A.

Y 2024-2025 Entrepreneurship Week Number 1

Entrepreneurship INTRODUCTION CHAPTER NO. 1
SEM 1 / QUARTER 1 LECTURE

1.1 RELEVANCE OF THE COURSE

CONTENTS Table of Contents
Introduction to Entrepreneurship 1 ● Development of Managerial
Capabilities
Relevance of the course 1.1 - This means that one of the benefits
Importance of Entrepreneurship an entrepreneur gets is to develop
1.2
Education his managerial skills.
● Creation of Organizations
Competencies in Entrepreneurship 1.3
- It means that because of
Entrepreneurial Career Opportunities 1.4 entrepreneurship, many
organizations will exist.
● Improving Standard of Living
1.0 INTRODUCTION TO
ENTREPRENEURSHIP - This means that entrepreneurship
can lift up the economic status of
● What is Entrepreneurship? an individual.
- The word entrepreneur has come ● Means of Economic Development
from the French word “entreprendre” - It is the entrepreneur who could
which means to undertake, to change the global economic
pursue opportunities to fulfill needs landscape. It will strengthen the
and wants through innovation to domestic economy by developing
undertake business. new industries and generate local
- It is a process of designing, employment for the people.
launching, and running a business
or expanding an existing enterprise IMPORTANCE OF
for providing a good or service to 1.2 ENTREPRENEURSHIP
EDUCATION
the market and in realizing profit for
the firm.
- It can also defined as: - It is very important to our economy
- A science of converting as a key driver.
processed ideas into a - It is an individual lifelong learning
remarkable business process.
venture. - It will energize school management.
- A capacity for innovation, - It will transform learners to be
investment, and expansion innovators.
in new markets, products,
and techniques. 1.3 COMPETENCIES IN
ENTREPRENEURSHIP
- Traditionally, an entrepreneur has
been defined as “a person who
organizes and manages any ● Locus of control
enterprise, especially a business, - Entrepreneurs must know how to
usually with considerable initiative determine the state to which a
and risk.” person agrees that their actions can
- Entrepreneurship is the one who directly affect a situation, or that
undertakes an endeavor. they control a result.

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 A.Y 2024-2025 Entrepreneurship Week Number 1
Entrepreneurship INTRODUCTION CHAPTER NO. 1
SEM 1 / QUARTER 1 LECTURE

● Specific goal setting with people from different

- Entrepreneurs that are motivated to backgrounds.
set goals, particularly business
1.4 ENTREPRENEURIAL CAREER
growth objectives, have been found
to increase firm growth resulting in OPPORTUNITIES
firm performance and innovation.
● Self-efficacy ● Business Consultant
- Entrepreneurs must believe in their - Business consultants provide
own ability or self-confidence. advice about business issues, such
Learners with high self-efficacy will as the development and
persevere even in the face of implementation of business plans,
setbacks, will take negative how to streamline operations or
feedback more positively and use it how to expand into a new market.
to improve their performance. ● Management Analyst
● Need for achievement - The person who evaluates a
- Entrepreneurs must have a high business’ systems, procedures and
need for achievement that takes operations, they may also review a
responsibility for outcomes. business’ financial matters, such as
● Ambition the ratio of income to expenditures.
- Entrepreneurs must be motivated, ● Teacher
persistent, and persevere even in - A graduate of entrepreneurship can
the face of situational challenges. use his knowledge in teaching.
● Willingness to learn
- Entrepreneurs that have a strong ● Sales
willingness to learn often pursue - Someone who works in sales or
opportunities to acquire new skills runs the department needs to know
and competencies. how businesses run. They need to
● Strong initiative know how to represent a company,
- Entrepreneurs that have a high manage accounts, and follow up on
initiative are often driven to work leads.
hard. ● Research and Development
● Adaptability and flexibility - To work in R&D, you need to
- Entrepreneurs that learn how to be understand business concepts,
highly flexible and adaptable often procedures, and practices. With all
deal very well with a unique ability of the training and education
to choose actions even without all someone has received learning
necessary information. about entrepreneurship, they are
● Willingness to take risk well prepared for this type of
- Successful learners are willing to position.
take consequences, they can also ● Business Reporter
identify and calculate risks. - Being able to raise funds requires
● Interpersonal skills understanding the importance of
- Learners with strong interpersonal business and networking
skills have skills of working well relationships. It is a great place for
someone with this type of degree

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 A.Y 2024-2025 Entrepreneurship Week Number 1
Entrepreneurship INTRODUCTION CHAPTER NO. 1
SEM 1 / QUARTER 1 LECTURE

because you will have experience in

studying advanced concepts that
can be used to your advantage on
the job.
● Intrapreneur
- An intrapreneur is an inside
entrepreneur, or an entrepreneur
within a large firm, who uses
entrepreneurial skills without
incurring the risks associated with
those activities.

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