...Table of Contents INTRODUCTION 2 CRITICAL EVALUATION 3 PRE – START UP PLANNING AND PREPARATION 3 ENTREPRENEUR IN AN ORGANISATION 4 ENTREPRENEUR AS AN INDIVIDUAL 5 ENTREPRENEUR WITHIN THE SOCIETY 5 CONCLUSION 6 RECOMMENDATION 6 REFERENCES 7 ANNOTATED BIBILIOGRAPHY 8 APPENDIX 9 INTRODUCTION Various definitions have been given to the word entrepreneur, due to the changes and complexity of the world’s economic structure. Entrepreneurs have been cussed and discussed, declared to be social misfits and bastions of the private enterprise system. “An entrepreneur sees an opportunity which others do not fully recognize, to meet an unsatisfied demand or to radically improve the performance of an existing business. They have unquenchable self-belief that this opportunity can be made real through hard work, commitment and the adaptability to learn the lessons of the market along the way”.(Martin , 2010). Entrepreneurship is an act of being an entrepreneur which involves initiating in a business venture, gathering the necessary resources and assuming the associated risks and rewards. There are common traits associated with an entrepreneur, most entrepreneurs tend to: * Tolerant of ambiguous situations * Resist conformity * Enjoy risk-taking * Self-reliant, dominant and independent * Be interpersonally aloof yet socially adroit * Adapt readily to change The importance of entrepreneurship for economic development has been widely acknowledged...
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...full of roses; it comes with its own challenges. The writer will discuss about entrepreneurship, define concepts and sum up the discussion through a conclusion. Definition of key terms Entrepreneurship Timmons (2000), believes entrepreneurship is the process of creating or seizing an opportunity and pursuing it, regardless of the resources currently controlled. Wennekers and Thurik (2001) argued that entrepreneurship is the ability and willingness of individuals, on their own, in teams within and outside existing organizations, to perceive and create new economic opportunities (new products, new production methods, new organizational schemes and new product-market combinations) and to introduce their ideas in the market, in the face of uncertainty and other obstacles, by making decisions on location, form and the use of resources and institutions. Unlike Timmons (ibid), Wennekers and Thurik believe that entrepreneurship is not limited to creating or seizing a business opportunity, there has to be willingness and ability to perceive new economic opportunities(new products, new production methods, new organizational schemes and new product-market combinations). Entrepreneurship can thus be seen as the activity of an entrepreneur. Entrepreneur Hisrich and Peters (1998) ,see an entrepreneur as someone creating something new with value by devoting time and effort, assuming the accompanying financial, physical and social risks, and receiving the resulting rewards of monetary...
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...INTRODUCTION Following this introduction on Nigeria’s economic development challenge, this paper reviews business economics, outlining the relationship with innovation and social entrepreneurship. It also presents a holistic framework for economic development covering the individual, firm and macro levels, and outlines the roles of stakeholders at each level, in fostering national development. It concludes by calling on all stakeholders to play their part in leveraging entrepreneurship and all aspects of business economics to unleash the wealth of human capital that Nigeria is endowed with so that more people can participate in the transformation of Nigeria. Nigeria as the most populous country in Africa is naturally endowed with millions and millions of acres of arable land, 38.5 billion barrels of stated oil reserves, vast gas reserves, a variety of unexploited minerals, and a wealth of human capital by virtue of its estimated population of 150 million. It is the world’s eighth largest exporter of oil, and Africa’s second largest economy, after South Africa. Nigeria accounts for 15 per cent of Africa’s population, contributes 11 per cent of Africa’s total output and 16 per cent of its foreign reserves while it accounts for half of the population and more than two-thirds of the output of the West Africa sub-region. It has been at the forefront of the resolution of many political challenges in Africa. Over the last decade, Nigeria has implemented far reaching economic reforms...
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...104 Academy of Management Perspectives February Opportunity Recognition as Pattern Recognition: How Entrepreneurs “Connect the Dots” to Identify New Business Opportunities by Robert A. Baron* Executive Overview How do entrepreneurs identify opportunities for new business ventures? One possibility, suggested by research on human cognition, is that they do so by using cognitive frameworks they have acquired through experience to perceive connections between seemingly unrelated events or trends in the external world. In other words, they use cognitive frameworks they possess to “connect the dots” between changes in technology, demographics, markets, government policies, and other factors. The patterns they then perceive in these events or trends suggest ideas for new products or services—ideas that can potentially serve as the basis for new ventures. This pattern recognition perspective on opportunity identification is useful in several respects. First, it helps integrate into one basic framework three factors that have been found to play an important role in opportunity recognition: engaging in an active search for opportunities; alertness to them; and prior knowledge of an industry or market. In addition, it also helps explain interrelations between these factors (e.g., the fact that active search may not be required when alertness is very high). Second, a pattern recognition perspective helps explain why some persons, but not others, identify specific opportunities...
