The document provides an introduction to entrepreneurship. It discusses how entrepreneurial activity flourishes where ideas, capital, expertise, and communication converge. It also notes that entrepreneurship involves starting, growing, and running companies. Entrepreneurship is pursuing opportunities beyond one's current resources. The document outlines some traits of successful entrepreneurs and notes that entrepreneurial success knows no bounds in terms of demographics. It provides an overview of the entrepreneurial mindset, process, and environment.

1. Introduction to Entrepreneurship

2. Home for Dreamers and Doers……
“ The reasonable man (woman) adapts himself
(herself) to the world. The unreasonable one persists in
trying to adapt the world to himself (herself).
Therefore, all progress depends on unreasonable men
(and women).”
George Bernard Shaw

3. The Entrepreneurial Environment
•Entrepreneurial activity flourishes where ideas, cash,
professional and managerial expertise, and good
communications converge
•Entrepreneurship is a craft as well as an art.
• Entrepreneurship is not only about starting companies it’s
about growing and running them

4. Entrepreneurship
‘Entrepreneurship is the pursuit of opportunity beyond the
resources you currently control.’

5. Entrepreneurship
•You can do new things
•You can do old things differently
•You can innovate, consolidate, expand BUT …
•The only necessary and sufficient condition for business is
customers
•For entrepreneurs, timing is everything

6. Is Entrepreneurship the special hot red chilli within this movement?

7. …or is Entrepreneurship the Black sheep of this Movement?

8. This is a million dollar question!

9. Career Option
•Security
•Freedom

11. Freedom
• Have Anything.
• Do Anything.
• Be Everything you imagined.

12. • 50% new firms live 18 months.
• One out of Five make it to 10 Years.
Source: Siropolis (1986)
Facts………

13. Facts……
• 85% restaurants close in 5 Years.
• 50% do not survive the First Year.
Source: Cullen and Dick (1990)

14. Attitude
Opportunity
Idea Planning
Start - up
Growth
Diversify
ENTREPRENEURIAL
JOURNEY

15. While formal schooling is an important
advantage, it is not a guarantee of success
nor is its absence a fatal handicap.
Ray Kroc

16. Creativity as a prerequisite to
innovation
• Creativity - is “the ability to bring
something new into existence”.
• Innovation - is the process of doing new
things.

17. Creativity, Innovation and Problem Solving
Creativity and Innovation consists of...
• SEEING what everyone else has seen,
• THINKING what no one else has thought of, and
• DOING what no one else has dared!

18. :Entrepreneurship A Process Approach
.© 2003 Edward P Marram 6STG_012503 22

19. Entrepreneurs…..
• Do things that are not generally done in the
ordinary course of business
• Some entrepreneurs become
celebrities...others become ridiculed for
their failed dreams
• All contribute to the spirit of free
enterprise

20. • Is a dynamic process of creating incremental wealth.
This wealth is created by individuals who assume the
major risks in terms of equity, time and career
commitment of providing value for some product or
service.
• The entrepreneur must somehow infuse value to the
product or service...
Entrepreneurship…..

21. Start
Take Over a
a Family
Business
Business
Pursue Social
Entrepreneurship
by Innovating in
Non-profit The Act
Context entrepreneurially
Entrepreneurial in a profession.
Career
Act as
Entrepreneur in a
larger,
Established Work in a
Company Purchase an
Fast-Growth
Existing
Business Venture

22. Economics & Entrepreneurship
•Richard Cantillon: Entrepreneurs make decisions about
resources allocation.
•Adam Smith: Entrepreneurs react to economic change.
He described the “enterpriser” as an individual who
undertook the formation of an organization for
commercial purposes. He mentioned “role of
industrialist...,person with unusual foresight who could
recognize potential demand for goods and services”
•Jean Baptiste Say: Entrepreneurs had exceptional insight
into society’s needs.

23. •Carl Menger: Entrepreneur as a change agent. Economic
change does not arise from circumstances but from an
individual’s awareness and understanding of those
circumstances
•Joseph Schumpeter: Entrepreneurship as a force of
“Creative Destruction”. Described it as a process and
entrepreneurs as innovators who use process to shatter the
status quo through new methods...
•John Stuart Mill: Necessity of entrepreneurship in private
enterprise. He described them as business founder.

24. Everyone wants to be an entrepreneur…
Beliefs about entrepreneurship:
• Entrepreneurs are INDEPENDENT
• Entrepreneurs get RICH
• Entrepreneurs have FUN!
• Entrepreneurs are passionate people.

25. Are my goals well defined?
•Personal aspirations
•Business sustainability & size
•Tolerance of risk
Do I have the right strategy?
•Clear definition
•Potential for growth
•Durability
Can I execute the strategy?
•Resources
•Organizational infrastructure
•The founder’s role
If answer is
Yes…If answer is no……
Entrepreneurs Framework
If answer is
Yes…
If answer is no……

26. Review: why be an entrepreneur?
The main reasons
- Independence and freedom
- Creativity and self-expression
Another important reason
- Can’t hold a normal job!
• Many successful entrepreneurs are
crazy, weird people
- Passion

27. Being an entrepreneur is not
basically motivated by economics
•Why?
•RISK!
•I'll repeat:
•risk risk risk risk risk risk
•RISK RISK RISK RISK RISK
•RISK RISK RISK RISK RISK!

28. Starting a business is risky
• New ideas are untested. . . That’s why
they’re new ideas!
• You throw an idea into the world. . . And
see what the world says in response.
• There are thousands of variables you
can’t control
• And you probably don’t have a lot of the
skills you need

29. Entrepreneurship seeks to understand how
opportunities to create something new arise and are
discovered or created by specific persons who then use
various means to exploit or develop them, thus
producing a wide range of effects.
A Definition……

30. Key Activities……
• Identifying an opportunity
• Exploiting or developing this
opportunity
• Running a new business
successfully

31. Entrepreneurs...Traits
• Self-confident and optimistic
• Able to take calculated risk
• Respond positively to changes
• Flexible and able to adapt
• Knowledge of markets
• Able to get along well with others
• Independent minded

32. • Energetic and meticulous
• Creative, need to achieve
• Dynamic Leader
• Responsive to suggestions
• Take initiatives
• Resourceful and firm
• Perceptive with foresight
Entrepreneurs...Traits

33. Entrepreneurial success shows no respect
for age, background, gender, race or class.
It is open to anyone, all you need is a drive
and personal ambition and a refusal to
listen to those who do not share your
vision.
Richard Branson

34. Venturing into the Unknown
Problem A Problem B Problem C
.© 2003 Edward P Marram 6STG_012503 28

35. How do
How can we use t
ovation?
eize opportunity.

36. Monday, April 6, 2015
Welcome to
A World of Difference!