Farewell

I have had a great time posting on this blog but it has come to the point where I must bid all my viewers  good-bye. I have learnt a lot while doing ENT-101 and I know I have had some problems with time management, which I am deeply sorry for, you guys have been great.

GOOD BYE!!!!!!!!!

Dark Side of Entrepreneurship

1. FINANCIAL RISK versus profit (return) motive varies in entrepreneurs' desire for wealth
2. CAREER RISK - Loss of Employment Security
3. FAMILY AND SOCIAL RISK - Competing commitments of work and family
4. PSYCHIC RISK - Psychological impact of failure on the well being of entrepreneurs

Difference between Entrepreneur & Small Business Owner

An Entrepreneur is motivated by… 

1. INNOVATION (New, Different)
2. GROWTH (Set Up Branches)
3. Maximised Profit (£££$$$NNN)

A small business owner manages their business by expecting… STABLE SALES, PROFITS, and GROWTH

ENTREPRENEURS

• RECOGNISE OPPORTUNITIES where others see chaos or confusion.
• Are AGGRESSIVE catalysts for CHANGE within the marketplace.
• CHALLENGE THE UNKNOWN and CONTINUOUSLY CREATE the future.

Creativity And Innovation

Creativity

This is the generation of ideas that result in the improved efficiency or effectiveness of a system.

Innovation

This is the process by which entrepreneurs convert opportunities into marketable ideas.

Sources of Innovation

• Trends: This include consideration of societal trends, economic trends and governmental trends and technological trends.

• Unexpected Occurrences: This include usage of unexpected incidents such as natural disasters, disease out break and even bombing. e.g bomb detectors can be sold in bomb areas and such idea would be profitable.

• Incongruities: These occur when the gap or difference exists between the expectation and realty. Example is when Fred smith propose the overnight mail delivery he create FedEx.

• Process Needs: This involve solving peoples problems and needs in a marketable idea. e.g. involve the health food(sugar free drinks), pharmaceutical, medical devices e.t.c.

• Industry and Market Changes: These are regular changes caused by consumers behaviours in industries and market. Example is changing of health care industries to home health care.

• Demographic Changes: These include example such as Retirement centres for old people.

• Perceptual Changes: These include changes that occur in people,to perceive need to be healthy and physically fit. There are need for both healthy food and facilities. Example invention of exercising tools.

• Knowledge-Based Concepts: These involves the use of knowledge  to produce marketable ideas. Example cell phone technology today has advance to include not only phone services but Internet access, music, camera, and some other applications.

The Innovation Process

Invention (new product, service, or process)

eg Wright Brothers - Airplane

Thomas Edison - Light Bulb

Alexander Graham Bell - Telephone

Extension (New use or different application of an already existing product, service or process)

eg Ray Kroc - McDonald's

Mack Zuckerberg - Facebook

Barry Steinlicht - Starwood Hotels & Resorts

Duplication (Creative replication of an existing concept)

eg Wal-Mart - Department Stores

Gateway - Personal Computers

Pizza Hut - Pizza Parlour

Synthesis (Combination of existing concept and factors into a new formulation or use

eg Fred Smith - Fed Ex

Howard Schultz - Starbucks

Corporate Entrepreneurship

Corporate Entrepreneurship/Intrapreneurship is the process of profitability and creating innovation within an organisational setting. Corporate Intrapreneurship can also be seen as a very broad concept that includes generation, development and implementation of new ideas into a corporation.

Ways to Promote Corporate Intrapreneurship

1. Setting Innovation Goals
2. A System of Feedback and Positive Reinforcement
3. Emphasise Individual Responsibility
4. Providing Rewards for Innovative Ideas
5. Do not punish failures

"Ken Kutaragi"
Ken was the founder of the playstation. He first got into video games when he saw his daughter playing a nintendo and realised the potential in video games. He is currently the CEO of Cyber AI Entertainment Inc.

CHARACTERISTICS OF ENTREPRENEURS

Persistence

Entrepreneurs are willing to work until a job is done, no matter how ling it takes.

Creative

Entrepreneurs are looking for new ways to solve old problems.

Responsibility

Entrepreneurs do not "Pass the Buck". They take responsibility for their decisions and actions.

Inquisitive

Entrepreneurs want to know as much as possible about anything that might affect their ventures. They conduct research and ask questions to solve problems.

Goal-Oriented

Entrepreneurs decide where they want to go and then set out to get there.

Independent

Entrepreneurs want to set their own agendas and schedules. They want to make their own decisions

Self-Demanding

Entrepreneurs have high expectations of themselves.

Self-Confident

Entrepreneurs believe in themselves and act accordingly

Risk-Taking

Entrepreneurs like to task risks, but they are not reckless. They seek opportunities that offer a challenge and a reasonable chance of success.

Restless

Once Entrepreneurs achieve their goal, they begin looking for a new challenges.

Action-Oriented

Entrepreneurs  are doers as oppose to spectators. They make decisions and act on them.

Enthusiastic

Entrepreneurs are energetic and passionate about their pursuits.

Well Viewers I took a quiz a while back and i got a score of 83, which makes me a HIGH ACHIEVER!!!!!!! WOOOHOOOO!!!!

I would like you to comment on my score and how it could affect an entrepreneur.

Good Bye for now