...based economy (Formica, 2005). Entrepreneurship as a whole contributes to social-economic wealth by creating new markets, new industries, new technology, new institutional forms, new jobs, and net increases in real productivity (Ngugi, 2014). Despite the vital role entrepreneurship plays in the economy, there are numerous challenges facing entrepreneurship development. The Micro and Small enterprises bear the brunt of it all (Pike 2007). It is estimated that as many as 75% of small enterprises started in Kenya fail within three years of their birth. Indeed an enterprise that is more than three years old is regarded as having achieved some measure of success. Therefore, there is the need to strengthen entrepreneurship to nurture nascent entrepreneurs and achieve the goal of enterprise development. The following are methods of strengthening entrepreneurship in Kenya: Strengthening financial systems The biggest challenge to entrepreneurial ventures is lack of capital to realize entrepreneurial dreams. A lack of resilient financial systems has been a hindrance to development of MSEs and hence entrepreneurship. A sound financial system therefore improves the entrepreneurial ecosystem. Private equity and venture capital are an important source of seed money. Overall, access to credit is some of the financial challenges of entrepreneurship in Kenya. Development of capital markets is the key to encouraging graduation of SMEs from ordinary small companies to public listed entities...
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...Subject : Entrepreneurship and Business Planning (EntrepHRM) Definition of Entrepreneurship * The art of science of innovation and risk-taking for profit in business. * The practice of starting new organizations or revitalizing mature organizations, particularly new businesses generally in response to identified opportunities. * It came from the root word “entrepreneur” * French word means “entreprendre” which means undertake Common Themes in Definitions of Entrepreneurship * Individual * Innovation * Organization Creation * Creating Value * Profit or not-to-profit * Growth * Uniqueness * Process Misconceptions about Entrepreneurship * Successful entrepreneurship needs only a great idea * Entrepreneurship is easy * Entrepreneurship is a risky gamble * Entrepreneurship is found only in small businesses * Entrepreneurial ventures and small businesses are the same thing. Men behind Entrepreneurship Eighteenth Century * Early 1700s – Richard Cantillon, coined the term entrepreneur who was then used to describe a “go-between”or a “between-taker” * Late 1700s – the risk bearing concept entrepreneur was expanded to include planning, supervising, organizing, and owning the factors of production. Nineteeth Century Early part of the century – Jean Baptiste Say proposed the difference between the profits of entrepreneurship from the profits of capital ownership. Late part of the century – distinction was made between those who supplied funds and earned interest...
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...|COURSE: HND in Business ( Accounting/Management) | |SUBJECT: Entrepreneurship (HNDBA/BM) | |CORE: 1.5 120 Hrs | |LECTURER: Ms G William | |ASSESSMENT: Coursework Assignment 60% End Test 40% | |A small group class presentation with an accompanying written report on a relevant business-related topic. (20%) | |A group assignment on Business Plan with power-point presentation. (25%) | |A phase test. (15%) | | | |Objectives: ...
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...years the number of entrepreneurship courses increased twentyfold and amazon.com lists over 45,000 books dealing with entrepreneurship. This demonstrates the increasing interest in entrepreneurial education and illustrates that there is a strong belief that entrepreneurship can be taught. In contrast, successful business leader as Zineb Hefiri didn’t attend any entrepreneurial courses and argue that her success came from her life experience.1 Moreover, there are plenty stories about entrepreneurs who run a business without a college degree, some without even finishing high school. Are they the exception or is being an entrepreneur an art that you either have or don't have? What is the road to be a successful entrepreneur? Does entrepreneurship education make people better entrepreneurs? Or are life experiences enough to establish the required skills and knowledge? The purpose of this dissertation paper is to identify what makes a successful entrepreneur and to determine to which extent entrepreneurial education has more impact than a person’s life experiences. ¬¬¬¬¬¬¬¬¬¬¬¬¬¬___________________________________ 1Mondo, M 2011, Entrepreneurship: Managing new venture growth, Pearson Education, viewed 04 December 2011 Facts about Entrepreneurial Education As a matter of fact, there are no conclusive studies that directly examine the benefits provided by entrepreneurship education. Hence researchers are unaware of the implications entrepreneurship has on start-up company...
