ENTREPRENEURSHIP Module 3

The nature and characteristics of entrepreneurship Definitions of entrepreneurship The capacity and willingness to develop, organize and manage a business venture along with any of its risks in order to make a profit. The most obvious example of entrepreneurship is the starting of new businesses.

Corporate entrepreneurship, corporate venturing or Intrapreneurship coined by legendary management thinker and consultant Peter.F.Drucker, is the act of initiating new ventures or creating value with an already established organization or social entity. The most common form of corporate entrepreneurship or Corporate venturing exists within the Research and Development (R&D) department within an organization to support and create value for the other functional departments in the corporation as well as provide outstanding value for consumers which need to be communicated through the marketing and other functional departments as the entire corporate process is essential to creating superior value for customers or end-users. The corporate entrepreneur an individual that exists within an organization to generate product and process ideas that will create value for the organization, its stakeholders and its consumers that buy its products STAFF NEED TO THINK LIKE A BOSS: http://experttrustedadvisor.com/corporate- entrepreneurship.4.22.news.html

Social entrepreneurship means identifying or recognizing a social problem and using entrepreneurial principles to organize, create, and manage a social venture to achieve a desired social change. Business Entrepreneurs typically measure performance in profit and return, but social entrepreneurs also take into account a positive return to society. Social entrepreneurship typically furthers broad social, cultural, and environmental goals and is commonly associated with the voluntary and not-for-profit sectors. Profit can at times also be a consideration for certain companies or other enterprises. Social entrepreneurship practiced in a world or international context is called international social entrepreneurship 5 examples: http://blog.ringcentral.com/2012/02/5-successful-examples-of- social-entrepreneurship/

Characteristics of successful entrepreneurs INNOVATIVE: original ideas, doing things differently COMMITTED AND SELF MOTIVATED: willing to work hard, keen ambition to succeed, energy and focus MULTISKILLED: Basic business, communication, decision making, human relation, Math, problem solving,, technical LEADERSHIP SKILLS: Lead by example, personality to encourage other to follow, motivate SELF CONFIDENCE AND ABILITY TO BOUNCE BACK: Self believe, recover from failures RISK TAKING: Take risks