 established in the 1700s

 the meaning has evolved ever since

 In the 20th century, economist Joseph Compete (1883-
1950)
 focused on how the entrepreneur's drive for
innovation and improvement creates upheaval and
change
 Business expert Peter Drunker (1909-2005)
 took this idea further, describing the entrepreneur
as someone who actually searches for change,
responds to it, and exploits change as an
opportunity
 Most economists today agree that entrepreneurship is a
necessary ingredient for stimulating economic growth
and employment opportunities in all societies
Understood as a Combination of Creativity and
Innovation
 involves coming up with innovative ideas and trying
out new methods within the operations
 involves the consideration of a number of
opportunities to improve employee performance and
business profits
 it is a useful tool within the sphere of influence of
entrepreneurship and serves a niche market for
improving on the business performance
 involves the owner taking absolute responsibility of
empowering the employees and in turn, affecting
sales and profitability of the business.
` Businessman / Business Entrepreneur /
Entrepreneurship

Works for the company The company works for him

Usually plays safe Bold and ambitious

Generally traditional An innovator

Usually distressed and Always a happy and

experiences sleepless enthusiastic businessman
nights
Generally hire people to Hire people to make their
contribute profit lives better
 Customers
 A growing number of consumers consider such factors when
deciding whether to patronize your business.
 A company's "social responsibility" quotient can make a
difference to its bottom line.
 If you think getting involved in social causes would work for
your business, here are some things to consider
 First and foremost, customers can smell "phony" social
responsibility a mile away, so unless you're really committed
to a cause,
 don't try to exploit customers' concerns to make a profit.
 discuss the competencies of
entrepreneurship
 1. Integrity - the entrepreneur has a clear sense of values and
beliefs that underpin the creative and that influence the actions
they take 
 2. Conceptual Thinking - the entrepreneur is prepared to use
fresh approaches; comes up with crazy ideas that may just work
 3. Risk taking - the entrepreneur understands that risk taking
means trying something new, and possibly better 
 4. Networking - the entrepreneur understands that networking is
a key business activity which can provide access to information 
 5. Strategic Thinking -is able to think through any complex
implications for the business
 Personal Initiative
 (PUTTING YOURSELF TO TASK)
Virtually everything we do on earth is born out of
initiative, but whether it is personal or collective is
another issue altogether.
 Personal initiative could be described as a divine
 Opportunities
 Opportunity is an auspicious state of affairs or a suitable time: "If
you prepare yourself . . . you will be able to grasp opportunity for
broader experience when it appears" (Eleanor
Roosevelt). Occasion suggests the proper time for action: an
auspicious occasion; an occasion for celebration. An opening is an
opportunity affording a good possibility of success: waited
patiently for her opening, then exposed the report's
inconsistency. Chance often implies an opportunity that arises
through luck or accident: a chance for us to chat; no chance of
losing. A break is an often sudden piece of luck, especially good
luck: got his first big break in Hollywood.
 Example Of Endurance
 Patience
 Smart thinking
 willing to take risks in the company earned
 wise deal with customers
 quickly detect errors
 wisely manage the effects
 Information Seeker
 This is the glossary definition for Directed information seeker from
my E-marketing glossary which provides succinct definitions of the
many terms related to managing and implementing Internet
marketing today.
 The Most Important Things to Know About Information Seeker
 Information as a concept bears a diversity of meanings, from
everyday usage to technical settings. Generally speaking, the
concept of information is closely related to notions of
communication, constraint, control, data, form, instruction,
knowledge, meaning, mental stimulus, pattern, perception, and
representation
 High Work Quality
 high quality means that the thing provided is
better. It provided all things better no complaint
about it.
 Commitment toward work agreement
 an act of committing to a charge or trust: as 
 (1) : a consignment to a penal or mental institution 

 (2) : an act of referring a matter to a legislative committee : MITTIMUS

 an agreement or pledge to do something in the future; especially : an engagement to

assume a financial obligation at a future date : something pledged : the state or an
instance of being obligated or emotionally impelled <a commitment to a cause>
 Examples of COMMITMENT
 We've got commitments from several charities to donate food and clothing.

 the government's commitment of troops to the region

 The church has a commitment to helping the poor.

 The boss noticed her strong commitment to her work.

 No one doubts your commitment to the cause.

