ENT 201

Entrepreneurship
Entrepreneurship is the ability and readiness to develop, organize and run a business enterprise
along with any of its uncertainty in other to make profit.
Concept of entrepreneurship
In economics entrepreneurship is connected with land, labor, natural resources and capital
which can generate profit. The entrepreneur vision is define by discovering and risk taking
and is an indispensable part of a nations capacity to succeed in an ever changing and more
competitive global market place. The entrepreneur is define as someone who has the ability
and desire to exterblish, d minister and succeed in a start up venture along with risk entitle
to make profit.
The best example of entrepreneurship is the starting of a new business venture, the entrepreneur
are offen know as a source of new ideal or innovators, and bring new ideal in the market by
replacing the old one It can be classified into small or home business to multi national company
In economics the profit that an entrepreneur make is from a combination land, labor,
natural resources and capital. In a nutshell anyone who has the will or determination to
start a business deal with all the risk that goes with it and become and entrepreneur.

1: small business entrepreneurship

Types of entrepreneurship

2. Scaleble start up entrepreneurship

3. Large company entrepreneurship
4 Social entrepreneurship

1. Small Business Entrepreneurship: This type of entrepreneurship involves starting and

operating a small business. The focus is on local markets, limited growth, and a
personalized approach to customer service. Small business entrepreneurs often have a hands-on
role in the day-to-day operations of the business.

2. Scalable Startup Entrepreneurship: Scalable startups are focused on rapid growth and
potentially disrupting existing markets with innovative products or services. These entrepreneurs
seek to attract venture capital or other forms of investment to fuel their growth. The goal is to
scale the business quickly and achieve a high valuation.

3. Large Company Entrepreneurship: This form of entrepreneurship involves fostering an

entrepreneurial culture within an established, larger organization. It involves promoting

opportunities.
innovation, risk-taking, and agility within the corporate structure to drive growth and develop new

4. Social Entrepreneurship: Social entrepreneurs aim to address social or environmental

issues through their business ventures. The primary focus is on creating positive social impact,
often by leveraging business principles and innovation to tackle societal challenges .
Other types of entrepreneurship include:
A. Online Entrepreneurship: This involves starting and running businesses primarily online,
leveraging digital platforms and technologies to reach customers and deliver products or
ser vices.

B. Lifestyle Entrepreneurship: Lifestyle entrepreneurs prioritize their personal interests,

achieving a balance between wor k and per sonal life .

values, and desired lifestyle when creating and r unning their businesses. The focus is on

C. Corporate Entrepreneurship: This refers to employees within a larger organization who

exhibit entrepreneurial behavior, such as taking risks, being innovative, and driving change
from within the company.

D. Technopreneurship: This type of entrepreneurship focuses on developing and

innovation and technical exper tise.

commercializing technology-based products or services, often with a high degree of

Each type of entrepreneurship has its unique characteristics and challenges, and entrepreneurs
may choose to pursue different paths based on their goals, values, and resources.

1. Ability to take a risk

Characteristics of entrepreneurship

2. Innovation
3. Visionary and leadership quality
4. Open minded

6. Know your product

5. Felixibility

1. Ability to take a risk: Entrepreneurs must be willing to take calculated risks in order to

and potential failure, and having the confidence to make bold decisions .
pursue new opportunities and grow their business. This means being comfortable with uncertainty

2. Innovation: Successful entrepreneurs are often innovators, constantly seeking new and
creative ways to solve problems, meet consumer needs, and outpace their competition. They
are able to think outside the box and develop unique solutions or products that can disrupt the
market.

3. Visionary and leadership quality: Entrepreneurs need to have a clear vision for their
business, including long-term goals and strategies for achieving them. They also need to be
able to inspire and lead others, whether it's employees, partners, or investors, in order to turn their

4. Open-minded: Being open-minded allows entrepreneurs to be receptive to new ideas,

vision into reality.

their mistakes, and continuously improve their business.

feedback, and perspectives. This helps them to adapt to changes in the market, learn from
5. Flexibility: Entrepreneurship often requires the ability to pivot and adapt to changes,
whether it's in the business environment, consumer preferences, or technology. Being
flexible allows entrepreneurs to adjust their strategies and operations as needed to remain

6. Know your product: Successful entrepreneurs have a deep understanding of their

competitive and relevant.

product or service, including its features, benefits, and value proposition. This knowledge allows
them to effectively market and sell their product, as well as make informed decisions about its
development and improvement.

7. Resilience: Entrepreneur ship can be challenging and unpredictable, so resilience is

esntial. Suc c e s s f ul e nt r e pr e ne ur s a r e a bl e t o bounc e ba c k f r oms e t ba c ks , l e a r n f r om
failures, and persevere in the face of adversity.

