Finals: ELEC
• derived from a word 'motive'
• defined as a state of our inner mind that moves or activates
motivation
3 essential elements of the process
motive
behavior
goal
a theory which is classified into sequential priority from lower to higher order
Maslow's Need Hierarchy Theory
it is a physical requirements for human survival (e.g. air, water, food)
physiological needs
if physical requirements were satisfied, the demands of safety and security become also salient (needed) (e.g. house)
safety needs
if physical & security needs are satisfied, the level of human need is social and involves feelings of belongness (e.g family, friends and relationship)
love and belongingness
it is the 4th level of hierarchy needs, prestige and thw feeling of accomplishment
esteem needs
it is the highest level of hierarchy needs, this level desires to accomplish everything that one can, to become the most that one can be
self-actualization needs
motivation that drives people to engage in entrepreneurship
money
flexibility
control
teamwork
legacy
motivation:
• financial independence
• reinvest for growth
money
motivation: offers freedom/able to control things at the same time
flexibility
motivation: a powerful motivation
• take calculated risk
• innovate and adapt
control
motivation: working with other people
• finish task immediately
• brings creativity
teamwork
motivation: taps into a deep desire to creat long lasting beyond their own lifetime
legacy
is a driver of the employee to work well in the company
internal environment
internal environment
optimism
positive attitude
self-motivation
enthusiasm
commitment
education
background
finance
external environment
influence
resources availability
product's demand
government policies
availability of information
technological advancement
changing taste and preference
having a positive mindset to get motivated
optimism
an essential factor that can lead to develop; constructive thinking, encourage you them to become influential entrepreneurship
positive attitude
most successful and influential entrepreneurs are self-motivated
self-motivation
motivates in finding better solutions
enthusiasm
motivation: commitment or strong responsibility
commitment
most crucial factor it motivates to innovate & create new products (diploma)
education
family, and occupational background (diskarte)
background
a scarce resources
finance
the influence of family members, friends and society
influence
availability of resources; land, labor, money, machinery, and materials
availability of resources
a high demand of tangible goods motivates entrepreneurs to produce innovation and brings value-added
product's demand
subsidies and benefits motivate entrepreneurs to produce or encourage everyone to become entrepreneurs
government policies
market knowledge; if you have much info, it creates interest
availability of information
transforms ideas into products
technological advancement
changing tastes of customers creates a chance to produce more or generate substitute to still satisfy customers
changing tastes and preferences
is a complex method of generating incremental wealth and innovating
entrepreneurship
9 importance of entrepreneurship
growth
creation of job
innovation
impact of community
consequences of failure
political and economic integration
spawns entrepreneurship
enhances standard living
promotes research and development
it is about helping the society by putting out an idea into work
stages
recognizes and analyze business possiblities
entrepreneur
asking several questions (was it worth the risk?)
evaluation
most important step; builds business plan; assessment of criteria and are set of goals
developing plans
the sources of financing and human where cn be managed; tries to find investors to support product launching
resources
operation to accomplish goals
managing
the last step of process; where entrepreneurs development of the business
harvesting
EDP
entrepreneurship development program
defined as a programme designed to help individual improving his/her entrepreneurial motive
EDP
strategies
process which enhances the knowledge, motivation & skills
process in which instills behavior in our minds
process of potential entrepreneurs can develop and set up their own empires
entrepreneurship help economic by:
create job opportunities
helps achieving beand regional development
prevent insdustrial slums
use of local resources
easing local tension
economic development
improve standard living
helps in overall development of the nation
SME's
small and meduim enterprises
MSME'a
micro, small and medium enterprises
"by 2025, ASEAN shall create globally competitive, resilient and innovative SME's seamlessly integrated to ASEAN communityand inclusive development in the region"
mission
"globally competitive and innovative MSME's"
vision
entrepreneurial structure
employee—entrepreneur—employee
decisions are often made by entrepreneurs
advantage of entrepreneurial structure
workload issue
disadvantage of entrepreneurial structure
it describes various division and department, of the managers’ position, the hierarchy and subordinates
structure
is an idea or plan that is intended to be carried out; a mission that is designed to achive
project
is the first step of any project cycle
project identification
is a concept that can be used for financial gain that is usually centered on a product
business ideas
sources of business ideas
interest/hobbies
customer surveys
brainstorming ideas
frannchise
mass media
personal experience
trade fair and exhibits
steps in idea generation
idea selection
scrunity of all aspects
feedback
feedback reaction
basic version of product
hitting and knowing the market
go for a test drive
corrections and improvement
growth planning
time to expand