4/10/2020

October 03, 2020 :

Contact
Dr. Mutahir
Week-01

Introduction of 0321-5167800
Entrepreneurship
mutahir5@gmail.com
Dr. Mutahir Dr. Mutahir :

Prerequisites of this Course Why Study Entrepreneurship

– Business Management (Basic) • Understand the dimension of

Entrepreneurship and Innovation
– Project Management (Basic Knowledge)
• Manage a business
– Economics (basic) • Lucrative career opportunities
• Intellectual curiosity

Dr. Mutahir : Dr. Mutahir :

Readings
What is this course about? 1. Malin Brannbak, Alan Carsrud, Fundamentals for Becoming a Successful Entrepreneur –
from business idea to launch and management, ISBN-10: 0-13-396681-X, ISBN-13: 978-0-
13-396681-7, Pearson Education Ltd.
2. Paul Burns, Entrepreneurship and small Business – startup growth and maturity, ISBN 978–
1–137–43035–9, Macmillan Publishers Limited.
3. Lee A. Swanson, Entrepreneurship and Innovation Toolkit, Entrepreneurship and Innovation Toolkit by Lee
• What is Entrepreneurship? A. Swanson is licensed under a Creative Commons Attribution-ShareAlike 4.0 International License, except where otherwise noted.

4. Peter F. Drucker, Innovation and Entrepreneurship – Practice and Principles,

5. Robert Mellor with Gary Coulton, Anne Chick, Antonia Bifulco, Noha Mellor and Alan
• How Entrepreneurship developed. Fisher, Entrepreneurship for Everyone – A Student Textbook, SAGE Publications Asia-Pacific
Pte Ltd, ISBN 978-1-4129-4775-6, ISBN 978-1-4129-4776-3 (pbk)
6. Byers, T.H., R.C. Dorf, and A.J. Nelson, Technology Ventures: From Idea to Enterprise, 4th
• How to create and manage a Business ed., McGraw Hill, 2015.
7. Schilling, Melissa A., Strategic Management of Technological Innovation, Third Edition,
McGraw-Hill Irwin, 2010.
8. Christensen, Clayton M., The Innovator’s Dilemma, Collins Business, 2003. (Paperback)
9. Moore, Geoffrey A., Crossing the Chasm, Revised Edition, Collins Business, 2002.
(Paperback)
10. Christensen, Clayton M and Michael E. Raynor, The Innovator’s Solution, Harvard Business
School Press, 2003.
11. Hammer, Michael and James Champy, Reengineering the Corporation: A Manifesto for
Business Revolution, Harper Business Essentials, 2003.
Dr. Mutahir : Dr. Mutahir :

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Topics Schedule
Introduction to Entrepreneurship Week 1
Grading Characteristics of Entrepreneurship Week 2
Entrepreneurship Process Week 3
Entrepreneurship Theories Week 4
Week 5
• Assignment (05 %) Opportunity spotting
Week 6
Opportunity Evaluation
• Class participation (05%) Innovation and its Impact Week 7

• Project presentation (10%) Mid Term Exam Week 8

Week 9
Innovation management, Management principals,
• Quizzes (10%) Competitive advantage, supply chain
Week 10
• Midterm exam (30%) Strategy overview, types of corporate strategies
Business opportunity components Week 11
• Final exam (40%) Business Plan Week 12
Business Plan Evaluation Week 13
Project Presentations Week 14
Managing the growing innovation Business Week 15
Final Paper Week 16
Dr. Mutahir :

Why to study Entrepreneurship? Entrepreneurship

A process, not a type of person
• It is still novel and hot domain
• Successfully struggling to be separate field
a. Identifying an opportunity
of science and legitimization
b. Developing and implementing a Business
• Fast developing domain Plan
• New generation of researchers c. Involves uncertainty and the acceptance of
risk
• Growing community d. Pulling together the needed resources to
• Many research opportunities pursue the opportunity
e. Creating and/or building something of value

The Evolution of Entrepreneurship A Summary Description

• Entrepreneur is derived from the French
entreprendre, meaning “to undertake.”
– The entrepreneur is one who undertakes to
organize, manage, and assume the risks of a
business.
– Although no single definition of entrepreneur
exists and no one profile can represent today’s
entrepreneur, research is providing an increasingly
sharper focus on the subject.
of Entrepreneurship
• Entrepreneurship (Robert C. Ronstadt)
– The dynamic process of creating incremental wealth.
– This wealth is created by individuals who assume major
risks in terms of equity, time, and/or career commitment of
providing value for a product or service.
– The product or service itself may or may not be new or
unique but the entrepreneur must somehow infuse value
by securing and allocating the necessary skills and
resources.

