entrepreneurship skills notes

1. LESSON FIVE
Categories of entrepreneurs continued
Technopreneurship is a combination of “technology” and “entrepreneur”. It is a
“technology innovator and business man rolled into one”; or better still “an entrepreneur
whose business involves technology related activities”.
They are indeed gifted, smart, creative, but not essentially properly educated; aggressive
young men & women passionate for success; mostly assemblers and at times innovators,
and they can be found in most commercial cities in the world.
They include: - Software Developers - PC Manufactures among others. The Asian
experience of Technopreneurship success includes India where the Indian Ministry of
Science & Technology in conjunction with related agencies launched a novel programme
known as “Technopreneur Promotion Programme (TePP)”.
Other Categories of Entrepreneurs:
A. First-Generation Entrepreneurs:
 This category consists of those entrepreneurs whose parents or family had not
been into business and was into salaried service.
 The booming economy of India has led to a multitude of business opportunities,
and with deregulation, it has become easier to set up businesses. Also, with a change in
the mindset of the middle class, it is now more acceptable to become an entrepreneur.
 A first-generation entrepreneur is one who starts an industrial unit by means of
an innovative skill.
 He is essentially an innovator, combining different technologies to produce a
marketable product or service.
B. Modern Entrepreneur:
A modern entrepreneur is one who undertakes those businesses which go well along
with the changing scenario in the market and suits the current marketing needs.
C. Women Entrepreneurs:
Women as entrepreneurs have been a recent phenomenon in kenya. The social norms in
kenya had made it difficult for women to have a professional life. Now this has changed.
Progressive laws and other incentives have also boosted the presence of women in
entrepreneurial activity in diverse fields.
In 1988, for the first time, the definition of Women Entrepreneurs’ enterprise was evolved
that termed an SSI unit/industry-related service or business enterprise, managed by one
or more women entrepreneurs in proprietary concerns, or in which she/they
individually or jointly have a share capital of not less than 51 per cent as partners /

2. shareholders / directors of a private limited company / members of a cooperative
society, as a Woman Enterprise.
D. Nascent Entrepreneur:
A nascent entrepreneur is an individual who is in the process of starting a new business.
E. Habitual Entrepreneur:
A habitual entrepreneur is an individual who has prior business ownership experience.
The nascent entrepreneur can either be a novice or a habitual entrepreneur.
F. Lifestyle Entrepreneurs:
Lifestyle entrepreneurs have developed an enterprise that fits their individual
circumstances and style of life.
Their basic intention is to ear an income for themselves and their families.
G. Copreneurs:
It is related to the married couples working together in a business. When a married couple
share ownership, commitment and responsibility for a’ business, they are called
“copreneurs”.
As copreneurs, couples struggle in ventures to establish equality in their relationships.
Such couples represent the dynamic interaction of the systems of love and work.
Economic systems and Entrepreneurship
The economic systems can be broadly divided into three groups:
i) Capitalism
ii) Socialism
iii) Mixed economy
 In a capitalism system, there is freedom to invest and there is healthy competition
between investors with no government interference, and there is consumer
sovereinity
 In a socialism system, resources are owned communally and there is government
interference in the ownership of resources and the way of doing business
 Mixed economic system has some characteristics of both capitalism and socialism i.e
there is some freedom in regard to ownership of resources with some intervention by
the government
Role of entrepreneur in capitalism economic system
The entrepreneur determines:
 How much to produce
 Where to produce

3.  How to produce
 For whom
 At what price depending on the demand and supply
Role of entrepreneur in a socialism economic system
 The entrepreneur have no role especially in large enterprises of national
importance, this is because, in a socialist economy, the government plays an
important role in economic activities. Almost all industries are owned by the
government
 Enterprises are run for national interest or for social interest and not for profit
motive
Role of entrepreneur in mixed economic system
In mixed economy, the ownership and management of some industries, especially of
national importance is with the government. In other words, certain industries are
reserved for public sectors and the other industries are open for private sector.
The entrepreneurs in mixed economy can play an important role in the following
areas:
- Regional development
- General employment
- Contribution to social development
- Export trade
- Technological development
- Research and development
Summary of obstacles inhibiting Entrepreneurship
i) Lack of sufficient infrastructure and high cost of production
ii) High risk involved in new enterprise
iii) Low status of businessmen in the eyes of public
iv) An unwillingness to devote organizational abilities to business purposes
v) Restrictive effects of customs and tradition
vi) Lack of adequate response to monetary incentives
vii) Changes in administration of law by the government which causes uncertainty
among entrepreneurs’