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- 3. Entrepreneurs – Recognize opportunitieswhere others see chaos or confusion – Are aggressive catalysts for change within the marketplace – Challenge the unknown and continuously create the future
- 4. 4 Misconceptions About Entrepreneurship 1.Successful entrepreneurship needs only a great idea 2. Entrepreneurship is easy 3. Entrepreneurship is a risky gamble 4. Entrepreneurship is found only in small businesses 5. Entrepreneurial ventures and small businesses are the same thing
- 5. Entrepreneurship: A Mindset •Entrepreneurship is more than the mere creation of business: – Seeking opportunities – Taking risks beyond security – Having the tenacity to push an idea through to reality • Entrepreneurship is an integrated concept that permeates an individual’s business in an innovative manner.
- 6. The Evolution ofEntrepreneurship • Entrepreneur is derived from the French entreprendre, meaning “to undertake.” – The entrepreneur is one who undertakes to organize, manage, and assume the risks of a business. – Although no single definition of entrepreneur exists and no one profile can represent today’s entrepreneur, research is providing an increasingly sharper focus on the subject.
- 7. Entrepreneurship (Robert C. Ronstadt): – A dynamic process of vision, change, and creation for Incremental Wealth. – This wealth is created by individuals who assume major risks in terms of equity, time, and/or career commitment of providing value for a product or service. – The product or service itself may or may not be new or unique but the entrepreneur must somehow infuse value by securing and allocating the necessary skills and resources. – Requires an application of energy and passion towards the creation and implementation of new ideas and creative solutions
- 8. Entrepreneurship : Essential ingredientsinclude: • The willingness to take calculated risks— in terms of time, equity, or career. • The ability to formulate an effective venture team; the creative skill to marshal needed resources. • The fundamental skills of building a solid business plan. • The vision to recognize opportunity where others see chaos, contradiction, and confusion.
- 9. An Integrative Modelof Entrepreneurial Inputs and Outcomes Source: Michael H. Morris, P. Lewis, and Donald L. Sexton, “Reconceptualizing Entrepreneurship: An Input-Output Perspective,” SAM Advanced Management Journal 59, no.1 (Winter 1994): 21–31.
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- 11. 11 Small Business andEntrepreneurial Ventures – The Differences • Small Business – Independently owned, operated, and financed – has fewer than 100 employees – doesn’t engage in new or innovative practices – Has relatively little impact on its industry • Entrepreneurial Ventures – An organization pursuing opportunities – Characterized by innovative practices – Main goals are profitability and growth
- 12. Current Importance of Entrepreneurship 1.Innovation • Process of creating, changing, experimenting, transforming, and revolutionizing 2. Number of New Start-ups • Important because new firms contribute to economic development through benefits such as product-process innovation 3. Job Creation • Vital to the overall long-term economic health of communities, regions, and nations
- 13. Aspects of Entrepreneurship Venture Financing Social Entrepreneurship Corporate Entrepreneurship Trendsin Entrepreneurship Research Entrepreneurial Cognition Global Entrepreneurial Movement Family Businesses Women and Minority Entrepreneurs Entrepreneurial Education
- 14. The Entrepreneurial Process 1.Exploring the Entrepreneurial Context 2. Identifying Opportunities and Possible Competitive Advantage – Opportunities are positive external trends or changes that provide unique and distinct possibilities for innovating and creating value – Competitive advantage is what sets an organization apart; it’s competitive edge 3. Starting the Venture 4. Managing the Venture
- 15. 15 Types of Entrepreneurs •Novice Entrepreneur – Has no prior business ownership experiences as a business founder, inheritor, or purchaser • Habitual Entrepreneur – Has prior business ownership experience • Nascent Entrepreneur – In the process of starting a new business – Can be either a novice or a habitual entrepreneur
- 16. Common Characteristics of Entrepreneurs •Commitment, determination, and perseverance • Drive to achieve • Opportunity orientation • Initiative and responsibility • Persistent problem solving • Seeking feedback • Internal locus of control • Tolerance for ambiguity • Calculated risk taking • Tolerance for failure • High energy level • Creativity and Innovativeness • Vision • Self-confidence and optimism • Independence • Team building
- 19. Entrepreneurship Theory • Entrepreneurscause entrepreneurship. – Entrepreneurship is a function of the entrepreneur: – Entrepreneurship is the interaction of skills related to inner control, planning and goal setting, risk taking, innovation, reality perception, use of feedback, decision making, human relations, and independence. ( ) E f e
- 20. Typology of EntrepreneurialStyles Source: Thomas Monroy and Robert Folger, “A Typology of Entrepreneurial Styles: Beyond Economic Rationality,” Journal of Private Enterprise IX(2) (1993): 71.