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...because although the natural resources are running out the human resources are growing as well as education. 2. What role does entrepreneurship play in the economy? Who stands to gain from the success of individual entrepreneurs? How do other parties benefit? The role entrepreneurs play in the economy is they inspire new business projects which fund capital building. The ones who stand to gain from the success of individual entrepreneurs are all the business opportunities around because they fund growth of the countries national economy. Other parties benefit by being able to find more jobs that a being created by the entrepreneurs. 3. When did American business begin to concentrate on customer needs? Why? Americans business began to concentrate on customer needs after World War II hit. This was because more competition came along and it gave the customers more decisions to choose from. 4. How do nonprofit organizations compare to businesses? What role do nonprofits play in the economy? How do they interact with businesses? 5. What are the factors of production? How can economies grow when one or more of the factors is weak? 6. What are the 5 dimensions of the business environment? Discuss the key elements in each area as they relate to U.S.-based businesses. Dimension of Business Environment Key Elements 7. What are some key strategies for developing a competitive edge in today’s competitive global market? How important is customer satisfaction...
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...relationship between entrepreneurship, innovation and economic development as well as the role of sustainability in the relationship Introduction: The origin and development on theory As early as the 17th century, the French term "entreprendre "appeared in economics, which evolved into "entrepreneur" as commonly used (Dees,1998). The concept of entrepreneur keeps on developing and varies with the development of socio-economics. Richard Cantillon published his in 1775 “Essay on the Nature of Trade in General" (Murphy,1986). Since then, entrepreneurship was given a definition in the perspective of behavior, including decision-making, sound judgment, supervision of production, innovation, and resource reallocation (Herron, 1993). The new definition of the "entrepreneur" credited by French economists was put by Jean Baptiste in the 19th century "the entrepreneur shifts economic resources out of an area of lower and into an area of higher productivity and greater yield". In this time, entrepreneurship was given the meaning of "creating values"(Dees, 1998). In 1911, “entrepreneur as innovator” was put forward by Schumpeter. In his theory, entrepreneurship nearly the same as innovation is thought to be a critical factor in the promotion of economic development. This theory was unceasingly completed by Schumpeter. Through the process of “disruptive innovation” (Schumpeter, 1942), entrepreneurs create economic opportunities and obtain economic benefits by causing a series of disturbances...
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...Entrepreneurs play a key role in any economy. These are people who have the skills and initiative necessary to take a good idea to the market and make decisions that make their ideas profitable. Rodgers (2010) defines an entrepreneur as “a person who set up a business taking on financial risk for profit, or someone who exercises initiative by organizing a venture to take benefit of an opportunity and is the decision makers of what, when, how and how much of a goods or services will be produces.”(p5) An entrepreneur plays a vital role in economic development as they are the key contributors to technological innovations and creating new jobs causing economic growth. Government use the success of an entrepreneur business to measure the growth and development of the economy. It provides self suffiency and creates wealth for nations and individuals. The three steps involved in becoming an entrepreneur are business planning, finance and implementations. The first step in becoming an entrepreneur is business planning. Creating a business plan will help you to stay on track with your business goals. This is the stage where all the brainstorming is done. In the business plan the entrepreneur documents their ideas of interest either being a product or service. They then determine the purpose of the business and also decide their target consumers example age, sex or geography. A proper market research is also done on the market needs of their selected target market selected. Next the entrepreneur...
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...and wisdom to promote the transfer of its assets to others less experienced. A mentor is motivated and willing to offer their skills, knowledge and vision of life to a younger member of the organization to support attainment of personal and professional development goals (Gentry, Weber and Sadri, 2008). The mentee is a person in search of personal and professional fulfillment. The mentoring relationship is characterized by openness to others, reciprocity and volunteerism. An important distinction to be recognized is that a mentor is distinct from a coach. In contrast to a coach, a mentor is usually not trained specifically for this activity of training and development; rather a mentor only has the experience and is knowledgeable to play a role in professional development of another person (Holmes, 2008)....
