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Essentials of Entrepreneurship and Business Management

This course covers fundamental aspects of entrepreneurship, such as defining entrepreneurship, steps to start a business, entrepreneur traits, employer vs. employee roles, and the difference between a manager and an entrepreneur. Students will explore the necessary qualities for entrepreneurial success and the distinct roles entrepreneurs play in business. Additionally, they will learn about managerial responsibilities and the entrepreneurial mindset needed for business growth.

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Essentials of Entrepreneurship and Business Management

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  1. Entrepreneurship

  2. MSBCS-BCSIII-7: The students will examine basics of entrepreneurship.a) Define entrepreneurship (National Standards for NBEA, pg. 70) and steps needed to start and maintain a business opportunity.b) Distinguish the role of the entrepreneur in business.c) Identify necessary traits of a successful entrepreneur.d) Describe the difference between an employer and employee.e) Differentiate between a manager and an entrepreneur.

  3. Entrepreneur • A person who organizes and manages any enterprise, esp. a business, usually with considerable initiative and risk

  4. Unit vocabulary • Entrepreneur • Entrepreneurship • Employee • Employer • Manager

  5. Distinguish the role of the entrepreneur in business. • Entrepreneurs are innovators • Entrepreneurs provide choice • Entrepreneurs provide jobs • Entrepreneurs help the economy grow

  6. Identify necessary traits of a successful entrepreneur • Entrepreneurs are careful about money. • Entrepreneurs are competitive by nature. • Entrepreneurs believe in the old saying, "the early bird gets the worm." • Entrepreneurs are risk-takers who trust their hunches and act on them. • They are always thinking of new ideas and new ways to make money or increase their business.

  7. More traits of a successful entrepreneur • Entrepreneurs are usually loners rather than joiners • Entrepreneurs are usually honorable people who do business based on a handshake or a promise. • Entrepreneurs do set aside time for leisure activities and family

  8. Describe the difference between an employer and employee. • An employee is any person hired by an employer to do a specific “job.” • An employer is a person or institution that hires employees or workers.

  9. Differentiate between a manager and an entrepreneur. Entrepreneur Manager • Desire for Control • One-Man Show • Creativity - Innovation • Rapid Reaction • Informal, Flexible • Intuitive • In terms of "Vision" • A By-Product • Calculated Risks • "Entrepreneurial Culture" • Delegation of Authority • Management Team • Establish and Preserve the Status Quote • Strategic Planning • Organized • Collect Information and Seek Advice • In Commercial Terms • Measure of Success • Avoidance of Risks • "Management Culture"

  10. Differentiate between a manager and an entrepreneur. • Manager- a person who has control or direction of an institution, business, etc • Entrepreneur- a person who organizes and manages any enterprise, esp. a business, usually with considerable initiative and risk • Entrepreneur is the one who initiate and get into business with some investments and risk, where as manager is one who manages the business and get paid for the same.

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