Esther Duflo, Michael Kremer and Abhijit Banerjee Wins the 2019 Nobel Price In Economics



Esther Duflo Michael Kremer and Abhijit Banerjee Wins the 2019 Nobel Price In Economics

2019 Nobel Prize for economics has been awarded to Esther Duflo Michael Kremer and Abhijit Banerjee , for their contribution and experimental approach to alleviating global poverty, according to the Royal Swedish Academy of Sciences.


This year’s Laureates have introduced a new approach to obtaining reliable answers about the best ways to fight global poverty. It divides this issue into smaller, more manageable lines of enquiry like, for example, formulating the most effective interventions for improving child health, said a statement from the Nobel Committee.

The prize, officially known as the ‘Bank of Sweden Prize in Economic Sciences In Memory Of Alfred Nobel’, wasn’t created by the prize founder, but it is considered to be part of the Nobel stable of awards. The prize was created by Riksbanken, the Swedish central bank, in 1968, and the first winner was selected a year later. So far, 81 Nobel laureates in economic sciences have been awarded. Along with the glory comes a 9-million-kronor ($918,000) cash award, a gold medal and a diploma.

In the mid-1990s, Mr. Kremer and his colleagues demonstrated how powerful an experiment-based approach can be by using field experiments to test a range of interventions that could improve school results in western Kenya. Mr. Banerjee and Ms. Duflo, often with Mr. Kremer, soon performed similar studies of other issues and in other countries, including India. Their experimental research methods now entirely dominate development economics.

The 2019 Economic Sciences Laureates’ research findings have dramatically improved our ability to fight poverty in practice. As a result of one of their studies, more than five million Indian children have benefitted from programmes of remedial tutoring in schools, the statement said.


Over 700 million people still subsist on extremely low incomes. Every year, five million children still die before their fifth birthday, often from diseases that could be prevented or cured with relatively cheap and simple treatments.

Godly Leadership Principles

Godly Leadership Principles

Leadership is very vital to God’s created order, so much so that even animals have a way of choosing leaders among themselves. When you watch wildlife documentaries, you will appreciate how important leadership is in fulfilling God’s *plan* and purpose in the affairs of living creatures, today, we shall be considering leadership from God’s perspective. I believe this will help us to set our priorities in order as we go about our leadership obligations wherever God has placed us, whether in the family, school, church, community of country.

In today’s Bible reading, our Lord Jesus Christ taught godly leadership principles in response to an argument among His disciples on who should be their leader, He also taught them practically with His leadership lifestyle. He specifically said in Luke 22:27, “For whether is greater, he that sitteth at meat, or he that serveth? is not he that sitteth at meat? but I am among you as he that serveth.”

In this verse, the Lord established the principle of leadership by example. It is however amazing that many do not lead by example. Even in the Church today, some leaders demand hero-worships from the flock of Jesus Christ. Many guest ministers dictate the type of *hotel* accommodation their host should provide for them as part of the preconditions for accepting invitations to minister God’s word. Some even have a “price list” stating the honorarium they must receive and the class of flight they must be flown in. Instead of the richer ministers to support the upcoming ones with the wealth of experience they have, they scare them away from partaking of their anointing through the enormous cost of inviting them for ministration.

Some senior pastors are becoming burdensome to junior ones because just one statutory visit from them places unbearable financial obligation on their growing parishes. If the spread of the gospel will not be inhibited, we must go back to the leadership principles of our Lord in John 13:13-15, which says:“ Ye call me Master and Lord: and ye say well; for so I am. If I then, your Lord and Master, have washed your feet; ye also ought to wash one another's feet.For I have given you an example, that ye should do as I have done to you.”

Beloved, only the principle of leadership through service can stand the test of time, even in the political arena. Selfish and self-centered leadership does not endure beyond the ordained tenure of a leader. Let us follow the leadership principles of Jesus Christ, built on love and firmness and devoid of hypocrisy.

