Entrepreneurship

Introduction
Entrepreneurship is the process of designing, launching, and running a
new business, which is often initially a small business.

It is also defined as “capacity and willingness to develop, organize and

manage a business venture along with an y of its risks to make a profit”.

The People who create these businesses are called Entrepreneurs.

 Entrepreneur
An entrepreneur is someone who develops a business model,
acquires the necessary physical and human capital to start a new
venture, and operationalizes it and is responsible for its success
and failure.
Personal Entrepreneurial
Competencies (PECS)
Identifying Business
Opportunities
1. Observe Market Trends: Stay updated on current market
trends and consumer behavior. Look for emerging industries,
changing consumer preferences, and gaps in the market where
there is unmet demand.

2. Identify Customer Needs: Pay attention to the problems and

challenges that potential customers face. Look for areas where
you can provide a solution or improve existing products or
services.
3. Conduct Market Research: Conduct thorough market research
to understand the competitive landscape, target audience, and
market potential. This can involve surveys, interviews, and
analyzing industry reports.

4. Explore Your Interests and Skills: Consider your own interests,

passions, and skills. Look for opportunities that align with your
expertise or areas where you can acquire the necessary
knowledge and skills.
5. Brainstorm Ideas: Engage in brainstorming sessions to generate
business ideas. Think outside the box and consider different
industries, niches, and business models.

6. Evaluate Feasibility: Assess the feasibility of each idea by

considering factors such as market demand, competition, available
resources, and potential profitability. Conduct a SWOT analysis
(Strengths, Weaknesses, Opportunities, and Threats) for each idea.
7. Seek Feedback: Share ideas with trusted friends, mentors, or
industry experts. Seek their feedback and insights to gain different
perspectives and identify potential challenges or opportunities you
may have missed.

8. Prototype and Test: If possible, create prototypes or minimum

viable products (MVPs) to test your ideas in the market. Gather
feedback from potential customers and make necessary adjustments
based on their responses.
9. Consider Industry Disruptions: Look for industries or sectors that
are undergoing significant disruptions or technological
advancements. These disruptions often create new opportunities for
innovative entrepreneurs.

10. Stay Open and Adapt: Be open to new ideas and opportunities
that may arise unexpectedly. Stay agile and adapt to changing
market conditions or customer needs.
 Kinds of
Entrepreneurship
• Small business entrepreneurship - involves starting a business,
usually local, that an entrepreneur believes can benefit the city
or town they operate in.
2. Large business entrepreneurship is the opposite of small business
entrepreneurship. The term denotes larger businesses with a series
of lifecycles from consistent innovation by creating new products
and services to meet evolving customer needs and demands. These
businesses are already established and can grow from smaller
companies.
3. Scalable startup stems from existing businesses, and their
founders believe the company has the potential for infinite growth
after identifying a market opportunity.
4.Social entrepreneurship is different from other models on this list,
as its overarching goal is to address a social need and less to
generate profits. A social entrepreneur wants to address social
problems with their products or services and genuinely impact and
improve people’s livelihoods. These problems can be
environmental, cultural, social, and economic issues.
Other Types of Entrepreneurship

• Innovative entrepreneurs are continually coming up with new

ideas, products, and services that they believe will benefit a
target market. They can be small business owners, CEOs of
scalable startups and large businesses, or community organizers
hoping to address evolving social needs in their communities.
2. Imitator entrepreneurship uses existing business ideas as
inspiration with the intent to improve upon them and provide
additional value to customers.

3. Buyer entrepreneurship involves business people with access to

significant capital to support their processes. These entrepreneurs
buy companies or absorb smaller businesses because they think they
can achieve long-term success or supplement existing products and
services.
Different Business
1. Service-based businesses: These are businesses that provide
services to customers.

2. Retail businesses: These are businesses that sell physical products

directly to customers.

3. Manufacturing businesses: These are businesses that create and

sell products that are made through a manufacturing process.
4. Technology-based businesses: These are businesses that create
and sell products or services that are based on technology.

5. Social entrepreneurship: These are businesses that are created

with the goal of solving a social or environmental problem.

6. Franchises: These are businesses that operate under a larger brand

or company.
Product vs Services
 PRODUCT SERVICE

Products are objects or systems made available for Services are transactions where no physical
consumers. goods are transferred from the seller to the buyer

Tangible Intangible

Products are manufactured, stored, and transported Cannot be manufactured, stored, and transported

Can be returned or replaced Cannot be returned or replaced

Products sold can be identical Each delivery of a particular service is never

exactly the same
Thank you