- 22. The Dark Sideof Entrepreneurship • The Entrepreneur’s Confrontation with Risk – Financial risk versus profit (return) motive varies in entrepreneurs’ desire for wealth. – Career risk—loss of employment security – Family and social risk—competing commitments of work and family – Psychic risk—psychological impact of failure on the well-being of entrepreneurs
- 24. 2–24 Source: Douglas W.Naffziger, Jeffrey S. Hornsby, and Donald F. Kuratko, “A Proposed Research Model of Entrepreneurial Motivation,” Entrepreneurship Theory and Practice (spring 1994): 33. A Model of Entrepreneurial Motivation
- 26. Opportunity Identification: The Searchfor New Ideas • Opportunity identification is central to entrepreneurship and involves: – The creative pursuit of ideas – The innovation process • The first step for any entrepreneur is the identification of a “good idea.” – The search for good ideas is never easy. – Opportunity recognition can lead to both personal and societal wealth.
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- 29. • How entrepreneursdo what they do: – Creative thinking + systematic analysis = success – Seek out unique opportunities to fill needs and wants – Turn problems into opportunities – Recognize that problems are to solutions what demand is to supply
- 30. The Role ofCreative Thinking • Creativity – The generation of ideas that result in the improved efficiency or effectiveness of a system. • Two important aspects of creativity exist: – Process • The process is goal oriented; it is designed to attain a solution to a problem. – People • The resources that determine the solution.
- 31. The Critical ThinkingProcess
- 32. The Creative Climate •Characteristics of a creative climate: – A trustful management that does not overcontrol the personnel – Open channels of communication among all business members – Considerable contact and communication with outsiders – A large variety of personality types – A willingness to accept change – An enjoyment in experimenting with new ideas – Little fear of negative consequences for making a mistake – The selection and promotion of employees on the basis of merit – The use of techniques that encourage ideas, including suggestion systems and brainstorming – Sufficient financial, managerial, human, and time resources for accomplishing goals
- 33. Innovation and theEntrepreneur • Innovation: – Is the process by which entrepreneurs convert opportunities into marketable ideas. – Is a combination of the vision to create a good idea and the perseverance and dedication to remain with the concept through implementation. – Is a key function in the entrepreneurial process. – Is the specific function of entrepreneurship.
- 34. Process • Types ofInnovation – Invention – Extension – Duplication – Synthesis • Sources of Innovation – Unexpected occurrences – Incongruities – Process needs – Industry and market changes – Demographic changes – Perceptual changes – Knowledge-based concepts
- 35. Type Description Examples InventionTotally new product, service, or process Wright brothers—airplane Thomas Edison—light bulb Alexander Graham Bell—telephone Extension New use or different application of an already existing product, service, or process Ray Kroc—McDonald’s Mark Zuckerberg—Facebook Barry Sternlicht—Starwood Hotels & Resorts Duplication Creative replication of an existing concept Wal-Mart—department stores Gateway—personal computers Pizza Hut—pizza parlor Synthesis Combination of existing concepts and factors into a new formulation or use Fred Smith—Fed Ex Howard Schultz—Starbucks
- 36. Major Innovation Myths •Myth 1: Innovation is planned and predictable • Myth 2: Technical specifications should be thoroughly prepared • Myth 3: Creativity relies on dreams and blue- sky ideas • Myth 4: Big projects will develop better innovations than smaller ones • Myth 5: Technology is the driving force of innovation success
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