The document defines entrepreneurship from several perspectives. Knight (1921) saw it as bearing uncertainty and risk to earn profits. Schumpeter (1934) defined it as carrying out new combinations like new products or markets. More recent definitions see it as identifying opportunities and coordinating resources innovatively (Casson 1982, Venkataraman 2000). Entrepreneurship requires certain conditions like freedom and a prosperous economy. It can change the environment through creativity and transforming simple ideas. Successful entrepreneurs have good technical skills and strong management abilities.

1. Fahim Akhtar

5. Mark Zuckerberg Richard Branson Mukesh Ambani

6. How entrepreneurship emerged
transformation of simple to unique and out of box

7. Definitions of Entrepreneurship

8. Knight (1921)
Profits from bearing uncertainty and risk
Frank Hyneman Knight was an American economist who
spent most of his career at the University of Chicago,
where he became one of the founders of the Chicago
school.

9. Schumpeter (1934)
Carrying out of new combinations of firm’s organization—new products,
new services, new sources of raw material, new methods of production,
new markets, new forms of organization
Joseph Alois Schumpeter was an Austrian-
born American economist and political
scientist. He briefly served as Finance
Minister of Austria in 1919. In 1932 he
became a professor at Harvard University
where he remained until the end of his
career

10. Hoselitz (1952)
Uncertainty bearing...coordination of productive
resources... Introduction of innovations and the provision of
capital
Berthold Frank Hoselitz (1913–1995) taught Economics and Social Science
at the University of Chicago between 1945 and 1978. His analysis of the
role of cultural and sociological factors was influential in the newly
emerging field of economic development and stands in stark contrast with
usual depictions of Chicago School economists focusing on narrow models
of self-interested maximizing behavior.

11. Cole (1959)
Purposeful activity to initiate and develop a profit-
oriented business
George Douglas Howard Cole (25 September 1889
– 14 January 1959) was an English political
theorist, economist, writer and historian. As a
libertarian socialist he was a long-time member of
the Fabian Society and an advocate for the Co-
operative movement. He and his wife Margaret
Cole (1893–1980) together wrote many popular
detective stories, featuring the investigators
Superintendent Wilson, Everard Blatchington and
Dr Tancred.

12. Casson (1982)
Decisions and judgments about the coordination of
scarce resource
Mark Casson is a professor of
economics at the University of
Reading in England. He was Head of
Department and is currently
Director of the Centre for
Institutional Performance there.

13. Shankaran Venkataraman
(2000)
A field of business seeks to understand how opportunities
create something new…
Sankaran Venkataraman (“Strategy,”
“Entrepreneurship”), known around the UVA
Darden campus as simply “Venkat,” is an
internationally recognized expert on
entrepreneurship. He is the MasterCard
Professor of Business Administration at the
school and the research director for
entrepreneurship at the Batten Institute

14. What is a resource?
A resource is any thing or quality that is useful, tangible or
intangible.

15. ENTREPRENEURSHIP goes with
resources
RBV is resourced based view

16. Capability
A capability is a socially complex routine that determines
the efficiency of the physical transformation of inputs to
outputs.

17. functional capabilities
Marketing, finance, operations, and research and
development. Firms differ in the content of their
capabilities as well as the strength of their
management.

18. Dynamic improvement capabilities
enable the organization to change and be
responsive and flexible— the learning and
innovation capability.

19. Entrepreneurial capabilities
firm’s resources and develop new ones strategically.

20. Entrepreneurship features
• Creativity and innovation
• Resource identification, acquisition, and marshaling
• Economic organization
• Opportunity for gain (or increase) under risk and
uncertainty

21. Conditions must exist for
entrepreneurship
• there must be freedom—freedom to establish an economic
venture, and freedom to be creative and innovative with that
enterprise.
• there must be prosperity—favorable economic conditions
that give an entrepreneurial organization the opportunity to
gain and grow.

22. How entrepreneurship changed
environment

23. Characteristics of Entrepreneurs
Successful
Entrepreneurs
Key Personal
Attributes
Good Technical Skills
Strong Managerial
Competencies

25. Thanks