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Development of Entrepreneurial Mindset
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Farmer's Agribusiness Training by United States International University is licensed under a Creative Commons Attribution 3.0 Unported License. Based on a work at www.oerafrica.org
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LESSON
DEVELOPMENT OF
ENTREPRENEURIAL MIND SET
Understanding the entrepreneurial perspective. Understand the role of entrepreneurship in economic development. Identifying sources of ideas for new agricultural ventures. Understanding methods for generating new agricultural venture ideas
See this case study video on the course CD ROM section under Resource Index | Module 3 | Lesson 1
1 hour 36 minutes
MODULE 3
Entrepreneurship
TIME:
OUTCOMES: :
Kenya is a developing country and like most developing countries it is faced with a high rate of unemployment. Engaging in small scale enterprises has been seen as the best way to create more jobs and thus create more employment. Starting a business requires an enterprising mind, a mind that is able to notice business opportunities and exploit them. Mwalimu Njuguna’s case demonstrates how an individual can develop an entrepreneurial mind set.
INTRODUCTION:
:
Gidraph J Nduati
AUTHOR:
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See Feedback section at the end of this lesson for answers and comments about Activity 2
The Role of
Entrepreneurship in Economic Development
Small scale businesses play a big role in economic development. They support the
economy in these ways:
Creation of employment: the economic activities of small scale businesses require people, hence the entrepreneur will create work for other people. Raising living standards: the entrepreneur, as well as his/her management and workers, will receive income generated from the economic activities and thus will be able to enjoy more goods and services. Provision of goods and services: the entrepreneur will produce agricultural products such as milk, produced by Mwalimu Njuguna; he/she will also provide services to the customers such as delivering milk to them. Contribution to savings for further investment: the economic activities will create higher incomes and hence the entrepreneur will save some money and the savings will be available for investment.
In reference to Mwalimu Njuguna’s case, outline the ways in which the small scale dairy farm has contributed to economic development.
Activity 2
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Sources of
Ideas for New Agricultural Ventures
Ideas are the building blocks in the establishment of new small scale agricultural
ventures. Ideas rarely just pop into your head. You need to cultivate the skill of
developing them. There are various strategies and sources you can use to develop
entrepreneurial ideas:
Keep an idea files or a note book: record any new business idea that comes to your mind as and when you encounter it. Newspapers and Magazines: read newspapers and magazines regularly and cut out and keep any interesting business ideas. Trade journals: identify business journals to which you can subscribe. Friends, family members and relatives: discuss your business ideas with them and allow their perspective to develop the idea further. Interact with other entrepreneurs: evaluate their businesses to see which ideas could work in your case.
Work in groups of five and brainstorm around these issues:
Activity 3
Dweinberger CC: BY NC SA
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Conclusion
Summary
In this lesson we have discussed how you can develop an entrepreneurial mind and we have learnt how Mwalimu Njuguna developed the ideas to start his small scale dairy farm. Some say entrepreneurs are born and this is true to an extent. Some people identify new business opportunities almost innately. It is, however, possible to coach yourself with a little guidance to become entrepreneurial. Hopefully, the following lessons will help in this regard.
In this lesson we have learnt that entrepreneurship plays an important role in economic development. Namely:
creating employment; raising living standards; increasing national savings reserves and the provision of goods and services.
We have also seen that the following strategies and sources are good when identifying a business idea:
Keep an idea files or note book. Read newspapers and magazines. Subscribe to trade journals. Talk to friends, family members. Interact with other entrepreneurs.
To develop the idea further it was advised that you,
Read widely on your idea. Discuss your idea with friends and family. Research the details on your idea. Test ideas on a limited scale.
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Glossary
Entrepreneur An entrepreneur is a person who has possession of a new enterprise, venture or idea and is accountable for the inherent risks and the outcome. http://en.wikipedia.org/wiki/Entrepreneur
Entrepreneurial venture A business idea that has evolved into a real business
Entrepreneurial opportunities These are potential areas within the economy that with some resources, insight and effort could develop into a profitable business.
Venture capital Venture capital (VC) is financial capital provided to early-stage, high-potential, growth startup companies. http://en.wikipedia.org/wiki/Venture_capital
