Tiêu đề Entrepreneurship Development__Mini Note.pdf ✅

Prepared By: Mohan Das RPI........................ 1 | P a g e Unit 1: 1. Define Entrepreneur and Entrepreneurship with example.  Entrepreneur: An entrepreneur is an individual who identifies and creates a business opportunity, assumes the associated risks, and organizes resources to turn that opportunity into a profitable venture. Entrepreneurs are known for their innovation, creativity, and willingness to take risks.  Entrepreneurship: Entrepreneurship refers to the process of starting, developing, and managing a new business or enterprise. It involves taking calculated risks, being innovative, and utilizing resources effectively to achieve business success.  Example: Elon Musk, the founder of SpaceX and Tesla, is a prominent entrepreneur. He identified opportunities in the space and electric vehicle industries, took significant risks, and successfully created and managed these companies, demonstrating entrepreneurship in action. 2. Explain function of Entrepreneur.  Five key functions of an entrepreneur: a) Opportunity Identification: Entrepreneurs spot opportunities in the market or identify unmet needs. b) Risk-Taking: They are willing to take calculated risks to pursue their business ventures. c) Resource Mobilization: Entrepreneurs gather and allocate resources, including capital and talent. d) Innovation: They innovate in products, services, or processes to gain a competitive edge. e) Leadership: Entrepreneurs provide vision and direction, leading their ventures to success. 3. Explain the Wage and Self Employment.  Wage Employment: Wage employment is a work arrangement in which an individual is paid a regular wage or salary by an employer in exchange for their labor and services, typically on an hourly, weekly, or monthly basis. This arrangement often includes benefits and follows a set work schedule. Advantages of Wage Employment:  Stability: Wage employment typically offers a stable income with benefits like healthcare and retirement plans.  Job Security: Employees often have job security and legal protections.  Predictable Income: Predictable paychecks allow for easier budgeting and financial planning. Disadvantages of Wage Employment:  Limited Control: Employees have limited control over their work and may be subject to company policies.  Income Ceiling: Earnings are usually capped by salary or hourly rates.  Less Flexibility: Employees may have less flexibility in choosing their work hours and tasks.  Self-Employment: Self-employment refers to individuals who work for themselves and are not employed by an external organization or company. Self-employed individuals run their own businesses or work as freelancers, entrepreneurs, or independent contractors. Advantages of Self-Employment:  Autonomy: Self-employed individuals have control over their work, including schedules and decision-making.  Income Potential: There's potential for higher earnings, as self-employed individuals can set their rates and grow their businesses.  Flexibility: Self-employment offers flexibility in choosing clients, projects, and work locations. Disadvantages of Self-Employment:  Income Variability: Income can be irregular and unpredictable, especially when starting a business.  Responsibility: Self-employed individuals are responsible for all aspects of their business, including taxes and administration.
Prepared By: Mohan Das RPI........................ 2 | P a g e  Lack of Benefits: Self-employed individuals may not receive benefits like healthcare or retirement contributions from an employer. 4. Difference between Wage and Self Employment. Aspect Wage Employment Self-Employment Control Limited control over work Full control over work Income Stable, but typically capped Variable, potential for growth Benefits Often includes benefits Responsible for own benefits Job Security Typically more job security Less job security Flexibility Less flexibility in work More flexibility in work 5. Explain the myths about Entrepreneurs.  Myths about entrepreneurs often include misconceptions or stereotypes that don't accurately represent the diverse world of entrepreneurship: A) Born, not made: This myth suggests that entrepreneurs are born with innate skills and traits. In reality, entrepreneurship is a skill that can be learned and developed. B) Always risk-takers: While entrepreneurs do take risks, they are typically calculated and well-managed rather than reckless. C) Only motivated by money: Many entrepreneurs are driven by passion, purpose, and the desire to make a positive impact, not just financial gain. D) Work less, earn more: The idea that entrepreneurs work fewer hours for higher pay is often far from the truth. Entrepreneurship can involve long hours and financial instability, especially in the early stages. E) Young and tech-savvy: Successful entrepreneurs come from various age groups and backgrounds, and not all of them are tech-savvy. F) Go it alone: