Professional Documents
Culture Documents
0 - Intro-Relevance of The Course
0 - Intro-Relevance of The Course
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GROUP 1- Innovator, Relevance of Studying
Entrepreneurship and Innovation (slide 4, 5 & 6)
GROUP 2 - Innovator; Relevance of Studying
Entrepreneurship and Innovation (slide 8,9, and 1)
GROUP 3 - Who are Entrepreneurs? (slide 12, & 13)
GROUP 4 - Typical Characteristics, background and
experiences of Entrepreneurs (slide 14 & 15)
GROUP 5 – Challenges and Opportunities with the
Entrepreneurial Career Path (slide 16 & 17)
GROUP 6 - Changing Face of Entrepreneurship; Common
Myths about Entrepreneurship (slide 18 & 19)
What is Entrepreneurship?
Entrepreneurship is the act of creating a business or businesses
while building and scaling it to generate a profit.
Who is an Entrepreneur?
• An entrepreneur is an owner of a business
who invests his/her resources to bring an
idea to life, setting the direction that
transforms that idea into reality, thus
providing and gaining value that balances
effort, purpose and profit.
Five Components of an
Entrepreneur
Elements of Innovation
1. New
2. Commercial success
What is the Relevance of
Studying Entrepreneurship and
Innovation
Entrepreneurship is focused on
developing knowledge, skills, and
understanding of how an innovative and
creative idea, product, or process can be
used to form a new and successful
business or to help an existing firm to grow
and expand. ... For this purpose
Government also
welcomes entrepreneurs to start their
business.
Entrepreneurs create employment
opportunities not only for themselves but for
others as well. Entrepreneurial activities
may influence a country's economic
performance by bringing new products,
methods, and production processes to the
market and by boosting productivity and
competition more broadly.
Entrepreneurs are:
Risk-taking individuals who take actions to pursue
opportunities and situations others may fail to
recognize or may view as problems or threats.
Founders of businesses that become large-scale
enterprise
People who:
o Buy a local franchise outlet
o Open a small retail shop
o Operate a self-employed service business
People who introduce a new product or
operational change in an existing organization.
Typical Characteristics of entrepreneurs:
High energy level
High need for achievement
Tolerance for ambiquity
Self-confidence
Passion and action orientation
Self-reliance and desire for independence
Flexibility
Typical entrepreneurial backgrounds and
experiences:
Parents were entrepreneurs or self-employed
Families encourage responsibility, initiative, and
independence
Have tried more than one business venture
Have relevant personal or career experience
Become entrepreneurs between 22 and 45 years of
age
Have strong interests in creative production and
enterprise control
Seek independence and sense of mastery
Challenges and Opportunities with the
Entrepreneur Career Path
CHALLENGES OPPORTUNITIES
Finding the right business Creating wealth
opportunity
Needing to work , often without pay, Becoming independent-taking charge of a
for long hours career
Uncertainty as to when the venture Doing well while doing good through social
will succeed-high risk entrepreneurship
Needing to make major decisions, Working in a business environment that the
often that affect other people’s lives entrepreneur creates
Relying on other people for Doing something the entrepreneur is
expertise and resources passionate about
Having no previous experience on Making a difference
which to rely
Facing failure at some point Creating new jobs
Finding the right people to grow the Supporting the community
business
Raising capital and other resources
Dealing with a sense of isolation and
disillusionment
Changing Face of Entrepreneurship:
Necessity-based entrepreneurship
*driven by absolute need
• few to no employment or career options
elsewhere
Social entrepreneurship
- Seeks novel ways to solve social problems at home
and abroad
- May include job training for homeless, improving
literacy among disadvantaged youth, providing
start-up capital for minority-owned businesses
Common Myths about Entrepreneurs:
Entrepreneurs are born, not made
Entrepreneurs are gamblers
Money is the key to entrepreneurial success
You have to be young to be an entrepreneur
You must have a degree in business to be an
entrepreneur
Trends in Entrepreneurship
Technological advancements
Independent lifestyles
E-Commerce and the World Wide Web
International opportunities
Young entrepreneurs
Women entrepreneurs
Minority enterprise
Immigrant entrepreneurs
Part-time entrepreneurs
Home-based business
How does one start a new venture?
•Life cycle of entrepreneurial firms
•Birth Stage
•Breakthrough stage
•Maturity Stage