Entrepreneurship Corner

  1. The Entrepreneurial Process The process of creating wealth starts with a desire for change . An entrepreneur combines an idea (opportunity) with tools (resources) to create a new company (the firm). The 6 Steps: Identify an Opportunity: Find a gap in the market. Develop the Concept: Turn that gap into a business idea. Determine Resources: Figure out what you need (money, people, tools). Acquire Resources: Go out and get them. Implement & Manage: Run the business day-to-day. Harvest: Exit the business to collect your profit. 2. Where Do Ideas Come From? Entrepreneurs see opportunities where others see risks . To find a winning idea, look at these four areas of change: Demographics: Changes in the population (e.g., more working women = need for childcare; older population = need for healthcare). Emerging Markets: New global players like the BRICS nations (Brazil, Russia, India, China, South Africa) or regional trade groups like the CSME in the Caribbean. New Technol...

  Functions of entrepreneurs Innovation involves imagination and creativity.  A person cannot be called an entrepreneur unless’ he creates something new and something different in his venture. Innovation: entrepreneur analyze the existing condition of business’s affairs and try to reach a new level of stability by trying new and productive combinations of existing resources. They think of creative ideas and use their managerial and innovative skills to put those ideas into reality. They combine the productive factors-(land, labour, capital and enterprise), bring them together and help in the economic development of a nation.( Nation building) Schumpeter asserts that, innovation can occur in the following forms: • Introduction of new goods. • The use of new method of production. • The opening of a new market. • The conquest of a new source of supply of raw materials; and • The reorganization of any industry. Assumption of Risk: An idea that is put to reality does not always g...