UNDERSTANDING ENTREPRENEURSHIP

Conceptual Overview
of Entrepreneurship
 Check Your Mindset

What is entrepreneurship and who is an

entrepreneur?
Entrepreneurship and our culture, religion,
etc.

What’s happening in our country?

Why is education for entrepreneurship

important?
 General Introduction

 Entrepreneurship has been regarded as the most

significant casual factor in the process of economic,
socio-cultural, political and technological growth and
development of the country.
 There is a common agreement that the country’s
development largely depends on the number of
entrepreneurs it possesses and can produce.
 Hence training on entrepreneurship is very vital,
because entrepreneurship is an engine for
development.
 Quotable quotes

“Our future rests on entrepreneurial ventures

founded by creative individuals.” David H. Holt

“If even 1% of the large Indian population can be

trained to become entrepreneurs, poverty in India
will become a thing of the past.” Dr. Aruna Bhargova

“By building oneself with the knowledge of

entrepreneurship, the young generation will be full
of great prosperous life.” Dr. Abush Ayalew
 Immediate objectives of this training

 Changing entrepreneurial culture and develop positive

attitude towards self-employment.
 Identify your entrepreneurial potential.
 Develop personal entrepreneurial characteristics.
 Develop the major competencies required to start and operate
own business.
 Identify business opportunities(ideas) and resources needed.
 Preparation of financial statements.
 Develop skills of how to organise and operate an enterprise.
 Develop business plan.
Everybody can become an
entrepreneur, even you.
Do you agree?
 What is required from you to be a successful
entrepreneur?
 A body of knowledge

 A set of skills

 Attitude
Entrepreneurship VS Success in personal life
 Personal resources but unused

 Time
 Energy
 Knowledge
 Skill
Therefore, entrepreneurship provides us the different
techniques to utilize our resources so as to achieve
success in life.
UNDERSTANDING ENTREPRENEURSHIP

Conceptual Overview
of Entrepreneurship
 What is entrepreneurship?

Entrepreneurship is one of the four mainstream

economic factors: land, labor, capital, and
entrepreneurship.

“Entrepreneurship is the dynamic process of creating

incremental wealth not accumulating wealth.

This wealth is created by individuals who create ideas, invest

resources, assume the major risks and implement his/her
idea.
“Entrepreneurship is the process of creating
something new or differently with value by devoting
the necessary resources, assuming the accompanying
risks, and receiving the resulting rewards of
monetary and personal satisfaction.”
Entrepreneurship is the ability of individuals to
identify business ideas, bring the necessary inputs
together and setting-up and run own business
successfully.
 What is required from you to be a successful entrepreneur

Entrepreneur is a person who create new ideas,

devote resources, assume risks and start own
business in order to receive rewards.
 Who is an entrepreneur?

Economists: Resource – Profit

Psychologists: achievement-oriented, seek
challenges and accomplishment
Marxist: exploitative adventurers
Corporate managers: small businesspersons
lack management
Market economy: pillars industrial strength-
the movers and shakers
 Why Become an Entrepreneur?
 Pull factors

 Push factors
 Reasons for being an entrepreneur

Pull factors Push factors

Better income Limited income

Freedom of work
Being unemployed
Achieving success in
Job insecurity
business(role models)
Attractive investment Being ‘’misfit’’
opportunities in Job dissatisfaction
environment
Acquired competencies
Attractive government
policies(land,taxes,trade,fun
ds......)
 Why Become an Entrepreneur?

Be their Own Boss

Pursue their Own Ideas
Pursue Financial Rewards
Achieving own freedom
Characteristics of successful entrepreneurs

1. Goal setting
2. Initiative taking and hard working
3. Self-confidence
4. Opportunity-oriented
5. Builds for future
6. Persistence
7. Cops with failure
8. Sets own standards
9.Builds on strengths
10. Risk taking
Risk taking game
What do you see?