Entrepreneurship

MG403 BEE-3-A,B,C
The Chapter 1
“The Entrepreneurial mind-set

Instructor: Dr. Sher Akbar

Email: sherakbar@comsats.edu.pk
Nature and development of
Entrepreneurship
*Earliest Period
> Entrepreneurs would sign contracts with a money person.
>Example: Marco Polo

*Middle Ages
>Entrepreneurs were actors and people who managed large
production projects, production house
Example: Clerk

*17th Century
>Entrepreneurs entered into contractual arrangements with the
government. Corporate side
>Example: John law (Mississippi Company
Nature and development of
Entrepreneurship
*18th Century
> With global industrialization taking place, entrepreneurs were
distinguished from capital providers.
> Inventions developed during this time were reactions to
the changing world.
 Example: Edison & Whitney, Morgon

* 19th and 20th Centuries

> Entrepreneurs were not distinguished from managers.
> They were viewed mostly from an economic perspective.
> Concept of innovation and newness was an integral part.
> Example: Andrew Carnegie
Definitions of Entrepreneurship
• What is an Entrepreneurship?
A systematic innovation which consists of purposeful and organized
search for change, and a systematic analysis of the opportunities that
such change might offer for economic and social transformation

-Freedom to do what we like but also assume risk

-Defined by results and not by attributes
Definitions of Entrepreneurship
• What is an Entrepreneur?
He or she is an individual who actively form or lead their own
business and nurture them for growth and prosperity.
(UiTM Entrepreneurship Study Group)

A person who creates and manages change by the recognition of

opportunities (needs, wants, opportunities, problems, and
challenges) and develops people and manages resources to take
advantage of the resources to take the opportunity and creates a
venture (profitable business).
(Eston Kimani, MIT)
Definitions of Entrepreneurship
• What is Entrepreneurship?
Entrepreneurship is the process of creating something new of value by
devoting (giving) the necessary time and effort.
By accepting and acknowledging the necessary financial, psychological,
and social risks, and
Finally receiving the resulting rewards be it monetary and personal
satisfaction and freedom to do what you want.
(Robert D.Hisrich, M. Peters & D.A Shepherd)
Definitions of Entrepreneurship
Simple Definition
Process of creating something new and assuming the risks and rewards.
(Robert D.Hisrich, M.P.Peters & D.A.Shepherd)
Nature of Entrepreneurship
• Creation of Enterprise
• Economic Activity
• Innovation and Creativity
• Risk Bearing
• Profit
• Gap Filling
• Organizing Function
The Intention to Act Entrepreneurially
• Entrepreneurs intend to pursue certain opportunities, enter new
markets, and offer new products

• Self-efficacy
Refers to the conviction that one can successfully execute the
behavior required.
Entrepreneur Background and Characteristics
• Education
• Age
• Work History
• Role Models and Support Systems
• Moral- Support Network
• Professional-Support Network
Characteristics of Entrepreneur
• Ability to take Risk
• Visionary
• Open-Minded
• Goal-Oriented
• Flexible
• Confident and well informed
Sustainable Entrepreneurship
Sustainable entrepreneurship is focused on preserving nature, life
support, and community in the pursuit of perceived opportunities to
bring future products, processes, and services into existence for gain
entrepreneurial action, where gain is broadly construed to include
economic and noneconomic benefits to individuals, the economy, and
society development.
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Next topic: Corporate Entrepreneurship