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The Entrepreneur

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The Entrepreneur Definition of Entrepreneur The entrepreneur, by definition, shifts resources from areas of low productivity and yield to areas of higher ... – PowerPoint PPT presentation

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Title: The Entrepreneur


1
The Entrepreneur
2
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)

3
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

4
Why become an Entrepreneur?
  • Personal situation
  • Resources
  • Entrepreneurial skills
  • Success stories
  • Desire for independence
  • Opportunity to exploit a gap
  • Frustration

5
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

6
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

7
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

8
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 3rd 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 .

9
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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