Professional Documents
Culture Documents
What is Entrepreneurship?
Not Just Small Companies Not Just Start-Ups Not the Unscrupulous Promoters Not Just For-Profit Firms Not Just Non-Government Certainly not many dot.coms What is it to you as a student?
Views of Entrepreneurship
Francis A. Walker (1876)
...the new captains of industry as the principals agents of production and industrial process.
Another View
Peter F. Drucker (1964)
...maximization of opportunities is a meaningful, indeed a precise, definition of the entrepreneurial job. It implies that effectiveness rather than efficiency is essential in business. The pertinent question is not how to do things right but how to find the right things to do, and to concentrate resources and efforts on them.
About Entrepreneurs
Innovative Creative Excellence Egos
Necessity Opportunistic
Failure? Risk? Missing an opportunity? Not honoring your values and ethics? Not delivering value?
The organization
Entrepreneurship
The task
The Environment
Entrepreneurial process
1. Identify and evaluate the opportunity It is difficult and an important task Opportunity can be identified looking at the unsatisfied needs, asking customers, business associates such as channel members. Evaluation of opportunity a. Creation and length of opportunity b. Real and perceived value of opportunity c. Opportunity versus personal skills and goals
2. Develop a business plan An effective business plan is required to exploit business opportunity. It should cover various aspects like production, marketing, finance etc. 3. Resources required a. Existing resources b. Required resources c. Distinguish between critical resources and helpful ones.
4. Manage the enterprise Entrepreneur needs to employ resources through implementation of business plan. a. Management style b. Identification of problems and potential problems c. Implementation of control system.