Entrepreneurship What, Why & How

What Is Entrepreneurship

Entrepreneurship is the process of designing, launching and running of a business and entrepreneurs are the people who create that businesses. 

Why entrepreneurship is needed

• Increases national production
• Dispersal of economic power
• Balanced area development
  
• Entrepreneurial Awareness
• Development Human Resource

ENTERPRENEURSHIP PROCESS

• Identification and evaluation of the opportunity 
• Development of the business plan 
• Determination of the required resources.
• Management of the resulting enterprise
• The ability to surmount any difficulty.

IDENTIFY AND EVALUATE THE OPPORTUNITY 

IMAGINATION AND CREATIVITY

•  A blend of imaginative and creative thinking with a systematic, logical process ability; – What is the problem? Rising oil prices. – Whom does it affect? Consumers – Can it be solved? 
  
• How entrepreneurs do what they do: – Creative thinking + systematic analysis = success – Seek out unique opportunities to fill needs and wants – Turn problems into opportunities 

THE SEARCH FOR NEW IDEAS

• Opportunity identification is central to entrepreneurship and involves: – The creative pursuit of ideas – The innovation process 
• The first step for any entrepreneur is the identification of a “good idea.” – The search for good ideas is never easy. – Opportunity recognition can lead to both personal and social wealth. 

DEVELOPMENT OF THE BUSINESS PLAN

• A good business plan must be developed in order to exploit the defined opportunity.
• Steps of a business plan – Title page/Table of contents/ Executive summary/Major sections 
• Description of the business 
• Description of the industry 
• Technology plan 
• Marketing plan 
• Financial plan
• Production plan 
• Organization plan 
• Operational plan

BUSINESS PLAN

• Title page/Table of contents/ Executive summary/Major sections
• Description of the business
• Description of the industry 
• Technology plan
• Marketing plan
• Operational plan 
• Organization plan
• Production plan 
• Financial plan
• Layout of a business plan