Fundamentals

of Entrepreneurship
Farrukh Khojatov – Business Mentor
 Context

• General information about entrepreneurship

• Types of entrepreneurship.
• Difference between social and commercial
entrepreneurship
• Identifying an idea that you want to work on
• Success stories
Entrepreneurship
• Entrepreneurship is the act of creating a
business or businesses while building and
scaling it to generate a profit.
• The more modern entrepreneurship definition
is also about transforming the world by solving
big problems.
• Like initiating social change, creating an
innovative product or presenting a new life-
changing solution.
Entrepreneur
• An entrepreneur is a person who sets up a
business with the aim to make a profit.
• An entrepreneur is someone who starts a 
side hustle that can eventually create a full-
time, sustainable business with employees. 
• Entrepreneurs see possibilities and solutions
where the average person only sees
annoyances and problems.
What Is the Meaning of Entrepreneurship?

• The meaning of entrepreneurship involves an

entrepreneur who takes action to make a
change in the world. 
• All entrepreneurs have one thing in common:
action.
• It’s not some idea that’s stuck in your head.
• Entrepreneurs take the idea and execute it.
• Entrepreneurship is about execution of ideas.
Entrepreneur Meaning from Real Entrepreneurs

Altimese Nichole, Founder of NicholeNicole:

“Many are excited to become an
entrepreneur but get discouraged when
reality hits. Entrepreneurship means staying
committed to your goals beyond your
feelings of excitement. Stay the course and
keep your “why” in mind.”
Entrepreneur Meaning from Real Entrepreneurs

Christopher Molaro, Founder and CEO of 

NeuroFlow:
“Entrepreneurship means being the one
that is willing to take a leap, work hard
enough to sacrifice everything else around
you, all in the name of solving problems
because no one else is capable or possesses
the desire.”
Entrepreneur Meaning from Real Entrepreneurs

Jolijt Tamanaha, Director of Marketing and

Finance of Fresh Prints:
“Entrepreneurs make their way down a never-
ending list of problems with grit, passion, and
energy. While intense, being an entrepreneur
means you get to live life learning an incredible
amount and maximize your impact on the world
because you have to tackle the hardest
problems.”
Entrepreneur Meaning from Real Entrepreneurs

Nicole Faith, Founder of 10 Carat Creations:

“Being an entrepreneur means having a
plan and vision but still succeeding or trying
to succeed when the plan falls apart and
you’re left with only your vision. It also
means knowing when to give up, especially
if your idea isn’t working due to forces
outside of yourself.”
Entrepreneur Meaning from Real Entrepreneurs

James Sandoval, Founder and CEO of 

Measure Match:
“Being an entrepreneur means diving
headlong into a [likely very risky] venture
of your own making, working hard, long
hours, often alone, to carve out a path to
success and never, ever giving up.”
Types of Entrepreneurship
1. Commercial Entrepreneurship
2. Social Entrepreneurship
3. Intrapreneurship
4. Cultural Entrepreneurship
5. Technopreneurship
Commercial Entrepreneurship
• Commercial entrepreneurship tends to
focus on breakthroughs and new needs.
• It is the activity toward the creation of a
business that prioritizes the creation of
economic value.
• It is viewed as having profit as its main
motive
Social Entrepreneurship
• Social entrepreneurship stands for
recognizing a social problem and using
entrepreneurial principles, processes and
operations for effecting a social change.
• Social entrepreneurship is any creative
and innovative solution applied to solve
social problems.
Intrapreneurship
• It is the practice of entrepreneurship by an
employee in an established organization
to convert a lucrative idea in to a business
opportunity.
• Intrapreneurs can be either the employees
or even leaders who take hands on
responsibility for creating innovation of
any kind without being asked to do so.
Cultural Entrepreneurship
• Cultural entrepreneurs are cultural change agents
who organize cultural, financial, social and human
capital, to generate revenue from a cultural
activity.
• Cultural enterprises operate in traditional
professions of artists, writers, musicians, actors,
dancers, advertisers, architects as well as the
newer professions of game developers, TV/music
producers, bloggers and graphic designers.
Technopreneurship
• Technopreneurship’ is a combination of two
words ‘technology’ and ‘entrepreneurship.
• Technopreneurship is entrepreneurship in a
technology intensive context. 
• Bill Gates (Microsoft), Steve Jobs (Apple), Sergey
Brin and Larry Page (Google), Mark Zuckerberg
(Facebook), Jack Dorsey (Twitter), Kevin Systrom
(Instagram) are famous examples of
technopreneurs.
Difference between social and commercial
entrepreneurship
• Commercial entrepreneurship’s main
motive is having profit.
• Social entrepreneurship mobilizes the
ideas, capacities, resources and social
arrangements required for long-term
sustainable social transformation.
• That is the main difference.
Business Idea
• A business idea is a concept that can be
used for financial gain that is usually
centered on a product or service that
can be offered for money.
• An idea is the base of the pyramid when
it comes to the business as a whole.
Techniques for generating business ideas
• To generate business ideas, it may be useful
to conduct a structural analysis of existing
industries, markets, business models,
business processes.
• Usually, analytical notes are written, a SWOT
analysis, PEST analysis options, and analysis
of the five Porter forces are carried out.
• Brainstorming techniques are often used.
 Success stories
• Apple was a $2 billion company in 1997, then it jumped to a
$700 billion valuation in 2015 as a result of the innovation
that came from the Macbook, iPod, iPad, and iPhone.
• Tesla built an electric car with exceptional aesthetics and
efficiency, which has helped build the electric sports car
company earn a market capitalization of $33 billion, with
revenues up 54% since 2014.
• Uber was founded in 2009 and has become a $50 billion
company in just 6 years, with its simple yet unusual idea of
getting a taxi with the press of a button that has completely
revolutionized the way we book taxis.
Practice, Q&A session
• Do you have your business idea?
• Is it a commercial or social project?
• Do you have an experience of managing
a project?
• What are your measures?
• Other questions.
 Homework
• Review today’s material.
• Decide which project will you choose.
• What kind entrepreneurship is your
project about and why?