Many entrepreneurs rely on a network of advisors, partners, and employees to succeed. G) Limited to startups: Entrepreneurship encompasses various types of businesses, including small enterprises, family businesses, and franchises, not just startups. H) Need a completely unique idea: While innovation is valuable, not all successful businesses are built on entirely new ideas. Many thrive by improving existing products or services or entering established markets with a unique approach. I) Never fail: Failure is a common part of the entrepreneurial journey, and many successful entrepreneurs have faced setbacks and learned from them. J) Lead glamorous lives: Entrepreneurship often involves sacrifice, hard work, and financial challenges, and it may not always lead to a glamorous lifestyle. 6. Explain about MSME in Nepal.  Micro, Small, and Medium Enterprises (MSMEs) are crucial to Nepal's economy. Classified based on investment and turnover, they are vital for job creation, income generation, and poverty reduction. These enterprises operate across various sectors, from agriculture to tourism. However, they face challenges like limited access to finance, infrastructure deficits, and bureaucratic hurdles. The government has recognized their significance and introduced supportive policies and programs. To unlock their full potential, Nepal must address these challenges, foster a conducive business environment, and promote export-oriented activities. MSMEs play a pivotal role in promoting entrepreneurship and local economic development in the country. 7. Write about Attitudes, characteristics and skills of Entrepreneur.  Successful entrepreneurs possess a unique blend of attitudes, characteristics, and skills that set them apart. Here's an overview of these attributes: Attitudes:
Prepared By: Mohan Das RPI........................ 3 | P a g e  Risk Tolerance: Entrepreneurs are often willing to take calculated risks, understanding that uncertainty is inherent in business ventures.  Resilience: They embrace failures as learning experiences and bounce back quickly, maintaining a positive outlook even in challenging times.  Passion: A genuine passion for their venture fuels their drive, determination, and ability to persevere.  Adaptability: Entrepreneurs are open to change and adapt to evolving market conditions and consumer preferences.  Innovation: They have a creative mindset, constantly seeking new ideas, solutions, and opportunities. Characteristics:  Visionary: Entrepreneurs have a clear vision of what they want to achieve and the ability to set long-term goals.  Self-discipline: They possess the self-control to manage their time effectively, stay focused, and meet deadlines.  Independence: Entrepreneurs often have a strong desire for autonomy and the ability to make decisions independently.  Persistence: They exhibit tenacity and determination, not easily discouraged by obstacles or setbacks.  Leadership: Effective entrepreneurs lead by example, inspiring and motivating their teams to work towards common goals. Skills:  Business Acumen: They understand market dynamics, financial management, and have a strong grasp of their industry.  Networking: Entrepreneurs build and leverage a broad network of contacts for partnerships, collaborations, and support.  Communication: Effective communication skills are crucial for pitching ideas, negotiating deals, and leading teams.  Problem Solving: They are adept at identifying and solving problems, often thinking outside the box for innovative solutions.  Sales and Marketing: Entrepreneurs can promote their products or services effectively and understand the importance of marketing strategies.  Financial Management: They have a grasp of financial concepts, including budgeting, cash flow management, and investment decisions.  Adaptability: Flexibility to pivot when necessary and adapt to changing circumstances is a critical skill.  Time Management: Entrepreneurs juggle multiple tasks and responsibilities, making effective time management essential. 8. Self-employment is very important for national development. How can you justify it? Give an example of successful enterprise and its products with target customers.  Self-employment is crucial for national development due to several reasons: i) Job Creation: Self-employment generates employment opportunities, reducing unemployment rates. ii) Economic Growth: It fosters small business growth, contributing to a robust economy. iii) Innovation: Entrepreneurs drive innovation, leading to technological advancements. Example: Amazon, with its e-commerce platform targeting global consumers, exemplifies self- employment's impact through job creation, economic growth, and disruptive innovation. 9. “Working in self-owned company is better than working as an employee of your dream company”. Do you agree or not? Give reasons.  I don't have personal opinions, but I can provide you with five short reasons for both sides of the argument: