Entrepreneurial activity is the enterprising human action in pursuit of the generation of value, through the creation or expansion of economic activity, by identifying and exploiting new products, processes or markets. Entrepreneurship is the phenomenon associated with entrepreneurial activity.

HOW TO SELECT AN ENTREPRENEURIAL ACTIVITY:

1. Must know the societies’ needs and wants.
2. When you already pick a certain need or want of societies – your target market – you must know how to get to supply you and satisfy the demands of the people.
3. What are the legal requirements you need to prepare?

Answer. Answer: Entrepreneurial activities are those activities, the tasks and or functions of an entrepreneur. The second part can be answered by looking at the options of entrepreneurial activities, for instance is it marketing, selling the brand name, coming up with funds, etc.

What type of entrepreneurial activity would help in this situation? Entrepreneurial activities such as finding a cure or a treatment for this deadly disease would help in this situation.

Adaptability, persistence and hard work, these are the keys to success in small business, but they are three important attributes no matter what your endeavor.

Entrepreneurship is important, as it has the ability to improve standards of living and create wealth, not only for the entrepreneurs but also for related businesses. Entrepreneurs also help drive change with innovation, where new and improved products enable new markets to be developed.

Entrepreneurs work under the constraints of their environment – the political economy. Five factors will be key to entrepreneurial success: creativity, tolerance for risk, responsiveness to opportunities, leadership and the ability to take advantage of the rights afforded to you.

What are entrepreneurial traits?

• Being a good leader.
• Being optimistic.
• Being confident.
• Being passionate.
• Being disciplined.
• Being proactive.
• Keeping an open mind.
• Being competitive.

Entrepreneurship environment refers to the various facets within which enterprises- big, medium, small and other have to operate. The environment therefore, influences the enterprise. By and large, an environment created by political, social, economic, national, legal forces, etc influences entrepreneurship.

Knowing how internal and external environmental factors affect your company can help your business thrive.

• External: The Economy.
• Internal: Employees and Managers.
• External: Competition from other Businesses.
• Internal: Money and Resources.
• External: Politics and Government Policy.
• Internal: Company Culture.

What are external factors? The economy, politics, competitors, customers, and even the weather are all uncontrollable factors that can influence an organization’s performance. This is in comparison to internal factors such as staff, company culture, processes, and finances, which all seem within your grasp.

Intrinsic motivation comes from within, while extrinsic motivation arises from outside. When you’re intrinsically motivated, you engage in an activity solely because you enjoy it and get personal satisfaction from it. When you’re extrinsically motivated, you do something in order to gain an external reward.

External Factors Government assistance and support. Availability of labour and raw material. Encouragement from big business houses. Promising demand for the product.

Businesses use many forms of external motivating factors.

• Financial Rewards. One of the most common extrinsic motivation examples in the workplace is financial compensation.
• Praise and Recognition. Types of extrinsic motivation include praise and recognition.
• Peer Pressure.
• Consequences and Punishment.
• Undermining Theory.

Extrinsic motivation is reward-driven behavior. In extrinsic motivation, rewards or other incentives — like praise, fame, or money — are used as motivation for specific activities. Unlike intrinsic motivation, external factors drive this form of motivation. Being paid to do a job is an example of extrinsic motivation.

Low Motivation = Not Speaking Up Motivated people are quite a talkative bunch. They speak up with their ideas and problems. When they think you’ve got it wrong, they’ll tell you. When there is low motivation, you’ll start to see a drop off in communication.