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The word “entrepreneur” stems from French and means “between-taker” or “go between.”

The definition involves four aspects:

• The creation process.

• The devotion of time and effort.

• The assumption of risk.

• Rewards of independence, satisfaction, money.

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Origins of the Term "Entrepreneur"Origins of the Term "Entrepreneur"

Late 18th century, Jean Baptiste Say:Entrepreneurs shift economic resources out of areas of lower and into areas of higher productivity and yield

20th century, Joseph Schumpeter:The function of entrepreneurs is to reform or revolutionize the pattern of production

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Peter Drucker, management guru:The entrepreneur always searches for change, responds to it, and exploits it as an opportunity

Howard Stevenson, HBS:Entrepreneurship is the pursuit of opportunity without regard to resources currently controlled

Recent Theories

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What is technology entrepreneurship?

“An act of innovation that involves endowing existing resources with new wealth producing capacity not restricted to a new technological innovation that results from research and development, or to an innovative cost reduction process, but maybe a new application for existing technologies, a product or service innovation or a new way or place of doing business ” Peter Drucker

This leads to us defining two types of technology entrepreneur: Technology developers who develop a unique technology that drives

a new venture

Technology users who see a new technology development and understand how it can be applied to meet a market need that creates a new venture

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Linking Creativity, Entrepreneur and Innovation

The practice and study of innovation and entrepreneurship can be approached from three different perspectives

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Linking Creativity, Entrepreneur and Innovation

We will use the following definition of creativity

“Creativity is the making and communicating of meaningful new connections to help us think of many possibilities; to help us think and experience in varied ways and using different points of view; to help us think of new and unusual possibilities; and to guide us in generating and selecting alternatives. These new connections and possibilities must result in something of value for the individual, group, organization, or society.”

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Diagram

Thomas Edison = Inventors Thomas Edison = Inventors

Steve jobs = InnovatorsSteve jobs = Innovators

Translating the original technical inventions into new products

But But entrepreneur entrepreneur created created and developed successful business and developed successful business base on the inventions and base on the inventions and innovations innovations

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Passionately Passionately seeks to identify seeks to identify new new opportunities opportunities and ways to and ways to profit from profit from change and change and disruption.disruption.

Typically, an entrepreneur :

Pursues Pursues opportunities with opportunities with discipline and discipline and focuses on a focuses on a limited number of limited number of projects, rather projects, rather than than opportunistically opportunistically chasing every chasing every option.option.

FocusesFocuses on on action and action and execution, execution, rather than rather than endless endless analysis.analysis.

InvolvesInvolves and and energizes networks energizes networks of relationships, of relationships, exploiting the exploiting the expertise and expertise and resources of resources of others, while others, while helping others to helping others to achieve their own achieve their own goals.goals.

Personality : Promoting Individual Creativity

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Personality : Promoting Individual Creativity

•Information acquisition and dissemination, including the capture of information from a wide range of sources, requiring attention and perception.

•Intelligence, the ability and capability to interpret, process and manipulate information.

•Sense-making, giving meaning to information.

•Unlearning, the process of reducing or eliminating pre – existing routines or behaviours, including discarding information.

•Implementation and improvization, autonomous behaviour, experimentation, reflection and action. Using information to solve problems, for example during new product development or process improvement

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The idea person is not most important. In entrepreneurship, ideas really are a dime a dozen. Developing the idea implementing it, and building a successful business are the important things.

Perhaps the biggest misconception about an idea for a new business is that it must be unique, obsessed with the thought that the idea might be stolen.

"Always invest in a grade A man with a grade B idea. Never invest in a grade B man with a grade A idea.”

Idea

Georges Doriat

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•Adaptors characteristically produce a sufficiency of ideas based closely on existing agreed definitions of a problem and its likely solutions, but stretching the solutions. These ideas help to improve and ‘do better’.

Kirton Adapter – Innovator

Scale

•Innovators are more likely to reconstruct the problem, challenge the assumptions and to emerge with a much less expected solution which very probably is also at first less acceptable. Innovators are less concerned with doing things better than with doing things differently.

Personality : Promoting Individual Creativity

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SuccessSuccessfactorsfactors

Psychological Psychological profileprofile

Family andFamily andEthnicEthnic

backgroundbackground

Formal educationFormal educationand early workand early work

experienceexperience

Personality : Promoting Individual Creativity

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Entrepreneur

Dream Dollars

Distribute

DecisivenessDetermination

Devotion

Destiny

Detail

The 10 Ds key Attributes of Entrepreneur

ทมา : Bygrave, W.D. The Portable MBA in Entrepreneurship, P5.

