1. ENTREPRENEURSHIP CLASS
ENTREPRENEURSHIP AND INNOVATION
BY: ANTHONY MOONGA
MOBILE:

2. ENTREPRENEURSHIP CLASS
INTRODUCTION TO ENTREPRENEURSHIP AND INNOVATION

3. 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

4. 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

5. 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

6. 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

7. 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

8. 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

9. 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.

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

11. 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.

12. 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.

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

14. 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.

15. 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

16. 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

17. 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.

18. 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.

19. 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.

20. 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.

21. 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

22. 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

23. WHAT IS TRIGGERING ENTREPRENEURSHIP?

24. 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

25. 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

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

27. 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

28. 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.

29. 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.

30. 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.

31. 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.

32. 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

33. 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

34. 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.

35. 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

36. 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

37. 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

38. 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.

39. 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.

40. 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.

41. 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

42. Thank you