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What is Entrepreneurship? An Integrated Definition

• Academic Definition (Stevenson & Jarillo)
– Entrepreneurship is the process by which individuals pursue
opportunities without regard to resources they currently
control.
• Venture Capitalist (Fred Wilson)
– Entrepreneurship is the art of turning an idea into a
business.
• Explanation of What Entrepreneurs Do
– Entrepreneurs assemble and then integrate all the resources
needed –the money, the people, the business model, the
strategy—needed to transform an invention or an idea into a
viable business.
• Entrepreneurship
– A dynamic process of vision, change, and creation.
• Requires an application of energy and passion towards the creation
and implementation of new ideas and creative solutions.
– Essential ingredients include:
• The willingness to take calculated risks—in terms of time, equity, or
career.
• The ability to formulate an effective venture team; the creative skill
to marshal needed resources.
• The fundamental skills of building a solid business plan.
• The vision to recognize opportunity where others see chaos,
contradiction, and confusion.

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Entrepreneurship Characteristics/Nature of
Definition by Haward Johnson – Entrepreneurship.
1. Ability to innovate
• Entrepreneurship is the composite of three 2. Economic activity
basic elements, 3. Risk bearing capacity
– Invention
4. In search of opportunities
– Innovation
5. Organization creation
– adaptation.
6. Result of high achievements/ ambitions
7. Based on principles not on intuitions

Characteristics/Nature of
Entrepreneurship.
8. Professional activity
Entrepreneurship
9. Result of change
10.Entrepreneur is a behavior not a personality
trait
11.Essential in all type of business
SME IDE
12.Essential in all activities
13.Different type of entrepreneurship
14.It is global phenomenon
SME – Small and Medium Enterprise Entrepreneurship
15.Independent life stile IDE – Innovation Driven Enterprise Entrepreneurship

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The Impact of Small Business

Key Term More than 99 percent of U.S. firms are
an independently owned
small small businesses.
business that usually has the
business
owner as its manager Small businesses employ more than 50
percent of the U.S. workforce.
virtual business
a business that operates on the Small businesses are the principal source of
or dot-com
Internet
company new jobs.

Entrepreneurship Entrepreneurship

An entrepreneur is a person who: Entrepreneurship is:

Recognizes an opportunity The process of recognizing an opportunity
Organizes Marketplace testing
Manages Gathering the resources necessary to go
Assumes the risks of starting and operating into business.
a business

Entrepreneurship
Personal
A venture is a new business undertaking that Characteristics
of
involves risk. Entrepreneurs

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Serial
entrepreneurship
Female
Nascent
An Integrative Model of Entrepreneurial Inputs and
entrepreneurship
Technology based entreprenurship Outcomes
entrepreneurship

Corporate
entrepreneurship Family Entrepreneurial
International entrepreneurship
entrepreneurship finance

? Life-style
Entrepreneurship entrepreneurship
education

High growth
enterpreneurship Social
entrepreneurship

Source: Michael H. Morris, P. Lewis, and Donald L. Sexton, “Reconceptualizing Entrepreneurship:

An Input-Output Perspective,” SAM Advanced Management Journal 59, no.1 (Winter 1994): 21–31.
VARIETY OF ENTREPRENEURSHIP

Common Myths About Entrepreneurs Common Myths About Entrepreneurs

1 of 4 2 of 4

• Myth 1: Entrepreneurs Are Born Not Made
– This myth is based on the mistaken belief that some people
are genetically predisposed to be entrepreneurs.
– The consensus of many studies is that no one is ―born‖ to
be an entrepreneur; everyone has the potential to become
one.
– Whether someone does or doesn’t become an entrepreneur,
is a function of the environment, life experiences, and
personal choices.
• Myth 2: Entrepreneurs Are Gamblers
– Most entrepreneurs are moderate risk takers.
– The idea that entrepreneurs are gamblers originates from
two sources:
• Entrepreneurs typically have jobs that are less structured, and so
they face a more uncertain set of possibilities than people in
traditional jobs.
• Many entrepreneurs have a strong need to achieve and set
challenging goals, a behavior that is often equated with risk taking.

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Common Myths About Entrepreneurs Common Myths About Entrepreneurs

3 of 4 4 of 4

• Myth 3: Entrepreneurs Are Motivated Primarily by
Money.
– While it is naïve to think that entrepreneurs don’t seek
financial rewards, money is rarely the reason entrepreneurs
start new firms.
– In fact, some entrepreneurs warn that the pursuit of money
can be distracting.
• Myth 4: Entrepreneurs Should Be Young and
Energetic.
– The most active age for business ownership is 35 to 45
years old.
– While it is important to be energetic, investors often cite
the strength of the entrepreneur as their most important
criteria in making investment decisions.
• What makes an entrepreneur ―strong‖ in the eyes of an investor is
experience, maturity, a solid reputation, and a track record of
success.
• These criteria favor older rather than younger entrepreneurs.

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Assignment – 01 Cover Page

What are different types of challenges faced Roll No: – 123456789
by the entrepreneur: explain how these Name: – Muhammad Ali
challenges impact on entrepreneurship... Assignment: – 01
Title: – What are different types of
1. Use one side of white A4 Sheet challenges faced by the
2. It should be hand written entrepreneur: explain how
3. Use not more than 02 sheets these challenges impact on
4. Add cover page having info as on next slide entrepreneurship
5. No Plagiarism, copied will get zero credit. Institute: – IBM – UET
Submission date: – 10 October 2020
Submit on next week (Saturday 10 October 2020) Submitted to: – Dr Mutahir

Questions