INTRODUCTION AND KEY CONCEPT OF ENTREPRENEURSHIP

The word “Entrepreneur” was Derived from the French verb ​enterprendre, ​which means to
undertake, this refers to those by who undertake the risk of the new enterprises
An enterprise is created by an entrepreneur and the Process of its creation is called
entrepreneurship​.
Entrepreneurship is a process of actions of an entrepreneur who is always in search of
something new to exploit new ideas into gainful opportunities by accepting the risk and
uncertainly of the enterprise.
KEY CONCEPTS
In the discipline of economics, an entrepreneur is a resource that is getting scarce. The world’s
population is expanding at a pace so fast that consumption of resources is more that the rate in
which these can be replaced or replenished. As an economic resource, an entrepreneur is
someone who can put land, labor and capital into good use. So what does an entrepreneur do?
● An entrepreneur is an innovator who never runs out of ideas.
● An entrepreneur is a creative artist who is constantly ready to transform trash into art
● An entrepreneur is an opportunity seeker and would tirelessly pursue incredible, out of
this world ideas.
● An entrepreneur is a dreamer and would turn vision into reality
● An entrepreneur does not grow old
● An entrepreneur is an adventurer

CORE COMPTENCIES IN ENTREPRENEURSHIP

1. Economic and dynamic activity​- Entrepreneurship is an economic activity because it

involves the creation and operation of an enterprise with a view to creating value or
wealth by ensuring optimum utilization of scarce resources
2. Innovation​- involves a continuous search for new ideas. It compels an individual to
continuously evaluate by the existing modes of business operations so that more
efficient and effective system can be evolved and adopted.
3. Profit Potential​- is the level of return or compensation to the entrepreneur for taking
on the risk of developing an idea into an actual business venture.
4. Risk Bearing​- The essence of entrepreneurship is the willingness to assume risk
arising from the creation and implementation of new ideas.E
 THE ENTREPRENEURIAL MINDSET

Kuratco (2012) discussed several related characteristics associated with entrepreneurs that
were gathered largely from various literatures and these are the following:

● Commitment, determination and perseverance​- A total commitment and dedication

towards achieving success as an entrepreneur can overcome any obstacles and
setbacks.
● Drive to achieve-​ An entrepreneur is someone who is internally driven by an intense
desire to compete against self imposed.
● Opportunity Orientation- T​ his characteristic refers to the constant awareness of the
opportunity that exist every day.
● Initiative and Responsibility- T​ he Entrepreneurs has been historically viewed as an
independent and highly self reliant innovator.
● Persistent Problem Solving- Entrepreneurs​ are very seldom intimidated by difficult
situations, and they use their self-confidence and overall optimism to view that
impossible task just takes a little longer to become possible.
● Seeking feedback-​ Effective entrepreneurs often are described as quick learners.
Unlike many people, however, they also have a strong desire to know how well they
are doing and how they might improve their performance.
● Internal Locus of Control- S​ uccessful entrepreneurs believe in themselves. They do
not believe that the success or failure of their venture will be governed by fate, luck
or similar forces.
● Tolerance for Ambiguity- ​Start-up entrepreneurs faces uncertainty compounded by
constant changes that introduce ambiguity and stress into every aspect of
enterprise.
● Calculated Risk taking-​ Successful entrepreneurs are not gamblers they are
calculated risk takers, when they decide to participate in a venture they do so in a
very calculated, carefully throughout manner.
● Vision-​ Entrepreneurs know where they want to go. They have a vision or concept of
what firms can be.
● Self Confidence and optimism​- Although entrepreneurs often face major obstacles,
their belief in their ability seldom wavers, during down times, they maintain
confidence and make it known to others.
● Team Building​- The entrepreneur desires to build a strong entrepreneurial team.
Most successful entrepreneurs have highly quailed and high performing team.