Entrepreneur Pre Lim Flashcards
(46 cards)
•Entrepreneurs must have a
deep knowledge about the
market and the industry in
which they wish to start a
company.
MARKET KNOWLEDGE
Excellent technical knowledge,
whether it concerns producing
goods or services, is very
important for entrepreneurs in
order to influence and engage
other stakeholders in leading the
business in its start-up stages.
TECHNICAL KNOWLDEGE
Self-awareness will help entrepreneurs to
understand their personality traits and how these
traits will affect decision making or other people.
SELF-AWARE
Entrepreneurs must be able to
inspire their employees to work
towards their vision and
achieve common goals, while
nurturing creative spirit among
them.
COMPETENT IN HUMAN
RELATIONS
Entrepreneurs, especially the
ones that go “solo”, are the
business. They must carry out a
diversity of tasks while meeting
deadlines
ORGANIZED
Becoming an entrepreneur is not easy.
There will be great, exhilarating
moments, but there will also be moments
of disappointment.
RESILIENT
Having a clear vision of the goals to be achieved
is fundamental to drive entrepreneurs and
extremely important for the whole company.
CLEAR VISION
Entrepreneurs will view the
business as a labor of love
instead of just “work.
PASSION ABOUT THEIR WORK
• More industries can create higher
production at lower prices.
HIGHER PRODUCTIVITY AND ECONOMIC GROWTH
Entrepreneurship leads to the
development of more
industries, especially in rural
areas or regions where there
are very few economic
activities
IMPROVEMENTS IN INDUSTRY
Entrepreneurship is a
challenging task, but if
successful the rewards are
worth the effort.
PERSONAL CHALLENGE
Successful entrepreneurship activities
increase the income level of the average
person, and also the standard of living in
the community.
INCOME GENERATION AND FEWER SOCIAL PROBLEMS
Entrepreneurship not only offers
self-employment opportunities,
but also creates employment for
others, often better jobs. Self-
employment offers more job
satisfaction and flexibility of the
work force.
Employment opportunities
Conducted by McClelland in
America, Mexico and India
(Kakinada)
• Young adults were selected and put
through a 3 month training to
induce achievement motivation.
Kakinada Experiment
David McClelland identified:
-Need for achievement
-Need for affiliation
-Need for power
Theory of Achievement Motivation
Entrepreneurship gets a
boost when society has
sufficient supply of individuals
with necessary psychological
characteristics.
Psychological
This theory ignores the earlier two abilities,
which where till then considered key for an
entrepreneur.
-Organizing abilities
-Risk taking abilities
Entrepreneurship Innovation Theory
He said it Joseph
Schumpeter.
Entrepreneur is one who say combines the land of one, the
labor of another and the capital of yet another to
produce a product.
Jean Baptiste
The entrepreneurship is likely to get a boost
in a particular social culture
• The (entrepreneurial) behavior of individuals
in a society is influenced by:
-Society’s values
-Religious beliefs
-Customs
-Theories etc…
Sociological Theory
Entrepreneurship as an agent who buys factors
of production at certain prices in order to
combine them into a product with a view to
selling it at uncertain prices in future.
Richard Cantillon, an Irish French Economist
businessman is someone who
sets up a business with an existing
idea offering products and services
to the customers.
BUSINESSMAN
An entrepreneur is a person who
starts an enterprise with a new
idea or concept, undertaking
commercial activities
ENTREPRENEUR
The amount of cash or cash-
equivalent which the company
receives or gives out by the way
of payment(s) to creditors is
known as cash flow.
Cash flow
a personal finance expert and columnist,
for others as much as they say they want to be rich.
Cameron Huddleston
