It started as early as elementary school and progressed through all levels of education. Students discover and develop opportunities and take advantage of these.

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School in the area of entrepreneurship must be accessible, affordable and accountable of producing successful students.

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Learners must be equipped with perseverance and determination of an entrepreneurial mindset. They must take ownership of their own success.

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Importance of Entrepreneurship in Education

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The Concept of Entrepreneurship

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⮚     derived from the French root “entreprendre”, meaning to begin something and to undertake. Person responsible for setting up a business or an enterprise.

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⮚     science of converting processed ideas into a remarkable business venture.

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⮚     a business or company; project that is especially difficult, complicated or risky.

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Entrepreneur

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Entrepreneurship

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Enterprise

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⮚     determine the state to which a person agreed that their actions can directly affect a situation or that they can control a result.

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Should be motivated to set goals, particularly business growth objectives. Goals that are specific, measurable, and attainable. Realistic and time-bound.

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⮚     believe in their own ability or self-confidence. Will persevere even in the face of setbacks, will take negative feedback more positively and use feedback to improve their performances.

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must have a high need for achievement take responsibility for outcomes.

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⮚     universal competencies occupying the bottom portion of the pyramid. Specific competencies located near to the top.

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must be motivated, persistent, and persevere even in the face of situational challenges. Learners embrace new challenges while achieving to exceed set expectations and standards.

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⮚     often pursue opportunities to acquire new skills and competencies.

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⮚     they frequently work independently to achieve task master, regardless of the extra effort necessary to do so.

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⮚     must learn how to be a highly flexible and adaptable often deal very well with a unique ability to choose actions even without all necessary information.

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not only are successful learners willing to take consequences, they can also identify and calculate risk.

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⮚     They are very insightful with regards to the behavior of others-understanding motives and actions, quickly aware of strong relationships, and both verbal and non-verbal behaviors.

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Entrepreneurial Competencies

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Ability to build professional relationships, Perceived as trustworthy, Can negotiate with competitors, & identify mutual goals

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Easily identify what is missing from current product streams and have imagination, creativity and empathy, Can analyze problems and creative innovative solution

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Plan and prioritize work to ensure time is managed effectively, When goals are not met, they take necessary steps to get projects back-on track

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Plan and prioritize work to ensure time is managed effectively, When goals are not met, they take necessary steps to get projects back-on track

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Must be specific about the direction of their venture and the strategy they will adopt

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Must understand the basic principles of business (e.g. market knowledge, economic principles, and ethical practices)

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Must be competent in the use of basic computer hardware and software

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The application of knowledge, skills, attitudes, values and behaviors in the workplace, Many successful entrepreneurs place great value on their industry experiences prior to launching their own venture, as workplace competencies

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Entrepreneurs typically offer incentive compensation, manage business operations, build a strong entrepreneurial culture around determination and high work ethic, and form effective boards of directors and advisors.

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Apply their creativity to the formulation of inventive systems and products. They have an “opportunity orientation”-assessing changes in trends, identifying small niche or group of markets, and seeking out opportunities to improve services and products.

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Competent in both executing strategies that promote their products and establish client/customer relationships. They conduct market analyses, set pricing objects and customer objections into sales acceptance.

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Entrepreneurs performs business operations that are able to both carry out daily operations, such as scheduling manpower and maintaining inventories of goods and management human capabilities.

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Can handle risk management and can take into account legal actions.

Stay informed of business laws and regulations, and bond to determine ways to prevent themselves against failure.

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Competent at accounting and funds management managing cash flows and preparing estimated and projected balance sheets.

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They can generate, evaluate, and implement solutions to difficult problems.

They locate and utilize relevant information, and when necessary, generate alternative solutions.

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QUALITIES OF AN ENTREPRENEUR

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These individuals are focused on making their businesses work and eliminate any hindrances or distractions to their goals. They have overarching strategies and outline the tactics to accomplish them. Successful entrepreneurs are disciplined enough to take steps every day toward the achievement of their objectives.

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The entrepreneur does not ask questions about whether they can succeed or whether they are worthy of success. They are confident with the knowledge that they will make their businesses succeed. They exude that confidence in everything they do.

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Entrepreneurs realize that every event and situation is a business opportunity. Ideas are constantly being generated about workflows and efficiency, people skills and potential new businesses. They have the ability to look at everything around them and focus it toward their goals.

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Entrepreneurs know that if something needs to be done, they should start it themselves. They set the parameters and make sure that projects follow that path. They are proactive, not waiting for someone to give them permission.

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Many companies are formed because an entrepreneur knows that they can do a job better than another. They need to win at the sports they play and need to win at the businesses that they create. An entrepreneur will highlight their own company’s track record of success.

