The document discusses the evolving landscape of entrepreneurship, highlighting a generational shift where today's youth are more inclined to engage in entrepreneurial activities compared to previous generations. It emphasizes the characteristics of modern entrepreneurs, such as technological comfort and risk-taking, while noting the importance of innovation in defining entrepreneurship. Moreover, it points to the growing interest among young people in starting businesses and the impact of technology on reducing barriers to entry in the entrepreneurial space.

1. ENTREPRENEURSHIP AND THE FUTURE
IN the new decade, the ideas, talents, skills, and
knowledge that promote entrepreneurship are obvious in
people all around the globe, but especially in today’s
generation.
• This new direction is a change from previous times
when economic growth lean to favor more established
businesspersons from the corporate world.
• But the face of the world economy has shifted, and
young people today are well suited for entrepreneurial
activity.

2. Entrepreneurship
Entrepreneurship is the creation or extraction of value. With this
definition, entrepreneurship is viewed as change, generally involving
in risk taking activities beyond what is normally face in starting a
business, which may include other values than simply economic
ones.
More narrow definitions have described entrepreneurship as:
• the process of designing,
• launching and
• running a new business, which is often initially a small business,
• or as the "capacity and willingness to develop, organize and
manage a business venture along with any of its risks to make a
profit

3. Definitions find the following common elements
and characteristics:
• Creativity and innovation
• Resource identification, acquisition, and
marshaling
• Economic organization
• Opportunity for gain (or increase) under risk
and uncertainty

4. Creation and Innovation
• The term creation implies a founding and an
origin.
• Therefore the purchase of an existing firm or its
transfer to new owners does not represent
entrepreneurship.
• It is rare for an organization to change ownership
without a change in its management and resource
configuration.
• However, the degree of change and innovation
determines whether entrepreneurship is present
to see how large a change is needed.

5. A new product or service offered?
• A new method or technology employed?
• A new market targeted and opened?
• A new source of supply of raw materials and
resources used?
• A new form of industrial organization created?

6. Control and Deployment of Resources
• This theoretical framework originally derives
from the viewpoint of a large corporation.
• The resource-based theory is the most
appropriate to ``understand new venture
creation`` because it best describes how
entrepreneurs themselves build their
businesses from the resources and capabilities
they currently possess or can realistically
acquire``.

7. Economic Organization
The term economic organization means an organization
whose purpose is to allocate scarce resources.
• An economic organization can be:
 a firm,
 a business unit within a firm,
 a network of independent organizations,
 a social network,
or a not-for-profit organization (NPO).
Though it may seem impossible, even governments can
create entrepreneurial organizations under the right
conditions.

8. Economic Organization
• The business organization can, of course,
pursue gain and growth as its motivations.
• In fact, some firms use both profit and size as
their main objectives.
• Other businesses do not seek growth, which
distinguishes entrepreneurial firms from small
businesses.

9. Risk and Uncertainty
Entrepreneurship exists under conditions of risk
and uncertainty. The two terms are not the
same.
Risk refers to the variability of outcomes (or
returns); if there is no risk, the returns are
certain.
• A firm operating in a risk-free environment
would continue to expand forever, because a
negative outcome could not occur.

10. Risk and Uncertainty
Uncertainty refers to the confidence
entrepreneurs have in their estimates of how
the world works—their understanding of the
causes and effects in the environment.
• If there is no uncertainty, the environment and
future can be perfectly known.
• If the future can be known, then everyone can
know it (at least for a price), and it will not be
a source of lasting profit for anyone.

11. 1-The ambitious entrepreneurs of today are
technologically advanced as:
They are comfortable with new technologies
and are not fearful of change and the radical
shifts that new technology can bring.
Younger people are at home with computers
and all sorts of consumer electronics.
 Over 80 percent of homes with children have
computers and access to the Internet.

12. 2-It’s a great time to be an entrepreneur,”
especially an Internet one. Compared to ten to
fifteen years ago, hardware is 100 times
cheaper, infrastructure software is free, there is
easy access to global labor markets, and SEM
(search engine marketing) has changed
distribution and selling tactics.

13. 3-This generation is:
 passionate and love taking challenges.
They welcome change and embrace the idea of
progress.
They have seen the improvement of
information technology, new medical and
biotech processes and products, and radical
changes in the way people communicate and
work.
They believe that continued improvement and
even revolutionary change await them in the
future.

14. 4-They are independent.
More and more people starting out in
professional business careers consider
themselves free agents.
They have portable skills and will take them
wherever they can do the most good or make
the most money.

15. How Does the New Entrepreneurship Add Up?
• The latest business trends are based more on
entrepreneurship and business start-ups for
younger people. Many new ventures will be
technology based. The traditional career path
may become a uncommon.
• Today’s younger people are more
entrepreneurial than those of any previous
generation. More and more people are
striking out on their own.

16. How Does the New Entrepreneurship Add Up?
• According to the Opinion Research Council, 54
percent of 18- to 24-year-olds are highly
interested in starting a business, compared
with 36 percent of 35- to 64-year-olds.
• Today’s students will take us into the future
and will shape the new millennium.
• The spirit of entrepreneurship—the notion of
human progress, development, achievement,
and change—motivates and energizes people.

17. How Does the New Entrepreneurship Add Up?
The spirit of entrepreneurship—
• the notion of human progress,
• development,
• achievement,
• change—motivates
• energizes people.

18. • Innovations in the way we work and play,
travel and eat, start our families, and raise our
children all create opportunities for
entrepreneurs to build businesses and
organizations that will exploit new technology
and trends. We can also say that
entrepreneurship is a self-perpetuating
phenomenon.

19. • For example, Hong Kong is often cited as an
example of a very entrepreneurial place. Even
after the handover of Hong Kong to the
mainland Chinese in 1997, it has remained
entrepreneurial.
• However, most of western and central Europe
has not been entrepreneurial throughout
history and many years of government
programs designed to correct this have not
proved effective.

20. • In the United States, we have vast and
growing entrepreneurial resources, as
demonstrated by the tremendous increase in
supply and demand for entrepreneurship
classes and programs on campus.