Entrepreneurial values

Date : 6.5.2020
Sub  : Entrepreneurship
Day  : 3
Time : 7.30am -8.10am 
Period : 1
Class    : 11

Learning Outcome

• Meaning of values 
• Meaning of Entrepreneurial values 
• Core values 

A very good morning students 

Thankyou for logging in

We continue with the 2nd chapter 

Today we will be learning about what Values an Entrepreneur should posses

Let us begin our topic

VALUES: Values determine what people consider to be good or bad for a civilised society.

Example- Honesty, truthfulness, etc

ENTREPRENEURIAL VALUES: 

Personal values that an entrepreneur needs are attributes such as honesty, passion, determination, and confidence. No one likes to do business with people that are arrogant, selfish, dismissive and egotistic. Any business venture is a reflection of the entrepreneur's personal values.

Some research studies have revealed 4 core values that are generally possessed by dynamic entrepreneurs 

1. Innovation and Creativity
2. Independence or Self Reliance
3. Respect for work
4. Quest for outstanding performance 

Let us discuss them one by one

1. Innovation and Creativity : When entrepreneurs solve a society problem by coming out with creative ideas, new products, services, processes,etc they are guided by these values.

Creativity is the ability to see new ways of doing things.

Innovativeness is the ability to make it work in practise.

Example - We know that hair oil was first available only in tins but introducing them in small plastic packs to make it more convenient for customers is called innovativeness.

2. Independence or Ownership ( Self Reliance) : An entrepreneur is driven by his passion to achieve his goal with a clear vision.

They get great satisfaction in their sense of Independence or Ownership.

Example- to understand the above open to your book on page 30 and read about the village boy who could not clear his IAS exam.

3. Respect for work : They have great respect for work.They believe that they can achieve anything with hard work.

This value provides goal direction which encourages them to chase a career in which rewards and incentives are linked to hard work.

4. Quest for outstanding performance : Entrepreneurs are driven by quest for outstanding performance. It means that an entrepreneur shoud be driven by excellence inhis work.Means that what ever he does shoul be extraordinary.He should always try to give his best effort in his business

Example- Steve jobs is one example we can use who always wanted to give his best in whatever venture he took uo.

Please go through page 30 to understand the example better.

Please go through the video link to understand the topic better.

https://www.youtube.com/watch?v=2lTF8ezKzPw

Your assignment

1 Define values and Entrepreneurial values

2 Differentiate between Value and Entrtepreneurial value( 1 example)

3.When they come out with creative ideas they are guided by _________ and _________

4. _______________  is the ability of doing things in new ways

5. The ability to make the idea work is called ____________

6. A mission concept  is which value of an entrepreneur ___________

7.Successful entrepreneurs belive that they can achieve anything through ___________

8. ___________ entrepreneurs are guided by the value of outstanding performance.