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...development requires sustainable and shared increases in per capita income accompanied by changes in the structural composition of an economy towards higher value added goods and more efficient production methods. Entrepreneurs can contribute to economic development by facilitating the reallocation of resources from less to more productive uses (Acs and Storey 2004), by performing ‘cost-discovery’, ‘gap-filling’, and ‘input-completing’ functions in the economy (Leibenstein 1968; Hausmann and Rodrik 2003) and by supporting structural change (Lewis 1954; Gries and Naudé 2010). These roles have recently been the subject of a growing literature (see e.g. Minniti and Naudé 2010; Naudé 2010a, 2010b, 2010c). A neglected function in this literature is the potential role of entrepreneurs as innovators in developing countries. Joseph Schumpeter pointed out a century ago that entrepreneurs are often innovators, bringing new goods and technologies to markets, opening up new markets, processes, and ideas, and commercializing new knowledge. But, it is often mistakenly suggested that innovation by entrepreneurs is less important for growth in low-income developing countries than in more advanced economies.1 A substantial literature has been devoted to understanding the conditions under which entrepreneurs innovate, and the nature and evolution of national systems of innovation (see e.g. Lundvall 1992; Nelson 1993). By and large, however, this literature has been concerned with the process of innovation and...
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...1 LESSON- 1 ENTREPRENEUR AND ENTREPRENEURSHIP Dr. Jyotsna Sethi STRUCTURE 1.0 Introduction 1.1 Objectives 1.2 Entrepreneurship as a Career Option 1.3 Concepts and Definitions 1.3.1 Entrepreneur 1.3.2 Entrepreneurship 1.3.3 Enterprise 1.3.4 Difference between Entrepreneur and Entrepreneurship 1.4 Role of Entrepreneurship in Economic Development 1.4.1 Entrepreneurship and Economic Development 1.4.2Entrepreneurship and Education 1.5 Functions of an Entrepreneur 1.6 Innovation 1.7 Risk and Uncertainty Bearing 1.8 Organization 1.9 Functions Performed by an Imitator Entrepreneur 1.10Entrepreneur vs. Manager Relationship 1.11 Summary 1.12 Glossary 1.13 Self-Assessment Questions 1.14 Further Readings 1.0 INTRODUCTION Do you know that there are millions of unemployed youth in the country and by the time you graduate, this number would have increased substantially? Do you want to be part of that group which keeps knocking from pillar to post, checking with employment exchanges, relatives, friends, and neighbours and still not able to get a job to their liking and then settle for a second or third rate job? You can also choose to be like Mr. Patel of Nirma who was a chemist’s assistance and has a Rs. 2500 crore company today. Did you know that the original Mr. Bata was a cobbler? And now has stores in more than 30 countries all over the world. Or...
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...TI 2011-061/3 Tinbergen Institute Discussion Paper Entrepreneurship and Role Models Niels BosmaA Jolanda HesselsB,C Veronique SchutjensA Mirjam van PraagD Ingrid VerheulE Utrecht University; B EIM Business and Policy Research, Zoetermeer; C Erasmus School of Economics, Rotterdam; D Faculty of Economics and Business, University of Amsterdam; E Rotterdam School of Economics; all in the Netherlands. A Tinbergen Institute is the graduate school and research institute in economics of Erasmus University Rotterdam, the University of Amsterdam and VU University Amsterdam. More TI discussion papers can be downloaded at http://www.tinbergen.nl Tinbergen Institute has two locations: Tinbergen Institute Amsterdam Gustav Mahlerplein 117 1082 MS Amsterdam The Netherlands Tel.: +31(0)20 525 1600 Tinbergen Institute Rotterdam Burg. Oudlaan 50 3062 PA Rotterdam The Netherlands Tel.: +31(0)10 408 8900 Fax: +31(0)10 408 9031 Duisenberg school of finance is a collaboration of the Dutch financial sector and universities, with the ambition to support innovative research and offer top quality academic education in core areas of finance. DSF research papers can be downloaded at: http://www.dsf.nl/ Duisenberg school of finance Gustav Mahlerplein 117 1082 MS Amsterdam The Netherlands Tel.: +31(0)20 525 8579 ENTREPRENEURSHIP AND ROLE MODELS Niels Bosma A, Jolanda Hessels B, C, Veronique Schutjens A, Mirjam van Praag D, Ingrid Verheul E A Faculty of Geosciences, Department...
