MG5592 – MG5701

ENTREPRENEURSHIP
The Entrepreneur

Dr Riccardo Nucci

MG5592 - Entrepreneurship 1
 !!! ATTENTION !!!
Assessment
BBS students SusED students
• Coursework: Literature Review • Coursework: “Plan and Pitch”.
• More info from Dr Riccardo • More info from Dr Eleni
Nucci. Iacovidou.
• Lectures MG5592. • Lectures MG5701
• Seminars MG5592. • Assessment: 'Plan and Pitch’:
• Assessment: Literature review: • Business Model Canvas for an
entrepreneurial idea and a
• Search existing literature in a
chosen topic • Business pitch.
• Critically review studies.

MG5592 - Entrepreneurship 2
 !!! ATTENTION !!!
Assessment
BBS students
• Formative Assessment: Draft of coursework
• NOT GRADED.
• Deadline: 31 October (Brightspace).
• Peer review: draft will be reviewed by fellow students.
• Feedback will be discussed during office hours.

MG5592 - Entrepreneurship 3
PREVIOUS LECTURE
• Entrepreneurship:
• Business creation
• Business ownership
• Exploitation of opportunities
• Creation of products/services
• Core aspects of entrepreneurial context:
• Uncertainty
• Innovation
• Management

MG5592 - Entrepreneurship 4
PREVIOUS LECTURE
• Entrepreneurship as a multifaceted phenomenon
• Entrepreneurship as the identification and exploitation of
opportunities to create more value is manifested in different
contexts, ways, and behaviours.
• Entrepreneurship is not necessarily business creation.

MG5592 - Entrepreneurship 5
PREVIOUS LECTURE
• Entrepreneurship:
• Business creation
• Business ownership
• Exploitation of opportunities
• Creation of products/services
• Core aspects of entrepreneurial context:
• Uncertainty
• Innovation
• Management

MG5592 - Entrepreneurship 6
LECTURE PLAN - OUTCOMES
• Lecture: • Activity:
• Discuss three main reasons • Case study: Alexandr Wang
why people decide to become • Entrepreneur: founder of Scale.
entrepreneur. • Watch video
• Identify four main characteristics • question
of successful entrepreneurs • Group discussion:
• The trait approach VS the • Analyse statement.
learning approach • Debate arguments.

MG5592 - Entrepreneurship 7
why do certain people and not other became entrepreneurs?

MG5592 - Entrepreneurship 8
Alexandr Wang
Scale AI
MG5592 - Entrepreneurship 9
 10
MG5592 - Entrepreneurship
LET’S REFLECT ON ALEXANDR’S
STORY
QUESTION 1 QUESTION 2 QUESTION 3
MOTIVATION CHARACTERISTICS TRAITS & SKILLS

• What was Alexandr’s • What was Alexandr’s • What was Alexandr’s

primary motivation in main characteristics for primary trait or skill for?
starting Scale? Scale success?

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WHY BECOME AN
ENTREPRENEUR?
-
TAKE THE LEAP
MG5592 - Entrepreneurship 12
WHY BECOME AN ENTREPRENEUR?
• Hard Facts:
• 582 million of entrepreneurs in
Desire to
be their
the world.
own boss
• Each entrepreneur starts 2
businesses on average.
Desire to • About 60% of new businesses
pursue
their own
ideas
survive the second year.
• Managing a new business is
more stressful that raising kids.
Financial
rewards
• Only 8% of entrepreneurs seek
financial rewards.
• (GEM data, 2022; BofA, Forbes).

MG5592 - Entrepreneurship 13
WHY BECOME AN ENTREPRENEUR?
• Hard Facts:
• 582 million of entrepreneurs in
Desire to
be their
the world.
own boss
• Each entrepreneur starts 2
businesses on average.
Desire to • About 60% of new businesses
pursue
their own
ideas
survive the second year.
• Managing a new business is
more stressful that raising kids.
Financial
rewards
• Only 8% of entrepreneurs seek
financial rewards.
• (GEM data, 2022; BofA, Forbes).

MG5592 - Entrepreneurship 14
CHARACTERISTICS OF SUCCESSFUL
ENTREPRENEURS
FOCUS
On customers
PASSION On products

For the business

For the product
For entrepreneurship

TENACITY
Business failures
Mistakes
EXECUTION
Intelligence

MG5592 - Entrepreneurship 15
why do certain people and not others became entrepreneurs?

MG5592 - Entrepreneurship 16
COMMON TRAITS AND SKILLS
• Risk taker • Optimistic
• Persuasive • Networker
• Internal locus of control • Need for achievement
• Creative • Alert to opportunities
• Self-starter • Self-confident
• Tenacious • Decisive
• Tolerant of ambiguity • Energetic
• High need for achievement • Long attention span

MG5592 - Entrepreneurship 18
COMMON TRAITS AND SKILLS
• Risk taker • Optimistic
• Persuasive • Networker
• Internal locus of control • Need for achievement
• Creative • Alert to opportunities
• Self-starter • Self-confident
• Tenacious • Decisive
• Tolerant of ambiguity • Energetic
• High need for achievement • Long attention span

MG5592 - Entrepreneurship 19
ENTREPRENEURIAL LEARNING
• Learning outcomes:
• Learning about oneself
• Learning about the business
• Learning about small business
management
• Learning about others
• Learning mechanisms:
• Learning by first experience
• Learning by comparison
• Learning by mistake
• Learning by failure
• Learning by observing
• Learning from role models

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 22

ENTREPRENEURIAL
MYTH
Entrepreneurs are born, not
made?
LET’S PLAY A GAME!
LET’S PLAY A GAME!
LET’S PLAY A GAME!
LET’S PLAY A GAME!
LET’S PLAY A GAME!