ‘Living his dream”
• Answer the questions that follow.
Group presentations

• Students will be placed into two groups.

• Group one will prepare a presentation on the factors that
contribute to the success and failures of entrepreneurship.
• Group two will present the impact of entrepreneurship in the
Caribbean.

• Both groups will state the main points pertaining to their topic.
Explanations and examples must be provided.