What is Entrepreneurship In the 20 th century

What is Entrepreneurship? In the 20 th century, economist Joseph Schumpeter (18831950) focused on how the entrepreneur’s drive for innovation and improvement creates upheaval and change. Business expert Peter Drucker (1909 -2005) took this idea further, describing the entrepreneur as someone who actually searches for change, responds to it, and exploits change as an opportunity. The following link illustrates the principles of business https: //www. ait. org. tw/infousa/zhtw/DOCS/enterp. pdf

The attributes of the Entrepreneur Most research indicates that most successful entrepreneurs share certain personal attributes, including: creativity, dedication, determination, flexibility, leadership, passion, self-confidence, and “smarts. ” Every entrepreneur has these qualities in different degrees. But what if a person lacks one or more? Many skills can be learned. Or, someone can be hired who has strengths that the entrepreneur lacks. The most important strategy is to be aware of strengths and to build on them. In the following videos henry Minztberg illustrate the content of entreprenership https: //www. youtube. com/watch? v=d 5 vxkdn. VYb 0 https: //www. youtube. com/watch? v=p. Ch. I 8 G 7 e. EMo

The key factor of a new business Through careful analysis of entrepreneurs’ successes and failures, economists have identified key factors for up-and-coming business owners to consider closely. Taking them into account can reduce risk. In contrast, paying them no attention can precipitate the downfall of a new enterprise. These are the common characteristics of a good entrepreneur https: //www. youtube. com/watch? v=s. Oje. QV 5 p. Hh 4 Are you a good entrepreneur? Evaluate your self. Open this file and focus you attention on part I. Fill the table on the activity 2. http: //www. ilo. org/wcmsp 5/groups/public/---ed_emp/---emp_ent/--ifp_seed/documents/instructionalmaterial/wcms_436192. pdf

Business Idea A prospective entrepreneur needs to come up with a good idea. This will serve as the foundation of the new venture. The idea doesn’t have to be revolutionary. Research, timing, and a little luck transform commonplace ideas into successful businesses. There are many ways to look for ideas. Read a lot, talk to people, and consider such questions as example: What limitations exist in current products and services? What would you like that is not available? Are there other uses for new technology? What are innovative ways to use or to provide existing products?

Evaluate your Business Idea Business idea is a short and precise description of the basic operation of an intended business. Before you start a business, you need to have a clear idea of the sort of business you want to run. Your business idea will tell you: � Which need will your business fulfil for the customers and what kind of customers will you attract? � What good or service will your business sell? � Who will your business sell to? � How is your business going to sell its goods or services? � How much will your business depend upon and impact the environment? A good business idea will be compatible with the sustainable use of natural resources and will respect the social and natural environment on which it depends. Open this file and focus you attention on part II. Fill the table on the activity 3. http: //www. ilo. org/wcmsp 5/groups/public/---ed_emp/---emp_ent/--ifp_seed/documents/instructionalmaterial/wcms_436192. pdf