Entrereneurship

Entrepreneurship

• Books to consult• For 4 credit course

– Entrepreneurship in the new millennium by• Kurkato & Hodgetts , Cengage Learning

– Entrepreneurship by Rajeev Roy , Oxford

• For 1 credit course (PEV)– Entrepreneurship & new venture creation by A Sahay

& V sharma

Entrepreneurship (PEV)

• Some Trends in Research

– Venture financing has emerged as a major source of funds (venture capital as well as angel capital financing)

– Intrapreneurship is gaining attention in organizations

– Entrepreneurial entry strategies have been identified with common denominators, issues and tradeoffs

– Extensive research has been conducted on the psychological aspects that can predict future success


• