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Entrepreneurship Concepts and Theories

What is an entrepreneur?

An entrepreneur is anyone who attempts a new business venture creation.

How is entrepreneurship defined?

Entrepreneurship is defined by the Department of Trade and Industry in 2004 in the UK as anyone who attempts a new business or venture creation.

How did Israel Kerzner define entrepreneurship?

Israel Kerzner, a famous Austrian economist, defined entrepreneurship as alertness to profit opportunities. This definition emphasizes the psychological nature of entrepreneurship, which involves assessing risks and coming up with innovative ideas.

What is a social entrepreneur?

A social entrepreneur applies business principles for social good and is oriented towards doing something good for the community. The profits from the business are dedicated to providing some service within the community.

What is an intrapreneur?

An intrapreneur is a person within an organization who has ideas about what the organization should do, the direction it should follow, the products it should make, and the changes it should bring about. They are enterprising in a large company, seeking opportunities for corporate benefit.

What does SME stand for?

SME stands for small to medium-sized businesses.

What is the nature-nurture debate?

The nature-nurture debate is about whether our genetic makeup or our upbringing, education, and experiences determine our behavior.

Are entrepreneurs born or made?

The debate about whether entrepreneurs are born or made relates to a big debate in psychology about whether we acquire attributes or are born with certain predispositions.

What qualities do entrepreneurs possess?

Entrepreneurs possess creativity, innovation, adaptability, problem-solving skills, and a willingness to take risks and have self-belief and determination to bring their ideas to fruition.

What is the entrepreneurial spark?

The entrepreneurial spark is the unique ability entrepreneurs possess to see situations differently than others, often identifying opportunities where others do not. They are not constrained by convention and are always questioning the status quo.

What is the reality of failure for entrepreneurs?

Most new businesses fail within a few years due to a lack of business acumen or an inability to bring a product to market effectively.

What is the entrepreneurial spirit?

The entrepreneurial spirit refers to the behavior, demeanor, outlook, and actions of entrepreneurs which contribute to their success. They are constantly looking for ways to improve products and services, identify opportunities for innovation, and create new demand.

1 Business Name-What is your business name?

2 Mission Statement-Why are you in business?

3 Vision Statement-What does the future of your business look like?

4 Target Market (Ideal Customer)-Who are your customers? Who do you want to target? What are their demographics and psycho-graphics (psychology of the customer)?

5 Industry Analysis-What are the trends in your industry? Is it growing or declining?

6 Competitive Analysis-Who are your competitors? What are their strengths and weaknesses? 

7 SWOT Analysis-What strengths, weaknesses, opportunities, and threats pertain to your business?

8 Product/Service Description-Describe your product and service. How will you differentiate and position yourself in the marketplace? What is your unique selling proposition (USP)?

9 Pricing Strategy-How much will your product or service cost to the customer? What is your pricing strategy?

10 Place (location/Distribution)-Where will you sell your products and how will you deliver them?

11 Promotional Strategies-How will you promote your product or service (magazines, online, direct mail, word-of-mouth, networking, and etc.)?

12 Philanthropic Strategies-How will you show your community that you are giving back?

13 1 Year Marketing Goals/Strategies/Tactics-What are your marketing goals for your first year in business?

14 Budget -What is the estimated budget that you need to implement your marketing plan for your first year? How much money will your marketing cost you?