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...STI COLLEGE BALAYAN PED PLAZA, ERMITA, BALAYAN, BATANGAS ENTREPRENEURSHIP ACCOUNTING2 By: Ma. Recel De Leon March 20, 2013 Lecturer: Mr. Ronaldo S. Casiserano Entrepreneurship Table of Contents Introduction Have you ever asked yourself why you have to go to school to study? Or why you have to read so many textbooks, masters so much information, learn so many skills, or display attitudes and habits taught by your teacher? Every activity that you undertake in or out of school prepares you to become a productive individual in the future. A productive individual is one who is able to make a living for himself out of his own efforts, that is, without depending on others for his food, clothing, or shelter. Upon finishing school, you will want to join the ranks of productive citizens of the Philippines. You will be earning your own money to meet your personal needs. You can buy your own personal property. However, you must be prepared to face the fact that it will not be easy to go out there and get a job. So many others are out of work. Developing yourself for entrepreneurship will be one of your greatest projects in life. Your personality and character will help you immensely on the road to success, regardless of where you may be. A good thing about entrepreneurship is that it can cover a whole range of careers. For examples, different persons engaged in different occupations...
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...Asad Malik (S153F0008) Entrepreneurship education in universities The latest decades have seen a tremendous rise in entrepreneurship education at universities around the globe. The foremost pedagogical tool in many entrepreneurship programs seems to be having students learn how to write a business plan (Hills, 1988; Johannisson et al., 1998). A new study examines three new, comparatively small, but very ambitious entrepreneurship programs. All of the three programs try to increase students’ awareness of entrepreneurship as a career possibility, but also include various practical training modules. Specifically, all three programs include training session in acting and thinking creatively, using a problem-based learning approach where students develop new and creative solutions to business ideas and eventually, in some cases, actually start new ventures during the educational program. Role of education on entrepreneurial intentions Entrepreneurial intention has been described as “a conscious state of mind that directs attention toward a specific goal to achieve it” (Bird, 1989, p. 8). Researchers typically trace entrepreneurial intentions to three general factors (Krueger et al., 2000). First, intentions are triggered by a person’s attitude towards the behaviour. This is seen as the weighted sum of perceived consequences and the likelihood of different outcomes of the behaviour, including intrinsic rewards. The second factor is perceived social norms. This means that the...
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...Introduction A woman entrepreneur is defined as a woman who has alone or with one or more partners started or inherited a business, and is eager to take financial, administrative, and social risks and responsibilities, and participate in the day-to-day management activities (UNDP, 2004). Women in Asian countries like India, Myanmar and Bangladesh have played and also are playing a good role in politics. So, Bangladeshi women are enjoying freedom to join politics as well as business. But compared with the Unites States and the European countries, the number is still poor. In fact, women entrepreneurship development is a challenging phenomenon in Bangladesh as women are lagged behind (economically and socially) compared to men. Generally, women are more victimized as because of their illiteracy, unawareness, unorganized, powerless or less political representation, deprivation, rigid social customs, religious constrains and injustice by their counter partners particularly in rural area. Women constitute about a half of the total population in Bangladesh. So for proper representation of women in the arena of entrepreneurship development, "women should constitute 50 per cent of the country's total entrepreneurs." But the ground reality is totally different. "The ratio is not even 10 per cent. The actual ratio is much lower than that. We do not know the exact number of women entrepreneurs in the country,” There is no real information on how many women entrepreneurs exist in the country...
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...[pic] How Entrepreneurial is Germany? The Institutional Context of Entrepreneurship and Business Start Up Costs in Germany in International Comparison Abstract The importance of entrepreneurial activities is integral to a nation’s economic growth. This paper reviews the results of the 2000 Global Entrepreneur Monitor (GEM) country report with a sole focus on Germany in evaluating its degree of entrepreneurship. The factors examined include the costs, legal procedures, and institutional context via a look at the formal and informal entrepreneurial frameworks. The view of entrepreneurship in Germany will be explored as well as comparison to other countries in the GEM report. It is found that entrepreneurial activities differ within regions in Germany and the cultural and social norms place a barrier to start-ups despite the government effort in financing and state promotion programs. TABLE OF CONTENTS 1. Introduction……………………………………………………………….3 2. Overview of Germany’s entrepreneurship and international comparison...4 3. Institution context………………………………………………………....6 The regulation of entry……………………………………………………6 Political context- government policies……………………………………8 Human Capital…………………………………………………………….9 Education…..……………………………………………………………10 Psychological and sociological context………………………………….12 Regional context…………………………………………………………15 4. Conclusion……………………………………………………………….18 5. Works cited……………………………………………………………...20 Introduction The German economy...