MEMORISE
If I then, your Lord and Master, have washed your feet; ye also ought to wash one another's feet. John 13:14

READ
Luke 22:24-27

24 And there was also a strife among them, which of them should be accounted the greatest.

25 And he said unto them, The kings of the Gentiles exercise lordship over them; and they that exercise authority upon them are called benefactors.

26 But ye shall not be so: but he that is greatest among you, let him be as the younger; and he that is chief, as he that doth serve.

27 For whether is greater, he that sitteth at meat, or he that serveth? is not he that sitteth at meat? but I am among you as he that serveth.


PRAYER POINT
Father, impart in me the leadership traits of Jesus Christ my Lord.

BIBLE IN ONE YEAR
2 Chronicle 19-20
Revelation 14:14-15:8


HYMN 3
I HAVE DECIDED TO FOLLOW JESUS.
1.I have decided to follow Jesus;
I have decided to follow Jesus;
I have decided to follow Jesus;
No turning back, no turning back.

2.Though none go with me, still I will follow;
Though none go with me, still I will follow;
Though none go with me, still I will follow;
No turning back, no turning back.

3.The world behind me, the cross before me;
The world behind me, the cross before me;
The world behind me, the cross before me;
No turning back, no turning back.

Johnson Faces a Brexit Showdown With Parliament On Saturday

Brexit Deal

In an extraordinary Saturday sitting, the first since 1982, parliament will vote on approving Johnson’s deal. Britain is due to leave the EU on Oct. 31. The Prime Minister Boris Johnson faces a Brexit showdown with parliament on Saturday after clinching a last-minute divorce deal with the European Union that his Northern Irish allies oppose.


Johnson, whose Conservative Party has no majority in the 650-seat House of Commons, will face a deeply divided parliament where his opponents are trying to force both a delay to Brexit and another referendum. Other options include collapsing his government so that others can take control of Brexit negotiations.

Parliament will sit from 0830 GMT on Saturday Oct. 19 - the first time since April 3, 1982 when it discussed the Argentine invasion of the Falkland Islands. Johnson will make a statement to lawmakers, after which there will be a 90-minute debate and then a vote. The final vote is intended to meet one part of the criteria for ratifying the exit deal. Legislation would then need to be passed by Oct. 31 in order to complete the ratification.

Johnson said he had agreed a “great” new Brexit deal. He is framing Saturday’s vote as a choice between his deal or a no-deal exit. Others say the choice is more complex. If the deal is approved, Johnson can proceed with his plan to leave the EU on Oct. 31. If it is rejected, he may seek approval to leave the EU without a deal on Oct. 31.

The Democratic Unionist Party said it could not support the deal. The opposition Labour Party, the Scottish National Party and the Liberal Democrats have all said they will oppose it. If Johnson loses a vote on a deal and does not get approval for no deal by Saturday, he is required by law to write a letter to the EU requesting more negotiating time, delaying Brexit until Jan. 31, 2020.


The government has said both that it will comply with this law and that Britain will leave the EU on Oct. 31 whatever happens. Johnson has not explained how he plans to take these two apparently contradictory steps.


Lawmakers will try to amend the wording of the motion which is voted upon to change its meaning. These so-called amendments need to be approved by a vote in parliament, which would take place before a vote on approving the final text of the motion. So far three have been submitted, and more could be added on Saturday. The speaker has discretion over which ones he thinks lawmakers should be able to debate and vote upon.

Amendment A
This has been submitted by a cross-party group of lawmakers. Its effect would be to withhold approval for a deal until legislation implementing the deal has been passed by parliament. This could require a delay to Brexit if the legislation cannot be passed before Oct. 31.

Amendment B
This changes the vote from being about approving Johnson’s deal, to being about cancelling Brexit altogether. It seeks lawmakers’ approval to revoke the ‘Article 50’ notice that notified the EU of Britain’s intention to exit.

Amendment C
This calls for lawmakers to reject Johnson’s deal and request a delay to Brexit in order for a general election to be held. A group of Labour lawmakers who favour a second referendum could put forward an amendment calling for approval of any deal to be subject to another public vote. If passed, this would not be binding on the government, but would be hard to ignore and would be a big step forward for the long-running campaign for a new vote.

