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Entrepreneurship Notes

Institution: TVET colleges and universities

Course: Diploma in business administration/business Management/Sales and marketing/Human Resource management/Accounting

Content Category: Class Notes

Posted By: 07998365xx

Document Type: PDF

Number of Pages: 83

Price: KES 75
 
    

Views: 536     Downloads: 2

Summary

TOPIC 1
INTRODUCTION TO ENTREPRENEURSHIP
Small scale enterprises play a major role in the development of a country’s economy. Small enterprises
create many jobs, provide a variety of goods and services, contribute a lot of revenue and promote the
use of locally available resources.
This sub-module unit introduces the concept of entrepreneurship and its importance in the promotion of
the national development of a country and the differences between self and salaried employment.
Terms used in entrepreneurship
i)Entrepreneurship
The term entrepreneurship has been described by different people in different ways.
Entrepreneurship is the process of scanning the environment in order to identify a business opportunity,
gathering resources with the aim of establishing a profit making enterprise, under conditions of risk.
The concept of entrepreneurship became clear due to the researches by scientists like McClelland(1969)
who stressed need for achievement motive, Schumpete rwho prioritized new combinations of means of
production by which there occurs disequilibrium, Cantillon who emphasized the functions of risk taking
and uncertainty bearing, Drucker who stressed on ‘systematic innovation’ consisting purposeful and
organized search for changes among other scholars.
ii)Entrepreneur
The term entrepreneur is coined from a French verb ‘entreprendre’ which means to undertake. Various
scholars have defined the term entrepreneur in different ways but all place emphasis on the
entrepreneur;
- Bringing innovation and creativity into the enterprise.
- Taking calculated and moderate risks and
- Facing uncertainties
An entrepreneur is someone who detects a previously untapped opportunity to make some profits
(either by lowering the costs of producing the existing goods /services or by creating new ways for
people to satisfy their needs or wants through new products). They then brings together the necessary
factors of production to exploit these opportunities.
Richard Cantillon defines an entrepreneur as a person who buys factor services at “certain” prices, with
a view to sell their product at “uncertain” prices in the future.
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