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...Business Concepts : 'The general idea behind a project, campaign or slogan' The important things to start up a business is to look at each concept of business of small scale and large scale business. e- business also plays a vital role in business concepts. References: * Small Business Management and Entrepreneurship by David Stokes and Nicholas Wilson Chapters /topics: * Understanding small business and entrepreneurship * Creating entrepreneurial small business * Managing the entrepreneurial small business * Case studies * The Small Business Start-up Workbook: A Step-by-step Guide to Starting the Business You've Dreamed of by Cheryl D. Rickman Chapters and topics: * Where to begin-What the big idea? * What to do and sell-Opportunities, products and services * Researching your Market ,Target Audience and Opportunity * Defining your brand * Figuring Out the Finance: Costs, Funding, Grants and Loans * Marketing and Selling your products and Services * The importance of good customer Services * Planning and creating a website that works * Launching and Promoting * How to manage and grow * Entrepreneurship and Small Business Management by Steve Mariotti and Caroline Glackin Chapters/Topics: * Sources/funds debt & equity * right location & layout * Global aspects of entrepreneurship in global economy a competitor six time zones away is potentially a serious threat as the competitor . ...
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...Bibliography 13 1 Introduction Entrepreneurship is one of a major factor influencing the economy of countries in terms of international trade, infrastructure, employment and living standards as well as capital growth. It also reflects the effectiveness of government policies. Entrepreneurship relates to national policies (taxation, regulations, ease of doing business), entrepreneurship financing (banks, government support), economic circumstances (economic freedom), marketing (competitiveness), public agency assistance (government support), and expertise etc.. The level of entrepreneurial activity not only interacts with the factors above, but also with cultural or geographical factors and regulations. Personality characteristics, behavior and motivation are also the major elements, which should be taken into consideration. There are many determinants of being or becoming self-employed which are dealt with in the literature, such as employment status, minority behavior, immigrant behavior, family firm effects and attitudinal effects (Freytak/Thurik 2006, 6). The assignment compares the level of entrepreneurial activity between the U.S. and China as these locations have contrasting characteristics regarding all these different aspects of entrepreneurial activity. It discovers and compares the reason how some of them – cultural factors, government policies, funding & financing and finally education & training – are influencing entrepreneurship in these countries. ...
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...Entrepreneurship Leadership Abstract The purpose of this paper is to inform about the common elements found in the thinking of Case, Kouzes, and Drucker about the entrepreneurial. Include the new definition of entrepreneurial leadership presented in Understanding Entrepreneurial Leadership in today’s Dynamic Markets. Describe what type of organization a transactional, transformational, and authentic leader would thrive in the most, as well as which type of leader would thrive the least. Evaluate and explain the resources available through Small Business Administration (SBA) and SCORE, and how new entrepreneurs can take advantage of these. Also include a list of leadership “best practices” according with the author of this paper that would apply to the greatest small and large business. Entrepreneurship Leadership Entrepreneurship leadership is defined as a social influence process that facilitates the discovery, evaluation, and also the exploitation of entrepreneurial opportunities. Entrepreneurship as a concept is a symbiotic bond between the creation of a new venture and playing the role of entrepreneurship as a leader-founder. The main idea presented in all the sources points out on the fact whether a leader is made or born. Entrepreneurship in the past research and studies was based on trait theory and the focus was only on the individual. However, Kouzes pointed out that leadership as a whole fails if the leader does not understand the people they work along...