The prime minister needs the support of 320 lawmakers to be certain of victory in the 650-seat parliament. This number is lower than a simple majority of 326 because seven Irish nationalist Sinn Fein party members do not sit or vote, three deputy speakers do not vote, and the speaker, John Bercow, votes only in the event of a tie. There are also four “tellers” who help count votes, but do not vote themselves. However two of the tellers must support the deal and two must be against. This means that if the vote in favour of the deal is 318 or above, Johnson has won. He could win with fewer votes if there are abstentions.

If there is a tied vote, the speaker casts the deciding ballot. Parliament’s website states that in the event of a tie: “The Speaker casts his vote according to what was done in similar circumstances in the past. Where possible the issue should remain open for further discussion and no final decision should be made by a casting vote.”

Conservative Party
Johnson’s party does not have a majority in parliament and is not united about the best plan on Brexit. There are 288 Conservative seats and most would be expected to vote with the prime minister. But there is a faction of committed Brexiteers who could rebel if they feel the deal does not provide a satisfactory break from the EU. Lawmakers in that group, who can number as many as 80 but have a hard core of around 28, are unlikely to vote as a single bloc and are difficult to predict.

The Democratic Unionist Party (DUP)
Its 10 lawmakers are also pivotal to Johnson’s chances of success. The party is allied with the Conservatives under a formal arrangement, but the DUP says it cannot support the Brexit deal. The DUP’s decision is expected to influence some of the Brexit-supporting Conservatives’ votes.

Conservative Exiles
Johnson expelled 21 Conservatives from his party in September because they did not support his plan to leave the EU on Oct. 31, with or without a deal. Another, former cabinet minister Amber Rudd, quit the party over Brexit and also sits as an independent. Some could support his deal, others are more likely to reject it and back a delay to hold a second referendum.

Labour Party
Labour has 244 members of parliament.Leader Jeremy Corbyn said he could not support the deal, and he will order his lawmakers to vote against it. Asked whether he would put forward a motion of no-confidence to try to bring down Johnson on Saturday, Corbyn said the weekend was a time to discuss the Brexit deal and other issues would be for next week.

Labour Rebels
Labour rebels are crucial to Johnson’s hopes of getting a deal approved. A small number of Labour lawmakers are explicitly pro-Brexit and have supported previous attempts to back a deal.
Another larger group of around 20 Labour rebels who want Britain to leave the EU with a deal could also back Johnson, depending on the final terms.

Other Parties
Most remaining lawmakers are expected to vote against a deal. They are made up of 35 Scottish National Party members, 19 Liberal Democrats and the rest from smaller parties or independents. The SNP and Liberal Democrats said they opposed the deal. Some independents are likely to vote for it.

Parliament rejected an earlier Brexit deal, negotiated by Johnson’s predecessor Theresa May, three times.Jan. 15 - Government lost by 230 votes when parliament voted 432-202 against the deal. March 12 - Government lost by 149 votes when parliament voted 391-242 against the deal. March 29 - Government lost by 58 votes when parliament voted 344-286 against the deal

World Bank Reduces India’s Growth Projection To 6.9 Per Cent


The World Bank has said that India’s growth rate is likely to fall to 6 per cent as the economy battles a slowdown. The growth rate stood at 6.9 per cent in 2018-2019.

In the quarter ended June, India’s GDP growth slowed down to 5%. This is the slowest pace in which the economy has expanded since March 2013, when the growth rate was 4.7%. The slowing down of household, which also affected other sectors, demand was one of the major factors for the decline

The World Bank though said that GDP growth rate was expected to gradually recover to 6.9 per cent in 2021 and 7.2 per cent in 2022. The ‘South Asia Economic Focus’ report said growth will recover as rural demand benefits from effects of income support schemes, results of tax incentives and credit growth resumes.

The industrial output figures for August showed that output shrank by 1.1%, it had seen a growth of 4.2% a month ago. Earlier this month, data showed that the output of eight core sector industries that constitute about 40% of Index of industrial production recorded a 0.5% decline in August.

