Entrepreneurship

Thursday, Se Sachidananda Benegal 1

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Why do entrepreneurs start?

Expected Lifestyle

Aspiration
Bored with routine
Independence Feeling underutilized
Idea to Reality

Livelihood Creative freedom

Larger Cause All image from the internet

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 “Entrepreneurship is the process by which individuals
pursue opportunities without regard to resources they
currently control.”

- Stevenson and Jarillo, 1990.

A slightly revised definition (I prefer):

“Entrepreneurship is the process by which individuals

pursue opportunities under conditions of resource-
constraint and extreme uncertainty.”

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 WHAT IS IT LIKE?

else
Product/
Market you end up Service

Falling in love with your creation and not listen to the market
Doing the balancing act between the market and the product/service

No body wants your product!

Forget Paying for it

Very Busy! Fine, but with

what?
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 DOES BALANCE MEAN SUCCESS?

Successful Entrepreneurship

• Subjective:
• What is success to you may not be
Customer success to me
Need

• A point of Balance of all three

Personal Economic
Satisfaction Viability

Source: Stevenson and Spence 2007

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 DIFFERENT FLAVORS…

INDIVIDUAL CORPORATE SOCIAL

ENTREPRENEURSHIP ENTREPRENEURSHIP ENTREPRENEURSHIP

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 William Henry “Bill” Gates

The Myth:

• Bill Gates was the visionary who saw the

future that all PCs would run Windows

• Built Microsoft into the biggest software

company in the world by himself because of
his vision and talent

Source: Leap, Rick Smith

The Facts:

• Bill’s family was very wealthy, and Bill went to a gifted high school for children of rich families
• Bill learnt how to program a computer in high school (in the late 1960s, computers were very rear)
• Bill did not “drop out” of Harvard, but rather took a “leave of absence” and could come back any
time
• Bill’s mother introduced Bill’s new company, Micro-soft, to the CEO of IBM
• A few weeks after the introduction, IBM signed a deal with Bill for MS-DOS, allowing Bill to retain the
IP

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 Mark Elliot Zuckerberg

The Myth:

•Mark was a visionary who saw online social networks as the

future of online media

• Mark built facebook by himself from the beginning based on his

vision and talent

•Through his strong vision and character, was able to raise

millions of dollars easily for facebook
Source: The Facebook Effect, David Kirkpatrick
The Facts:

• Learned how to write computer programs since he was 10 years old

• Worked on many “projects” including Facemash and The Facebook, many of which failed early, but
he learned from them
• Started The Facebook with just $2000
• Had a strong core team who helped him grow facebook before getting external funding
• Met Sean Parker who helped him raise money to grown business

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 Richard Charles Nicholas Branson

Could you guess how he started

Virgin Atlantic?

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 ENTREPRENEURIAL MINDSET

a way of thinking that enables you to overcome challenges, be decisive, and accept
responsibility for your outcomes.

It is a constant need to improve your skills, learn from your mistakes, and take continuous
action on your ideas.

Anyone willing to do the work can develop an entrepreneurial mindset.

https://hacktheentrepreneur.com/entrepreneurial-mindset/

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 Independent
thinking
Decisive Responsible

CHARACTERISTICS OF EM
Action-
Abundance
Oriented

Focused Goal Oriented

Driven and Not afraid of

Tenacious failure

COMFORTABLE
NOT
INDEPENDENT
DRIVEN
AFRAID
AND
WITH
OF
Problem
Solving LEARNING
FORWARD
ACTION
GROWTH
FEEDBACK
PROBLEM-SOLVING
SELF-ACCEPTING
GOAL
COLLABORATIVE
COURAGEOUS
RESPONSIBLE
ABUNDANCE
SELF-AWARE
ADAPTABLE
FOCUSED
DECISIVE
ORIENTED
– ORIENTED
ORIENTED
THINKING
SEEKING Growth
Oriented

DISCOMFORT
TENACIOUS
THINKING
FAILURE

Feedback
Adaptable
Seeking

Comfortable
Learning
with
Oriented
Discomfort

Forward
Courageous
Thinking

Collaborative Self-Accepting
Self-Aware

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 FOCUS AREAS TO BUILD AN ENTREPRENEURIAL MINDSET

• Shape your life experience

• Think Pragmatic Idealism

• Think Strategically

• Act purposefully with Vision

• Understand the ecosystem

• Learn to focus your Energy

https://vanderbiltc4e.com/entrepreneurial-mindset/

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 questions

THANK YOU

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