ENTREPRENEUR
DEFINE ENTREPRENEURSHIP
THE ACTIVITY OF SETTING UP A BUSINESS, TAKING ON FINANCIAL RISKS IN THE HOPE OF MAKING A PROFIT
SOLE TRADER/ SOLE PROPRIETORSHIP
BUSINESS OWNED BY ONE PERSON
PERSEVERANCE
SET GOALS AND ARE COMMITTED TO COMPLETION
OVERCOME DIFFICULTIES AND PROBLEMS THAT COME UP IN PERSONAL LIFE
CONCEPTUALISING
The idea for a business--such as what the service or the product will be, the target market to whom the product will be sold and the unique selling proposition (USP) that will enable the company to and product to be successful . The USP differentiate the company and its products from its rival
OPERATING THE BUSINESS
Business Operations -activities carried out to produce a product or service within a company, and which keeps it running and earning money-
This involves winning orders, meeting orders on time, maintaining quality products, interacting with customers, creating payment systems, keeping abreast of finances
DEFINE ENTREPRENEUR
AN INNOVATOR, ONE WHO RECOGNIZES OPPORTUNITIES AND ORGANIZES RESOURCES TO TAKE ADVANTAGE OF THEM
PARTNERSHIP
BUSINESS OWNED BY AT LEAST 2 PERESONS WITH MAXIMUM OF 20 PERSONS
RISK TAKING
THEY CALCULATE THEIR RISKS BEFORE TAKING ACTION
Risk-taker makes a realistic estimation of the likelihood of the venture being a success
PLANNING
Well structured plans , setting goals and objectives and steps required to achieve these objectives key to success of entrepreneur. Business Plan usually outlines clear plan. Research to guide the plan so it is more likely to succeed; Plans need to have long, medium and short-term goals and activities associated with them
EVALUATING THE PERFORMANCE OF A BUSINESS
-how effectively is the business doing
Evaluating performance makes it possible to identify what is working well and what is not; areas of improvements identified.
Should objectives and plans be adjusted? Are we keeping to plan, what could be done better?
SOCIAL ENTRPRENEURSHIP
Creating innovative solutions to immediate social and/ or environmental problems mobilizing resources to achieve social transformation
PRIVATE COMPANY
Privately owned by family, founders, managers . Financial support comes from them
It has the word "ltd" included in the company name as shareholders have limited Liability
2 to 50 shareholders
GOAL ORIENTED
Entrepreneurs set meaningful and challenging goals
Have clear goals to work towards so he or she has a sense of direction
ACCESSING FINANCING
Entrepreneur must determine how much finance is required-in the short, medium and long term
Source of funding need to be identified-personal funds, shares, borrowing from a bank etc
Funds used to test and develop new products, carry out marketing, and invest in plant and equipment
ROLE OF ENTREPRENEUR IN ECONOMIC DEVELOPMENT
CREATING JOBS, PROVIDING GOODS AND SERVICES TO SATISFY CITIZENS, contributing to nation building- solutions that are environmentally friendly, provide sponsorship for employees, communities, charitable causes, assisting with school projects, helping the homeless and destitute
SERIAL ENTREPRENEURSHIP
-Individual who starts several businesses, simultaneously, one after the other
PUBLIC LIMITED COMPANY
A minimum of 7 shareholders and no maximum; Public companies have in part or whole been "sold" to the public, who become investors in the business
Liability is limited to the amount invested in shares
The business is registered with the registrar of companies
INNOVATIVE
Creativity is the process of coming up with new ideas and INNOVATION is the process of turning these ideas into reality
ORGANISING
Organising involves establishing patterns, procedures and deadlines
Entrepreneur needs to be organised to manage the details of the business in order to provide products that meet customer expectations, and are safe and delivered on time. Reliability important
ROLE OF ENTREPRENEUR- COLLABORATING
Entrepreneur brings people/ resources together to collaboratively achieved shared objectives- small restaurant owner work with chef/waiters to produce satisfactory meals/ atmosphere for diners; Suppliers to to create a suitable supply chain of fresh-meat /vegetables products for restaurant, Also decorators, publishers of menus, signwriters, creators etc
Corporate Entrepreneurship
The creation of new products, processes, and ventures within large orgaations
CO-OPERATIVES
A business organization formed by a group of "co-operators" who work together to achieve shared objectives
Profits are shared among members;
Employment created for members ; worked collectively to solve problems
PERSISTENT
TO KEEP ON GOING IN THE FACE OF ADVERSITY OR DIFFICULTY/ DISCOURAGEMENT
ORGANISING THE FACTORS OF PRODUCTION
This involves identifying suitable combinations of land, labour, machinery, equipment, materials
ROLE OF ENTRPRENEUR IN ECONOMIC DEVELOPMENT
EARNING FOREIGN EXCHANGE -International business ties, Tourism, exports, etc Much of the Caribbean relies on Foreign exchange