what is entrepreneurship?. many believe that spurring development through entrepreneurship may be...

What is Entrepreneurship?

Many believe that spurring development through entrepreneurship may be the solution for some countries development challenges.

Stimulating entrepreneurship serves to strengthen economic growth. The formation of new businesses leads to job creation, which aids in raising the living standards of the poor and previously unemployed.

Defining ‘entrepreneurship’

Entrepreneurship can best be understood as the art of being an ‘entrepreneur’.

Definition of ‘entrepreneur’

Someone who starts and runs a new business.

– The entrepreneur develops an idea and sources the required resources (eg. the people, finance, raw materials) to turn the idea into a viable business.

– This business can come from a new idea, product or service or may even build on an already existing product or service.

Do you know of any entrepreneurs in your community? What types of businesses have they opened?

Here are some characteristics that are often associated with entrepreneurs:

Let us define some of these characteristics:

Visionary:

Innovative:

Problem Solver:

Leader:

Knowledgeable:

Risk Taker:


Visionary: A person with original ideas about what the future will or could be like

Innovative:

Problem Solver:

Leader:

Knowledgeable:

Risk Taker:



Innovative: A person who introduces new ideas; they are original and creative in thinking

Problem Solver:

Leader:

Knowledgeable:

Risk Taker:




Problem Solver: A person who focuses on an issues and tries to achieve a solution

Leader:

Knowledgeable:

Risk Taker:





Leader: A person who leads or commands a group, organization, or country

Knowledgeable:

Risk Taker:






Knowledgeable: A person who is intelligent and well informed

Risk Taker:






Knowledgeable: A person who is intelligent and well informed

Risk Taker: A person who exposes themselves to potential loss in the hope of gain or excitement

Watch this video about Adenike Ogunlesi (owner of Ruff ‘n Tumble) and answer the

questions that follow.

http://www.youtube.com/watch?v=jLtaW7-mcak

Opportunity Spotter

• What opportunity was Adenike Ogunlesi able to spot and capitalise on? And what current opportunities has she identified to improve her business?

Visionary

• How does Ruff n Tumble’s mission statement show that Adenike Ogunlesi is a visionary?

Knowledgeable

• How did Adenike Ogunlesi seek to make herself more knowledgeable about business and the industry she works in?

Problem Solver

• What are some of the challenges that Adenike Ogunlesi has identified as facing her business?

Leader

• In what ways does Adenike Ogunlesi show that she is a leader?

Impact

• Describe the impact that Adenike Ogunlesi’s business has had for individuals in her community?

Risk Taker

• What are some of the risks that Adenike Ogunlesi has had to take to ensure that her business is a success?

Do you think that you have what it takes?

We have covered some of the main characteristics that are displayed by most entrepreneurs. Do any of these characteristics hold true for you?

Once you are at home, take time to think about some of the characteristics that you possess that might make you a great entrepreneur.

Also make sure to attend more events and training sessions that will be led by African Innovation Prize.

If you believe that you have what it takes to be a great entrepreneur, this is your opportunity to begin your journey and start your own enterprise!

You have a dream. Make it happen.

The African Innovation Prize

You have a dream. Make it happen.

www.africaninnovationprize.org

What is the African Innovation Prize?

The African Innovation Prize (AIP) is a charity which encourages student enterprise and innovation in Africa.

We aim to help African students to DREAM, DESIGN and DEDICATE themselves to their business ideas. We inspire and support university entrepreneurship across Africa by providing a world-class business plan competition, supported by focused training and mentoring tailored for students.

By providing inspiration, entrepreneurship training and startup funding to student enterprises, the AIP empowers future African business leaders to launch their innovative business ideas, supported by mentors and a network of peers.

Why?

Youth unemployment and under-development of the private sector are two key problems facing many African countries, and are closely linked to a country’s capacity for economic growth.

We believe that innovation and responsible business are crucial for sustainable growth and development in Africa. High-potential students are best-placed to be the originators of these ideas, and founders and leaders of these enterprises.

Where do we operate?

Who is behind it?

AIP is a registered charity in England and Wales (No. 1146881), founded by University of Cambridge students from business and development backgrounds.

Following an inspirational lecture delivered by Rwandan President Paul Kagame in December 2008 at Cambridge University, during which the President invited his audience to visit his country, three students decided to start a charity which aims to encourage entrepreneurship and self-sustainability through economic development in Africa.

Our sponsors

De La Rue is a world expert in the delivery and management of secure government identity programmes, systems and solutions.

De La Rue has been working in Rwanda for over ten years and already delivers its passport, ID card, driving license and supporting systems, and is currently working on the introduction of an integrated eID card for the Government, the latest phase of the Rwandan National ID project.

The Segal Family Foundation works to improve people’s lives through improving capabilities and helping people assume greater responsibility for their quality of life. The Foundation supports local effective charitable solutions through direct investments, with a focus on Sub-Saharan Africa.

How it works

Dream – Idea Challenge1 March – 31 March

Design – Business Plan Challenge1 May – 15 June

Dedicate – Business BootcampJuly

Students create a business idea and submit a 250 word summary. The three best ideas in each university win

GBP£200/RWF201,294/1.3million SLL

Students create and submit a full business plan in under 1500 word. The one best plan in each university win

GBP£2000/RWF2,012,941/13million SLL

This will help competition students to develop their dreams into full fledged businesses.

Key events for your diary

Pre-competition

Dream

Design

What is Entrepreneurship?23.01.13

How to create a Business Idea06.03.13

How to create a Business PlanTBC MAY

Find out more and get involved

Visit www.africaninnovationprize.org, where you can find out more, contact us, and access resources from the competition and training sessions. Also:

Follow the AIP blog

Join the African Innovation Prize Facebook page

Follow African Innovation Prize on Twitter

what is entrepreneurship?. many believe that spurring development through entrepreneurship may be...

Documents

original ideas

new ideas

thinking problem solver

solution leader

informed risk taker

country knowledgeable

formation of new businesses

viable business