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...Characteristics of Entrepreneurs Introduction The entrepreneurs’ are a key element for enterprises developing, and also play the decisive factors role to decide the company’s success or failure. According to the view of Say(1834) whom French economist, that “entrepreneurs can be seen as adventurers, they are fourth factors of production to organize, manage and operate other three elements which are land, workforce and capital, but they has duty to bear the possible risk of bankruptcy.”(Kuratko&Hodgetts,2007). With the times developing, the concepts of entrepreneur are more focus on modern concepts. The view of Akhouri point that “entrepreneur as a character who combines innovativeness, readiness to take risk, sensing opportunities, identifying and mobilizing potential resources, concern for excellence, and who is persistent in achieving the goal.”(Mohanty, 2005) Hence, successful entrepreneurs should have the following characteristics: leadership, originality ability and self-confidence, the traits are independents, individuality and optimism, innovate, creative, flexible and leadership behaviour, they always task-oriented and future-oriented, and play role of risk bearer. From these characteristics, I can find some of the characteristics which I have or not, so in order to impact my ability, I will critic and analysis those characteristics by two parts which are three areas sufficiently developed and three areas require further development. 1. Three areas sufficiently...
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...EN COU CIL OF THE EUROPEA U IO Conclusions on promoting youth entrepreneurship to foster social inclusion of young people EDUCATIO , YOUTH, CULTURE and SPORT Council meeting Brussels, 20 May 2014 The Council adopted the following conclusions: "The Council: ACK OWLEDGI G THAT 1. The economic crisis that started in the second half of the last decade has created a particularly fragile situation for today's young generation. Youth unemployment rates remain historically high, at 23.2% in the EU-28 and 23,8% in the Euro area (December 2013). 2. As a result of such high youth unemployment, young people are experiencing increased levels of poverty and social exclusion and increasing numbers feel compelled to leave their home countries, and sometimes Europe entirely, to look for better opportunities. This is generating a brain drain effect in some Member States which could be difficult to reverse. 3. The European Union, via the Europe 2020 and its flagship initiatives on “New skills and jobs”, “Digital Agenda for Europe”, “Innovation Union”, “Youth on the move” promotes entrepreneurship, by fostering entrepreneurial mindsets and related knowledge, skills and competences that can boost competitiveness and growth that will be smart, sustainable and inclusive. PRESS Rue de la Loi 175 B – 1048 BRUSSELS Tel.: +32 (0)2 281 6319 Fax: +32 (0)2 281 8026 press.office@consilium.europa.eu http://www.consilium.europa.eu/Newsroom 1 E 4. Entrepreneurship is an important driver of economic...
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...MAJOR PARTS IN A BUSINESS PLAN What is a Business Plan? The Business Plan is perhaps the most important document an entrepreneur can create. The business plan helps guide the direction of the start-up company's first several years, as well as giving potential investors an idea of the company structure, goals and future plans. What are the parts of a Business Plan? The following information is taken from the "Business Plan Development Guide", written by Alex F. DeNoble and Audrey B. Voyles. Section 1 - The Executive Summary The purpose of the executive summary is to capture the interest of the investors/lenders so they will want to find out more about the venture. These investors are likely to spend no more than 3 to 5 minutes before making a preliminary decision about your proposal. Therefore, this section is first, and in some ways is most important. This section should emphasize key issues and be no longer than 2 to 3 pages. The following information should be addressed in the executive summary: * Company profile * Nature of the product/service being offered * Size and growth trend of the market * Make-up and background of the management team * Financing requirements * Key projections (sales, gross profits, net income) * Proposed use of funds * Proposed exit strategy including projected ROI The executive summary is written last, after the rest of the plan is completed. Section 2 - Business Description This section of the business...
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...that accelerates the successful development of start-up and fledging companies by providing entrepreneurs with an array of targeted resources and services * Small Business—as one that is independently owned and operated and which is not dominant in its field of operation * Family Business—is one owned and managed mostly by people who are related by blood and/or marriage * Business Plan—describes the basic idea that is the foundation for the start-up and outlines how that idea can be turned into reality * Franchise—is a business operated by someone (the franchise) to whom a franchiser grants the right to market a good or service * Principle of Affordable Loss—the conscious determination of the amount of resources(money, time, and effort) entrepreneurs are willing to commit to an idea, which, in turn, influences the choice of strategies and methods needed to generate early revenues * Venture Capitalist—typically provides equity (ownership) financing for start-up and young, rapidly growing enterprises * Business Angel—is a private individual who invests directly in firms and receives an equity stake in return * Corporate Entrepreneurship—refers to the development, promotion, and implementation of innovative initiatives in established firms for the purpose of generating growth and, thus, profits under risky or uncertain conditions. * Corporate Entrepreneur—is someone in an organization who champions turning new ideas into profitable realities ...
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