ENTREPRENEURSHIP CLASS

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Presentation transcript:

ENTREPRENEURSHIP CLASS ENTREPRENEURSHIP AND INNOVATION BY: ANTHONY MOONGA MOBILE: 0977- 808172

ENTREPRENEURSHIP CLASS INTRODUCTION TO ENTREPRENEURSHIP AND INNOVATION

INTRODUCTION In order to have stable, sustainable and regular sources of income to sustain their livelihoods and those of their families, people world over need to work hard. This can be done by; Wage employment Self- employment Both wage employment and Self employment Therefore, there are basically three types of employment

WAGE OR SEL-EMPLOYMENT: A CHALLENGING CAREER CHOICE # Concept Wage Employment Self-Employment 1 Nature Self- Saturating Self-generating 2 Scope Limited Unlimited 3 Orientation Routine type, status quo, problem solving avoiding, dependent Creative, innovative, problem solving, independent 4 Satisfaction Through compliance Through pursing own ideas and creativity 5 Contribution Usually consumes national wealth, e.g Parastatals Generates National wealth 6 Earnings Fixed, subsistence Potential large earning, Growing and generating surplus 7 Status Employee/Servants Employer/ Master

ADVANTAGES AND DISADVANTAGES OF WAGE EMPLOYMENT Specific or fixed responsibility Stead income Fringe benefits Fixed hours of work More certain future Span of control Minimal risks Pension/source of capital Base for gaining skills

ADVANTAGES AND DISADVANTAGES OF WAGE EMPLOYMENT Ability not easily recognised Follows order Low and Set income Limited responsibility Difficult to implement own ideas Dependent on the employers

ADVANTAGES AND DISADVANTAGES OF SELF-EMPLOYMENT Leads rather than follows Easy to implement own ideas Creativity Potential income is unlimited Independence Controls work environment Takes initiative and risks Gives orders to others

ADVANTAGES AND DISADVANTAGES OF SELF-EMPLOYMENT Long irregular working hours Broad and many responsibilities Must take risks No fringe benefits Always involved in almost all decisions eg, finance, marketing etc Uncertain future Hard to delegate tasks Learning never ends

WHAT IS ENTREPRENEURSHIP? Entrepreneurship is the art of creating or developing a business through innovation, creativity, progressive imagination and risk taking initiative, or Entrepreneurship is the art identifying viable business opportunities and mobilizing resources to convert those opportunities into a successful enterprise through creativity, innovation, risk taking and progress imagination.

WHAT IS ENTREPRENEURSHIP? The key words in most definitions are; Art, Development, Innovation, Creativity, Progressive imagination Risk taking

WHAT IS ENTREPRENEURSHIP? Entrepreneurship is premised on the understanding that ideas are more important than MONEY. An entrepreneur without any money at all, will use ideas and/or his progressive imagination to make money, whilst a person with huge sums of money but without sound entrepreneurial ideas will eventually misuse or lose that money.

WHO IS AN ENTREPRENEUR? Entrepreneur is a derived name from the French work “entreprendre” ie “entre (to enter) and “prendre”(to take), and in a general sense, applies to any person starting a new project or trying a new opportunity An entrepreneur is a person motivated by a strong desire to achieve positive and sustainable business results through hard work, risk taking abilities, determination and generation of progressive ideas.

CREATIVITY AND INNOVATION What is creativity? Creativity is the ability to develop new ideas and discover new ways of looking at problems and opportunities.

CREATIVITY AND INNOVATION What is innovation? Innovation is the ability to apply creative solutions to those problems and opportunities to enhance or enrich people’s lives. Harvard’ Ted Lett says that creativity is thinking new things and innovation is doing new things.

Barrier to creativity and innovation Fear of mistakes and failure Focusing on being logical Blindly following the rule Avoiding ambiguity Fear of looking foolish Searching for one right answer Being over specialised Believing that you are creative and innovate when in fact not

How to enhance creativity and innovation Including creativity and Innovation as a core company value Rewarding and supporting creativity and innovation Viewing problems as challenges Developing procedures for capturing new ideas Talking to customers Embracing diversity Expecting creativity and innovation and tolerating curiosity Creating a change of scenery periodically

TYPES OF ENTREPRENEURS Pushed Entrepreneur When Entrepreneurship is as a result of a response to a crisis situation, such as high unemployment and/or deprivation of a social or economic nature then it is said to be Pushed Entrepreneurship.

