Session 1_Introducing Entrepreneurship
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Transcript of Session 1_Introducing Entrepreneurship
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Introducing EntrepreneurshipAkshar Nepal
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What is Entrepreneurship?
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New venture?
Small Business?Risk Taking?
Creativity?Innovation?
Business initiation by youths?
Managing a venture?
Opportunity Seeking?
Creating Something New?A Team pursuing an
objective?
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Stevenson and Jarillo ( academicians)– “ the process by which individuals pursue opportunities without regard to resources they currently control.”
Fred Wilson (venture capitalist)– “ the art of turning an idea into a business.”
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The essence of entrepreneurial behavior is identifying
opportunities and putting useful ideas into practice.
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Corporate Entrepreneurship (Intrapreneurship)•It is the conceptualization of
entrepreneurship at the firm level.•All firms fall along a conceptual
continuum that ranges from highly conservative to highly entrepreneurial.
•The position of a firm on this continuum is referred to as its entrepreneurial intensity.
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Corporate EntrepreneurshipEntrepreneurial Firms Conservative Firms
•Proactive•Innovative•Risk taking
•Take a more “wait and see” posture
•Less innovative•Risk averse
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Promoting innovation in larger organizations
• By encouraging Intrapreneurial culture
• By encouraging experimentation – trial and error
• By allocating resources for innovation
• By developing multi disciplinary team
• By fostering “entrepreneurial ventures” to be started by the
employees as offshots
• By introducing a reward system within the organization
• Top management commitment
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Why become an entrepreneur??
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Why become an entrepreneur?
•Desire to be their own boss•Desire to pursue their own
ideas•Financial rewards
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Characteristics of successful entrepreneurs
Passion for the
business
Product/ customer
focus
Tenacity despite failure
Execution intelligenc
e
Successful entrepreneur
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Common Myth About Entrepreneurs•Myth 1: Entrepreneurs are born, not
made.•Myth 2: Entrepreneurs are gamblers.•Myth 3: Entrepreneurs are motivated
primarily by money.•Myth 4: Entrepreneurs should be young
and energetic.•Myth 5: Entrepreneurs love the spotlight.
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Types Of Start-Up Firms•Salary substitute firms:
These are small firms that yield a level of income for their owners that is similar to what they would earn when working for an employer.
•Lifestyle firms: These firms provide their owners the opportunity to pursue a particular lifestyle, and make a living at it.
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Types Of Start-Up Firms•Entrepreneurial firms
These firms bring new products and services to the market by creating and seizing opportunities regardless of the resources they currently control.
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Importance of Entrepreneurship•Joseph Schumpeter – “Creative
Destruction”▫Entrepreneurs develop new products and
technologies that over time make current products and technologies obsolete.
▫It stimulates economic activity and increases the productivity across society.
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Economic Impact of Entrepreneurial Firms•Innovation: the process of creating
something new•Job creation: Movement of economic
activity towards small firms
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Impact on Society•The creation of products that help
improve our lives and making living easier.
•But on the flip side, it also creates moral and ethical issues.
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Impact on larger firms•Entrepreneurial firms build their entire
business models around producing products and services that help larger firms become more efficient or effective.
•Partnerships with larger firms
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The Entrepreneurial ProcessStep I: Deciding to become an entrepreneurStep II: Developing successful business ideasStep III: Moving from an idea to an
entrepreneurial firmStep IV: Managing and growing the
entrepreneurial firm
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Developing Successful Business Ideas•Recognizing opportunities and generating
ideas•Feasibility analysis•Writing a business plan•Industry and competitor analysis•Developing an effective business model
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Moving from an Idea to an Entrepreneurial Firm•Preparing the proper legal and ethical
foundation•Assessing a venture’s financial strength
and viability•Building a new venture team•Getting financing or funding
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Managing and Growing an Entrepreneurial Firm•Marketing issues•Managing and protecting intellectual
property•Growth challenges•Growth strategies
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