GEDS 210 ENTREPRENEURSHIP SKILL AND NEW BUSINESS Lecture 1 The Entrepreneurial Perspective

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Employers Rating of Skills/Qualities 2002

1. Communication (verbal & written) 2. Honesty/Integrity 3. Teamwork skills 4. Interpersonal skills 5. Strong work ethics 6. Motivation & initiative 7. Flexibility/adaptability 8. Analytical skills 9. Computer skills 10. Organisational skills 11. Detail oriented 12. Leadership skills 13. Self confidence 14. Friendly/outgoing personality 15. Well mannered / polite 16. Tactfulness 17. Creativity 18. Sense of humour 19. Entrepreneurial skills/risk taker 20. GPA (3.0 or better)
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4.69 4.59 4.54 4.50 4.46 4.42 4.41 4.36 4.21 4.05 4.00 3.97 3.95 3.85 3.82 3.75 3.59 3.25 3.23 3.68
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Contents
1. Introduction to: Entrepreneurship, Micropreneurs, Intrapreneurs and Technopreneurs 2. Managers vs. Leaders 3. Characteristics of Effective Business Leaders 4. Leadership Roles 5. Characteristics of Entrepreneurs 6. Five Myths About Entrepreneurs 7. Skills of Successful Entrepreneurs 8. External Factors to be Considered by Businesses
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What is Entrepreneurship?
Entrepreneurship involves selfselfemployment, by starting a small business, buying a small business, or entering one through family BUT

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What is Entrepreneurship?
SelfSelf-employment by starting a small business, buying a small business, or entering one through family IS NOT necessarily true entrepreneurship.

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Micropreneurs
Not every person who starts a business has the mission of making a lot of money and growing it to a world-class business. world Some just want a simple balanced life-style lifewhile doing the kind of work they enjoy doing. Business writer Michael LeBoeuf calls such business owners Micropreneurs
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Micropreneurs
While entrepreneurs are committed to the quest for growth, micropreneurs know they can be happy even if their companies never appear on the list of top ranked businesses. Many micropreneurs are small home-based homebusiness owners who are trying to combine career and family.

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Entrepreneurship
An Entrepreneurship is a business that is started and led by the Entrepreneur, the leader/champion with certain qualities and characteristics most managers may not possess

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Entrepreneurship The Entrepreneur must be a real good Leader, and not only a good manager

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Dr. YY Wongs Definition of Entrepreneurship Entrepreneurship is the enthusiastic thrust to constantly innovate and passionately implement purposeful ideas for extraordinary gains.

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Dr. YY Wongs Definition of Entrepreneurship It is the ability to innovate radical management concepts by creating new markets and new customer satisfactions like KFC, Starbucks or McDonalds
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Intrapreneur
In 1978, management consultant, Gifford Pinchot, invented the word Intrapreneur to refer to an intra-corporate entrepreneur while intrahe was attending The School for Entrepreneurs in Tarrytown, New York.

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Intrapreneur
A person within a large corporation who takes direct responsibility for turning an idea into a profitable finished product through assertive risk taking and innovation.
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Intrapreneurship
Intrapreneurship is the process by which individuals pursue a new business opportunity (or by setting up intraprises) from within an existing company, with resources of that company. It uses the advantages of both small and big scale business. In board sense, intrapreneurship refers to all kinds of forms of semi-autonomy and semisemisemiresponsibility within corporations.

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Intrapreneurship
Advantages to the corporation To remain competitive, companies have to accelerate their innovation process. In companies where researches, production people and marketeers are large, innovation may be at risk. Intrapreneurship is a good way of integrating these activities, reducing innovation costs and broadening the scope of innovation.
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Intrapreneurship
Advantages to the employees Intapreneuring is an excellent opportunity for creative employees with entrepreneurial spirit, management qualities, and a sense of belonging to their company. If companies dont want to loose these highhighpotentials, they have to provide them with necessary resources and room for maneuver.
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Intrapreneurship
You dont have to leave your company to fulfill your entrepreneurial dream If you have the great entrepreneurial qualities and spirit to convince your company to endorse you as their intrapreneur, you need not leave them.

