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TP 1: Technopreneurship
Module 2: Concept of Entrepreneurship
Introduction
➢ The concept of entrepreneurship is elusive. It is difficult to define and takes various meanings as it is
viewed differently by different scholars with regard to the context it is employed for. For example, the
psychologist (behaviorist) see it as “the need for achievement, perceived locus of control, and risk-taking
propensity”.
➢ The economist looks at it as bringing together the factors of production (land, labour, capital, and
entrepreneur) and bearing the risk of buying at a certain price and selling at uncertain prices. While the
sociologist views it as the ability to recognize and act upon market opportunities in order to provide social
services. Neither of these approaches is sound and all-embracing because each focuses upon some
aspects of entrepreneurship and leaves some untouched.
Four different definitions of term Entrepreneurship
➢ Entrepreneurship is the willingness and ability of an individual to seek out investment opportunities in an
environment and be able to establish and run an enterprise successfully.
➢ Entrepreneurship education is seen as the process of creating something different with value by devoting
the necessary time and effort, assuming the accompanying financial, psychological, and social risk, and
receiving the resulting rewards of monetary and personal satisfaction.
➢ Entrepreneurship is viewed as an attempt to create value through recognition of business opportunities,
communicative, and management skills to mobilize human, financial and material resources necessary to
bring a project to function.
➢ Entrepreneurship is the process of identifying, developing, and bringing a vision to life. The vision may be
an innovative idea, an opportunity, or simply a better way to do something. The end result of this process
is the creation of a new venture, formed under conditions of risk and considerable uncertainty.
What is an Entrepreneur?
➢ An entrepreneur is someone who assumes the financial risk of beginning and managing a new venture.
➢ Is an innovator who implements change within the market by carrying out new combinations.
Type of Entrepreneurs
➢ Craftsman entrepreneurs: These are artisans who possess manual dexterity (skills, techniques, and
expertise) to provide service or product directly to the market. They are small business owners and self-
employed persons. Their technical know-how or skills is seen as a result of training in vocational or
technical centres/schools. They are found in business like joinery, carpentry, hairdressing, tailoring,
welding, and electronics repairs work, among others. They desire autonomy.
➢ Promoters: These are also called traditional entrepreneurs. They establish, grow, develop, and sell
different business or business ideas in the pursuit of profits. They usually initiate an idea, develop it, and
later relinquish it for profit.
➢ Opportunist entrepreneurs: They have a structural approach to establishing an enterprise, i.e. they start a
small business, nurse, and expand it to transform it into a big/large-scale enterprise. They are
professional, versatile, educated, and experienced. Their primary concern is in the production, sales,
marketing, and financial control of the industrial setting. They are skilled in the management of both
human and material resources, earn high social status due to successful business management, and are
thus highly paid. These categories of entrepreneurs are also known as managerial entrepreneurs.
Key aspects of entrepreneurship
➢ Innovation: Entrepreneurs often introduce new products, services, or processes to the market. They are
creative and seek to address unmet needs or improve existing solutions.