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...Chapter 6 Vocabulary * Entrepreneurship—the creation of an innovative organization for the purpose of economic gain or growth under conditions of risk or uncertainty * Business Incubation—a business support process that accelerates the successful development of start-up and fledging companies by providing entrepreneurs with an array of targeted resources and services * Small Business—as one that is independently owned and operated and which is not dominant in its field of operation * Family Business—is one owned and managed mostly by people who are related by blood and/or marriage * Business Plan—describes the basic idea that is the foundation for the start-up and outlines how that idea can be turned into reality * Franchise—is a business operated by someone (the franchise) to whom a franchiser grants the right to market a good or service * Principle of Affordable Loss—the conscious determination of the amount of resources(money, time, and effort) entrepreneurs are willing to commit to an idea, which, in turn, influences the choice of strategies and methods needed to generate early revenues * Venture Capitalist—typically provides equity (ownership) financing for start-up and young, rapidly growing enterprises * Business Angel—is a private individual who invests directly in firms and receives an equity stake in return * Corporate Entrepreneurship—refers to the development, promotion, and implementation of innovative initiatives in established...
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...Evaluate the impact that Entrepreneurial Networks will have on the Novice Nascent Entrepreneur setting up Business for the first time Introduction The extent to which entrepreneurial networking has an impact on the nascent entrepreneur is an interesting hypothesis. There is evidence to suggest that the nascent entrepreneur is reliant on the use of networking, yet other evidence states that the success of this type of entrepreneur stems from contrary elements. "Entrepreneurial networks provide a framework for processes aiming at organising resources according to opportunities" (Johannisson & Monsted 1997, p109). This definition clearly states what the use of entrepreneurial networking sets out to do, and is supported by the assumption that networking is the "acquisition of entrepreneurial skills" (Martinez & Aldrich, 2011, p7). This report sets out to assess the impact of which entrepreneurial networking has on the nascent entrepreneur: "Individuals who are in the process of starting up new ventures" (Renko, 2012, p1045). In the following report, an investigation as to what classification of impact that entrepreneurial networking has on the entrepreneur will be assessed. Based on academic research, a definitive conclusion will be made and a judgement of the usefulness and level of impact these networks have will be assessed throughout. The report will take into account the difference between academic opinions, and note that many academics believe that entrepreneurial...
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...Discuss the relationship between entrepreneurship, innovation and economic development. What role do creativity and problem solving play in this relationship? Refer to both theories and examples from the business world to support your discussion. Since last century, entrepreneurship and innovation have been heavily discussed. Entrepreneurs create new business and provide the job opportunities to society as well as promote the economic development. However, with the increasing global economic competition, normal entrepreneurship becomes less competitiveness, government committed to develop innovative entrepreneurship in recent years (Cukier, 2006). Therefore, the relationship between innovation and entrepreneurship becomes one of the most significant topics in the business field. Economists do a large number of researches to explore the connection between entrepreneurship and innovation as well as the position they related in economic development. During the process of exploring, a considerable amount of definitions are put forward by experts based on their research knowledge and the analysis of entrepreneurs developed in recent decades. This essay will list the definitions put forward by different economists, then support the ideas that innovation, entrepreneurship and economic development are deeply connected and interacted. Finally, combine with the experience of university group entrepreneurship project, attempt to explain importance role that the creativity and problem...
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...decades have seen record numbers of entrepreneurs launching business. In 1969, entrepreneurs created 274,400 new corporations; today, the numbers of new incorporation exceeds 600,000 in a typical year! Another indicator of the popularity of the entrepreneurship is the keen interest expressed by students in creating their own businesses. Increasing number of young people are choosing entrepreneurship as a career rather than joining the ranks of the pinstriped masses in major corporations. In short, the probability that you will become an entrepreneur at some point in your life has never been higher! Research suggested that entrepreneurial activity remains vibrant not only in the United States but across the globe as well. According to the Global Entrepreneurship Monitor (GEM), a study of entrepreneurial activity across the globe, 10% of the U.S population aged 18 to 64 is engaged in entrepreneurial activity. The study also found out that 9.5% of people in the 42 GEM countries analyzed are involved in starting a new business. Even countries that traditionally are not know as hotbeds of entrepreneurial activity are home to promising start-up companies. 2. WHAT IS AN ENTREPRENEUR (Page 5 to Page 8) At any given time, an estimated 10.1 million adults in the United States are engaged in launching a business, traveling down the path of entrepreneurship. An entrepreneur is one who creates a new business in the face of risk and uncertainty for the purpose of...
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