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Introduction to Entrepreneurship
What is Entrepreneurship? Entrepreneurship is the process of creating
something new of value by devoting (giving) thenecessary time and effort.
By accepting and acnowledging the necessaryfinancial! psychological! and social riss! and
"inally receiving the resulting rewards# be itmonetary! personal satisfaction or freedom to dowhat you want.
$obert %.&isrich! '. eters %.* +hepherd
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Introduction to Entrepreneurship
+imple %efinition
rocess of creating something new and
assuming the riss and rewards. $obert %.&isrich! '..eters %.*.+hepherd
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Prof Howard Stevenson from Harvard University state that : entrepreneurship is the
pursuit of opportunity beyond resources controlled.. Thisdefinition is divided as follows:
Pursuit: implies a singular, relentless focus. This means that the entrepreneurs often perceive littleopportunities. They need to show sustancial!tangile progress to attract resources, and the mere passage
of time consumes limited cash alances.
Opportunity implies an offering that is novel in one or more of four ways: Pioneering a truly innovative product "evising a new usiness model #reating a etter or cheaper version of an e$isting product
Targeting an e$isting product to new sets of customers.
Beyond resources controlled implies resource constraints. %t a new venture&s onset, its founderscontrol only their own human, social, and financial capital. 'oth approaches have something in common
and it is the opportunities. (et the concept could e anything related to them. THU),
Entrepreneurship is the art of detecting opportunities and work it out, until
they becoe a copetitive advantage!"
Introduction to Entrepreneurship
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,ommon -nderstanding of an
Entrepreneur
The boss
The business owner The risk taker
One who starts a small business
The resourceful guy? French Word origin - Entependre an
undertaker
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Introduction to Entrepreneurship
What is an Entrepreneur? &e or she is an individual who actively form or lead their own
business and nurture them for growth and prosperity.-i' Entrepreneurship +tudy /roup
* person who creates andmanages change by the recognitionof opportunities (needs! wants! opportunities! problems! andchallenges) and developspeople and managesresources totae advantage of the resources in order to tae the opportunityand creates a venture (profitable business).
Eston 0imani! '1
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!ifferent outcomes of engaging in
Entrepreneurship
1nnovation or newness product or service. 2rgani3ing resources finance! people! physical and
information resource.
,reating new product or service. /enerating wealth aing ris in a business venture. repared to face uncertainty. ,reate 4ob opportunity
1ncrease the abundance of wealth generation for the nation.
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Walt %isney5s definition
67.to do things and mae
things which will givepleasure to people in new
and ama"ingways. 7.1t is
magic8
9
A ViewWaltDisney andentrepreneurship
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Entrepreneurship involves:
'*/1, soft issues
:2/1, hard issues
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61t is maing the world forever new. 1t istaing aggressi#eactions.;
$ccording to %eorge %ilder from &The
'pirit of the Enterprise()
$ccording to *oseph 'chumpeter < 61t is destroying the old order and creating newones.;
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+chumpeters =iew of
Entrepreneurship
$ustrian economist *oseph 'chumpeter+s definition of entrepreneurship
placed an emphasis on inno#ation, such as
new products
new production methods
new marets
new forms of organi3ation
Wealth is created when such innovation results in new demand.
"rom this viewpoint! one can define the function of the entrepreneur as one of
combining various input factors in an innovative manner to generate value to the
customer with the hope that this value will e>ceed the cost of the input factors! thus
generating superior returns that result in the creation of wealth
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It is about
EW@
Business ideas
roducts
rocesses
E$E$EE-$+&1
* '1%+E
*bout a forever
innovating mindset
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!iff b.w Entrepreneurial #entures and 'mall
/usinesses
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&E &$EE '*+E$1E+ "2$
* E$E$EE-$@
'astery of +elf
'astery of 2pportunity
'astery of the Enterprise
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#raits of an Entrepreneur $ %&s and '&s
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*natomy of the Entrepreneur
he Entrepreneurial
'ind "rame
he Entrepreneurial
/ut /ame
he Entrepreneurial
&eart "lame
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*natomy of the Entrepreneur
WISDOM
HEART
GUTS
What lies
behind us!
what lies
before us! is
nothing
compared to
what lieswithin us. HANDS
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+elf *nalysis@
/ifted minds
+teely /uts
*bility to intuit ,ourage
atriotic &earts
&ands that truly care
Do I possess all of the above?
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ersonality est @
$esults@[email protected]
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he $ole of Entrepreneurship in
Economic /rowth
1n order for Entrepreneurs to thrive in a
nation! the /overnment must play importantrole in creating the ind of business
environment that create the basis for growth!
stability and future success of entrepreneurs.
