Lecture 2.ppt - University of Cape Coast School of Economics The role of entrepreneurship and small business in the economy School of Economics Overview

Lecture 2.ppt - University of Cape Coast School of...

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University of Cape Coast University of Cape Coast School of Economics School of Economics T T he role of entrepreneurship and small he role of entrepreneurship and small business in the economy business in the economy School of Economics School of Economics
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School of Economics School of Economics Overview of Presentation 1. The Role of Entrepreneurship in Economic Development 2. The Entrepreneurial Process 3. Variables in New Venture Creation 4. PersonalityTraits 5. Reasons why People become Entrepreneurs 6. Classification of Entrepreneurs
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School of Economics School of Economics The Role of Entrepreneurship in Economic Development The link between the roles of “small business” and entrepreneurship New venture creation Creation of jobs through entrepreneurial action
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School of Economics The Role of Entrepreneurship in Economic Development Raising productivity through new product innovation Commercialisation of new inventions Harnessing resources that were previously lying idle
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School of Economics The Role of Entrepreneurship in Economic Development Redistribution of wealth – the poor getting richer? Entrepreneurs giving back to the community
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TRUE OR FALSE. EXPLAIN. TRUE OR FALSE. EXPLAIN. Starting and operating a small business is Starting and operating a small business is all that entrepreneurship is about. all that entrepreneurship is about. School of Economics School of Economics
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School of Economics Economics Small Business Owners and Entrepreneurs Small Business Owners Operate life-style businesses Prefer to keep their businesses small Entrepreneurs Innovative, pro-active Aim at growing and harvesting their businesses
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School of Economics School of Economics The Entrepreneurial Process (EP)
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School of Economics Opportunity Entrepreneur Resources Organisation The EP: Opportunity, Resources and Organisation
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School of Economics The individual (or team) who initiates, develops and leads the venture. The entrepreneur
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School of Economics School of Economics A gap in a market that might be exploited in order to create new value. Opportunity
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School of Economics School of Economics The things entrepreneurs use in order to pursue their ventures. Resources
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School of Economics A collection of resources under the control of the entrepreneur. This is the entrepreneur, other resources as well as the structures s(he) uses to achieve his/her objective Organisation
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School of Economics Resources are characterised by: Utility : they are useful Value : they have a price Exchange : markets exist for them Characteristics of Resources
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School of Economics Resources include: Capital (money, equipments) People Assets information (intellectual property) Strategy depends on resources
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INTELLECTUAL PROPERTY EQUIPMENT CAPITAL INDIANA JONES AND LAST CRUSADE – RESOURCES School of Economics
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JOINT VENTURE COMPETITION R& D EXIT STRATEGY INDIANA JONES AND LAST CRUSADE – STRATEGY
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School of Economics The Function of the Entrepreneur The Entrepreneur Opportunity Scanning Identifying Analysing
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