BUSINESSMAN ENTREPRENEUR

ENTREPRENEURSHIP
Entrepreneur
•a person who tries to do something new,
visualizes a business opportunity, organizes
the necessary resources for setting up the
business and bears the risk involved.
•He/she is an Innovator, Organizer, and a
Risk Bearer.
Entrepreneur
•a person who visualizes a business opportunity,
takes steps to promote a new enterprise,
assembles resources in the form of men,
materials and money to make the business
venture successful and bears the risk and
uncertainties involved.
IMPORTANCE OF
ENTREPRENEURSHIP
(a) helps the formation of capital by bringing together the
savings and investments of people;
(b) provides large-scale employment opportunities and
increases the purchasing power of the people;
IMPORTANCE OF
ENTREPRENEURSHIP
(c) promotes balanced regional development in the
country;
(d) helps in reducing concentration of economic power
(power to own the factor of production in a few hands).
QUALITIES OF A SUCCESSFUL
ENTREPRENEUR
• Initiative • Adaptability
• Wide Knowledge • Self-confidence
• Willingness to • Leadership
assume risk Qualities
• Open mind and • Orientation
optimistic outlook towards hard work
ISSUES AND PROBLEMS FACED
BY ENTREPRENEURS
• Selection of business
• Choice of form of business
enterprise
• Financing • Size of the unit
• Location • Machines and equipment
• Suitable manpower
Careers in Entrepreneurship
1. Mid-level
management
2. Business
consultant
3. Sales
4. Research and
Careers in Entrepreneurship

5. Not-for-profit fundraiser
6. Teacher
7. Recruiter
8. Business reporter
Advantages and Disadvantages
ADVANTAGE DISADVANTAGE
Salary Reap what you sow Leave the security of being
paid each month
Control over work hours Often have to work long
hours during the start-up
Flexibility phase;
Unpredictable work schedule
Decisions Make own decisions Responsibility for all
decisions
Becoming an entrepreneur is The success or failure of the
a very exciting time, from the business rests with the
Excitement idea and start-up to the entrepreneur.
development and realisation
of the product or service
 ACTIVITY
Answer the following and be prepared to share:
What are your interests, hobbies and talents?
List at least 5 possible business start-up ideas that would
incorporate the above.
What personal talents and skills are needed to start these
businesses?
What would be your duties and responsibilities.
What are the top 5 rewards of entrepreneurship for you
personally?
• A. If you were going to an Entrepreneur, which of the
following Enterprise options would you choose?
• a. Start a New Business Concept
• b. Buy a Franchise.
• c. Buy an Existing Business
• d. Copy an Existing Concept
• e. Become a One Person Firm
• f. Start a “Work at Home” Business
• B. Give an example of the enterprise you are planning to do
considering your choice from the above options.