The Game

• Learn the rules of the game

• Play by the rules of the game
• Get to the top of the game
to
• Make the rules of the game
 Entrepreneurship Definitions

• 17th century, French economist Richard Cantillon coined the

term, “entrepreneur”.
• The literal definition of (entrepreneur) is “to undertake” or “go
between” referring to the position an individual assume when
pursuing an opportunity.
• Knight (1921) Profits from bearing uncertainty and risks
• Cole (1952) Purposeful activity to initiate and develop a
profit-oriented business
• McClelland (1961) Moderate risk taking

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 Entrepreneurship Definitions
• Casson (1982) Decision and judgments about the coordination of
scarce resources
• Stevenson et al (1989) The pursuit of opportunity without regard
to resources currently controlled
• Kuratko & Hodgetts (2004) A dynamic process of vision, change
and creation…
• Allen (2006) A mindset or way of thinking that is opportunity
focused, innovative and growth-oriented. Can be found in large
corporations and socially responsible not-for-profits…
 Common Elements

• Creation: a founding and an origin

• Innovation: a new way of doing something
• Economic Organization: an organization whose purpose is to
allocate scarce resources.
• Risk: variability of outcomes or returns
• Uncertainty: confidence in the estimates of how the world
works; of the causes and effects of the environment
• Entrepreneurial Behavior: Strategic thinking and risk-taking
behavior that results in the creation of new opportunities for
individuals and/or organizations
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 Entrepreneurship
• The creation of an innovative economic
organization for the purpose of gain or growth
under conditions of risk and uncertainty.

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 Start Up
A startup is a human institution designed to
create a new product or service under
conditions of extreme uncertainty. Eric Ries

Entrepreneur
"An entrepreneur is someone who jumps
from a plane without a parachute, and
figures out how to build one on the way
down." http://f-st.co/yuLY5Gv
 Progress
The reasonable man adapts himself to the
world; the unreasonable one persists in trying to
adapt the world to him. Therefore, all progress
depends on the unreasonable man.
George Bernard Shaw