Introduction to Entrepreneurshi p MODULE 1 What is Entrepreneurship? LESSON 1 IDENTIFY WHETHER THE STATEMENT REFERS TO ENTREPRENEUR or ENTREPRENEURSHIP Entrepreneurship • The act of creating a business or businesses while building and scaling it to generate a profit. • An important driver of economic growth and innovation. • What people do to take their career and dreams into their hands and lead it in the direction of their own choice. • About building a life on your own terms. No bosses. No restricting schedules. And no one holds you back. Entrepreneur • A person who sets up a business with the aim to make a profit and creates a new business, bearing most of the risks and enjoying most of the rewards. • An innovator, a source of new ideas, goods, services, and business/or procedures. • Playing a key role in any economy, using the skills and initiative necessary to anticipate needs and bring good new ideas to market. Types Mega entrepreneurs – individuals who are willing to absorb huge risks of using enormous amounts of capital in their business ventures Microentrepreneurs – individuals who are engaged in micro or small businesses as an alternative to formal employment. Importance of Entrepreneurship? LESSON 2 1. Entrepreneurship generates new wealth in an economy. 2. Entrepreneurship decreases poverty. 3. It creates opportunities, ensures social justice, instills confidence and stimulates the economy. 4. Entrepreneurship improves productivity 5. Entrepreneurs create jobs. 6. Entrepreneurs innovate. 7. Entrepreneurs create innovation and social change 8. Entrepreneurs give to society Relevance of Entrepreneurship to SHS Students 1. To prepare students for livelihood even before college. 2. Entrepreneurship education aids students from all socioeconomic backgrounds to think outside the box and nurture unconventional talents and skills. 3. Entrepreneurship develops their initiative and helps them to be more creative and selfconfident in whatever they undertake and to act in a socially responsible way. 4. It exposes students to numerous opportunities to learn how to think critically and analyze the pieces on the board. 5. Being aware of all the important factors and seeing how they affect each other is the foundation of a smart decision-making process. 6. Students have to be exposed to real-world examples and learn from their own experience. 7. Entrepreneurship education requires students to be innovative, creative and collaborative with others. 8. Entrepreneurship education provides budding entrepreneurs with the skills and knowledge to come up with business ideas and develop their own ventures.