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One facet of creativity is being able to make connections between seemingly unrelated events or situations. Entrepreneurs often come up with solutions which are the synthesis of other items. They will repurpose products to market them to new industries.

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Entrepreneurs are not thwarted by their defeats. They look at defeat as an opportunity for success. They are determined to make all of their endeavors succeed, so will try and try again until it does. Successful entrepreneurs do not believe that something cannot be done.

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The entrepreneur has strong communication skills to sell the product and motivate employees. Most successful entrepreneurs know how to motivate their employees, so the business grows overall. They are very good at highlighting the benefits of any situation and coaching others to their success.

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The successful entrepreneur will often be the first person to arrive at the office and the last one to leave. They will come in on their days off to make sure that an outcome meets their expectations. Their mind is constantly on their work, whether they are in or out of the workplace.

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They genuinely love their work. They are willing to put in those extra hours to make the business succeed because there is a joy their business gives which goes beyond the money. The successful entrepreneur will always be reading and researching ways to make the business better. Successful entrepreneurs want to see what the view is like at the top of the business mountain. Once they see it, they want to go further. They know how to talk to their employees, and their businesses soar as a result.

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People often hold a view that all those who do not get employed anywhere jump into entrepreneurship, but in reality, now a days most of the business are set by those who have other options available with them.

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Almost 2/3rd of all innovations is due to the entrepreneurs. Without the boom of inventions, the world would have been a much dry place to live in. Inventions provide an easier way of getting things done through better and standardized technology.

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All individuals who search business opportunities usually, create wealth by entering entrepreneurship. The wealth created by them plays a significant role in the development of the nation. The entrepreneurs contribute to the economy, in the form of products, and services. Their ideas, thoughts, and inventions are also of a great help to the nation.

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IMPORTANCE OF AN ENTREPRENEUR

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An entrepreneur frequently has to wear many hats. He has to perceive opportunity, plan, organize resources, and oversee production, marketing, and liaison with officials. Most importantly he has to innovate and bear risk.

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The main functions of an entrepreneur are grouped in three categories:

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It is the most important and specific function of an entrepreneur. Every business involves some amount of risk. The production of goods and services is always related to future demands. The future demand is uncertain and unpredictable because it is influenced by the changes in fashion or taste and liking of the consumers. The price structure, value of money, climatic conditions and government policies are some other important factors that affect the demand of a commodity. All these factors are variable and as such an exact estimation of future demand is a difficult exercise to work out. Since this unpredictable task is undertaken by the entrepreneur; he has to bear the risk. If his estimations prove to be wrong, then in the entire business sphere, no other factor of production shares the loss incurred by the entrepreneur. It is the main reason why the entrepreneur becomes entitled for the surplus that is remaining with him from the sale proceeds of the product, after distributing the shares to other factors. This surplus is termed as profit of the business.

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The entrepreneur conceives the idea of a business which suits their nature, skill and resources. They make a thorough (intensive and extensive) study of the condition of market and business prospects. After making a thorough study of economic viability, they decides the business that they has to start.

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After arriving at a conclusion about the nature of business, the entrepreneur works out the details of business, i.e., what, how and when to produce and from where the resources are to be arranged. With all these estimations, they make an all-out effort to give a practical shape to his plans, organizes various factors of production and sets them to function in proper harmony.

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The entrepreneur has to supervise and control the day-to-day business activities to accomplish the business objectives. For this they properly coordinate between various factors of production. As the risk (success or failure) of business operations directly affect the economy, they keep a vision and control on the business affairs and avoids unnecessary expenditures. They are required to take a numerous decision and has to get these decisions properly implemented.

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Innovation is one of the most important functions of an entrepreneur. An entrepreneur uses information, knowledge, and intuition to come up with new products, new methods of reducing costs of a product, improvement in design or function of a product, discovering new markets or new ways of organization of industry. Through innovation, an entrepreneur converts a material into a resource or combines existing resources into new and more productive configurations. It is the creativity of an entrepreneur that results in invention (creation of new knowledge) and innovation (application of knowledge to create the new products, services, or processes).

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The entrepreneur organizes different factors of production and sets them to work. It, therefore, becomes his responsibility to make proper allocation of funds for each factor of production, i.e., each factor of production must be properly remunerated. The remuneration here refers to an important decision as to what should be the share of each factor of production in the sale proceeds of the entire product. The remuneration should be just and equitable and the payment to each factor should be commensurate, so that each factor is fully satisfied. If the factors of production remain dissatisfied, they will not be able to deliver their best to the entrepreneur. So, it is the entrepreneur, who has to ultimately suffer. Hence, it is very essential for the entrepreneur to perform distributive functions with extreme care and caution.

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