Course : ENPR6143032 – INTRODUCTION TO ENTREPRENEURSHIP & BUSINESS

Year : 2022

Why Care about

Entrepreneurship and Business?

Session 1 & 2
CILO 1 : Explain the importance of
entrepreneurship and business in
corporations
 Why Care about Entrepreneurship and
Business?
Sub-Topics:
• Entrepreneurship as the Unseen Factor of Production
• The Impact of Business Innovation on Economic Growth
Entrepreneurship as the Unseen
Factor of Production
 Entrepreneurship as the Unseen
Factor of Production

13 Century 1730’s 1848 Today

• The word’s • 1730 that the • Further • Today,

roots lie in the Irish-French embellishment economists
thirteenth- economist of the idea focus on the
century French Richard came in 1848, role of
entreprendre, Cantillon (c. when the entrepreneurs
meaning to do 1680–1734) British as innovators
or undertake used it for philosopher or in spotting
something. By someone who and economist opportunities
the sixteenth took a financial John Stuart or taking risks
century it was risk in running Mill (1806–73) in a world of
being applied a business; and identified future
to people 1803 when the entrepreneurs uncertainty.
running French as people who And attempts
businesses. economist assume both to clarify the
Jean-Baptiste the risk and concept
Say (1767– the continue.
1832) management
explained the of a business.
key role of
entrepreneurs
in finding more
productive
uses for
resources.
Entrepreneurship as the Unseen Factor of
Production

Entrepreneurship is more important to us

than we think. Most of us realize that land,
labor and capital are needed in order to
produce the goods and services that sustain
and improve our lives. But entrepreneurship
is the unseen factor of production.
 Entrepreneurship as the Unseen Factor of
Production

Land, labor and capital produce

nothing until they are actively put to
work. They need to be directed and
focused by some human mind – an
entrepreneurial mind that realizes how
they can be used to create value.
The Impact of Business Innovation
on Economic Growth
The Impact of Business Innovation on Economic
Growth
• Impact of Innovation in the Business Based on Peter Drucker

New Resources Create Value

• Innovation does not • Entrepreneurs

just create better change valueless
products, it creates things like sand into
new resources too. valuable ones like
silicon computer
The Impact of Business Innovation on Economic
Growth
The Impact of Business Innovation on Economic
Growth
• How the innovation of startups drive economic recovery
 The Impact of Business Innovation on
Economic Growth
• Ecosystem of Innovation in Startups
Thank You