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INTRODUCTION

Lecture # 1
Who is an Entrepreneur?


A vision-driven individual who assumes
significant personal and financial risk to
start or expand a business.
Who is an Entrepreneur?

Someone who brings resources, labor, materials and
other assets into combination that makes their value
greater than before
Someone who introduces changes, innovations
Someone who is driven by the need to experiment,
accomplish, escape authority of others
Someone who finds better ways to utilize resources,
reduce waste and produce jobs for others
An aggressive competitor

Entrepreneur


Anyone (can be an entrepreneur) who
wants to experience the deep, dark
canyons of uncertainty and ambiguity;
and who wants to walk the breathtaking
highlands of success.
But I caution, do not plan to walk the latter,
until you have experienced the former.
Who is an Entrepreneur?
Perceived
Capability
Future Goals
Change Status Quo
Possible
Blocked
Satisfied
manager
Entrepreneur
Frustrated
manager
Classic
bureaucrat
Entrepreneurship..

is the process of creating something new with
value by devoting the necessary time and effort,
assuming the accompanying financial, psychic
and social risks, and receiving the resulting
rewards of monetary and personal satisfaction
and independence.
Entrepreneurship
Entrepreneurship: a way of thinking, reasoning, and
acting that is:
opportunity obsessed
holistic in approach
and leadership balanced

(This definition of entrepreneurship has evolved over the past
two decades from research at Babson College and the Harvard
Business School and has recently been enhanced by Stephen
Spinelli, Jr., and John H. Muller, Jr., Term Chair at Babson
College.)
Lets discuss

Are Entrepreneurs born or made
???
Born or Made?
Is there inborn talent required?

Assume that the answer is YES:
then we can identify the main characteristics
if we have them, fine - no others need to apply!
we could start spotting talent in kindergarten
we could "stream" these people
we could discourage people without these
talents
Born or Made?
Assume the answer is NO:
then schools could teach anyone
would be a "profession" like law or medicine
companies could establish "nurseries" for them


The real answer lies somewhere in-between
Talent and education is the way
Entrepreneurial Processes
Identifying and
evaluating
opportunities
Managing and
growing the
enterprise
Converting the idea
into enterprise
Determining the
required resources
Deciding to become
an entrepreneur
Developing a
business plan
The Entrepreneurial Process
It is opportunity/market driven
It is driven by a lead entrepreneur and an
entrepreneurial team
It is resource cost-conscious and creative
It depends on the fit and balance among
these
It is integrated and holistic
Aspects of Entrepreneurial Process
Identify & evaluate
opportunity
Develop business
plan
Resources required Manage the
enterprise
-Opportunity
assessment
- Creation & length
of opportunity
- Real & perceived
value of opportunity
-Risks & returns of
opportunity
-Opportunity versus
personal skills &
goals
-Competitive
environment
-Title Page
- Table of Contents
- Executive
Summary
- Major section
1. Description of
business
2. Description of
Industry
3. Technology Plan
4. Marketing Plan
5. Financial Plan
6. Production Plan
7. Organization
plan
8. Operational Plan
9. Summary
- Appendix


-Determine
resources needed
- Determine existing
resources
- Identify resource
gaps and available
suppliers
- Develop access to
needed resources.
-Develop
management style
- Understand key
variables for
success
- Identify problems
- Implement control
system
- Develop growth
strategy
Creativity Vision
Innovation Leadership
Dynamism Technical Knowledge
Risk taking Flexibility
Decision making Problem Solving
Self motivation Persistence
Self Confidence Time management
Entrepreneurial Skills
A desire to achieve
Conquer problems, create successful venture
Hard work
Their workload is very hard to match
Nurturing quality
Acceptance of responsibility
Morally, legally and mentally accountable
Reward orientation
Want be rewarded for their efforts
Entrepreneurial Skills
Optimism
Anything is possible
Orientation to excellence
Pride in something first class
Organization
They are wholly "take charge" people
Profit orientation
Profit primarily a gauge of performance
Activity

List down the advantages & disadvantages of
being an entrepreneur.



External Factors: Internal Factors:
1. Economic conditions 1. Organization culture
2. Social factors 2. Employees morale
3. Competition 3. Technological capacity
4. Political interference 4. Financials
5. Law and Order


Role of Entrepreneurship in
Economic development
Boosts per capita output and income
Initiates and constitutes changes in the structure of business
and society
Raise productivity through innovation
Employment opportunities
New inventions
Utilization of resources
Improved standard of living
Increased economic development
New markets and international expansions




Economic
Barriers
Non-Economic
Barriers
Capital Labor
Raw
Material
Social
barriers
Personal
Barriers
Women involved in economic activities

Women generating employment for themselves

Spread of education and awareness

They have access to opportunities and facilities

Pakistani Women entrepreneurs - Assignment
Case Study

Thank you!