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OpportunityEntrepreneur

Fits & Gaps UncertaintyUncertainty

Resources

Uncertainty

Uncertainty

Entreperneur, Opportunity and Resource

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Process : Strategies and Stages of Creativity

•Understanding the opportunityOpportunity constructionExploring dataFraming problems

•Generating ideasRemove or suspend an assumption or goalReverse objectives or methodsExaggerate the problem or goalDistort the relationships or cause and effectGenerate random inputsUse a metaphor or character

•Planning for actiondeveloping solutions and building acceptance

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Personal Personal Sociological Personal OrganizationalAchievement Risk taking Networks Entrepreneur TeamLocus of control Job Teams Leader StrategyAmbiguity dissatisfaction Parents Manager Structure tolerance Job loss Family Commitment CultureRisk taking Education Role models Vision ProductsPersonal values AgeEducation CommitmentExperience

Innovation Triggering event Implementation Growth

Environment Environment EnvironmentOpportunities Competition CompetitorsRole models Resources CustomersCreativity Incubator Suppliers

Government policy InvestorsBankersLawyersResources

A MODEL OF THE ENTREPRENEURIAL PROCESS

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Environment : Creating a Climate for Innovation

•Values, beliefs and Deeply Held Assumptions•Rituals and Heroes•Symbols and Artefacts•Can Culture Be Changed?•Climate Versus Culture•Trust and Openness•Challenge and Involvement•Support and Space for Ideas•Conflict and Debate•Risk – Taking•Freedom

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Entrepreneurship Success Stories

Entrepreneur: Howard SchultzCompany: Starbucks CorporationYear Started: 1987Description of Business: The Starbucks Corporation sells coffee drinks from over 3,300 stores around the world. The company has entered into agreements with bookstores, airlines, and hotels.

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Entrepreneur: Arthur M. BlankCompany: Home DepotYear Started: 1978Description of Business: World's largest home improvement retailer.

Entrepreneurship Success Stories

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It Doesn't Take a Million...Here's how four ultra-successful twenty somethings leveraged their brilliant ideas into major businesses online. And how you can, too. Entrepreneur Magazine - September 2010

Entrepreneurship Success Stories

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Entrepreneurship Success Stories

Out of Her Closet, a $50 Million Business Susan Gregg was 17 and heading off to Carnegie Mellon University, and she had a problem: a closet overstuffed with one-of-a-kind vintage shoes and dresses. The solution? Open an online boutique.

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Entrepreneurship Success Stories

Marketing Guru for the Digital Age Michael Mothner was on the last round of interviews for a coveted job as an analyst at Goldman Sachs in New York. The managing director looked over his résumé and noticed a company called Wpromote, which Mothner said he had started and had some success with as a sophomore at Dartmouth in 2001. "To call my bluff, he asked why I would want to work for Goldman if my company had been successful," says Mothner, now 29. "That was a defining moment for me. I stood up and said, 'You know what? You're right. I don't think this job is right for me.'"

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Entrepreneurship Success Stories

The New Food Democracy

"Just because something tastes awesome doesn't mean it can make it into stores," Olson says. "So I started thinking 'How do we democratize this?'"

Olson, now 26, teamed up with Rob LaFave, 27, and Nik Bauman, 26--friends who shared entrepreneurial ambitions dating back to their time at Virginia Tech. Their search for alternative distribution models led online, a natural progression for twentysomethings raised in the Amazon.com era. The result, inspired by the crafts site Etsy, is Foodzie, a web marketplace that connects small vendors with shoppers across the U.S.

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Entrepreneurship Success Stories

The Patriarch of Mobile Location Loopt is a quint essential expression of a generation shaped by mobility, interactivity and constant connectivity. In other words, it's the kind of innovation that could only spring from a mind as youthful as Sam Altman's. "People often try to build things for themselves first," says Altman, Loopt's 25-year-old co-founder and CEO. "I built this for my friends."

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Key to success

• The crucial ingredients for entrepreneurial success are a superb entrepreneur with a first-rate management team and an excellent market opportunity.

• Would-be entrepreneurs who are unable to name customers are not ready to start a business. They have only found an idea and have not yet identified a market need.

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ConclusionConclusion

Entrepreneurs have:• A passion for what they do• The creativity and ability to innovate• A sense of independence and self- reliance• (Usually) a high level of self confidence• A willingness and capability (though not

necessarily capacity or preference) for taking risks

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