The Entrepreneur Definition of Entrepreneur The entrepreneur by
The Entrepreneur
Definition of Entrepreneur • “The entrepreneur, by definition, shifts resources from areas of low productivity and yield to areas of higher productivity and yield. Of course, there is a risk the entrepreneur may not succeed”. (Drucker, ’ 85)
Entrepreneurship Vs Management • Entrepreneurship – Creating something new – New product, new method of production, new markets, new source of raw material – Challenges the ‘norm’ • Management – Protects – Stewardship of existing resources
Why become an Entrepreneur? • • Personal situation Resources Entrepreneurial skills Success stories Desire for independence Opportunity to exploit a gap Frustration
Characteristics of an Entrepreneur • • • Drive Perseverance Ambition Leader Survivor status Competitive Interpersonal skills Innovative skills Ability to bounce back • • • Vision Motivation Self-confidence Self Satisfaction Extrovert (Expr. Person) Results orientated Committed Risk taker Social
Psychological Characteristics of Entrepreneurs • • • Need for achievement Locus of Control – Internal – External Risk-taking Prosperity Tolerance for ambiguity Type A Behaviour – Impatient, time urgency, driving ambition, competitiveness Need for Independence
What is the Role of the Entrepreneur? • Opportunity recognition • Market uncertainties – Dealing with the future • Risk taking – Businesses, financial and personal • Resource gathering • Profits/Reward
Skills & Competencies • • • • I can. …Communicate I can. . Present I can…. Represent my opinion I can…. Co-ordinate tasks I can…. Develop alternative plans I can…. Hand tasks over to a 3 rd party I can…. Co-operate with others I can…. Negotiate I can …. Sell I can…. Organise and plan I can…. Handle numbers I can…. Handle technical devices My literacy is …. My interaction with people is ….
Hurdles in starting up a a business • • Lack of contact clients/customers Economic cycle Business environment Fear of failure Support by family and friends Lack of time Lack of entrepreneurial skills
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