The auto industry is experiencing a hard time. In September, car sales slumped to 23.7%, the eleventh straight month of decline.


The government is working on several policies to boost the sluggish economy. Finance minister Nirmala Sitharaman has already announced five rounds of fiscal, administrative and policy measures to stimulate the economy since August 23. The biggest among these was the slasing of the corporate tax rates.

The Reserve Bank of India cut policy rates by 25 basis points this month and the central bank said it will continue its accommodative stance to revive growth.

The World Bank though said that GDP growth rate was expected to gradually recover to 6.9 per cent in 2021 and 7.2 per cent in 2022. In the quarter ended June, India’s GDP growth slowed down to 5%(Ramesh Pathania).

“Exports growth is expected to remain modest, as trade wars and slow global growth depresses external demand,” the report added.

The World Bank noted that growth decelerated for the second consecutive year and pointed out to the widening current account deficit. India’s current account deficit, a parameter which reflects the trade balance, was 2.1 per cent of the GDP in 2018-19 from the 1.8 per cent a year earlier.

UEFA’s ruling body Wants to Examine Turkey Footballers Military Salute in their Euro 2020 qualifier

UEFA’s ruling body Wants to Examine Turkey Footballers Military Salute in their Euro 2020 qualifier

The UEFA’s ruling body said that they will “ examine” reports that Turkey footballers performed a military salute in their Euro 2020 qualifier against Albania to mark their country ’s widely - condemned armed offensive against Kurds in Syria.

“Personally, I have not seen this gesture, which could be considered a provocation,” UEFA’ s press chief Philip Townsend uttered.“ Does the regulation prohibit references to politics and religion? Yes , and I can guarantee you that we will look at this situation.”


The salute was made after Cenk Tosun’ s winning goal for Turkey in the game in Istanbul on Friday. In Turkey , it is common for celebrities, including footballers, to show their support for the security forces after attacks or during military operations . The Turkish offensive began on Wednesday after US President Donald Trump ordered American troops to pull back from the border area of north -east Syria .

After the match , a photo was also posted on the official Twitter account of the national team . In it , the players are seen making a military salute with the tweet indicating the players “ have dedicated their victory to our brave soldiers and fellow martyrs”.


Meanwhile, at the world gymnastics championships in Stuttgart, Turkey’ s Ibrahim Colak made a military- style salute on the podium after winning gold in the men ’s rings event. It was not known if the gesture was linked to the military campaign .

NLC Prepares for Indefinite Strike

NLC Prepares for Indefinite Strike


Sequel to #30, 000 minimum wage, the  NLC ( Nigeria Labour Congress) has written a letter to state councils of the union to prepare for an indefinite strike if the Federal Government fails to accept its demands on the consequential adjustment of salaries as a result of the new minimum wage by October 16, 2019.

The NLC is demanding 29 per cent salary increase for officers on salary level 07 to 14 and 24 per cent adjustment for officers on salary grade level 15 to 17 while the FG had presented a proposal of 11 per cent salary increase for officers on grade level 07 to 14 and 6 .5 per cent adjustment for workers of grade level 15 to 17.

Sequel , NLC has written a letter to state councils of the union to prepare for an indefinite strike if the Federal Government fails to accept its demands on the consequential adjustment of salaries as a result of the new minimum wage by October 16, 2019.


After the first phase of negotiations collapsed due to percentage differences between the two parties, the Federal Government negotiating team and the Joint National Public Service Negotiating Council, which is representing labour unions in the negotiation for the total implementation of the new minimum wage , will meet again on Tuesday , October 15, 2019.

The letter stated, “ You will recall that a joint communiqué was issued by the leadership of the NLC , Trade Union Congress and the Joint Public Service Negotiating Council stating that after two weeks from the date of the said communiqué , industrial harmony could not be guaranteed in the country should an agreement not be reached with the Federal Government on the consequential adjustment of salaries as a result of the new minimum wage of N30, 000 .


