NAME: BENJAMIN. M. CHIKOTI REG №: C13121983W PROGRAM: SUPPLY CHAIN MANAGEMENT (BSSCM) MODULE: PRINCIPLES OF ENTREPRENEURSHIP (CUEB 201) LEVEL: 1:2 ASSIGNMENT 1
QUESTION: A financial organization which provides loan facilities to aspiring entrepreneurs is conducting a seminar on entrepreneurship to assist successful loan applicants. Upon realization that you are a student on attachment from Chinhoyi University of Technology, whose mandate is entrepreneurship, innovation and wealth Your C.E.O has requested you to be one of the facilitators. MAKE A CONVINCING AND COMPREHENSIVE PRESENTATION ON PRINCIPLES OF ENTREPRENEURSHIP
DEFINITION OF KEY TERMS:
A principle is a law or rule that has to be, or usually is to be followed, or can be desirably followed, or is an inevitable consequence of something, such as the laws observed in nature or the way that a system is constructed. The principles of such a system are understood by its users as the essential characteristics of the system, or reflecting system's designed purpose, and the effective operation or use of which would be impossible if any one of the principles was to be ignored. ALPA Guido (1994) "General Principles of Law," Entrepreneur:
An entrepreneur is a person who organizes and manages a business undertaking, assuming the risk for the sake of profit. An entrepreneur: Sees an opportunity. Makes a plan. Starts the business. Manages the business. Receives the profits. According to US Small Business Administration (2010) Entrepreneurship:
For Frank H. Knight (1921) and Peter Drucker (1970) entrepreneurship is about taking risk, the behaviour of the entrepreneur reflects a kind of person willing to put his or her career and financial security on the line and take risks in the name of an idea, spending much time as well as capital on an uncertain venture In 1975, Harvard professor Howard Stevenson defined entrepreneurship as "the pursuit of opportunity without regard to resources currently controlled.” An entrepreneur is a person who organizes and manages a business undertaking, assuming the risk for the sake of profit. An entrepreneur sees an opportunity, makes a plan, starts the business, manages the business and receives the profits. The most obvious example of entrepreneurship is the starting of new businesses Generally, principles of entrepreneurship are the established ways of dealing with a new business and entrepreneurs are expected to be implementing these principles because failure to implement and abide with these principles will lead to failure of the business. In this presentation we are going to be outlining some of these principles, how they are implemented and the dangers of not complying with these principles.
Entrepreneurship itself is a visionary mission. While your broad vision for the company can change as you grow and explore opportunity, it should have one to begin with. What do you aspire to be? How do u expect to get there? How do you purport to serve customers as you grow? What, exactly, do you want to achieve? All these questions must be answered by an entrepreneur even at the spot without being given time to think. Leave past failures in the past and focus positively on your future. If you are a glass-half-empty person, start seeing the glass as being half-full. Life--and business--is more enjoyable that way. PLAN:
At least you don’t need to create a 67-page business plan with financials forecast for the Next decade. Your business plan puts all your ideas that you may think of onto a paper. It gives you a document to go back and refer to when you really need to refocus your Entrepreneurial efforts. It’s printed on paper or it might even sit as a...
References: ALPA Guido (1994) "General Principles of Law,"
Bettina Von Stamm, Annatriffilona, the Future of Innovation (2009)
Frank H. Knight (1921) and Peter Drucker (1970) Entrepreneurship
Howard Stevenson (1975) Harvard professor
Minniti M. and Moren, L. (2010). "Entrepreneurial types and economic growth"
John Bessant, Joe Tidd, Business (2007)
Shane, S. and Venkataraman, S. (2000). "The Promise of Entrepreneurship as a Field of Research"
Taylor and Francis, Business and Economics (2007),
US Small Business Administration 2010
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