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Introduction to entrepreneurship

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Vinay D
Vinay D

The document provides an introduction to entrepreneurship. It discusses how entrepreneurial activity flourishes where ideas, capital, expertise, and communication converge. It also notes that entrepreneurship involves starting, growing, and running companies. Entrepreneurship is pursuing opportunities beyond one's current resources. The document outlines some traits of successful entrepreneurs and notes that entrepreneurial success knows no bounds in terms of demographics. It provides an overview of the entrepreneurial mindset, process, and environment.

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Introduction to Entrepreneurship
Home for Dreamers and Doers The reasonable man (woman) adapts himself (herself) to the world. The unreasonable one persists in trying to adapt the world to himself (herself). Therefore, all progress depends on unreasonable men (and women). George Bernard Shaw
The Entrepreneurial Environment Entrepreneurial activity flourishes where ideas, cash, professional and managerial expertise, and good communications converge Entrepreneurship is a craft as well as an art. Entrepreneurship is not only about starting companies its about growing and running them
Entrepreneurship Entrepreneurship is the pursuit of opportunity beyond the resources you currently control.
Entrepreneurship You can do new things You can do old things differently You can innovate, consolidate, expand BUT The only necessary and sufficient condition for business is customers For entrepreneurs, timing is everything
Is Entrepreneurship the special hot red chilli within this movement?
or is Entrepreneurship the Black sheep of this Movement?
This is a million dollar question!
Career Option Security Freedom
Introduction to entrepreneurship
Freedom Have Anything. Do Anything. Be Everything you imagined.
50% new firms live 18 months. One out of Five make it to 10 Years. Source: Siropolis (1986) Facts
Facts 85% restaurants close in 5 Years. 50% do not survive the First Year. Source: Cullen and Dick (1990)
Attitude Opportunity Idea Planning Start - up Growth Diversify ENTREPRENEURIAL JOURNEY
While formal schooling is an important advantage, it is not a guarantee of success nor is its absence a fatal handicap. Ray Kroc
Creativity as a prerequisite to innovation Creativity - is the ability to bring something new into existence. Innovation - is the process of doing new things.
Creativity, Innovation and Problem Solving Creativity and Innovation consists of... SEEING what everyone else has seen, THINKING what no one else has thought of, and DOING what no one else has dared!
:Entrepreneurship A Process Approach .息 2003 Edward P Marram 6STG_012503 22
Entrepreneurs.. Do things that are not generally done in the ordinary course of business Some entrepreneurs become celebrities...others become ridiculed for their failed dreams All contribute to the spirit of free enterprise
Is a dynamic process of creating incremental wealth. This wealth is created by individuals who assume the major risks in terms of equity, time and career commitment of providing value for some product or service. The entrepreneur must somehow infuse value to the product or service... Entrepreneurship..
