2. 1.Peter Drucker: "Entrepreneurship is neither a science nor an art. It is a
practice."
2.Joseph Schumpeter: "The entrepreneur always searches for change,
responds to it, and exploits it as an opportunity."
3.Howard Stevenson: "Entrepreneurship is the pursuit of opportunity
beyond resources controlled."
4.Bill Bygrave and Andrew Zacharakis: "The process of creating value
by bringing together a unique package of resources to exploit an
opportunity."
5.Robert Hisrich: "An entrepreneur is someone who creates and operates
a business or businesses, taking on financial risk to do so."
Definition of Entrepreneur by Management
Authors:
3. Historical development of the entrepreneurship concept with
examples:
• Pre-19th Century:
• Before the 19th century, entrepreneurs were primarily associated with
merchants, traders, and explorers who ventured into new territories,
traded goods, and took financial risks in pursuit of profits.
• Example: Marco Polo, the Venetian merchant traveller, is a classic
example. He embarked on extensive journeys to Asia, establishing
trade routes and bringing back valuable goods to Europe.
4. Industrial Revolution:
• The Industrial Revolution, which began in the late 18th century, marked a
significant shift in entrepreneurship. With the rise of factories and mass
production, entrepreneurs played crucial roles in revolutionizing industries
through innovations in manufacturing processes and technologies.
• Example: Thomas Edison, often regarded as one of America's greatest inventors,
epitomized entrepreneurial spirit during this era. His numerous inventions,
including the phonograph and the electric light bulb, transformed industries and
shaped modern life.
• Example: Henry Ford, founder of the Ford Motor Company, revolutionized
transportation with the introduction of the assembly line production method for
automobiles. This innovation drastically reduced production costs and made cars
more affordable for the general public
5. 20th Century:
• In the 20th century, economic theories by Joseph Schumpeter
highlighted the role of entrepreneurs as drivers of innovation and
economic development. Schumpeter emphasized the concept of
"creative destruction," where entrepreneurs disrupt existing markets
and create new ones through innovation.
• Steve Jobs, co-founder of Apple Inc., exemplified this era of
entrepreneurship. His vision and relentless pursuit of innovation led to
groundbreaking products such as the iPhone and iPad, which
revolutionized the technology industry and changed the way people
communicate and consume media.
6. Late 20th Century:
• The late 20th century witnessed the emergence of Silicon Valley and the internet
revolution, marking a new era of entrepreneurship focused on technology and
disruption. Entrepreneurs in this era leveraged advancements in computing and
communication technologies to create innovative products and services.
• Example: Larry Page and Sergey Brin, co-founders of Google, epitomize this era of
entrepreneurship. They developed a revolutionary search engine that transformed how
people access and organize information on the internet, laying the foundation for one
of the most influential companies in the world.
• Example: Jeff Bezos, founder of Amazon, capitalized on the rise of e-commerce and
pioneered online retailing on a massive scale. His vision and innovative business
strategies transformed Amazon from an online bookstore into a global retail
powerhouse, reshaping the retail industry
7. Types of Entrepreneurship:
1.Small Business Entrepreneurship: Focused on starting and
operating small businesses, often serving local markets.
2.Scalable Startup Entrepreneurship: Aimed at creating high-growth
ventures with potential for rapid expansion and scalability.
3.Social Entrepreneurship: Entrepreneurial activities aimed at
creating positive social or environmental impact alongside financial
returns.
4.Corporate Entrepreneurship (Intrapreneurship): Entrepreneurial
initiatives within existing organizations to foster innovation and
growth.
5.Serial Entrepreneurship: Individuals who repeatedly start and grow
new ventures, often in different industries or sectors.
8. Motivations Driving an Entrepreneur:
1.Autonomy: Desire for independence and control over one's
work and destiny.
2.Passion: Pursuing ventures aligned with personal interests
and values.
3.Financial Rewards: Potential for wealth creation and financial
success.
4.Impact: Desire to make a difference or solve meaningful
problems.
5.Challenge: Thriving on the excitement and challenges of
building something new.
6.Flexibility: Seeking a flexible lifestyle or work arrangement.
9. Process of Entrepreneurship:
1.Identifying Opportunities: Recognizing market needs, problems, or trends that present
opportunities for innovation.
2.Idea Generation: Generating and refining ideas for products, services, or business models.
3.Market Research: Assessing market demand, competition, and feasibility of the business idea.
4.Planning and Strategy: Developing a business plan and strategy outlining goals, target
markets, and resources required.
5.Execution: Implementing the business plan, acquiring resources, and launching the venture.
6.Adaptation and Innovation: Continuously adapting to market feedback and innovating to stay
competitive.
7.Growth and Scaling: Expanding operations, reaching new markets, and scaling the business.
8.Risk Management: Identifying and mitigating risks associated with the venture.
9.Networking and Collaboration: Building relationships with partners, customers, and
stakeholders to support growth and success.
