Foundations of Entrepreneurship and Core Competencies

Apuntes

L1: INTRODUCTION AND IMPORTANCE OF ENTREPRENEURSHIP Relevance of Entrepreneurship to an Organization ● A benefit an entrepreneur gets is to develop their managerial skills. ● Because of entrepreneurship, many organizations will exist. ● Entrepreneurship can lift up the economic status of an individual. ● Not only the life of the entrepreneur is improved, but also the society where the business is located. Concepts of Entrepreneurship Entrepreneurship comes from the word... Entreprendre (French) - “to undertake” ● Undertaking the risk of enterprise and generating unique ideas for profitable solutions. Factors Affecting Entrepreneurship a. Initiative - Doing things even before being told. b. Proactive - Can classify opportunities and seize them. c. Problem Solver - retain good relations with other people. d. Perseverance - pursue things to get done regardless of challenges. e. Persuasion - entice people to buy even if they don’t want to. f. A Planner - making plans before doing things. Don't fail to monitor it. g. Risk-taker - willing to gamble, but will calculate it first. ● Political, climate, legal system, economic, and social conditions and market situations. Common Competencies ...