8. Networking: Building and maintaining a strong network of contacts, including mentors,

advisors, potential partners, and industry peers

1 creation of employment
Importants of entrepreneurship

2. Innovation
3. Impact on society and community development
4. Increase in stardard of living
5. Support research and development

1. Creation of employment: Entrepreneurship is a key driver of job creation. New and

unemployment rates and the overall economic well-being of a community .

growing businesses often provide employment oppor tunities, contr ibuting to a reduction in

2. Innovation: Entrepreneurship fosters innovation, leading to the development of new

competitiveness, and addressing societal challenges.

products, services, and business models. This innovation is essential for economic growth,

3. Impact on society and community development: Successful entrepreneurs can have a

significant positive impact on their communities by addressing local needs, contributing to
philanthropic initiatives, and serving as role models for aspiring entrepreneurs.

4. Increase in standard of living: Entrepreneurship can lead to an increase in the standard

services, and driving overall economic prosperity.

of living by creating opportunities for economic advancement, improving access to goods and

5. Support research and development: Entrepreneurs often invest in research and

commercialization of new ideas. This, in turn, can drive economic growth and improve the
development, leading to technological advancements, scientific discoveries, and the
quality of life.

6. Social responsibility: Entrepreneurs who prioritize social and environmental

social impact.
responsibility can contribute to sustainable development, ethical business practices, and positive

7. Global perspective: Entrepreneurs with a global mindset can drive international trade,
cross-cultural understanding, and the exchange of knowledge and resources across borders.

8. Collaboration and partnerships: Building strategic partnerships with other businesses,

innovation, and community development.

organizations, and stakeholders can lead to mutually beneficial opportunities for growth,

9. Ethical leadership: Entrepreneurial ventures that prioritize integrity, transparency, and

ethical decision-making can help build tr ust, credibility, and long-ter m success.
Diversity and inclusion: Embracing diversity in entrepreneurship can lead to a wider range
of per spectives, ideas, and talent, ultimately leading to more innovative solutions and a more
inclusive economy.
These characteristics collectively highlight the multifaceted impact of entrepreneurship on
economic, social, and cultur al development, emphasizing its impor tance for creating sustainable
and inclusive growth.

Intraperenurship
Opportunity seeking
Ne w va l ue c r e a t i on
Ri s k t aki ng
Ent e r pr i s e f or mat i on
Pa r t ne r s hi p,
Networking
Bus i ne s s pl anni ng

within a lar ger or ganization . It involves taking initiative, being innovative, and dr iving
Intrapreneurship: Intrapreneurship refers to the practice of behaving like an entrepreneur

change within the company. In an entrepreneur ial context, under standing intr apreneur ship
can help individuals recognize and foster entrepreneur ial behavior within existing cor por ate
str uctures, leading to innovation and growth.

Opportunity seeking: Entrepreneurship involves actively seeking out opportunities in the

mar ket, whether it's identifying unmet needs, emer ging trends, or gaps in the mar ket.
Entrepreneurs are constantly scanning the environment for opportunities to create new
products, services, or businesses that meet customer needs in unique and innovative ways.
New value creation: Entrepreneurship is about creating value for customers through the
development of new products, ser vices, or business models. Entrepreneur s seek to offer
something unique and valuable to their customer s, often by solving problems in a more
effective or efficient manner than existing solutions.

Risk taking: Entrepreneurship requires taking calculated risks in pursuit of business

opportunities. Entrepreneurs must be willing to step outside their comfort zones, make
decisions with incomplete infor mation, and accept the possibility of failure in or der to
achieve success. Effective r isk management is cr ucial for entrepreneur ial success.

Enterprise formation: This refers to the process of establishing a new business venture.

businesses, or lar ger ventures. Successful entrepreneur s are adept at navigating the legal,
Entrepreneurship often involves creating new enterprises, whether they are startups, small

financial, and oper ational aspects of establishing and str uctur ing their businesses.

businesses, or or ganizations to lever age complementar y skills, resources, and networ ks .

Partnership: Entrepreneurship often involves forming partnerships with other individuals,

Partnerships can provide access to expertise, capital, and distribution channels, enhancing
the chances of success for a new venture.

Networking: Building and maintaining a strong network is crucial for entrepreneurs.

Networking provides access to mentors, potential customers, investors, and other
entrepreneur s. It can also lead to valuable collabor ations, par tner ships, and oppor tunities
for growth.

Business planning: Successful entrepreneurship often requires careful planning and

str ategic thinking. Developing a solid business plan helps entrepreneur s clar ify their vision,
set goals, and outline the steps needed to achieve them. It also provides a roadmap for
secur ing funding and managing the business effectively.
Under standing these concepts and their relevance to entrepreneur ship is essential for
aspir ing and established entrepreneur s as they navigate the complexities and oppor tunities
of starting and growing a business.