LESSON 1

DEFINITION OF TERMS
Entrepreneur
Entrepreneurship
Small Business
 comes from the  comes from the Ordinary Small
French word “ word Business
entreprendre” entrepreneur  refers to a
 the art of business or
observing enterprise that  manage by
= to undertake
correct correctly the owner
= to begin practices in adopts and who is not
practice the advocate of
managing
= to start principle of and does
and not practice
operating entrepreneur
the
ship
 business person self-owned concepts
wealth  with limited and
creating working place principles of
business entrepreneur
enterprise. ship.
 the business
Lesson 2 –
SALIENT FEATURES OF
ENTREPRENEUSHIP
SALIENT FEATURES OF
ENTREPRENEURSHIP

• Art of Correct Practice

• Wealth Creating Venture
• Provides valuable goods and
services
• Opening and managing self-owned
business/enterprise
• Risk Taking Venture
1. Art of correct practices

entrepreneurship is an art
entrepreneurship is not a Science

 there is a constant change

 It continuously grows,
develop, improves and
expand; the changes
does not stop.  its static or stagnant
 it’s dynamic  fixed and absolute
 closed to creativity
2. Wealth-creating Venture
 In ordinary small business
wealth with the term profit
 In entrepreneurship
is operating within the concept of
wealth creation rather than profit
generation
3. Provides Valuable Goods and Services

Principle of entrepreneurship

“Not to sell waste to consumers but

only value goods and services”. Anything
of no value to anybody is a waste
3. Provides Valuable Goods and Services
From the perspective buyers value of
good of services
-satisfy the target buyers in terms of
quality and price
 3. Provides Valuable Goods and Services
From the perspective of the entrepreneur
Business that offers goods and
services that are valuables from the
buyers perspective and operating within
the concept of entrepreneurships.
= wealth creative venture
3. Provides Valuable Goods and Services

“Always remember that adding value to

a product or services will surely
increase the cost of the product
services.
4. Opening and Managing a self-owned
business / enterprise
Two elements
1. Concept of opening a self-owned
 the person managing its daily activities
is also its owner.
intrapreneurship
 business being manage by others
2. Managing the self-owned enterprise
Entrepreneurship is not about the size
of the business but rather than sole
ownership.
Important Principle of Entrepreneurship
in management
Planning
- refers to the process of setting the
goals of the business.
- does not cost anything but benefits the
will gain from exercising can be rewarding.
5. Risk- taking Venture
Risk
 is inherent in an entrepreneurial
venture.
Business Risk
GOD IS GOOD ALL THE TIME