Entrepreneurship:- An Introduction, personality, roles, skills and capabilities

1. 1 Entrepreneurship:- An Introduction, personality, roles, skills and capabilities Cambridge Management and Leadership School

2. Entrepreneurship • Entrepreneurship –the entrepreneurial function- can be conceptualized as the discovery of opportunities and the subsequent creation of new economic activity, often via the creation of a new organization (Reynolds, 2005).

3. Entrepreneurship • Entrepreneurship is often discussed under the title of the entrepreneurial factor, the entrepreneurial function, entrepreneurial initiative, and entrepreneurial behaviour and is even referred to as the entrepreneurial “spirit. The entrepreneurial factor is understood to be a new factor in production that is different to the classic ideas of earth, work and capital, which must be explained via remuneration through income for the entrepreneur along with the shortage of people with entrepreneurial capabilities. Its consideration as an entrepreneurial function refers to the discovery and exploitation of opportunities or to the creation of the enterprise. Entrepreneurial behaviour is seen as behaviour that manages to combine innovation, risk-taking and pro-activeness (Miller, 1983).

4. The Opportunity-centred Entrepreneurship

5. Personal Enterprise • The learning process of opportunity-centred entrepreneurship focuses on the identification, development, planning and implementation of an opportunity, from idea to realization. • Learning is an emergent, sense-making process in which people develop the ability to act differently. Learning comprises knowing, doing, and understanding why (Mumford, 1995).

6. Personal Enterprise • Through learning, people construct meaning through experience in a context of social interaction and create the new reality. • Both entrepreneurship and learning are Behavioural and social processes, so they are not just about ‘knowing’ but also acting, and they are not simply individual, but constant involve interaction with other people as an inescapable part of the learning process.

7. A Model of Entrepreneurial learning • This model includes three major themes • Personal and social emergence – becoming an entrepreneur and it includes • Narrative construction of identity – our changing story of who we are • Identity as practice – how what we do shapes our identity • The role of the family – how family relationships influence us • Tension between current and future identity – how dissatisfaction can lead entrepreneurship

8. A Model of Entrepreneurial learning • Contextual learning - – Recognising and acting on opportunity is an outcome of contextual learning which includes • Learning through immersion within an environment such as career or work experience within an industry or community • Opportunity recognition and innovation through participation – developing ideas from experience • Practical theories of entrepreneurial action – finding out ‘what works for me’

9. A Model of Entrepreneurial learning • Negotiated enterprise – how entrepreneurs interact with others to create ventures, it includes • Working with others on venture • Negotiating meaning, structures and practices – developing shared belief about the venture • Engaging in networks of external relationships – building and managing relationship with people around the venture • Changing roles over time – roles growing with the venture

10. Entrepreneurial personality, roles, skills and capabilities • Personality: self-aware, if we know and are comfortable with ‘who we are’, our self-confidence, rapport and relationships with others in their roles as customers, investors and employees are more likely to be productive and profitable

11. Entrepreneurial personality, roles, skills and capabilities • Roles: our identity which comprises certain functions, attributes and types of behaviour used in accomplishing the tasks which normally accompany the role

12. Entrepreneurial personality, roles, skills and capabilities • Skills and Capabilities: Skills of personal organisation, interpersonal interaction, investigating opportunities, planning, as well as technical capabilities relevant to the business activities.