Scene 1

By the end of this LO students should be able to:

 Definition of terms used in entrepreneurship

 Understand how to become an entrepreneur

 Understand the role of entrepreneurship in a society

 Understand the issues and learning requirements of an entrepreneur

During the ancient period the word entrepreneur was used to refer to a person

managing large commercial projects through the resources provided to him. In the 17th

Century a person who has signed a contractual agreement with the government to

provide stipulated products or to perform service was considered as entrepreneur. In

the 18th Century the first theory of entrepreneur has been developed by Richard

Cantillon. He said that an entrepreneur is a risk taker. If we consider the merchant,

farmers and /or the professionals they all operate at risk. For example, the merchants

buy products at a known price and sell it at unknown price and this shows that they are

operating at risk. The other development during the 18th Century is the differentiation of

the entrepreneurial role from capital providing role. The later role is the base for today’s

venture capitalist. In the late 19th and early 20th Century an entrepreneur was viewed

from economic perspectives. The entrepreneur organizes and operates an enterprise

for personal gain. In the middle of the 20th and early 21thCentury the notion of an

entrepreneur as an inventor was established.

Definition of terms used in entrepreneurship

Entrepreneur: (Oxford Dictionary) – Person who undertakes an enterprise with

chances of profit or loss. Entrepreneur is a person who undertakes a business activity

of which he has no background and faces considerable risks in the process. If either of

Scene 2

the two elements, i.e., “no background” or “considerable risk” is missing in the

Entrepreneur:  an individual who bears the risk of operating business in the face of

Enterprise:  (Oxford Dictionary) – Bold Undertaking

An enterprise is understood to be a business organization. Essentially, the word

"enterprise" can be used to describe any company that has multiple locations, levels,

departments or divisions that collaborate together to achieve company goals and

Entrepreneurship: It is a philosophy or process through which an entrepreneur seeks

Entrepreneur                                 Entrepreneurship                               Enterprise

Person                                           Process or Philosophy                              Object

Intrapreneurship is defined as entrepreneurship within an existing business set– up. That is

to say – Intrapreneurship is corporate entrepreneurship. When a corporation indulges in

entrepreneurial 
activities, 
like 
diversification 
into 
new 
businesses, 
it 
is 
called

Intrapreneur is a manager who focuses on innovation and creativity; who brainstorms,

dreams and puts ideas into profitable venture by operating within the organizational

Scene 3

Solopreneurs are one-man bands who operate their businesses alone and manage all

aspects of the business themselves. Freelancers fall into this category.

 An idea that is timely, attractive, durable anchored in a product or service that

creates or adds value for its buyer and sellers

 ATTRACTIVE to stakeholders (entrepreneurs, investors, clients)

 DURABLE sustainable over time or sustainable long enough to reap expected

Entrepreneurial opportunities come in various forms and are influenced by socio-economic

conditions. Increasingly entrepreneurs are being asked to take a more balanced approach

between financial and environmental considerations when assessing an opportunity.

An entrepreneurial opportunity is a viable business potential to create something new by

engaging new technologies in the industry. Entrepreneurship is a thought process. An

entrepreneur should identify and evaluate a business opportunity to create a new venture.

The following are the main stages in the entrepreneurial process:

1. Identification of business opportunities

Scene 4

1. Identification of a business opportunity: The entrepreneur must identify an opportunity

to undertake a new venture. The business opportunity can be generated from various

Market research – to find the needs and problems of potential customers

 Discussions with business minded individuals

 Consultations with business consultants or advisors

 Discussions with existing customers or dealers

2. Evaluation of opportunities: The entrepreneur must conduct a cost benefit analysis of

each opportunity despite its source. The costs are measured in terms of resources required

to implement the opportunity, and the benefits in terms of sales, profits, goodwill etc. A good

business opportunity is also one that matches with the personal strengths and skills of the

entrepreneur. The entrepreneur may consult experts or consultants in finalizing the best

idea. The entrepreneur assesses the following in an attempt to evaluate the different

