Entrepreneurship: Solution to growth of Zimbabwe

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Entrepreneurship Solution to growth of Zimbabwe
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Entrepreneurship

• Defining entrepreneurship has occupied scholars
  for many years and to this day there is still
  lack of consensus on its exact meaning
• The term is used differently in different
  contexts and environments
• The term entrepreneur is derived from the French
  verb entreprendre, meaning to undertake .

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Entrepreneurship

• The French economist Richard Cantillon is
  generally accredited with being the first to coin
  the phrase in the context of what we view today
  as entrepreneurship in about 1730. He defined
  entrepreneurship as self-employment of any sort,
  and entrepreneurs as risk takers in the sense
  that they purchased goods at certain prices in
  the present to sell at uncertain prices in the in
  the future.

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Entrepreneurship

• Frank Knight (1885-1972) first introduced the
  dimension of risk-taking as a central
  characteristic of entrepreneurship. He considers
  uncertainty as a factor of production, and notes
  that the entrepreneur acts in anticipation of
  future events. The entrepreneur earns profit as a
  reward for taking such risks.

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Entrepreneurship

• 1934 Joseph Schumpeter came up with a definition
  of an entrepreneur which ushered in the more
  modern interpretation which relates
  entrepreneurship to innovation. Schumpeter
  defined entrepreneurs as innovators who implement
  entrepreneurial change within markets.

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Entrepreneurship

• He highlighted that entrepreneurial change has
  five manifestations
• the introduction of a new or improved product or
  service
• the introduction of a new method of production
• the opening of a new market
• the exploitation of a new source of supply
• the re-engineering/organization of business
  management processes.

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Entrepreneurship

• - Necessity Entrepreneurship which refers to
  having to become an
• Entrepreneur because you have no better option.
• - Opportunity Entrepreneurship which is an active
  choice to start a new
• enterprise based on the perception that an
  unexploited or under exploited business
  opportunity exists.

-
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Entrepreneurship

• While it is easy to see that starting a new
  business to exploit a perceived business
  opportunity would lead to economic development,
  it is also possible that necessity
  entrepreneurship may not lead to economic
  development.
• Being pushed into Entrepreneurship
  (self-employment) because all other options for
  work are either absent or unsatisfactory can even
  lead to under development.

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Entrepreneurship key tenets

• It is a process of searching and exploiting an
  opportunity.
• Efforts of an individual who goes against the
  odds in translating a vision into successful
  business enterprise.
• It is a way of life, thinking, acting and
  attitude towards working

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Entrepreneurship key tenets

• entrepreneurship is about innovation,
• bringing new ideas, new markets, new products and
  new processes
• bring notable positive change in the economic,
  technological and social development of a
  country.

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Entrepreneurship key tenets

• Entrepreneurship is about having the eye to see
  opportunities and the ability pursue them
  resulting in the realisation of economic value.
• It requires passion, the willingness to take
  risks and the desire to bring about change.

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Entrepreneurship Economic Growth

• Today entrepreneurship is viewed as a driving
  force for economic growth
• (Wenneckers and Thurick 1999).
• Saxenian (1994) demonstrated that the
• most prosperous and dynamic economic regions
  were characterized by very high rates of
  entrepreneurship

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Entrepreneurship Economic Growth

• Entrepreneurs create new businesses
• New businesses create jobs
• Increase level of disposable income
• New businesses intensify competition
• Intensified competition may improve quality
• New businesses may increase productivity
  through technological change

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Entrepreneurship Economic Growth

• Acting as the economys guinea pigs
• Turning inventions into innovations
• Creating new horizons
• Entrepreneurs take a concept and turn it into
  reality

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Entrepreneurship Economic Growth

• Creating new industries by experimenting in
  market niches that were overlooked by established
  firms
• Tackling uncertainty by pursuing competing
  strategies and responding flexibly to changing
  conditions
• Generating competition to established firms

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WHAT ENTREPRENEURS DO?
Taxes/Govt. Revenues
Poverty Alleviation
Higher Productivity Innovations
EMPLOYMENT INCOME GENERATION
Output Exports
ENTERPRISES
Wealth
ENTREPRENEURS
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Benefits of Entrepreneurship

• Allows you to be yourself
• Is enjoyable and does not seem like work
• Fulfils you
• Follows your wants instead of should
• Gives you energy instead of draining you
• Enables you to align with your passion and do
  what you love
• Your own master
• Gain influence and respect

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Entrepreneurial Spirit

• Desire for Success
• Dream big and keep on dreaming. If you cannot see
  it you cannot have it
• Passion
• Love what you do and it will be easy to put in
  effort. Successful entrepreneurs do not mind
  putting even 18 hours a day because they love
  what they are doing

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Entrepreneurial Spirit

• Focus
• Focus on your strengths, do not lose sight of the
  dream despite the challenges that you may face.
• Hard work
• Brian Tracy You work 8 hours a day for survival
  if you want to succeed you have to put in more
  hours
• Working hard will be easy if you have a vision,
  clear goals and are passionate about what you do.

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Entrepreneurial Spirit

• Desire for knowledge
• This is not about degrees and diplomas
• To succeed you must be willing to ask questions,
  remain curious, interested and open to new
  knowledge
• Learning is crucial given the rapid changes in
  technologies and ways of doing business
• Perseverance and Faith
• Courage to persist in the face of adversity,
  setbacks and resounding defeat

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Entrepreneurial Spirit

• Discipline and diligence
• Do what you should do, when you should do it
  whether you like it or not
• Planning
• If you have a dream/vision write it down and put
  in place concrete goals that
• Plan each day in such a way that each action
  contributes to the attainment of your vision

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Entrepreneurial Spirit

• Networking
• Your success depends on the company that you keep
• Always be alert for opportunities to expand your
  contacts
• Failure is not an option
• Believe in your goals, have faith in your idea
  and have confidence in your capabilities and
  yourself

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Entrepreneurial Spirit

• Mentorship
• One of the things that makes someone one advance
  to greatness is to have a coach
• A mentor is a voice you can listen to, someone
  who has been there before and has succeeded.
• A good mentor acts a catalyst to make you achieve
  your results faster

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Conclusion

• Some say that successful entrepreneurs are born,
  not made. Others disagree, saying good
  entrepreneurship is a talent that can be learned
  and nurtured. The truth probably lies somewhere
  in the middle. The desire to create and grow a
  business large or small requires a
  combination of character, talent, vision, energy,
  timing, and a bit of luck.

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Conclusion

• Every body stumbles across a golden opportunity
  at least once in a lifetime. Unfortunately most
  people just pick themselves up, and others dust
  off and walk away from it (Winston Churchhill)