Fahim Akhtar

Mark Zuckerberg Richard Branson Mukesh Ambani

How entrepreneurship emerged

transformation of simple to unique and out of box

Definitions of Entrepreneurship

Knight (1921)

Profits from bearing uncertainty and risk

Frank Hyneman Knight was an American economist who spent most of his career at the University of Chicago, where he became one of the founders of the Chicago school.

Schumpeter (1934)

Carrying out of new combinations of firm’s organization—new products,new services, new sources of raw material, new methods of production,new markets, new forms of organization

Joseph Alois Schumpeter was an Austrian-born American economist and political scientist. He briefly served as Finance Minister of Austria in 1919. In 1932 he became a professor at Harvard University where he remained until the end of his career

Hoselitz (1952) Uncertainty bearing...coordination of productive

resources... Introduction of innovations and the provision of capital

Berthold Frank Hoselitz (1913–1995) taught Economics and Social Science at the University of Chicago between 1945 and 1978. His analysis of the role of cultural and sociological factors was influential in the newly emerging field of economic development and stands in stark contrast with usual depictions of Chicago School economists focusing on narrow models of self-interested maximizing behavior.

Cole (1959) Purposeful activity to initiate and develop a profit-

oriented business

George Douglas Howard Cole (25 September 1889 – 14 January 1959) was an English political theorist, economist, writer and historian. As a libertarian socialist he was a long-time member of the Fabian Society and an advocate for the Co-operative movement. He and his wife Margaret Cole (1893–1980) together wrote many popular detective stories, featuring the investigators Superintendent Wilson, Everard Blatchington and Dr Tancred.

Casson (1982) Decisions and judgments about the coordination of

scarce resource

Mark Casson is a professor of economics at the University of Reading in England. He was Head of Department and is currently Director of the Centre for Institutional Performance there.

Shankaran Venkataraman(2000)

A field of business seeks to understand how opportunities create something new…

Sankaran Venkataraman (“Strategy,” “Entrepreneurship”), known around the UVA Darden campus as simply “Venkat,” is an internationally recognized expert on entrepreneurship. He is the MasterCard Professor of Business Administration at the school and the research director for entrepreneurship at the Batten Institute

What is a resource? A resource is any thing or quality that is useful, tangible or

intangible.

ENTREPRENEURSHIP goes with resources

RBV is resourced based view

Capability A capability is a socially complex routine that determines

the efficiency of the physical transformation of inputs to outputs.

functional capabilities

Marketing, finance, operations, and research and development. Firms differ in the content of their capabilities as well as the strength of their management.

Dynamic improvement capabilities enable the organization to change and be

responsive and flexible— the learning and innovation capability.

Entrepreneurial capabilities firm’s resources and develop new ones strategically.

Entrepreneurship features

• Creativity and innovation • Resource identification, acquisition, and marshaling • Economic organization • Opportunity for gain (or increase) under risk and

uncertainty

Conditions must exist for entrepreneurship

• there must be freedom—freedom to establish an economic venture, and freedom to be creative and innovative with that enterprise.

• there must be prosperity—favorable economic conditions that give an entrepreneurial organization the opportunity to gain and grow.

How entrepreneurship changed environment

Characteristics of Entrepreneurs

Successful Entrepreneurs

Key Personal Attributes

Good Technical Skills

Strong Managerial Competencies

Thanks