“ You are hereby directed to coordinate preparations with TUC and JPSNC in your state for necessary industrial action should the time expire without an agreement as contained in the communiqué .”

The Collection of 2019 Nobel Prize Winners


Three scientists have shared chemistry nobel for developing Lithium-Ion batteries. The 2019 Nobel Prize in Chemistry have been awarded to John D Goodenough, M. Stanley Whittingham and Akira Yoshino for the development of lithium-ion batteries, the Nobel Committee concluded.

Lithium-ion batteries have revolutionised our lives and are used in everything from mobile phones to laptops and electric vehicles. Through their work, this year’s Chemistry Laureates have laid the foundation of a wireless, fossil-fuel-free society, the Nobel Committee said in a statement.

At the age of 96, Prof Goodenough is the oldest person ever to win the award.

Peter Handke, Olga Tokarczuk Win Literature Nobel for 2019, 2018







The Nobel Prize for literature for the year 2019 went to Austrian author Peter Handke, while Polish author Olga Tokarczuk will recieve the prize for 2018, the Nobel Committee announced on Thursday.

Two Nobel Prizes in literature one for 2019 and one for last year were announced on Thursday after the 2018 literature award was postponed following sex abuse allegations that had rocked the Swedish Academy.

Mr. Handke’s debut novel Die Hornissen was published in 1966. Together with the play Publikumsbeschimpfung (‘Offending the Audience’, 1969), he certainly set his mark on the literary scene.

The peculiar art of Peter Handke, awarded the 2019 NobelPrize in Literature, is the extraordinary attention to landscapes and the material presence of the world, which has made cinema and painting two of his greatest sources of inspiration.

Polish author Olga Tokarczuk has been chosen "for a narrative imagination that with encyclopedic passion represents the crossing of boundaries as a form of life,” the committee said in a statement.


James Peebles, Michel Mayor and Didier Queloz Get Nobel Prize for Physics

The Nobel Prize for Physics has been awarded to James Peebles for theoretical discoveries in physical cosmology, and Michel Mayor and Didier Queloz for discovering an exoplanet orbiting a solar-type star.

This year’s Nobel Prize in Physics rewards new understanding of the universe’s structure and history, and the first discovery of a planet orbiting a solar-type star outside our solar system. The discoveries have forever changed our conceptions of the world, a statement from the Nobel Assembly at Sweden's Royal Academy of Sciences said.

James Peebles took on the cosmos, with its billions of galaxies and galaxy clusters. His theoretical framework, developed over two decades, is the foundation of our modern understanding of the universe’s history, from the Big Bang to the present day.

The discovery by 2019 Nobel Prize laureates Michel Mayor and Didier Queloz started a revolution in astronomy and over 4,000 exoplanets have since been found in the Milky Way. Strange new worlds are still being discovered, with an incredible wealth of sizes, forms and orbits, the statement said.

