Importance of Entrepreneurship in the Economy and Pharmacy Profession

Session 3: Importance of Entrepreneurship in the

Economy and Pharmacy Profession

Total Session Time: 60 minutes +2 hours of Assignment/ Tutorial

Prerequisites

Learning Tasks

By the end of this session students are expected to be able to:

Resources Needed:

SESSION OVERVIEW

Activity/

Step Time Content

Method

1 05 minutes Presentation Introduction, Learning Tasks

05 minutes Definition of Entrepreneurship Importance

2 Presentation

15 minutes Presentation

General Importance of Entrepreneurship In

3 Buzzing

Economy

25minutes Presentation Specific Importance of Entrepreneurship in

4

Pharmacy Profession

5 05 minutes Presentation Key Points

6 05 minutes Presentation Evaluation

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SESSION CONTENTS

STEP 1: Presentation of Session Title and Learning Tasks (5 minutes)

READ or ASK students to read the learning tasks and clarify

ASK students if they have any questions before continuing.

STEP 2: Entrepreneurship importance (5 minutes)

and prosperity:

o Entrepreneurship is the dynamic process of creating incremental wealth and

innovating things of value that have a bearing on the welfare of an entrepreneur.

o It provides civilization with an enormous amount of goods and services and enhances

the growth of social welfare

o The man behind the entrepreneurship is an action-oriented and highly motivated

individual who is ready to achieve goals

STEP 3: General Importance of Entrepreneurship (15 minutes)

Activity: Buzzing (5 minutes)

ASK students to pair up and buzz on the following question for 2 minutes

ALLOW few pairs to respond and let other pairs to add on points not mentioned

WRITE their response on the flip chart/board

CLARIFY and SUMMARIZE by using the content below

o It is the source of income generation

o Improves quality of products and services

o It leads to business competition which eventually improves the wellbeing of the

society

o Entrepreneurship helps people to improve their socioeconomic life.

o It is the source of satisfying people‘s needs and wants.

o It can be used to transform the lives of people within a certain area.

o It is the source of employment.

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o It helps to solve problems such as public health problems, accessibility to clean and

safe water etc.

o It improves economic status of an individual, family and community at large

o It improves the income of the country.

o It is the source of employment

STEP 4: Specific Importance of Entrepreneurship in Pharmacy Profession

(25 minutes)

Activity: Brainstorming (5 minutes)

Ask students to brainstorm on the following question:

ALLOW few students to respond

WRITE their responses on the flip chart/ board

CLARIFY and SUMMARISE by using the content below

things of value that have a bearing on the welfare of an entrepreneur.

growth of social welfare.

individual who is ready to achieve goals

state of progress and prosperity

entrepreneurship which is stated below.

o Growth of Entrepreneurship

 Entrepreneurship the advent of new venture particularly small ventures in order to

materialize the innovative ideas of the entrepreneurs.

 Thus, the growth or establishment of small enterprises ii the specific contribution

of entrepreneurship in every economy of the world.

 The statistics reveal that in USA economy nearly half a million small enterprises

is established every year.

 Our country is not an exception in this regard.

o Creation of job opportunities

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 Entrepreneurship firms contributed a large share of new jobs.

 It provides entry-level jobs so necessary fur training or gaining experience for

unskilled workers

 The small enterprises are the only sector that generates a large portion of total

employment every year

 Moreover, entrepreneurial ventures prepare and supply experienced labor to the

large industries

o Innovation

 Entrepreneurship is the incubator of the innovation.

 Innovation creates disequilibria in the present state of order.

 It goes beyond discovery and does implementation and commercialization, of

innovations.

 ―Leapfrog‖ innovation, research, and development are being contributed by

entrepreneurship.

 Thus, entrepreneurship nurse‘s innovation that provides new ventures, product,

technology, market, quality of good etc. to the economy that increases Gross

Domestic Products and standard of living of the people.

o Impact on community development

 A community is better off if its employment base is diversified among many small

entrepreneurial firms.

 It promotes abundant retail facilities, a higher level of home ownership, fewer

slums, better, sanitation standards and higher expenditure on education,

recreation, and religious activities.

 Thus, entrepreneurship leads to more stability and a higher quality of community

life.

o The consequence of business failure

 The collapse of large industry almost has irresistible damage to the development

of state and to the state of the economy and to the financial condition of the

relevant persons.

 The incumbents lost their jobs: suppliers and financial institutions face a crisis of

recovery.

 Customers are deprived of goods, services, and the government losses taxes.

 This could not happen in the case of failure of entrepreneurship.

 There shall be no measurable effect upon the economy and no political

repercussions too.

o Political and economic integration of outsiders

 Entrepreneurship is the most effective way of integrating those who feel disposed

and alienated into the economy.

 Minorities, migrants, and women are safely integrated into entrepreneurship that

will help to develop a well-composed plural society.

o Spawns entrepreneurship

 Entrepreneurship is the nursing ground for new inexperienced adventurists.

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 It is the field where a person can start his/her idea of the venture, which may be

ended up in a giant enterprise.

 All the large industrial ventures started as a small entrepreneurial enterprise.

 Therefore, entrepreneurship provides a wide spectrum of ventures and

entrepreneurs in every economy.

 The vast open arena of entrepreneurship thus acts as an incubator to entrepreneurs.

o Enhances standard of living

 Standard of living is a concept built on increasing amount of consumption of a

variety of goods and services over a particular period by a household.

 So it depends on the availability of diversified products in the market.

Entrepreneurship provides enormous kinds of a product of various natures by their

innovation.

 Besides, it increases the income of the people who are employed in the

entrepreneurial enterprises.

 Those also capable employed persons to consume more goods and services. In

effect, entrepreneurship enhances the standard of living of the people of a country.

o Promotes pharmaceutical research and development

 Entrepreneurship is innovation and hence the innovated ideas of goods and

services have to be tested by experimentation.

 Therefore, entrepreneurship provides funds for pharmaceutical research and

development with universities and research institutions.

 This promotes the general development, research, and development in the

economy.

 Entrepreneurship is the pioneering zeal that provides events in our civilization.

STEP 6: Key Points (5 minutes)

and prosperity

commercial

opportunities, innovation, promoting pharmaceutical research and development; just to

mention a few

STEP 7: Evaluation (5minutes)

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References

Buskirk, R. H (1994). The Entrepreneurs Handbook: Premier Entrepreneur Programs, Inc.

Denver, Co.

Charantimath, P. M (2006) Entrepreneurship Development Small Business Enterprises:

Delhi, India: Pearson Education,

Hisrich, R.D., Peters, M.P., & Shepherd, D.A. (2005). Entrepreneurship. (6th Ed.) Boston:

McGraw-Hill.

Kuratko, D.F., & Hodgetts, R.M. (2007). Entrepreneurship: Theory, Process & Practice. (7th

Ed.) USA: Thomson

Roy, R. (2011, 2008). Entrepreneurship. 2nd Ed. Oxford: Oxford University Press.

Stokes, D. & Wilson, N. (2002). Small Business Management and Entrepreneurship. (5th

Ed.) London: High Holborn House.

Zimmerer, T. W. & Scarborough N. M. (2008) Essentials of Entrepreneurship and Small

Business Management. (5th Ed) New Jersey: Pearson Education International

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