Entrepreneurship & Sales

LESSON 1 – Introduction to Entrepreneurship

Contents

• What is Entrepreneurship?
• Characteristic of Entrepreneurship
• Types of Entrepreneurships
• What is an Entrepreneur?
• Traits of an Entrepreneur
• Types of Entrepreneurs
• Benefits of being an Entrepreneur
• Entrepreneur Vs. Entrepreneurship
What is Entrepreneurship?

• Entrepreneurship is the act of creating a business or businesses while bearing all the
risks with the hope of making a profit.

• The more modern entrepreneurship definition is also about transforming the world by
solving big problems like bringing about social change or creating an innovative product
that challenges the status quo of how we live our lives on a daily basis.

• Entrepreneurship is what people do to take their career into their hands and lead it in the
direction they want.

• It’s about building a life on your own terms. No bosses. No restricting schedules. And no
one holding you back. Entrepreneurs are able to take the first step into making the world
a better place—for everyone in it, including themselves.
Characteristic of Entrepreneurship

• Think creatively
• Enjoy freedom and flexibility
• Understand basic finance principles
• Are ambitious and goal oriented
• Take self initiative
• Are problem solvers
Characteristic of Entrepreneurship

Curiosity

• Successful entrepreneurs have a distinct personality trait that sets them apart from other
organizational leaders: a sense of curiosity.

• An entrepreneur's ability to remain curious allows them to continuously seek new

opportunities. Rather than settling for what they think they know, entrepreneurs ask
challenging questions and explore different avenues.
Characteristic of Entrepreneurship

Structured Experimentation

• Along with curiosity, entrepreneurs require an understanding of structured

experimentation. With each new opportunity, an entrepreneur must run tests to
determine if it’s worthwhile to pursue.

• For example, if you have an idea for a new product or service that fulfills an underserved
demand, you’ll have to ensure customers are willing to pay for it. To do so, you’ll need to
conduct thorough market research and run meaningful tests to validate your idea and
determine its potential.
Characteristic of Entrepreneurship

Adaptability

• The nature of business is ever-changing. Entrepreneurship is an iterative process, and

new challenges and opportunities present themselves at every turn. It’s nearly
impossible to be prepared for every scenario, but successful business leaders must be
adaptable.

• This is especially true for entrepreneurs who need to evaluate situations and remain
flexible to ensure their business keeps moving forward, no matter what unexpected
changes occur.
Characteristic of Entrepreneurship

Decisiveness

• To be successful, an entrepreneur has to make difficult decisions and stand by them. As

a leader, they’re responsible for guiding the trajectory of their business, including every
aspect from funding and strategy to resource allocation.

• Being decisive doesn’t always mean being correct. If you want to be an entrepreneur, it
means having the confidence to make challenging decisions and see them through to
the end. If the outcome turns out to be less than favorable, the decision to take
corrective action is just as important.
Characteristic of Entrepreneurship

Team Building

• A great entrepreneur is aware of their strengths and weaknesses. Rather than letting
shortcomings hold them back, they build well-rounded teams that complement their
abilities.

• In many cases, it’s the entrepreneurial team, rather than an individual, that drives a
venture toward success. When starting your own business, it’s critical to surround
yourself with teammates who have complementary talents and contribute to a common
goal.
Characteristic of Entrepreneurship

Risk Tolerance

• Entrepreneurship is often associated with risk. While it’s true that launching a venture
requires an entrepreneur to take risks, they also need to take steps to minimize it.

• While many things can go wrong when launching a new venture, many things can go
right. According to Entrepreneurship Essentials, entrepreneurs who actively manage the
relationship between risk and reward position their companies to “benefit from the
upside.”
Characteristic of Entrepreneurship

Comfortable with Failure

• In addition to managing risk and making calculated decisions, entrepreneurship requires

a certain level of comfort with failure.

• It’s estimated that nearly 75 percent of new startups fail. The reasons for failure are vast
and encompass everything from a flawed business model to a lack of focus or
motivation. While many of these risks can be avoided, some are inevitable.
Characteristic of Entrepreneurship

Persistence

• While many successful entrepreneurs are comfortable with the possibility of failing, it
doesn’t mean they give up easily. Rather, they see failure as an opportunity to learn and
grow.