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$$$(n E)planation
https:!!www.youtue.com!watch*v+yUiU$-Pwc
/"P is the sum of #onsumption 0#1, 2nvestment 021, /overnment )pending 0/1 and 3et 4$ports 05 6 1
*%P + - . - * - /0 $ 12 0consumption1 is normally the largest /"P component in the economy, consisting of private 0household final
consumption e$penditure1 in the economy.
20investment1 includes, for instance, usiness investment in e7uipment, ut does not include e$changes of
e$isting assets.
/0government spending1 is the sum of government e$penditures on final goods and services. 2t includes salaries
of pulic servants, purchase of weapons for the military, and any investment e$penditure y a government.
50e$ports1 represents gross e$ports. /"P captures the amount a country produces, including goods and servicesproduced for other nations8 consumption, therefore e$ports are added.
0imports1 represents gross imports.
https://www.youtube.com/watch?v=yUiU_xRPwMchttps://www.youtube.com/watch?v=yUiU_xRPwMc7/17/2019 Entrepreneurship Oucome 1
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he $ole of Entrepreneurship in
Economic /rowth
2ncreasing the Per capita incoe of the people of the country. P#2 is a measure of the amount of money that
is eing earned per person in a certain area. 2t can e calculated for a country y dividing the country8s
national income y its population
2nitiating and creating change in the structure of business and society. 9urther growth and increased output
arises, thus to enale more wealth to e divided among the various participants 0 staeholders1.
/eneration of innovation that leads to the creation of new product and service.
.provisation and odification on e$isting product to etter suit maret and customers& needs.
#reation of self eployent and to cut ac the dependency of potential employment of new worers in
government sectors. )treamline 0mae more efficient and effective by employing faster or simpler woring methods)
of the private sector and encourage the inclusion of new technology that is less laor dependent.
2ncrease in the national output which in turn lead to greater and stronger economic growth.
;aying the seed bed for creating new entrepreneur in various new technologies such as 'io Technology, 'io
Technology edicine, 3ano Technology , 3ew aterial Technology etc.
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W01 '0O23! $41/O!1 /E $4
E4T5E65E4E25?
he entrepreneur(s) is the principal catalyst in the modern economy. hey are the group of people
that continuously challenge themselves turning the chaos into opportunities revitali3ing the maret
place and the economy of their own country.
:ooing bac at the previous definition! it answers the Fuestion in a simple manner that everyone
can become an entrepreneur. It is a skill which we all ha#e in us, primarily to use to detectopportunities and use these opportunities to generate #alue7
he future economy needs people doing that every day at all levels of the society. &owever! not
everyone is ready to defeat the obstacles of setting up oneGs own new business! creating 4obs and
develop the economy of a country.
1n the real world there are people who engage endeavours and become enterprise entrepreneurs
and on the other hand there are people who sell their labour enabling entrepreneur to develop their
ideas.
1t means that! if you are not the person leading a new business idea! yet wor for one! you
demonstrate entrepreneurial sill.
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$nna 8ital in her book &E#eryone will become an entrepreneur( shows
some shocking arguments to support this argument
@
Every year! freelancer! consultants and
contractor! entrepreneurs developing their
own businesses have won 4obs
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$nna 8ital in her book &E#eryone will become an entrepreneur(
shows some shocking arguments to support this argument
"or an entrepreneur with money constraints! it is cheaper to hire outsourced
labour from countries where the labour is not as e>pensive < economies of
scale (E./@ o create a website to connect entrepreneurs with freelance! and
other contractors here in ew ealand)
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$nna 8ital in her book &E#eryone will become an entrepreneur(
shows some shocking arguments to support this argument
he technology had has replacing the human labour! in the future
many unsilled repetitive 4obs are going to be e>ecuted by machines.
(We should create one of these machines)
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(=ital -na! HIJ)
*ccording to =ital! becoming an entrepreneur means to develop the following points@
,reate =alue in his own wor or in a new business.
ae ris in his own wor or in a new business.
'ae lie better in his own wor or in a new business.
Be ambitious in his own wor or in a new business.
$nna 8ital in her book &E#eryone will become an entrepreneur(
shows some shocking arguments to support this argument
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The Entrepreneurial 6rocess
What is the Entrepreneurial rocess?
he process of pursuing (going after) a new
venture or business!
Whether it is a new product going into an e>isting
maret 2$
E>isting product going into a new marets 2$
he creation of a totally new organi3ation.
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"irst Entrepreneurial rocess@ ,reation rocess creating something new of value.
+econd Entrepreneurial rocess@ $eFuires the commitment of the necessary time and effort.
*ppreciate and understand the importance of time and effortdevoted to create something new and mae it worable.
hird Entrepreneurial rocess@ 1nvolves the en4oyment of the rewards ("reedom! monetary)
after the effort! followed by personal satisfaction.
The Entrepreneurial 6rocess
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he Entrepreneurial rocess "our
distinct process@