ENTREPRENEURSHIP

Session 1 BY

Hassan Danial Aslam

Session 1
Introduction to Entrepreneurship Definitions Importance Creativity and Innovation Failure Process Entrepreneurship Intensity

Creativity and Innovation

Creativity
Process of generating new ideas Innovation Process of generating and applying new ideas

Entrepreneurship Defined
Initiative Taking
Innovative Risk Taker Organizer of Resources

Process of identifying and pursuing business opportunities Process of creating value by bringing together resources to exploit an opportunity Persuasion of opportunity without regard to resources controlled Set of critical thinking skills

Entrepreneur VS Inventors
Inventor is someone who creates something for the

first time. Entrepreneur focuses his organization whereas inventor focuses on invention Inventor will reluctantly modify his invention. Often, inventors need entrepreneur to commercial their product.

Entrepreneurial Perspective
Entrepreneurial is being opportunity-driven not resource-constrained
Individual Organization Region/Country Government

Why Entrepreneurship?
Key to economic development and growth Creates jobs, income, and wealth Source of new technology and products

The challenge
-to embed this process into the strategies, culture, structures, procedures, and jobs

-this includes organizations (large/small, private/ nonprofit/public sectors) and individuals

Five elements for entrepreneurship to happen

The environment
1

The organizational context

The entrepreneurial process

The entrepreneur

The concept

The resources

Entrepreneurial Orientation

Innovativeness

Risk-taking

Proactiveness

Entrepreneurship as a Process
Identify/Evaluation Idea Develop Plan Acquire Resources Launch

Manage

Discussion Exercise Think at least three innovative business in your countries and discuss it with study fellow next to you

10 Minutes

Why Start a Business

Independence Control Over Ones Life Personal Satisfaction Financial Rewards

Risk - Business Failure

Financial Risk
Career Risk Family/Social

Personal

Reasons for Failure

Do Not Understand the Market Lack of Planning Lack of Managerial Skills Lack of Capital

Source of New Ideas (Being Creative)

Grace
Accident

Ideas come from nowhere

Ideas arise by chance

Personality
Association

Ideas a human trait of some

Apply knowledge to new areas

Cognition

Action stimulates creativity

Obstacles to Creativity/Innovation
Need for quick results Rigid rules Stress Routines Strong Beliefs Strong Ego Fear of criticism or failure

Improving Ability to Recognize Opportunities

Stay healthy Carefully define the problem Exposure to new ideas Receptive to new ideas Continue learning

Innovation Myths
Only small/new companies innovate Only need one great idea Need to stick to what we know Innovation is part-time Innovation is haphazard (just need luck) We know what our customers want

Assignment
Identify a problem that you experience as a consumer What is the problem? What new business might be started?