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Technopreneur
Technopreneur is coined just a couple of years back to refer to Technology Entrepreneur. This term appears to be most actively used in Singapore, and to some extent also in Malaysia and Thailand.

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Technopreneur
Technopreneurs are the ones who identify the problems and capatilise on the opportunity. A Technopreneur has two major characteristics: 1. He does things NOT out of profits but because he wants to innovate. 2. He is comfortable working with, or using, technology.
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Managers vs. Leaders

Managers Administer Maintain Control Have short term goals Ask how and when Imitate Accept the status quo
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Leaders Innovate Develop Inspire A long term goals Ask what and why Originate Challenge it
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Managers vs. Leaders

A person with strong managerial capacities would not necessarily be capable of performing a leadership function. However, a leader may also be able to perform the functions of a manager.

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Managers vs. Leaders

Leadership is a higher level skill that requires either a natural instinct (leaders are born not made), or a higher degree of learning based on development of interpersonal skills, awareness and insights.

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Kotter J. P. attributes the following characteristics to effective business leaders:

Relevant knowledge of products, technologies, markets and people Keen mind, analytical ability, the capacity to think strategically and multi-dimensionally and sound multibusiness judgment Impressive track record Sound relationship with key players inside and outside company Good interpersonal skills and integrity Lots of energy Highly motivated to lead and self confident
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Managers vs. Leaders

Managers Do Things Right Leaders Do the Right Things

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Leadership Roles
Creating vision, direction, goals Communicating with followers Motivating and empowering Affirming/reaffirming values Aligning people achieving workable unity Serving as a symbol Management of thrust Management of Self
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Characteristics of Entrepreneurs
Likes to compete Self-starter Self Able to determine risk and has the courage to take risks but is not a gambler Independent and self confident, yet knows when to get help Able to do many things at once Likes a challenge Creative and has dreams and goals
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Characteristics of Entrepreneurs
Likes to work for him/herself and be in control Hardworking and willing to stick with a project Not easily discourage Good health, has lots of energy and can handle stress Has a strong sense of self-worth selfMotivated by a strong desire to achieve and attain financial success

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Characteristics of Entrepreneurs
A positive thinker who does not dwell on setbacks Focuses his/her attention on the chances of success rather than the chances of failure Often has a close friend or relative who owns a business

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Five Myths About Entrepreneurs

1. The Risk Taking Myth: Most successful entrepreneurs take wild, uncalculated risks in starting a company. 2. The High-Tech Invention Myth: High Most successful entrepreneurs start their companies with a break-through invention break(usually technological in nature). 3. The Expert Myth: Most successful entrepreneurs have strong track records and years of experience in their industry.
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Five Myths About Entrepreneurs

4. The Strategic Vision Myth: Most successful entrepreneurs have wellwellconsidered business plan and have researched and developed their ideas before taking action. 5. The Venture Capital Myth: Most successful entrepreneurs start their companies with millions in venture capital to develop their idea, buy supplies and hire employees.
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Personal Qualities of Successful Entrepreneurs

Love of success, 10. 0% Leadership, 12. 0%

Creativity, .20% Personality, 10. 0%

Determination, 3. 0%

Love of Risk, 1 .70%

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Skills of Successful Entrepreneurs

Coordination
The ability to manage many different types of jobs and responsibilities at the same time.

Evaluation
The ability to examine important facts about the business and to determine the least risky way to proceed

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Skills of Successful Entrepreneurs

Organization
The ability to organize all the resources of the business in order to make it run in the most efficient manner.

Research
The ability to obtain all the necessary information to insure that the best possible decisions are made.

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External Factors to be Considered by Businesses

The product and services offered has to be cost effective and competitive. Demand for the product or service must be strong. Do not rely on a single major customer. You must be able to draw on adequate resources: financial, material and human.

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END OF LECTURE
THANK YOU FOR STAYING AWAKE!

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