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INTRODUCTION TO ENTREPRENEURSHIP

o   Definition  o   Turning Knowledge to profit.

Definition

Entrepreneurship is defined as the capacity and willingness to develop, organize and manage a business venture. The most obvious example of entrepreneurship is the starting of new businesses. Entrepreneurship is therefore making money through the knowledge acquired in respect of an endeavour, a service, product or activity carried out to enhance the quality of human life.

 

For example, while in school, knowledge is gained through lectures, practicals and tutorials in various disciplines. The knowledge can be used  for various purposes such as

i.                     Providing services as in the case of a doctor who treats patients. To do this, he would need to examine the patient, make observations, diagnose the condition, make prescription and ensure that the drugs prescribed are administered appropriately. All these require the knowledge of various disease conditions which he had acquired in training and is certified to practice.

Cynthia Mosunmola Umoru

ii.                    Fish production by a fish farmer.  To do this entails the establishment the acquisition of land, construction of concrete or earthen pods, stocking the pond, feeding and caring for the fish and growing the fish to the desired size and ready for sales to the consumers. The activities makes use of the knowledge acquired in fisheries, aquaculture etc.

iii.                  To make products, eg a chemical engineer converts crude oil into plastic products.

iv.                  To enhance human life or living for example a surveyor provides services in planning the city or human communities.

 

Who is an entrepreneur?

Bill Gates

An entrepreneur is generally known as a person who makes money by starting or running a business. Any activity for making, buying, supplying or selling goods and services for money is called business. In this connection, an entrepreneur identifies a vacuum, or need, in the market demand and creates a product to satisfy the need . Creating the product entails the use of capital which is then converted to profit. Therefore, an entrepreneur converts capital to profit.

Examples of entrepreneurs include Mike Adenuga, Jimoh Ibrahim, Cynthia Mosunmola Umoru, Bill Gates and Richard Branson.





 

FUNCTIONS OF AN ENTREPRENEUR
The functions of an entrepreneur includes the following:

Jimoh Ibrahim

1. He identifies business opportunities, mobilizes and organizes resources to tap the opportunities. This involves gathering the men, funds, materials and machines to exploit the opportunities that have been identified.

Richard Branson

2. He implements business plans with a view to ensuring that the set goals are achieved.
3. Marketing of his products, services and ideas.
4. Sees to the effective performance of funds and production.
5. He innovates by improving the methods or processes of production and the technology involved.
6. Monitoring and responding appropriately to environmental changes as they relate to and/or affect the venture.

CHARACTERISTICS OF ENTREPRENEURS

Mike Adenuga

The following are characteristics of successful entrepreneurs as summarized by Akanni (2010).
1. VISION - The entrepreneur has a vision which he is enthusiastic about. Vision is the driving force of any enterprise.
2. IDEAS - The entrepreneur generates an interlock of specific ideas to realize his vision.
3. BLUEPRINT -  The entrepreneur draws out a blueprint of how his vision would be realized using the ideas generated.
4. PASSION - He drives his vision with passion. Vision not driven by passion does not go far.
5. DETERMINATION - He demonstrates determination and persistence in driving his vision to success.
6. RESPONSIBILITY - The entrepreneur takes the responsibility for the success of his vision.
7. RISK TAKING - He takes prudent risk in ensuring the success of the enterprise.
8. POSITIVE THINIKING - The entrepreneur is a positive thinker and decision maker.

Reference
Akanni, K. A. (2010). Practice of Entrepreneurship. Oemaj International Communications Nigeria Ltd., Lagos, Nigeria, 209 pp.