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The Foundations of Entrepreneurship

We ve never told our in-depth story like this before: looking at the history, lessons learnt and the challenges faced on our Big Data journey. Lorraine Stone EXCLUSIVE INTERVIEW A BEHIND THE SCENES LOOK

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24 views

The Foundations of Entrepreneurship

We ve never told our in-depth story like this before: looking at the history, lessons learnt and the challenges faced on our Big Data journey. Lorraine Stone EXCLUSIVE INTERVIEW A BEHIND THE SCENES LOOK

Uploaded by

haris malik
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PPT, PDF, TXT or read online on Scribd
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The Foundations of

Entrepreneurship

Lecture 1
What is an
Entrepreneur?
A person who start and operates a business taking on
financial risk to do so.

An entrepreneur is one who organizes a new business


in the hopes of making a profit.

A person who organizes and manages any busines s,


usually with considerable initiative and risk.
What is an Entrepreneur?
Definition for engineering
students
Engineer Entrepreneurship
a technical entrepreneurial/ business
professional management skills
/engineering skills
He must be able to integrate
•Business management skills with
•with engineering/technical skills
•So entrepreneur is a person who start and operates a
business by using engineering skills with business
management/ entrepreneurial skills.

6
Entrepreneurial/ business management
skills
 New or revised product/ service idea
 Managing business portfolio
 Financial Plan
 Marketing plan
 Advertising, sales,
 Distribution channels management
 Leadership skills
 Organizing and Managing People.
 Employees compensation and reward
system
 Risk Management
 Quality management
7
Entrepreneur and
Entrepreneurship
Entrepreneur Entrepreneurship
Organizer Decision Organization Decision
maker Innovator Making Innovation
Motivator Creator Motivation
Leader Manager Creation Leadership
Planner Management Planning
Communicator Communication
Administrator Administration
Why Study
Entrepreneurship?
 Scientists and engineers who want to lead companies
need to know how to back up ideas with business
management/ entrepreneurial skills.
 You will learn the complex business processes involved
in commercialization.
 You learn how to make trade-offs among features,
benefits, price, markets, and business operations
 You learn how to adapt to uncertainty and change
 You learn techniques for managing people
Characteristics of
Entrepreneurs
 Desire for responsibility
 Willingness to accept risk,
 Confidence in their ability to succeed
 High level of energy
 Future orientation
 Skilled at organizing
 Flexibility
Expectations from an
Entrepreneur
An entrepreneur should
be willing and able to convert a new idea or invention into a
success innovation,
be able to develop new markets of customers and buyers,
discover new sources of materials,
mobilize capital resources (land, machines, buildings, money,
humans),
introduce new technologies, products and services.

13
Distinction Between An Entrepreneur
And A Manager
-An entrepreneur start a business where a manager provides
his services……..
-An entrepreneur is the owner of the organization and he
bears all the risk and uncertainties…
-Entrepreneur’s objective is to establish, innovate and
expand a business, where a manager implements the
entrepreneur’s plans and ideas………
-An entrepreneur is faced with more income uncertainties as
his income is contingent on the performance of the
firm……..
-An entrepreneur deals with faults and failures as a part of
learning experience where as a manager make every effort to
avoid mistakes……..
Rewards of Being an Entrepreneur
High degree of independence—
freedom from constraints
Get to use a variety of skills and talents
Freedom to make decisions
Accountable to only yourself
Opportunity to tackle challenges
Feeling of achievement and pride
Potential for greater financial rewards
The cultural diversity of
Entrepreneurship
 Young entrepreneurs
 Women entrepreneurs
 Minority-owned enterprises
 Immigrant entrepreneurs
 Part-time entrepreneurs
 Home-based businesses
 Family businesses
Nine Deadly Mistakes of
Entrepreneurship
1. Management incompetence
2. Lack of experience
3. Poor financial control
4. Failure to develop a strategic plan
5. Uncontrolled growth
6. Poor location
7. Improper inventory control
8. Incorrect pricing
9. Inability to make the “entrepreneurial transition”
Benefits of Small Business
Ownership
The opportunity to:
create your own destiny
make a difference
reach your full potential
reap unlimited profits
contribute to society and be recognized for
your efforts
do what you enjoy and have fun at it
Drawbacks of Small Business
Ownership
 Uncertainty of income
 Risk of losing your entire investment
 Long hours and hard work
 Lower quality of life until the business gets
established
 High levels of stress
 Complete responsibility
 Discouragement

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