entrepreneurship - CHAPTER ONE 1.0 ATTRIBUTES OF...

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CHAPTER ONE 1.0 ATTRIBUTES OF ENTREPRENEURS AND ENTREPRENEURIAL CAREERS In this chapter we shall discuss concept of entrepreneurship and innovation, evolution of entrepreneurship in Kenya, the concept of entrepreneurship culture, the entrepreneurial cultural practices in Kenya, various theories of entrepreneurship and the role of entrepreneurship in economic development. General objectives By the end of the course the learner should be able to explain the attributes of entrepreneurs and entrepreneurial careers, specifically the learner should be to: 1. Define and explain the basic terminologies used in entrepreneurship. 2. Explain the concept of entrepreneurship and innovation 3. Explain the evolution of entrepreneurship in Kenya 4. Explain the concept of entrepreneurship culture 5. Discuss the entrepreneurial cultural practices in Kenya 6. Explain various theories of entrepreneurship 7. Discuss role of entrepreneurship in economic development 1.1 Introduction 1.1.1 Definition of Entrepreneurship and Entrepreneurs Definition an entrepreneur An entrepreneur is basically a person who identifies a business opportunity, harshness and obtains the resources necessary to initiate a successful basis activity. The entrepreneur implements the idea Undertakes to operate the business An entrepreneur is therefore a central key individual in the society who makes things happens for economic development. Entrepreneurship meaning In the broader sense entrepreneurship refers to the means of stimulating innovative and creative undertakings for a better business community or world. Entrepreneurship if French world meaning to undertake and focuses on a business enterprise Entrepreneurship can exist in any situation – therefore it is the creation of values through establishing a business enterprise. Entrepreneurship means having an idea of one’s own and trying to implement the idea to create values on it. Entrepreneurship is a term which encompasses what entrepreneurs do i.e
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o Identifying a business opportunity of a particular demand o Look at the opportunity as a process of creating, something that did not exist. o Constantly searching/ harnessing ones environment and resources to implement the activities. o Creating a totally new product and using it in as new. Entrepreneurship there is the practice at starting of a new business or revitalizing existing businesses in response to identifying opportunities. 1.1.2 Types of Entrepreneurs a) Craft entrepreneurs Exploits and utilizes personal skills to start a business without thinking of its growth or the expansion objectives Often times than in this type of entrepreneurship i. There is no expanding even after along time ii. It is not business expansion oriented.
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