Introduction

Introduction to Entrepreneurship

Characteristics:

ü Entrepreneurship is about seeing opportunities and bringing about changes

ü Entrepreneurship is a skill - Can be learned

ü Difficult to teach – Need to practice

According to Webster dictionary, entrepreneurship is defined as "the process of organizing a commercial undertaking".

"It is identifying an opportunity and executing on that opportunity for the purpose of wealth creation.

An entrepreneur sees, evaluates and exploits opportunities, whereas a manager concentrates on the effective use of available resources to achieve optimum results".

-SM Lee KuanYew, Feb 2002

Entrepreneurship is a behavior that includes:

§ Initiative taking

§ The organizing and harnessing of social and economic factors for wealth creation

§ The acceptance of risk or failure

Why is entrepreneurship important?

§ Entrepreneurship contributes to job creation and growth. Example - Tata Steel 70,000 employee

§ Entrepreneurship is crucial to competitiveness. Example - Café coffee day, Starbuck, Coffee Bean

§ Entrepreneurship helps to unlock personal potential. Example - Air Asia - Fernandez

§ Entrepreneurship aids in societal interests. Example - Bill and Melinda Foundation