Business management 1 a lu3
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Transcript of Business management 1 a lu3
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Business Management
BUMA 1A 2012LU 3
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Learning Objectives
0Define Entrepreneurship0List and Describe the characteristics of an
entrepreneur0 Identify the different types of entrepreneur
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What is entrepreneurship?
0YOU are the owner/manager“ a person who creates a new business in the face of risk and uncertainty for the purpose of achieving profit and growth by identifying opportunities and assembling the
necessary resources to capitalise on those opportunities”
0 Innovator, developer, recognise and seize opportunities, assumes the risks involved
0Creating, building, expanding a sustainable venture
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Characteristics of an Entrepreneur
0The need to achieve0Need for autonomy- independence0 Internal locus of control- steer their own destiny0Calculated risk taking0Self-efficacy- ability to start and complete an activity
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Entrepreneurs are also:
0 Creative- ideas, new new new0 Innovative, putting those ideas into development0 Committed and determined0 Able to deal with risk and uncertainty0 Opportunity orientated0 Determined and motivated to excel0 Self-confident0 Visionary minded0 Superior in conceptual ability0 Able to inspire others
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Myths regarding entrepreneurs
1. Entrepreneurs are born not made2. Entrepreneurs are doers and not thinkers3. Entrepreneurs are gamblers4. Are un-academic and social nonconformists5. Depend on luck6. Unstructured and chaotic7. Starting a business is risky and often ends in failure 8. Money is the most important start-up ingredient9. Entrepreneurs fit a specific profile
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Types of Entrepreneurs
0Corporate entrepreneurs- work in an existing business 0Technopreneurs- combined techno and
entrepreneurial skills0Copreneurs- couples, Melissa’s0Corporate cast-offs and drop outs- retrenched or resign0Social entrepreneurs- develop and benefit the
community0Women entrepreneurs- women