The Challenges Faced By Entrepreneurs in Nigeria

The Challenges Faced By Entrepreneurs in Nigeria

Corruption is something that retards economic growth, and it exists in virtually all economies, not necessarily developing economies or indeed Africa--although .based on the structures in the more advanced countries, they are able to control or to curb these kinds of practices. In Nigeria, the EFCC, which is the Economic and Financial Crime Commission set up by the government, has been able to deal largely with corruption. They have made quite a substantial amount of investigation and recoveries. There has been talk of something like $5 billion recovered including some of the money stacked outside of the country by corrupt leaders. The current operating climate for entrepreneurs is gradually becoming competitive and less rent-seeking.
However, that is not the real constraint that retards entrepreneurship in Nigeria. Based on the research carried out by Lagos Business School (LBS) recently, the following factors tend to weigh down entrepreneurs: The first is "Markets." The majority of our people don't have access to markets, and in order for them to have access to markets, they have to understand the requirements of the market. This is one area where we are lacking--for instance, if you want to have access to the U.S. market, you must have the knowledge of the market regulations in the USA. Such understanding will assist the entrepreneur to produce in order to be able to meet the needs of the market. Adequate and timely market information must be provided. Also, products must be competitive and meet required standards.
Another major factor is "Infrastructure." This is basically [true] in all developing countries, but more so in Nigeria. Poor infrastructure has been a major cause of Nigerian products not being competitive in the International market. Public power supply has been the major constraint to enterprise development. According to a study carried out by the World Bank in the last 10 years or so, it was pointed out that if government is able to remove power as a bottleneck, Nigeria will gain at least 30% competitiveness in production.
Four years ago, we had a similar problem in telecoms; then, we had not more than 400,000 phone lines. But today, four years after telecoms deregulation the story is different. This reform agenda of the government that liberalized the telecoms sector and provided an enabling operating climate for private sector participation in that sector has yielded positive results. About 50 million lines.-tile majority of which are either mobiles or fixed wireless are now operational in the country. So we are able to cross the bridge of infrastructural deficiency in the telecoms sector through getting our policy and regulations right as well as using transparent means to license private sector operators.
Another important constraint is "Finance." Access to capital is a major constraint in Nigeria. The government has tried to do something about this through having one form of intervention or the other in the past. However, about five years ago, the Banker's Committee decided to set aside 10% of their profits as equity investments in small businesses. Everybody hailed that decision, and that was good. Unfortunately, the rate at which the money was being dispersed to enterprises has been very poor. so why was this happening?
First of all, you have to understand the mindset of the small business owners in Nigeria. They own their businesses, and they like to control it themselves. Unlike what obtains in USA, Canada and Europe where most people wanting to start a business will look for a partner, somebody with equity. The philosophy is "let's share the risk together. let's leverage on the knowledge of one another," and things like that. But back in Nigeria, the prevailing philosophy is "I want to start it myself. I want to do it myself, at least up until the particular level that I know I have full control. Then, maybe I can sell part of it, but for now, let me .do all the sweating, and let me do all the things that come with that sweating."

The second side ~is that up until five, maybe not more than eight, years ago, the financial services sector had been used to lending through debt, not equity, so the mindset, again, is different. Most lending has to be done with collateral, so if you default, they sell off your collateral. In the new participatory' case, there is nothing to sell off, which means the banks have to do their homework a lot more to know the right type of businesses to invest I -whether they are growing businesses or not. They need to know all that, and that is where they can get their reward. So that has also become. a challenge for them. The challenge for the banks is that they need to learn the ropes of venture capitalists.
On both. sides, there are real challenges, and these have slowed down the investments in equity. There is need for value orientation and sound financial education.
Another factor is inadequate documentation of processes and outcomes. The records are poorly kept; and it is difficult for small businesses to have regular financial statements and things like that. This common business practice in developed economies must be shown to entrepreneurs and why it is important for them to have their own financial records--even to know how their businesses are growing. Western small businesses are very careful about documenting processes and outcomes. I think the outcomes documentation is likely due to Small Business Administration (SBA) requirements, which we don't have. But beyond the SBA requirements, the fact that entrepreneurs are able to document their processes help them to consistently control the outcome. That is one learning point that, must be imbibed by all entrepreneurs. In  addition we, need to start documenting some of the processes which have been successful as well as documenting various operational challenges and the solutions to these, using daily reflection journals. This leads to effective use of feedback mechanisms in future operational plans as well as in developing strategic plans.

Roles of Entrepreneurs in Business/Wealth Creation

Roles of Entrepreneurs in Business or Wealth Creation

The following are the roles of entrepreneurs in business or wealth creation are;

1. Promoters: Entrepreneurs are promoters because they can scan the environment, identify opportunities, marshal resources and implement the business idea.

2.Partners: Entrepreneurs solicit the participation of other persons in a business project because of the following:

(a) the degree of success or failure factor involved,

(b) the complexity of a business idea may require more than one person to run it,

(c) the influence, experience and capacity of others may be useful, and

(d) friendships or acquaintanceships may be consolidated through joint business association.