 The amount of awareness required to enable the target market understand the idea

 The existing set up and whether it can handle the new product

 Additional resources required and the availability of such resources

 Breakeven point for the product- Breakeven is the level of business activity at which a

company is making neither a profit nor a loss

 The level of completion in the industry

Scene 5

3. Decision on Location: There should be proper location of the business not only for

production purpose but also for distribution of the products. Certain factors must be

 The Law and security of the domicile of the business

 Proximity to the sources of raw materials

 Social infrastructure such as health centers and educational facilities

4. Develop a business plan: The business plan describes the future direction of the

business. The entrepreneur must prepare a sound business plan in order to exploit the

opportunity. A good business plan is important in determining the resources required,

obtaining them and effectively managing the business.

Students to do research on the following:

And to present their findings in the next class

an entrepreneur is someone who takes a risk in starting a business to earn a profit.

Must have a developed initial plan and desire to be your own boss Innovation and

special skills are also necessary Entrepreneurship is the process of starting, organizing,

managing, and assuming the responsibility for a business.

Scene 6

Not all business owners are entrepreneurs one must have confidence and capability to

turn an idea into a business. Come from all genders, ages, ethnic groups (more are

male but more even for young ent.).Must have an understanding of business

operations, but doesn’t need to come from a degree.

Most entrepreneurs possess the following characteristics:

1. Risk Taker: There is no sure thing in business. A failed business could mean

bankruptcy or near bankruptcy. Not everyone can cope with that stress. Successful

entrepreneurs minimize and manage risk through proper business planning and

assessment of the venture’s prospects for success.

2. Perceptive Entrepreneurs do not avoid problems. Problems are perceived as

opportunities to learn, improve, grow, create and develop new ideas.

Scene 7

 Entrepreneurs do the research to find out the answers

4. Imaginative Entrepreneurs imagine solutions to problems and create new products

or generate new ideas. They have a vision (visionaries)

5. Persistent Successful entrepreneurs face constant challenges such as:

 Confronting criticism unforeseen events

 Successful entrepreneurs do not give up.

6. Goal Setter Successful entrepreneurs are motivated by:

2. Mapping out the steps to take to reach their goals.

7. Hardworking No success comes easy. There is no easy way to be successful. The

road to excellence is not paved by a single act, but rather a series of acts.

8. Self-Confident Entrepreneurs believe in themselves – they have a positive self-

worth (self-esteem), and self- image. Believe their efforts will pay off.

9. 
Flexible 
the 
only 
constant 
in 
life 
and 
business 
is 
change

Entrepreneurs view change as an opportunity. Must be able to be flexible and adapt to

changing trends in the market, technology, economic environment and competitive

10. Independent Entrepreneurs have a need to be in control of their own destiny.

They don’t like to work in a controlled environment being told what to do.

Scene 8

Skill means having the knowledge and ability to do something specific. Skills are easier

to develop than characteristics. Entrepreneurs have a variety of skills including:

Entrepreneurs are known for thinking outside the box. Anyone can start an online

business or a storefront; it takes Jeff Bezos to conceive of Amazon.com, incorporate

drone delivery and streamed media, and supply nearly any item consumers can think of.

Entrepreneurs see things differently. They are not afraid to try solutions that most

people either fail to consider or are too afraid to try.

Entrepreneurs often have an evangelistic quality along with strong leadership skills.

They have great ideas and are skilled at getting buy-in from investors and employees. If

you're applying for a role that requires an entrepreneurial spirit, provide examples of

times you got staff on board with a plan that was a tough sell.

Scene 9

Entrepreneurs often seem more comfortable with risk than are other business leaders.

Taking risks can lead to tremendous failures but also to stunning successes.

Entrepreneurs are willing to live without a steady paycheck and make short-term

sacrifices for a long-term payoff. That said, the risks that entrepreneurs take are

calculated and aren't simply done for the thrill.

