Entrepreneurship Notes.pdf - Entrepreneurship...

Entrepreneurship
Characteristics / Traits of an Entrepreneur
1. Creativity- Creativity is an ability to bring something new into existence. An entrepreneur should be
creative because ideas usually evolve through creative process whereby imaginative people bring them
into existence, nurture them and develop them.
2. Mental Ability- An entrepreneur must be reasonably intelligent and should have creative thinking and
be able to analyze various problems and situations.
3. Innovation- Innovation creates a resource, they should be able to convert a material into a resource
or combine the existing resources in new and more products.
4. Leadership- The qualities of leadership will enable a person to stand apart. The spirit of leadership
keeps him forward in any field.
5. Team Builder- Has ability to build a team; a team is a group of people with a common purpose that is
focused and aimed to achieve a specific task.
6. Problem solving- An entrepreneur should learn to face problems and not to avoid them. He should
have the ability to define problems and look for viable solutions.
7. Goal Orientation- Human behavior is goal directed, therefore a good entrepreneurs should be goal
oriented because goal setting is necessary part of allocations.
8. Risk Taking- Entrepreneurs are persons who take decisions under conditions of uncertainty and
therefore are willing to bear the risk, he takes calculated risks.
9. Persistent- An entrepreneur is one who has a strong determination; its determination that provides
that provides the entrepreneur with energy to work for long hours.
10. Technical Knowledge- An Entrepreneur with high level of administrative ability, human relations,
communication skills creativity and technical knowledge stand a much better chance of success.
11. Highly Optimistic- He or she is not disturbed by the present problems faced by them. They are
optimistic that the situation will become favorable to the business in future.
12. Independent- They resist it be guided by others and follow their routine. They make their own
decision.

DEFINATIONS/ INTRODUCTION TO EP/ ENTREPRENEURSHIP/ SELF EMPLOYEMENT
.
Entrepreneur.
He is a person who is able to identify business opportunities, obtain the necessary resources to initiate a
successful business activity.
Personal qualities
 Flexible
Entrepreneurship;
The act or process of identifying business opportunities and gathering the necessary resources to initiate
a successful business activity.
 Jua Kali Activity
 Investors in stock market.
Self- Employment.
Being a in a business by one-self whereby you earn all profits and risks all the losses in the business.
IMPORTANCES OF SELF-EMPLOYMENT TO INDIVIDUALS.
Self-employed individuals perform or guide all the work in a business enterprise. They benefit by
keeping all the profits.