 Efficient
 A manager should set the targets to be achieved by the employees.
Objectives should be clearly stated, measurable, prioritized and timed. 
A good manager constantly checks weather these targets are being
achieved and takes corrective measures when called upon.
 When it comes to purchasing, it should be made from the cheapest source
not forgetting to check on quality of the products. Apart from that, sales
increasing policies such as displays and advertising budget should be
affordable.
 In any organization, the secret to getting the most out of workers is by
boosting their morale. Once the employees are motivated, they will work
hard towards achieving the company's set objectives and thus ensure the
success of the business. Some of the ways of motivating workers would
include periodic salary increments, rewarding best performing employees,
organizing team building activities just to mention a few.
 Systematic-planning
 The process has 3 stages:
 I. Define Needs
 II. Assess Status of Current Tools
 III. Design and Implement Solutions
 Creative Problem Solving
 Having Self-Confidence
 Having Belief In Your Business Venture
 Focusing On Your Strengths
 Having The Ability To Recognize Opportunity
 Being A Decision Maker
 Being A Leader
 Build Self Confidence
 1. Dress Sharp
 2. Walk Faster
 3. Good Posture
 4. Personal Commercial
 5. Gratitude
 6. Compliment other people
 7. Sit in the front row
 8. Speak up
 9. Work out
 10. Focus on contribution
 Persuasion
 Methods
 Persuasion methods are also sometimes referred to as persuasion
tactics or persuasion strategies.
 Step 1: Survey your situation
This step includes an analysis of the persuader's situation, goals, and
challenges that he faces in his organization.
 Step 2: Confront the five barriers
Five obstacles pose the greatest risks to a successful influence encounter:
relationships, credibility, communication mismatches, belief systems,
interest and needs.
 Step 3: Make your pitch
People need a solid reason to justify a decision, yet at the same time many
decisions are made on the basis of intuition. This step also deals with
presentation skills.
 Step 4: Secure your commitments
In order to safeguard the long-time success of a persuasive decision, it is
vital to deal with politics at both the individual and organizational level.
 Power And Authority
 Authority  comes  power.  Power  is  the ability to influence people toward
organizational objectives.  However,  you  have  limits  on  your authority  and
 power.  View  your  authority  and power as a funnel, broad at the top and narrow at
the bottom. Always assume you have enough authority  and  power  to  meet  your
 obligations,  but do  not  exceed  that  limit.
 Authority   only   exists   when   subordinates accept the idea that the supervisor
has authority over  them.  
 LINE AUTHORITY.  —Line authority is the authority  you  have  over  subordinates
 in  your chain  of  command.  This  type  of  authority corresponds directly to your
place within the chain of command and does not exist outside the chain of
 command.
 STAFF  AUTHORITY.  —Staff  authority  is the  right  of  staff  to  counsel,  advise,
 or  make recommendations to line personnel. would not,  however,  have  the
 authority  to  enter  your work  centre  or  division  and  make  changes  that only
 you  and  your  superiors  have  the  authority to  make.
 FUNCTIONAL AUTHORITY. —Certain  staff organizations are granted functional
authority to direct  line  units  within  the  area  of  the  staff's specialty.
 Power In  conjunction  with  your  authority,  you  use power to influence others
toward the accomplishment  of  command  goals.  
 REWARD  POWER.  —Reward  power  stems from  your  use  of  positive  and
 negative  rewards to influence subordinates. Positive rewards range from  a  smile
 or  kind  word  to  recommendations for  awards.
 Understand E-business
 A starting point is to define e-Business as “
interaction with business partners, where the
interaction is enabled by information technology
 understanding the potential of new technologies
in your market and in your supply chain and then
reorienting your business to implement your
vision
 State The Importance Of E Business
Entrepreneur
 Expand markets to increase revenues
 Conventional markets have limits in terms of space and
time
 Internet access
 Reduce costs
 promise of changing the distribution of products and
services to customers
 Strengthen Customer Relationships
 purpose of a business is to find and keep customers
 Advantages  Disadvantages
 A firm engaging in e-business  disadvantage of e-business is

can have a nationwide or a the lack of growth in some

sectors on account of product
worldwide presence.
or sector limitations
 worldwide presence is ensured
 The food sector has not
if companies rethink their benefited in terms of growth
business in terms of the of sales and consequent
Internet.  revenue generation
 the web to market products  Consumers do not look for
guarantees worldwide reach food products on the Internet
at a nominal price. since they prefer going to the
 Affiliate marketing, where
supermarket to buy the
necessary items as and when
customers are directed to a the need arises.
business portal  It's evident that the
 Many a times, on visiting a advantages clearly outweigh
website, the customer is the disadvantages of e-
greeted by a pop-up chat business.
window.
 Identify Online Marketing Communication
 Online marketing communications are moving toward interactions
between individual
 recipients and consumers rather than being directed from a
marketing organization to masses of consumers.
 It is now possible for an individual to be just as efficient in
broadcasting
 information, both positive and negative, about an organization as it
is for a large corporation to promote itself.
 The social networking that allows the quick and easy dissemination
of information and miss-information is in part a product of changes
in online communication channels,
 but these communication channels are in part enabled by such
social networking.
 Direct Email Marketing
 E-mail marketing is a form of direct marketing which uses electronic mail as a means
of communicating commercial or fund-raising messages to an audience.
 sending e-mails with the purpose of enhancing the relationship of a merchant with its
current or previous customers, to encourage customer loyalty and repeat business,
 sending e-mails with the purpose of acquiring new customers or convincing current
customers to purchase something immediately,
 adding advertisements to e-mails sent by other companies to their customers.
 sending e-mails over the Internet, as e-mail did and does exist outside the Internet
(e.g., network e-mail and FIDO).
 Online Public Access Catalogue
 An OPAC (Online Public Access Catalogue) is an online
bibliography of a library collection that is available to the
public. OPACs developed as stand-alone online catalos, often
from VT100 terminals to a mainframe library catalogue. With
the arrival of the Internet, most libraries have made their OPAC
accessible from a server to users all over the world.
 User searches of an OPAC make use of the Z39.50 protocol.
This protocol can also be used to link disparate OPCS into a
single "union" OPAC
 Public Relations
 Public relations (PR) is a field concerned with maintaining a public image for 
businesses, non-profit organizations or high-profile people, such
as celebrities and politicians.
 A fundamental technique used in public relations is to identify the target
audience, and to tailor every message to appeal to that audience.
 It can be a general, nationwide or worldwide audience, but it is more often a
segment of a population
 Public relations is used to build rapport
with employees, customers, investors, voters, or the general public.
 Other public relations disciplines include:
 Financial public relations - providing information mainly to business reporters
 Consumer/lifestyle public relations - gaining publicity for a particular product or
service, rather than using advertising
 Crisis public relations - responding to negative accusations or information
 Industry relations - providing information to trade bodies
 Government relations - engaging government departments to influence
policymaking

 END OF INTRODUCTION TO ENTREPRENEURSHIP