Being an entrepreneur may seem flashy and exciting. But a lot of long hours are

required to launch something. To be successful, entrepreneurs must execute. You'll

often hear stories of entrepreneurs who begin their workday well before sunrise or send

middle-of-the-night emails. Entrepreneurs are relentless when it comes to completing

projects and following through on the work required to turn ideas and plans into sellable

Scene 10

Scene 11

The role of entrepreneurship in a society

Entrepreneurship is the capacity and willingness to develop and participate in a

business venture with the intention of making a profit regardless of the financial risks

involved. Entrepreneurship is vital for any country’s economy as it supports the

contribution of the government in the provision of goods and services. The role of

entrepreneurship in any economy is critical, as it contributes to the socio-economic

development of societies in various ways, including:

1. Identifying existing opportunities in the market - Through production and

distribution of goods and services, entrepreneurial ventures seek to satisfy client

needs and improve livelihoods. Constant market research provides insights into

existing customer needs that inform decisions to provide goods and services. An

example is ………………………………………………………………………………..

2. Creating employment opportunities – Entrepreneurship helps bridge the

unemployment gap through formal and informal business ventures that employ

millions of peoples in a certain society/country.

3. Contributing to national income – Through payment of taxes, businesses

contribute to government revenue that consequently facilitates development.

Entrepreneurial ventures further contribute to the GDP, an indication of their

importance in raising revenue and financing government projects, as well as

Scene 12

4. Infrastructural Development – Entrepreneurial ventures open up infrastructural

development in their localities. Starting up businesses often leads to the

development of transport and communication networks, driven by the need for

infrastructure created by these businesses.

5. Contributing to Community Development – Through participation in Corporate

Social Responsibility (CSR), entrepreneurs contribute to and support the

development of infrastructure for education, healthcare, business training &

mentorship and other social needs. In Kenya, initiatives and organizations such

as the Mater Heart Run, the KCB Lion’s Den, Blaze by Safaricom and Equity’s

Wings to Fly are but a few initiatives by entrepreneurs that are contributing

towards improving access to health services and education and providing

financial support and mentorship to other young entrepreneurs.

Issues and learning requirements of an entrepreneur

Entrepreneurs face numbers of problems in promotion of units and during production,

marketing, distribution, raw materials and availing the incentives offer by state government.

 Non-availability or regular supply of raw material

Scene 13

 Inadequate maintenance and replacement

 Lack of timely and adequate modernization etc.

 Problem in high level corporation-self R&D

Scene 14

 Middle level corporation- using R&D agencies

 Low level corporation-Research in Market

Entrepreneurship education has not been a primary focus of undergraduate curricula.

Entrepreneurship education has become a focus in the strategic planning of curriculum

planning across programs. There is a correlation between entrepreneurship courses and

economic value creation. Recently, entrepreneurship education is a long-term strategic plan

that helps university to become famous and have a competitive advantage in the world. The

success of entrepreneurship education or educational programs cannot be evaluated by the

In business communication is a vital component of the business success. Poor business communication 
normally contributes to business failures as wells as strife between employees and management, 
management and management and stakeholders. It is therefore very important to understand how to 
communicate effectively both technologically as well as manually. The ability to communicate effectively

Scene 15

can make a huge difference in the business. The module is designed to equip learners with opportunities 
to develop communication skills which are critical to the success of both on and off the job.

By the end of this course, students should be able to:

 
Understand and demonstrate the use of basic and advanced proper writing Techniques that 
today's demands, including anticipating audience reaction,

 
Write effective and concise letters and memos,

 
Prepare informal and formal reports,

 
Understand the importance of referencing

LO1-ENT 3523-NOTES

Page 1 (0s)

Page 2 (1m 3s)

Page 3 (1m 46s)

Page 4 (2m 31s)

Page 5 (3m 25s)

Page 6 (4m 15s)

Page 7 (4m 52s)

Page 8 (5m 40s)

Page 9 (6m 23s)

Page 10 (7m 6s)

Page 11 (7m 28s)

Page 12 (8m 21s)

Page 13 (9m 7s)

Page 14 (9m 32s)

Page 15 (10m 14s)

Page 16 (10m 58s)

Page 17 (11m 31s)

Page 18 (12m 15s)