Introduction To Entrepeneurship

INTRODUCTION TO ENTREPRENEURSHIP
Presenter: Nicola Morgan

School: Kingston College
Class: 12 Arts
Subject:Entrepreneurship
Upon completing this course, students should be able to :
explain clearly the concept of entrepreneurship, business
ownership and procedures in setting up a business.

�1.1 explain entrepreneurship
�1.2 discuss personal traits / behaviour associated
with successful entrepreneur performance.

A society that has entrepreneurs is considered to be a
successful society. This is because entrepreneurs are
individuals who are creative, dynamic and innovative.
They are willing to take risks and face unpredictable and
uncertain challenges by using their creativity and will
power.
Introduction contd
Entrepreneurs would develop and penetrate new business
areas in order to stay competitive in the industry. Then,
more products or services being offered to the society,
which would enhance the society’s economic
development.
It is derived from the French word entreprendre which
means ‘to undertake or to try’. (Richard Cantillon, 1775).
It also refers to a person who undertakes and operates a
new enterprise or venture, and assumes accountability for
the inherent risks.
⚫ An entrepreneur refers to an individual who establishes a business
and manages it to obtain profit and to be successful (Carland).
⚫ (Kuratko & Hodgetts), an entrepreneur is an individual who

organizes, manages, and assumes the risks of a business.
⚫ An entepreneur is an individual who creates a new business in the

face of uncertainty for the purpose of achieving profit and growth
by identifying and capitalizing opportunities and assembling the
necessary resources to capitalize on the identified opportunities
(Scarborough).
⚫ The dictionary defines an entrepreneur as an individual who
manufactures industrial products or conducts a business on a big
scale.
⚫ Webster’s dictionary, an entrepreneur is an individual who

manages an economic activity, specifically in sponsoring, owning,
managing, and bearing the risks of a business.
⚫ The Encyclopedia Americana defines an entrepreneur as a

businessman who takes risks to combine the factors of production
such as capital, labour, and raw materials and accepts the rewards
through the profits made by the market value of his products.
� Common definition, “someone who establishes a new entity to offer a
new or existing product/service into a new or existing market, whether
it is for a profitable or a non-profitable outcome. An entrepreneur is an
individual who is able to perceive an opportunity for a business and
create an organization to develop and manage that business
successfully.
Concept of Entrepreneurship
He is able to identify and seize the opportunity and bring in the
necessary resources such as finance, workforce, and raw materials to
develop and market the products or services. He takes proper action that
is imaginative, creative, and innovative”.

�Entrepreneurship is the process of seeking businesses
opportunities under conditions of risk.
�“Entrepreneurship also refers to the process of creating

something new of value by devoting the necessary time
and effort, assuming the accompanying financial,
physical, and social risks, and receiving the resulting
rewards of monetary, personal satisfaction, and
independence”.
⚫Entrepreneurship is the ability, capability, and tendency to
perform the following activities:
i. Identify business opportunities.
ii. Manage a business effort which brings profit to the entrepreneur
and the public.
iii. Obtain success and richness by fulfilling the society’s needs.
iv. Take calculated risks.
v. Manage and utilize the factors of production to bring economical
development and enhance social welfare.
vi. Work hard and be prepared to make new changes that can increase
production quantity and quality from time to time.
Entrepreneurship in Jamaica
Jamaican
Entrepreneurs
ness to grab opportunities without
at hand (Stevenson, Roberts and
preneurship as the establishment of

s innovative, profit oriented, willing
ertainties in the environment.
neurship benefits the entrepreneur,

ety. It is a process that creates and
hieve the entrepreneur’s desired
ATTITUDE SKILLS KNOWLEDGE
Motivation Decision making Law
Confidence Problem solving Management
Initiative Negotiation Economics
Responsibility Communication Accounting
Risk-taker Creativity Values
Diligence Team work Business
Mental & physical fitness Management Culture
Information-seeker Technical Project management

�An entrepreneur is an individual who seeks profitable
opportunities and takes the necessary risks to establish and
operate a business.
�A businessman main desire is to grow his business.
�A manager is responsible for using the organization’s

resources to accomplish the organization’s goals.
�So… all entrepreneurs are businessmen BUT not all

businessmen are entrepreneurs.
CHARACTERISTICS ENTREPRENEUR BUSINESSMAN
Time Unlimited Limited
Nature of job Flexible Rigid in adapting to
changes
Decision making Makes own decision Follows decision made by
others
Effort and commitment Continuous L ow
Risk taker Moderate Low

Goal Maximize s self potential Solely for profit
by utilizing available maximization
opportunities
i. Customers
ii. Society / community
iii. Suppliers
iv. Staff
v. Competitors
vi. Nation
�‘Entrepreneurial competencies’ refers to key characteristics
possessed by successful entrepreneurs in performing
entrepreneurial function effectively. Entrepreneurial
competencies can be observed from the entrepreneur’s
attitude, internal life values or his/her insistence to perform
with excellence.
i. Personal initiative
ii. Seize opportunities
iii. Endurance
iv. Information-seeker
v. High work quality
vi. Commitment towards work agreements
vii. Efficient
viii. Systematic planning
ix. Creative problem solving
x. Self confidence
xi. Assertion
xii. Persuasion
xiii. Power and authority
Entrepreneur involve in e-business also known as
cyberpreneur.
A cyberpreneur is someone who is starting or running a
business in cyberspace and the internet. An
entrepreneur who has an online based business on the
internet targets international consumers. These
cyberpreneurs do not need offices or extensive
support staff all over the world. They just need a
great idea and a cable to connect to the internet.
THANK YOU …

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INTRODUCTION TO ENTREPRENEURSHIP

Presenter: Nicola Morgan

explain clearly the concept of entrepreneurship, business

ownership and procedures in setting up a business.

�1.2 discuss personal traits / behaviour associated

with successful entrepreneur performance.

successful society. This is because entrepreneurs are

individuals who are creative, dynamic and innovative.

They are willing to take risks and face unpredictable and

uncertain challenges by using their creativity and will

Entrepreneurs would develop and penetrate new business

areas in order to stay competitive in the industry. Then,

more products or services being offered to the society,

which would enhance the society’s economic

⚫ (Kuratko & Hodgetts), an entrepreneur is an individual who

⚫ An entepreneur is an individual who creates a new business in the

⚫ Webster’s dictionary, an entrepreneur is an individual who

⚫ The Encyclopedia Americana defines an entrepreneur as a

new or existing product/service into a new or existing market, whether

it is for a profitable or a non-profitable outcome. An entrepreneur is an

individual who is able to perceive an opportunity for a business and

create an organization to develop and manage that business

He is able to identify and seize the opportunity and bring in the

necessary resources such as finance, workforce, and raw materials to

is imaginative, creative, and innovative”.

�“Entrepreneurship also refers to the process of creating

preneurship as the establishment of

neurship benefits the entrepreneur,

Confidence Problem solving Management

Initiative Negotiation Economics

Responsibility Communication Accounting

Risk-taker Creativity Values

Diligence Team work Business

Mental & physical fitness Management Culture

Information-seeker Technical Project management

�A businessman main desire is to grow his business.

�A manager is responsible for using the organization’s

�So… all entrepreneurs are businessmen BUT not all

Risk taker Moderate Low

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