3. Shareholders:  Potential entrepreneurs would participate as shareholders under the following circumstances:

(a) when the enterprise requires too much investment,

(b) when they do not want to commit their full time to the enterprise,

(c) when risks may be reduced by spreading their investment portfolio, and

(d) when they do not have the capacity to manage such an enterprise.

4.Directors: Entrepreneurs participate as directors by contributing positive ideas to advance the enterprise's objectives. Such would include:

(a) ensuring compliance with all legal requirements,

(b) safeguarding the interests of employees, especially women, particularly in the context of decent work,

(c) safeguarding the interests of shareholders in the context of return on investment,
(d) ensuring that business is conducted honestly and diligently, and is devoid of fraud and deceit,

(e) ensuring social responsibilities and expectations  are met.

5. Organizers: For an entrepreneur to effectively control or monitor operations and facilitate communication with workers, it is advisable to have an organizational structure for the enterprise. Organizational structures can be formal or informal, for instance:

(a) various members of a family are assigned various positions,
(b) various employed assistants are assigned administrative positions in the running of a small business.

6. Initiating ideas: Entrepreneurs come up with new ideas. This is an important area for an entrepreneur as it determines his/her rate of expansion in business, e.g. newdesigns and use of products.

7. Taking risks: Entrepreneurs take risks in business, e.g. starting businesses    which have an equal chance of success or failure. Resigning from a secure job to start a business is also risk-taking.

8. Planning: Entrepreneurs are aware of the importance of planning and of the limitations of planning in the context of the above roles.

9. Controlling: Entrepreneurs are leaders rather than followers; they make the final decisions and control all aspects of business operations.

10. Coordinating: Entrepreneurs must coordinate all the production factors needed in the business, i.e. capital, labour and land.

The Concept of Entrepreneurship/Entrepreneur




Entrepreneurship is first and foremost a mindset. Entrepreneur is a person who habitually creates and innovates to build something of recognized value around perceived opportunities.


In this definition, all words are key words:
‘Entrepreneur' - can be an individual entrepreneur, but also an entrepreneurial team or even entrepreneurial organization

'A person' - emphasizes a personality rather than a system

'Habitually' - just cannot stop being an entrepreneur

'Creates' - starts from scratch and brings into being something that was  not there before

'Innovates' - able to overcome obstacles that would stop most people; turns problems into opportunities; and sees ideas through to final application

'Builds something' - describes the output of the creation and innovation   process

'Of recognized value' - encompasses economic, commercial, social, or  aesthetic value
'Perceived opportunities' - spotting the opportunity to exploit an idea that mayor may not be original to the entrepreneur; seeing something others miss or only see in retrospect
What Entrepreneurs Are Like
1. Personality factors
Born/made ratio - 50/50, a synergy of genetic and environmental . influence

Motivation and emotion - independence, competitive spirit, challenge, wealth

Behavioral characteristics - perseverance, determination, orientation to clear goals, need to achieve, opportunity orientation, creativity, persistent problem-solving, risk-taking, integrity, honesty, internal locus on control.

Personality attributes preferred styles: extrovert/introvert; sensor/intuit; thinker/feeler; and judger/perceiver
2. Environmental factors
Family background - entrepreneurial heritage

Age and education - begin entrepreneurial activity early; are not over­ educated

Work experience - most entrepreneurs first gain some work experience in the line of business they later start up
3. Action factors
Making the difference - initiate change and enjoy it

Creating and innovating - a continuous activity, seeing creative idea through to the end, and then start climbing another mountain

Exploiting opportunities - able to see or create opportunities that other people miss

Finding resources and competencies - experts at exploiting contacts and sources

Networking - expertise oriented; know when they need experts and how to use them effectively

Facing adversity - resolve problems under pressure; turn problems into opportunities

Managing risk - not adventurers, but manageable risk takers; their success lies in caution, learning, flexibility and change during implementation

Controlling the business - paying attention to details and essential ratios; exercising strategic control over their business

Putting the customer first - listening to the customer and responding to the customers' feedback

Creating capital - financial, social, and aesthetic