This document provides an overview of an entrepreneurship and innovation course, including the course schedule and content of Chapter 1. Chapter 1 defines entrepreneurship as starting a business to take financial risks for potential profit. It discusses characteristics of entrepreneurs like seeking challenges and risks. Famous entrepreneurs highlighted include Thomas Edison, Mark Zuckerberg, Steve Forbes, and Mary Kay Ash. The chapter also defines innovation and describes the main types as product, organizational, process, and marketing innovation.

1. ENTREPRENEURSHIP
& INNOVATION

2. COURSE SCHEDULE
 CHAPTER 1: WHAT IS ENTERPRENEURSHIP AND
INNOVATION?
 CHAPTER 2: STARTING A SMALL BUSINESS
 CHAPTER 3: CREATING A BUSINESS PLAN

3. Chapter 1: What is Entrepreneurship
and Innovation?

4. Entrepreneurship
What is Entrepreneurship?
According to the Oxford Dictionary,
Entrepreneurship is setting up a business or
businesses, taking on financial risks in the hope
of profit.

5. Entrepreneur
What is an Entrepreneur?
The term «Entrepreneur» began to be used in the early
18th century and is applied to individuals who discover
and/or create opportunities and then manage resources
and bear risks to take advantage of them.

6. Famous Entrepreneurs
Thomas Alva Edison amongst many other
contributions, developed electric power-generation
technology and created the General Electric
Company in 1892.

7. Famous Entrepreneurs
Chief Executive Officer of Facebook, Mark
Zuckerburg, was 20 years old when he founded
Facebook and now he is the youngest billionaire in the
world.
“Some kids played computer games. Mark created
them”. – Writer, Jose Antonio Vargas.

8. Famous Entrepreneurs
Steve Forbes was a student in Princeton when he first
started the «Business Magazine» in 1968. Now Business
Magazine has over a 6 million readers and Forbes’
current net worth is around 430 million dollars.

9. Famous Entrepreneurs
Mary Kay Ash founded Mary Cay Cosmetics Inc. in
1968 initially only selling five products. She
achieved to be one of the biggest marketing and
cosmetics companies in the male dominated
business world.

10. Some characteristics of
Entrepreneurs identified by
Economist, Joseph Schumpeter.

11. The Entrepreneur
 seeks out difficulties, changes in order to
change, delights in ventures.
 attains an extraordinary ability to work
extremely hard and takes risks.
 possesses an innate and creative business
vision.

12. Schumpeter’s Models
 Mark I Model: Creative destruction is driven by
the entrepreneurial task of «breaking up old, and
creating new tradition.»
 Mark II Model: Entrepreneurship occurs in large
firms as well as newly created firms, reflecting
the changing industrial realities as formally
organized. It is an organizational process by which
opportunities are sought, developed, and
exploited in many different kinds of companies.

13. Video: Am I an Entrepreneur?
http://www.youtube.com/watch?v=0JaPaeFY
E5U

14. Innovation and Its Types
Simple definition of innovation:
ideas successfully applied.

15. Innovation is…
what happens when new thinking is successfully
introduced and valued by organizations.
the arena where creation and application of new
ideas are formally organized and managed.
the theatre where the excitement of
experimentation and learning meets
organizational realities of limited budgets,
established routines, disputed priorities, and
constrained imaginations.

16. Main Types of Innovation
Innovation
Product
Innovation
Marketing
Innovation
Organizational
Innovaton
Process
Innovation

17. Product Innovation
Innovations of goods and services. Creating new
technologies or technical improvements of products.

18. Organizational Innovation
An organizational innovation is the implementation
of a new organizational method in a firm's business
practice, workplace or external relations.

19. Process Innovation
Improvements of the production or delivery method.
In the 1980’s this model of innovation came to the fore
driven primarily by the remarkable success of Japanese
auto manufacturers, which were twice as efficient as
their international competitors.
Japan  «Lean
production» contrast
with the mass
production techniques
West  Mass Production,
typfied by Henry Ford is
based on assembly lines
producing standardized
products

20. Marketing Innovation
Marketing innovation is the implementation of new
marketing methods.
By the 1990’s Roy Rothwell began to identify a number
of changes occurring in strategy firms, which were
using innovation and technologies to support
themselves. The innovation strategies were highly
integrated with its partners including «lead customers»
demanding users, and co-developers. Rothwell called
this the «strategic integration and networking» model
of innovation.