ENTREPRENEURSHIP AND

BUSINESS MODEL
ENTREPRENEURSHIP & BUSINESS MODEL - IRA SITI SARAH
WHO ARE ENTREPRENEURS?
Entrepreneurs are:
o A person who starts and/or operates a business.
o Individuals who discover market needs and launch new firms to meet
those needs.
o Risk takers who provide an impetus for change, innovation, and progress.
o All active owner-managers (founders and/or managers of small
businesses).

ENTREPRENEURSHIP & BUSINESS MODEL - IRA SITI SARAH

ENTREPRENEURSHIP REWARDS

ENTREPRENEURSHIP & BUSINESS MODEL - IRA SITI SARAH

ENTREPRENEURIAL CHARACTERISTICS
Commitment and
Determination

Tolerance of risk,
Leadership ambiguity, and
uncertainty

Attitudes &
Behaviors of
Entrepreneur

Opportunity Creativity, self-

reliance, and
obsession adaptability

Motivation to
excel

ENTREPRENEURSHIP & BUSINESS MODEL - IRA SITI SARAH

ARTISAN ENTREPRENEUR
A person with primarily technical skills and little business knowledge who starts a
business.
Characteristics:
o Take a paternalistic approach
o Are reluctant to delegate
o Use few sources of capital
o Have a traditional marketing strategy
o Focus on personal sales effort
o Have a short planning horizon

ENTREPRENEURSHIP & BUSINESS MODEL - IRA SITI SARAH

OPPORTUNISTIC ENTREPRENEUR
A person with both sophisticated managerial skills and technical knowledge who
starts a business.
Characteristics:
o Broad-based education
o Scientific approach to problems
o Willing to delegate
o Broad view of strategy
o Diversified marketing approach
o Longer planning horizon
o Sophisticated accounting and financial control

ENTREPRENEURSHIP & BUSINESS MODEL - IRA SITI SARAH

MILLENNIAL ENTREPRENEUR
Characteristics:
o Have no fear of technology
o Are idealistic and optimistic
o Are more collaborative
o Build elements of community in the business
o Start companies while studying entrepreneurship
o Fail fast, learn a lot, and keep going

ENTREPRENEURSHIP & BUSINESS MODEL - IRA SITI SARAH

SYSTEMATIC ENTREPRENEURSHIP
To reduce risks, the entrepreneur needs to optimize his successes by creating the
businesses based on purposeful innovation. Specifically, systematic innovation
means monitoring seven sources for innovative opportunity:
o The unexpected --- success, failure, outside event
o The incongruity between reality and assumption
o Innovation based on process need
o Change in industry/market structure
o Demographics change
o Changes in perception, mood, and meaning
o New knowledge
(listed in descending order of reliability and predictability)

ENTREPRENEURSHIP & BUSINESS MODEL - IRA SITI SARAH