TYPES OF ENTREPRENEURS Pulled Entrepreneur On the other hand, when Entrepreneurship is as a result of a market opportunity that has occurred or the existence of successful entrepreneurs as role models, then it is said to be Pulled Entrepreneurship.

Pushed and Pulled Entrepreneurship Compared Pushed Entrepreneurship Pulled Entrepreneurship Being pushed to start a business after being dismissed from your job or getting retrenched Being attracted to start your own business because you desire to earn more income than what you earn from your employers Being pushed to start a business after the company you were working for, has been closed Being attracted to start your own business upon seeing how successful your role model or an entrepreneur that you know, has become Being pushed to start a business after the death of your parent/guardian who was fending for you Being attracted to start your own business in your quest to lead your own independent lifestyle and become your own boss Being pushed to start a business upon your graduation from college or university due to failure to get a job on the labour market (high unemployment levels in the country) Being attracted to start your own business upon identifying viable market opportunities.

INTRA-PRENEURSHIP? Intrapreneurship also known as Corporate Entrepreneurship refers to situations where top Management run the companies with a lot of entrepreneurial qualities and flair as though those companies were their personal enterprises. They use leadership styles and make decisions based on sound entrepreneurial attributes and behaviours.

TECHNO-PRENEURSHIP Techno-preneurship is the art of using or taking advantage of the constantly advancing technology or State-of-the-Art technology to create new entrepreneurial and innovative business enterprises. In Zambia, for instance, we have witnessed the emergency of several state-of-the-Art based ventures such as money transfer facilities like Zoona, swift cash, Airtel money, MTN Mobile money transfer etc or in the banking sector where we have internet banking, ATM banking, e-wallet (FNB), Xapit (ZANACO) etc

THE ENTREPRENEURIAL PROCESS The Entrepreneurial Process may be viewed and summarised to have the following fundamental steps:- The existence of entrepreneurs  Their (entrepreneurs) constant search for business opportunities Their abilities to marshal or assemble required resources Their prompt creation of business ventures usually under conditions of creativity, innovation, risk and uncertainty. The eventual exploitation and utilization of the identified opportunities

WHAT IS TRIGGERING ENTREPRENEURSHIP?

TRIGGERS OF ENTREPRENEURSHIP The forces that are driving and triggering Entrepreneurship include the following:- Entrepreneurs are viewed as heroes, successful people and role models in Society Entrepreneurial Education and awareness campaigns High Unemployment Levels The booming Service and Trading Sectors of the Economy

TRIGGERS OF ENTREPRENEURSHIP The forces that are driving and triggering Entrepreneurship include the following:- Technological Advancement Growing desire for independent lifestyles E-commerce and the World Wide Web (WWW) International Business Opportunities

Causes of Failure in Entrepreneurship i) Management incompetence ii) Lack of experience in the business concerned iii) Poor financial and inventory control Misappropriation

Causes of Failure in Entrepreneurship iv) Failure to develop a strategic plan v) Uncontrolled growth vi) Poor location of the business vii) Incorrect pricing viii) Inability to find effective markets

How to Avoid the Pitfalls in entrepreneurship Know your business in depth Develop a solid business plan and a realistic achievement budget for your business Manage financial resources by banking all the money from the sale; making payments prudently through the bank and mostly on what is budgeted and making regular bank reconciliations.

How to Avoid the Pitfalls in entrepreneurship Understand and interpret financial statements Learn to manage people effectively by making them feel to be part of the business but control, direct, coordinate, organize the activities firmly.

How to Avoid the Pitfalls in entrepreneurship Be mindful always that as an entrepreneur you are also a manager of the business who is supposed to perform management functions as follows: a) Organising (b) Coordinating (c) Controlling (d) directing the business activities almost on daily basis.

