In this chapter we shall discuss concept of entrepreneurship and innovation, evolution of entrepreneurship in Kenya, the concept of entrepreneurship culture, the entrepreneurial cultural practices in Kenya, various theories of entrepreneurship and the role of entrepreneurship in economic development.
By the of the course the learner should be able to explain the attributes of entrepreneurs and entrepreneurial careers,
Specifically the learner should be to:
- Define and explain the basic terminologies used in entrepreneurship.
- Explain the concept of entrepreneurship and innovation
- Explain the evolution of entrepreneurship in Kenya
- Explain the concept of entrepreneurship culture
- Discuss the entrepreneurial cultural practices in Kenya
- Explain various theories of entrepreneurship
- Discuss role of entrepreneurship in economic development
1.1.1 Definition of Entrepreneurship and Entrepreneurs
Definition an entrepreneur
- An entrepreneur is basically a person who identifies a business opportunity, harshness and obtains the resources necessary to initiate a successful basis activity.
- The entrepreneur implements the idea
- Undertakes to operate the business
- An entrepreneur is therefore a central key individual in the society who makes things happens for economic development.
- In the broader sense entrepreneurship refers to the means of stimulating innovative and creative undertakings for a better business community or world.
- Entrepreneurship if French world meaning to undertake and focuses on a business enterprise
- Entrepreneurship can exist in any situation – therefore it is the creation of values through establishing a business enterprise.
- Entrepreneurship means having an idea of ones own and trying to implement the idea to create values on it.
- Entrepreneurship is a term which encompasses what entrepreneurs do i.e
Identifying a business opportunity of a particular demand
Look at the opportunity as a process of creating, something that did not exist.
Constantly searching/ harnessing ones environment and resources to implement the activities.
Creating a totally new product and using it in as new.
- Entrepreneurship there is the practice at starting of a new business or revitalizing existing businesses in response to identifying opportunities.
1.1.2 Types of Entrepreneurs
Exploits and utilizes personal skills to start a business without thinking of its growth or the expansion objectives
Often times than in this type of entrepreneurship
- There is no expanding even after along time
- It is not business expansion oriented.
- The skills can be technical skills, professional skill e.t.c
- This is a person who starts a business, acts as a manager and with a view to expand the business to maximum.
- He might not have the sill to profession but he has the opportunity to start and direct others.
- He sees beyond and has abilities to initiate and venture into business that will expand and grow.
- He is innovative I,e somebody able to delegate activities to others , ready and able to see, scan the environment.