Entrepreneurship in Creating Employment and Careers 23 rd of May 2016

“One who organises, manages and assumes the risk of a business enterprise.” Oxford English Dictionary “An economic agent who perceives market opportunities and assembles the factors of production to exploit them in a firm.” Penguin Dictionary of Economics Are you an entrepreneur…? An Entrepreneur

Entrepreneurs –Recognize opportunities where others see chaos or confusion –Are aggressive catalysts for change within the marketplace –Challenge the unknown and continuously create the future –They are builders of the dreams which some see only in their sleep –Entrepreneurs provide convenience and satisfaction What Entrepreneurs Do

How entrepreneurs do what they do: –Creative thinking + systematic analysis = success –Seek out unique opportunities to fill needs and wants –Entrepreneurs turn problems into opportunities –Recognize that problems are to solutions what demand is to supply –They understand how the human species work… How They Do It

Entrepreneurship –A dynamic process of vision, change, and creation. Requires an application of energy and passion towards the creation and implementation of new ideas and creative solutions. –Essential ingredients include: The willingness to take calculated risks—in terms of time, equity, or career. The ability to formulate an effective working team; the creative skill to marshal needed resources. The fundamental skills of building a solid business plan. The vision to recognise opportunity where others see chaos, contradiction, and confusion. An Integrated Definition

"To be successful, you have to have your heart in your business, and your business in your heart." ~ Sr. Thomas Watson

Entrepreneurship is more than the mere creation of a business: –Seeking opportunities –Taking risks beyond security –Having the tenacity to push an idea through to reality –Making a profitable return from the efforts Entrepreneurship is an integrated concept that permeates an individual’s business in an innovative manner. Entrepreneurship: A Mindset…

No research has the exact science to pinpoint personality traits to make a successful entrepreneur. Five characteristics which lead to success: A need to achieve A need for autonomy An internal locus of control Calculated risk taking Entrepreneurial self-efficacy Successful Entrepreneurs

Financial Risk – cash flow and financial decision making Career Risk – stability is removed and autonomy is difficult to remove Family and Social Risk – massive sacrificing on time and availability Physical and Psychological Risk – healthy habits are often removed Risks To The Entrepreneur

Through New Ideas and Innovation - Innovation drives Job Creation Innovation: –Is the process by which entrepreneurs convert opportunities into marketable ideas –It’s a combination of the vision to create a good idea and the perseverance and dedication to see concept through –Is a key function in the entrepreneurial process –Is the specific function of entrepreneurship. How Entrepreneurs Create Jobs?

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 societal wealth Creativity and Innovation

Creativity –The generation of ideas that result in the improved efficiency or effectiveness of a system. Two important aspects of creativity exist: –People The resources that determine the solution –Process The process is goal oriented; it is designed to attain a solution to a problem. Applied Creativity = Job Creation

There is no security on earth, there is only opportunity – General Douglas Mac Arthur

Let’s support our daring entrepreneurs to transform our economy and society, thereby leading to job creation!

End Thank You!