PROTECTING YOUR INNOVATIVE BUSINESS IDEAS Coming up with an innovation requires a lot of effort such as labour and skill, monetary investment, and time among many others. There is a cost therefore on the part of the inventor and its only fair that the inventor gets a fair return on his innovation and creativity. This can be done by granting the inventor proprietary rights to his invention.

RATIONALE BEHIND PROTECTION OF INNOVATIONS It is generally accepted that the opportunity of acquiring monopoly rights in an invention stimulates technical progress in at least five ways; It encourages research and development It induces an inventor to disclose his discoveries instead of keeping it a secret It offers a reward for the expense of developing inventions to the Owner and to the State in terms of taxes, registration fees etc It provides an inducement to invest capital in new lines of production It promotes economic development through new inventions

PROTECTING YOUR INNOVATIVE BUSINESS IDEAS WAYS OF PROTECTING BUSINESS INNOVATIONS There are basically four main ways of protecting Business innovations. These include registering; Patents Trade Marks Copyright Design

PROTECTING YOUR INNOVATIVE BUSINESS IDEAS Patent A patent is an exclusive right granted for an invention, which is a product that provides a new way of doing something or offers a new technical solution to a problem. It provides protection for the invention to the owner of the patent. It is a grant from the Registrar of Companies such as PACRA in Zambia to the inventor of a product/service, giving the inventor the exclusive right to make use or sell the invention in the nation or world for specified years from the date of filling the patent application. According to the Patents Act Chapter 400 of the Laws of Zambia Section 29, a patent is given for a fixed period of time of sixteen(16) years.

It must involve an inventive step Patentability An invention must satisfy four(4) eligibility requirements in order to qualify for patent protection. These are; It must be new or novel It must involve an inventive step It must be capable of industrial application It must fall within the patentable subject matter

PROTECTING YOUR INNOVATIVE BUSINESS IDEAS Trade Mark Is any distinctive word, phrase, symbol, decision, design, Name logo, slogan or trade dress that a business which is registered uses to identify the origin of a product or to distinguish it from other good on the market. It is an integral part of the consumer society, enabling customers to distinguish one product from another and to choose between competing brands

PROTECTING YOUR INNOVATIVE BUSINESS IDEAS Trade Mark Registration A Trade Mark must satisfy certain eligibility requirements in order to qualify for registration. These include; It must be very distinctive It must not be descriptive It must not be a generic term It must not be a deceptive marks It must not be offensive to public morality The registration of a Trade Mark shall be for a period of seven (7) years, but may be renewed from time to time

PROTECTING YOUR INNOVATIVE BUSINESS IDEAS Copyright A copyright is an exclusionary right that conveys to its owner the right to prevent others from copying, selling, performing, displaying, or making derivative versions of a work of authorship. The following is the list the types of works that can be copyrighted; (a) original literary, musical, artistic works and computer programmes (b) compilations (c) Audiovisual works (d) Sound recordings (e) Broadcasts (f) Cable programmes and (g) Typographical arrangements of published editions of literary works.

Registration of Copyright Copyright differs from other forms of intellectual property in that there is no system of registration and protection arises as soon as a work is created. The fundamental criterion for copyright protection is that the work must be original and embodied in permanent form. There can be no copyright protection in an idea which is merely in the head, which has not been expressed in copyrightable form as a literary, dramatic, musical or artistic work. The duration of the copy right is fifty years after the author dies or fifty years from the end of the calendar year in which the work was made and twenty five years in the case of typographical arrangements.

PROTECTING YOUR INNOVATIVE BUSINESS IDEAS Designs Designs as concerned with the appearance of products, that is, with how things look. What is protected is not the underlying article (which may be an everyday item such as a tea- pot), but the design features which have been applied to it.

PROTECTING YOUR INNOVATIVE BUSINESS IDEAS Designs Registration Requirement Designs must meet the following criteria in order to qualify for registration It must have features of shape, configuration, pattern or ornament, It must be new or original It must be of industrial application It must appeal to the eye Designs are registered for five years and renewable there after

Thank you