Start Take Over a a Family Business Business Pursue Social Entrepreneurship by Innovating in Non-profit The Act Context entrepreneurially Entrepreneurial in a profession. Career Act as Entrepreneur in a larger, Established Work in a Company Purchase an Fast-Growth Existing Business Venture
Economics & Entrepreneurship Richard Cantillon: Entrepreneurs make decisions about resources allocation. Adam Smith: Entrepreneurs react to economic change. He described the enterpriser as an individual who undertook the formation of an organization for commercial purposes. He mentioned role of industrialist...,person with unusual foresight who could recognize potential demand for goods and services Jean Baptiste Say: Entrepreneurs had exceptional insight into societys needs.
Carl Menger: Entrepreneur as a change agent. Economic change does not arise from circumstances but from an individuals awareness and understanding of those circumstances Joseph Schumpeter: Entrepreneurship as a force of Creative Destruction. Described it as a process and entrepreneurs as innovators who use process to shatter the status quo through new methods... John Stuart Mill: Necessity of entrepreneurship in private enterprise. He described them as business founder.
Everyone wants to be an entrepreneur Beliefs about entrepreneurship: Entrepreneurs are INDEPENDENT Entrepreneurs get RICH Entrepreneurs have FUN! Entrepreneurs are passionate people.
Are my goals well defined? Personal aspirations Business sustainability & size Tolerance of risk Do I have the right strategy? Clear definition Potential for growth Durability Can I execute the strategy? Resources Organizational infrastructure The founders role If answer is YesIf answer is no Entrepreneurs Framework If answer is Yes If answer is no
Review: why be an entrepreneur? The main reasons - Independence and freedom - Creativity and self-expression Another important reason - Cant hold a normal job! Many successful entrepreneurs are crazy, weird people - Passion
Being an entrepreneur is not basically motivated by economics Why? RISK! I'll repeat: risk risk risk risk risk risk RISK RISK RISK RISK RISK RISK RISK RISK RISK RISK!
Starting a business is risky New ideas are untested. . . Thats why theyre new ideas! You throw an idea into the world. . . And see what the world says in response. There are thousands of variables you cant control And you probably dont have a lot of the skills you need
Entrepreneurship seeks to understand how opportunities to create something new arise and are discovered or created by specific persons who then use various means to exploit or develop them, thus producing a wide range of effects. A Definition
Key Activities Identifying an opportunity Exploiting or developing this opportunity Running a new business successfully
Entrepreneurs...Traits Self-confident and optimistic Able to take calculated risk Respond positively to changes Flexible and able to adapt Knowledge of markets Able to get along well with others Independent minded
Energetic and meticulous Creative, need to achieve Dynamic Leader Responsive to suggestions Take initiatives Resourceful and firm Perceptive with foresight Entrepreneurs...Traits
Entrepreneurial success shows no respect for age, background, gender, race or class. It is open to anyone, all you need is a drive and personal ambition and a refusal to listen to those who do not share your vision. Richard Branson
Venturing into the Unknown Problem A Problem B Problem C .息 2003 Edward P Marram 6STG_012503 28
How do How can we use t ovation? eize opportunity.
Monday, April 6, 2015 Welcome to A World of Difference!