• Throughout the entrepreneurial process, many hypotheses turn out to be wrong, and
some ventures fail altogether. Part of what makes an entrepreneur successful is their
willingness to learn from mistakes, continue to ask questions, and persist until they
reach their goal.
Characteristic of Entrepreneurship

Innovation

• Many ascribe to the idea that innovation goes hand-in-hand with entrepreneurship. This
notion is often true. Some of the most successful startups have taken existing products
or services and drastically improved them to meet the changing needs of the market.

• Innovation is a characteristic some, but not all, entrepreneurs possess. Fortunately, it’s a
type of strategic mindset that can be cultivated. By developing your strategic thinking
skills, you can be well-equipped to spot innovative opportunities and position your
venture for success.
Characteristic of Entrepreneurship

Long-Term Focus

• Finally, most people think of entrepreneurship as the process of starting a business.

While the early stages of launching a venture are critical to its success, the process
doesn’t end once the business is operational.

• According to Entrepreneurship Essentials, “it’s easy to start a business, but hard to grow
a sustainable and substantial one. Some of the greatest opportunities in history were
discovered well after a venture launched.”
Types of Entrepreneurships

Small-Business

• Small business entrepreneurship is the idea of opening a business without turning it into
a large conglomerate or opening many chains. A single-location restaurant, one grocery
shop, or a retail shop to sell your handmade goods would all be an example of small
business entrepreneurship.

• These individuals usually invest their own money and succeed if their business turns a
profit, which they live off of. They don't have outside investors and will only take a loan if
it helps continue the business.
Types of Entrepreneurships

Scalable Startup

• These are companies that start with a unique idea; think Silicon Valley. The hopes are to
innovate with a unique product or service and continue growing the company,
continuously scaling up as time moves on.

• These types of companies often require investors and large amounts of capital to grow
their idea and reach multiple markets.
Types of Entrepreneurships

Large-Company

• Large company entrepreneurship is a new business division created within an existing

company. The existing company may be well placed to branch out into other sectors, or
it may be well placed to become involved in new technology.

• CEOs of these companies either foresee a new market for the company or individuals
within the company generate ideas that they bring to senior management to start the
process.
Types of Entrepreneurships

Social Entrepreneurship

• The goal of social entrepreneurship is to create a benefit to society and humankind.

They focus on helping communities or the environment through their products and
services. They are not driven by profits but rather by helping the world around them.
What is an Entrepreneur?

• An entrepreneur is an individual who creates a new business, bearing most of the risks
and enjoying most of the rewards.

• The process of setting up a business is known as entrepreneurship. The entrepreneur is

commonly seen as an innovator, a source of new ideas, goods, services, and
business/or procedures.
What is an Entrepreneur?

• Entrepreneurs play a key role in any economy, using the skills and initiative necessary to
anticipate needs and bring good new ideas to market.

• Entrepreneurship that proves to be successful in taking on the risks of creating a startup

is rewarded with profits, fame, and continued growth opportunities. Entrepreneurship
that fails results in losses and less prevalence in the markets for those involved.
Traits of an Entrepreneur

• Enjoy freedom and flexibility

• Are inventive
• Are goal oriented and ambitious
• Think creatively
• Are fearless
• Problem solvers
• High self initiative
• Understand basic finance principles
Types of Entrepreneur

Entrepreneurs are as diverse as they are dynamic.

Here are seven different types of entrepreneurs:

• The Independent
• The Freedom Seeker
• The Creative
• The Opportunist
• The Hustler
• The Digital Nomad
• The Legacy
Types of Entrepreneur

The Independent

• Going independent means taking big but calculated risks. You know how to build a solid
plan, but you also know you need to adapt when things change. Determination will be
key to your success, as will trusting your gut.

• By far the most popular of the entrepreneurial motivations we found was the desire to be
independent and self-reliant, with 47% of respondents saying that was a main reason for
starting their business.
Types of Entrepreneur

The Freedom Seeker

• Wanting freedom and flexibility is what motivates The Freedom Seeker to start a
business. This type of entrepreneur wants something that fits around their schedule—a
business they get to control, rather than something that controls them.

• If this is you, you might be looking to break out of the nine-to-five routine and find
something that better fits your lifestyle (or the lifestyle you wish you had). You want a
business that goes with the flow, adapts to change without breaking a sweat, and
doesn’t get in the way of your hobbies and adventures.

