DEFINITIONGenerally equated with SELF-EMPLOYMENT, whether it happens bystarting a business, buying a business, orentering one through the familyThe creation of an innovative economicorganization (or network organizations)for the purpose of gain or growth underconditions of risk and uncertainty
DESCRIPTIONECONOMIC FUNCTIONOWNERSHIP STRUCTUREDEGREES OF ENTREPRENEURSHIP SIZE & LIFE CYCLE OF THE FIRM
ENTREPRENEURSHIPECONOMIC FUNCTION means of stimulating the economy through the creation of firms & jobs The risk of buying at a certain price and selling at an uncertain price
ENTREPRENEURSHIPOWNERSHIP STRUCTURE creation of an enterprise, which has the entrepreneur as the founder
ENTREPRENEURSHIPDEGREES OF ENTREPRENEURSHIP measured by the success achieved through the change initiated (i.e. increased diversity of products/ services, ROI, increased market size, controlling number of employees, etc.)
ENTREPRENEURSHIPSIZE & LIFE CYCLE OF FIRM start-out businesses starting out as high energy & dynamic and maturing into a sluggish, established corporate bureaucracies
Types of EntrepreneurshipEntrepreneurshipIntrapreneurshipTeamEntrepreneurship
TYPES OF ENTREPRENEURSHIP Entrepreneurshipcreating and building something from practically nothingcreating/seizing an opportunity and pursuing it regardless of the resources available
TYPES OF ENTREPRENEURSHIP IntrapreneurshipInitiated by dynamic employees who are motivated to be creative and innovative to social and economic enhancement of their organizationOrganizational learning and employee empowerment towards revitalization of the business
TYPES OF ENTREPRENEURSHIP Team EntrepreneurshipCapability and attitude whereby individual skills are integrated as a teamThe collective capacity to innovate becomes something greater than the sum of its parts
GROUP DISCUSSION What entrepreneurial endeavors can we involveourselves in that is related tothe culinary, hospitality, and tourism & leisure industries?
KEY ELEMENTSChange Initiation Opportunity AlertnessCommitment to RelationshipEmployees ManagementCreative Resourcing Risk & uncertaintyEntrepreneurship ManagementLearning Timing of ActionInnovation andCreativity Vision and Strategic OrientationKnowledgeLeadership
KEY ELEMENTS• Change Initiation capability to identify an opportunity for creation or innovation and ability to turn it into reality• Commitment to Employees application of appropriate management practices and reward systems designed to exact employee loyalty, retention and efficiency
KEY ELEMENTS• Creative Resourcing ingeniously marshalling of resources, of both a financial & managerial nature, from a complex source in order to mobilize the opportunity• Entrepreneurial Learning motivation to acquire the necessary knowledge and expertise through relevant exploration and reflection, in order to excel
KEY ELEMENTS• Innovation and Creativity renewal of products and services by adding value through application of expertise and imagination• Knowledge Leadership development of sources of management information to enable first-mover capability, and effective strategy information & implementation
KEY ELEMENTS• Opportunity Alertness continuous focus on emerging trends and opportunities to be captured and realized• Relationship Management maintenance of effective teams, networks, and flexible management structures
KEY ELEMENTS• Risk and Uncertainty Management evaluation of personal and financial risk elements, self-confidence and determination to succeed• Timing of Action Acting within a limited window in which an opportunity can be optimized
KEY ELEMENTSVision and Strategic Orientationformulation of ambitions, andstrategies to realize them
ASSIGNMENTTake the online quiz “Am I an Entrepreneur?”http://www.potentielentrepreneur.ca/client/queThis online quiz takes 20-30 minutes tocomplete. Be as honest as possible whenchoosing your answers.Copy the results of the quiz on a worddocument; add your name on the top leftand print a copy for submission
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