THE ENTREPRENEURIAL MIND

INTRODUCTION
LEARNING OUTCOMES

At the end of the lecture discussion and engagement, students must

be able to:
• Gain appreciation of being an entrepreneur and understand the
nature of entrepreneurship and truths about entrepreneurs and
entrepreneurship.
• Relate the characteristics of an entrepreneur to personal
potentials.
 Definition of Businessman

Definition of Entrepreneur

Difference between Businessman and Entrepreneur

Discussion Entrepreneurship

outline: Entrepreneurial Myths

10 Principles of Entrepreneurship

Traits of an Entrepreneur
 Definition of
Businessman
• A person who is engaged in carrying out any activity,
related to commercial and industrial purposes is known as
Businessman. He sets up his business as a new entrant in
the market as for the existing business. When it comes to
originality of ideas, most of the businessmen go for a
business which is highly in demand, or which can make
huge profits for them irrespective of uniqueness.
Definition of Entrepreneur
• An entrepreneur is a person who conceives a
unique idea or concept to start an
enterprise and brings it into reality. He is
the person who bears risks and uncertainties
of the business. The venture established by the
entrepreneur is known as Startup Company,
which is formed for the very first time
regarding the idea, innovation or business
process.
 Difference between
Businessman and Entrepreneur
The Highlights
 BUSINESSMAN ENTREPRENEUR
STARTS A BUSINESS STARTS A BUSINESS FROM A
FROM AN EXISTING IDEA UNIQUE AND INNOVATIVE IDEA

TRADITIONAL REVOLUTIONARY

AVOIDS TAKING RISKS

VS RISK TAKER

PROFIT ORIENTED CUSTOMER ORIENTED

MARKET PLAYER MARKET LEADER

Entrepreneurship
The activity of setting up a business or
businesses, taking on financial risks in the
hope of profit.

The process of starting and developing a

company, with the aim of delivering something
new or improved to the market, or by
organizing the means of production in a
superior way.

The process of creating a new enterprise

and bearing any of its risks, with the view
of making the profit.
ENTREPRENEURIAL MYTHS
 10 Principles of Entrepreneurship

Make Viable Products or Services

01 Be a Solution Provider 04

Proper Identification of Capital

Have a Vision 02 05 Requirements

Accountability and
03 Select the Team Wisely Responsibility with Integrity
06
 10 Principles of Entrepreneurship

Effective Growth and Find the Right Opportunity

07 Marketing 09

Respect your Customers and

Know your Customers 08 10 Employees
 Kind

TRAITS OF AN
ENTREPRENEUR Competitive

Good Confident Disciplined

Leader
Open
minded
Optimistic Passionate Proactive