MSM
entrepreneurship

entrepreneurship - CHAPTER ONE 1.0 ATTRIBUTES OF...

Info icon This preview shows pages 1–3. Sign up to view the full content.

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
Image of page 1

Info icon This preview has intentionally blurred sections. Sign up to view the full version.

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.
Image of page 2
Image of page 3
This is the end of the preview. Sign up to access the rest of the document.

{[ snackBarMessage ]}

What students are saying

  • Left Quote Icon

    As a current student on this bumpy collegiate pathway, I stumbled upon Course Hero, where I can find study resources for nearly all my courses, get online help from tutors 24/7, and even share my old projects, papers, and lecture notes with other students.

    Student Picture

    Kiran Temple University Fox School of Business ‘17, Course Hero Intern

  • Left Quote Icon

    I cannot even describe how much Course Hero helped me this summer. It’s truly become something I can always rely on and help me. In the end, I was not only able to survive summer classes, but I was able to thrive thanks to Course Hero.

    Student Picture

    Dana University of Pennsylvania ‘17, Course Hero Intern

  • Left Quote Icon

    The ability to access any university’s resources through Course Hero proved invaluable in my case. I was behind on Tulane coursework and actually used UCLA’s materials to help me move forward and get everything together on time.

    Student Picture

    Jill Tulane University ‘16, Course Hero Intern