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Introduction to entrepreneurship

  • 2. Home for Dreamers and Doers The reasonable man (woman) adapts himself (herself) to the world. The unreasonable one persists in trying to adapt the world to himself (herself). Therefore, all progress depends on unreasonable men (and women). George Bernard Shaw
  • 3. The Entrepreneurial Environment Entrepreneurial activity flourishes where ideas, cash, professional and managerial expertise, and good communications converge Entrepreneurship is a craft as well as an art. Entrepreneurship is not only about starting companies its about growing and running them
  • 4. Entrepreneurship Entrepreneurship is the pursuit of opportunity beyond the resources you currently control.
  • 5. Entrepreneurship You can do new things You can do old things differently You can innovate, consolidate, expand BUT The only necessary and sufficient condition for business is customers For entrepreneurs, timing is everything
  • 6. Is Entrepreneurship the special hot red chilli within this movement?
  • 7. or is Entrepreneurship the Black sheep of this Movement?
  • 8. This is a million dollar question!
  • 11. Freedom Have Anything. Do Anything. Be Everything you imagined.
  • 12. 50% new firms live 18 months. One out of Five make it to 10 Years. Source: Siropolis (1986) Facts
  • 13. Facts 85% restaurants close in 5 Years. 50% do not survive the First Year. Source: Cullen and Dick (1990)
  • 14. Attitude Opportunity Idea Planning Start - up Growth Diversify ENTREPRENEURIAL JOURNEY
  • 15. While formal schooling is an important advantage, it is not a guarantee of success nor is its absence a fatal handicap. Ray Kroc
  • 16. Creativity as a prerequisite to innovation Creativity - is the ability to bring something new into existence. Innovation - is the process of doing new things.
  • 17. Creativity, Innovation and Problem Solving Creativity and Innovation consists of... SEEING what everyone else has seen, THINKING what no one else has thought of, and DOING what no one else has dared!
  • 18. :Entrepreneurship A Process Approach .息 2003 Edward P Marram 6STG_012503 22
  • 19. Entrepreneurs.. Do things that are not generally done in the ordinary course of business Some entrepreneurs become celebrities...others become ridiculed for their failed dreams All contribute to the spirit of free enterprise
  • 20. Is a dynamic process of creating incremental wealth. This wealth is created by individuals who assume the major risks in terms of equity, time and career commitment of providing value for some product or service. The entrepreneur must somehow infuse value to the product or service... Entrepreneurship..
  • 21. Start Take Over a a Family Business Business Pursue Social Entrepreneurship by Innovating in Non-profit The Act Context entrepreneurially Entrepreneurial in a profession. Career Act as Entrepreneur in a larger, Established Work in a Company Purchase an Fast-Growth Existing Business Venture
  • 22. Economics & Entrepreneurship Richard Cantillon: Entrepreneurs make decisions about resources allocation. Adam Smith: Entrepreneurs react to economic change. He described the enterpriser as an individual who undertook the formation of an organization for commercial purposes. He mentioned role of industrialist...,person with unusual foresight who could recognize potential demand for goods and services Jean Baptiste Say: Entrepreneurs had exceptional insight into societys needs.
  • 23. Carl Menger: Entrepreneur as a change agent. Economic change does not arise from circumstances but from an individuals awareness and understanding of those circumstances Joseph Schumpeter: Entrepreneurship as a force of Creative Destruction. Described it as a process and entrepreneurs as innovators who use process to shatter the status quo through new methods... John Stuart Mill: Necessity of entrepreneurship in private enterprise. He described them as business founder.
  • 24. Everyone wants to be an entrepreneur Beliefs about entrepreneurship: Entrepreneurs are INDEPENDENT Entrepreneurs get RICH Entrepreneurs have FUN! Entrepreneurs are passionate people.
  • 25. Are my goals well defined? Personal aspirations Business sustainability & size Tolerance of risk Do I have the right strategy? Clear definition Potential for growth Durability Can I execute the strategy? Resources Organizational infrastructure The founders role If answer is YesIf answer is no Entrepreneurs Framework If answer is Yes If answer is no
  • 26. Review: why be an entrepreneur? The main reasons - Independence and freedom - Creativity and self-expression Another important reason - Cant hold a normal job! Many successful entrepreneurs are crazy, weird people - Passion
  • 27. Being an entrepreneur is not basically motivated by economics Why? RISK! I'll repeat: risk risk risk risk risk risk RISK RISK RISK RISK RISK RISK RISK RISK RISK RISK!
  • 28. Starting a business is risky New ideas are untested. . . Thats why theyre new ideas! You throw an idea into the world. . . And see what the world says in response. There are thousands of variables you cant control And you probably dont have a lot of the skills you need
  • 29. Entrepreneurship seeks to understand how opportunities to create something new arise and are discovered or created by specific persons who then use various means to exploit or develop them, thus producing a wide range of effects. A Definition
  • 30. Key Activities Identifying an opportunity Exploiting or developing this opportunity Running a new business successfully
  • 31. Entrepreneurs...Traits Self-confident and optimistic Able to take calculated risk Respond positively to changes Flexible and able to adapt Knowledge of markets Able to get along well with others Independent minded
  • 32. Energetic and meticulous Creative, need to achieve Dynamic Leader Responsive to suggestions Take initiatives Resourceful and firm Perceptive with foresight Entrepreneurs...Traits
  • 33. Entrepreneurial success shows no respect for age, background, gender, race or class. It is open to anyone, all you need is a drive and personal ambition and a refusal to listen to those who do not share your vision. Richard Branson
  • 34. Venturing into the Unknown Problem A Problem B Problem C .息 2003 Edward P Marram 6STG_012503 28
  • 35. How do How can we use t ovation? eize opportunity.
  • 36. Monday, April 6, 2015 Welcome to A World of Difference!