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Lecture 1 & 2

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20 views22 pages

Lecture 1 & 2

Uploaded by

Muhammad Rayyan Amin
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PPTX, PDF, TXT or read online on Scribd
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Chapter 1

Introduction to
Entrepreneurship
Dr. Sidra Naseem
PhD, EU Certified Entrepreneurial Coach
[email protected]
https://www.linkedin.com/in/sidranaseem/
Learning Objectives

■ Introduction to entrepreneurship
■ Main reasons people decide to become entrepreneurs
■ Main characteristics of successful entrepreneurs
■ Benefits of being an Entrepreneur
■ Drawbacks of Entrepreneurship
■ Common myths regarding entrepreneurship
■ Corporate entrepreneurship and the characteristics of entrepreneurial firms
■ Types of start-up firms
■ Changing demographics of entrepreneurs
■ Impact of entrepreneurship and entrepreneurial firms on economies and societies
■ Entrepreneurial process
Introduction to Entrepreneurship

National Entrepreneurship Context Index (NECI)

2
What is Entrepreneurship?

– French words entre, meaning “between,” and prendre,


meaning “to take”.
– A process by which individuals pursue opportunities
regardless of the resources they currently control.
– The art of turning an idea into a business.
■ What Entrepreneurs Do?
– Entrepreneurs assemble and then integrate all the
resources needed to transform an invention or an idea into
a viable business.
– Required Resources for business:
■ money, people business model, strategy etc.
What is Intrapreneurship?

– Intrapreneurship is the act of behaving like an


entrepreneur while working within a large organization.

■ Who is an Intrapreneur?
– A manager within a company who promotes innovative
product development and marketing.
Why Become an Entrepreneur?
Why Become an Entrepreneur?

The three primary reasons that people become


entrepreneurs and start their own firms

Desire to be their own boss

Desire to pursue their


own ideas

Financial rewards
Characteristics of Successful Entrepreneurs

Four Primary Characteristics


Characteristics of Successful Entrepreneurs

• Achievement motivated
• Alert to opportunities
• Creative
• Decisive
• Energetic
• Has a strong work ethic
• Is a moderate risk taker
• Is a networker
• Lengthy attention span
• Optimistic disposition
• Persuasive
• Promoter
• Resource assembler/leverager
• Self-confident
• Self-starter
• Tenacious
• Tolerant of ambiguity
• Visionary
Benefits of being an Entrepreneur

■ Opportunity to Create Your Own Destiny


■ Opportunity to Make a Difference
■ Opportunity to Reach Your Full Potential
■ Opportunity to Reap Impressive Profits
■ Opportunity to Contribute to Society and Be
Recognized for Your Efforts
■ Opportunity to Do What You Enjoy and Have
Fun at It
Drawbacks of Entrepreneurship

■ Uncertain income
■ Risk of losing all investment
■ Long hours
■ Hard work
■ Low quality of life initially
■ High stress
■ Total responsibility
■ Discouragements
Common Myths About Entrepreneurs

■ Entrepreneurs are born not made


■ Entrepreneurs are gamblers
■ Entrepreneurs are motivated primarily by
money
■ Entrepreneurs should be young and energetic
Corporate Entrepreneurship

Entrepreneurial Firms Conservative Firms

• Proactive • Take a more “wait and see”

• Innovative posture
• Risk taking • Less innovative
• Risk averse

Howard Stevenson, Harvard’s chaired professor of entrepreneurship, says, “Why


is it so easy [for small companies] to compete against giant corporations?
Because while they [the giants] are studying the consequences, [entrepreneurs]
are changing the world.”
Types of Start-Up Firms

• Salary Substitute Firms


• Lifestyle Firms
• Entrepreneurial Firms
Changing Demographics of Entrepreneurs

10
Changing Demographics of Entrepreneurs

Women Entrepreneurs
Changing Demographics of Entrepreneurs

Young Entrepreneurs

■ According to a Gallop study,


7 out of 10 high school
students want to start their
own business.
■ Pakistani B2B ecommerce
marketplace Bazaar raises
$1.3 million in country’s
largest pre-seed round.
https://www.bazaar-tech.com
Changing Demographics of Entrepreneurs
Impact of Entrepreneurial Firms

■ Economic Impact
■ Impact on Society
■ Impact on Larger Firms

14
Impact of Entrepreneurial Firms
The Entrepreneurial Process

Step 1: Deciding to become an entrepreneur


Step 2: Developing successful business ideas
Step 3: Moving from an idea to an entrepreneurial firm
Step 4: Managing and growing the entrepreneurial firm
Business Idea

https://www.springwise.com

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