• Overall, freedom was the second-most common motivation entrepreneurs chose in our
survey, with 42% of saying they fit this type.
Types of Entrepreneur

The Creative

• The Creative is someone who loves to use their skills and imagination not only to make
something new, but to inspire others to do the same. They love to see other people
enjoying what they’ve created, and their business becomes another way to nurture their
talents.

• In total, 34% of merchants we surveyed said that this was their motivation to start a
business.
Types of Entrepreneur

The Opportunist

• Have you ever found yourself searching for the perfect product, only to find it doesn’t
exist? Or maybe someone else is making it, but you just know you could do it better.

• The Opportunist is someone who finds an opportunity to fill a niche in the market and be
the first to offer something newer and better.

• In our survey, 32% of merchants said this was one of their motivations to start their
business, making it the fourth most popular response.
Types of Entrepreneur

The Hustler

• In our survey, 29% of merchants said their motivation was to have extra income—a side
hustle. They’re not necessarily looking for a whole new career or a new day job, but a
business that fits into their life and brings in some cash.

• The trick for The Hustler is founding a business that doesn’t take over every day of their
week and that doesn’t need too much babysitting. Having a successful side hustle
means striking a balance between your day-to-day—whether that’s in an office or taking
care of things at home—and your own business.
Types of Entrepreneur

The Digital Nomad

• The Hustler has some crossover with our next type: The Digital Nomad. This type of
entrepreneur is motivated by a desire to work from home. In our survey, 20% of
merchants said this was a motivation for them.

• Working from home on your own schedule means getting to take control of your day.
Instead of commuting and spending your day somewhere else, you can use that
precious time for yourself and your business.

• For parents, that means a greater ability to balance work and child care, but there are
people of all types who prefer working from home. Maybe you want some leisure time
back in your life, or even just the ability to do a midday workout or simply work in
sweatpants.
Types of Entrepreneur

The Legacy

• Some people start a business not just to find success for themselves, but for their whole
family. The Legacy is looking ahead and building a business their children or other family
members can take over when the time is right. If this is you, you want security for the
present and for the future.

• This type of entrepreneur wants a business that can continually grow and stand the test
of time. Rather than looking at what’s trending right now, The Legacy is thinking long
term. How will this business succeed in 10 years? Or 100?
Benefits of Being an Entrepreneur

• Work flexibility. Entrepreneurship means self employment, which comes with the ability to
set your own schedule and work where you want.

• Ability to follow your passion. If your innovative idea is related to your passions or
hobbies, entrepreneurship enables you to make a career out of what you love.

• Total control. Because they own their own businesses, entrepreneurs have complete
control of their entrepreneurial ventures, with the ability to make decisions quickly.
Benefits of Being an Entrepreneur

• Creativity. Without the burdens of bureaucracy common in large, mature companies,

entrepreneurs can solve problems creatively and experiment often.

• Unlimited earning potential. As famous entrepreneurs like Mark Zuckerberg or Bill Gates
show, a startup entrepreneur with a successful business idea can make millions or even
billions of dollars.
Entrepreneur Vs. Entrepreneurship

• The easiest way to spot the difference between entrepreneur and entrepreneurship is to
imagine a salesperson and selling. Entrepreneurs are visionaries who can convert an
idea into a business big or small.

• Entrepreneurship is the process of initiating, developing and operating a business from

the ground up. Here are some distinctive features of both.
Entrepreneur Vs. Entrepreneurship

Entrepreneur

• A doer who has something new to offer to society by running an enterprise.

• An innovator who uses thought-provoking ideas to lead the marketplace.
• A developer who gives shape to an idea and creates a business model.
• A leader who provides guidance and direction to their team to achieve targets and meet
deadlines.
• A risk-taker who can anticipate issues that may arise in the future, minimize their effects
and even take calculated risks for the benefit of a business.
Entrepreneur Vs. Entrepreneurship

Entrepreneurship

• It’s a systematic, purposeful and creative process that helps an individual run a business
smoothly.
• It pushes people to think outside the box and offer unique products and services.
• It helps create a variety of professional networks and strengthen interpersonal
relationships with people from all walks of life.
• Profit potential motivates individuals and helps them stay focused and keep the
organization running.
• There are both risks and rewards of a business; entrepreneurship encourages people to
take the leap of faith.
Q&A Session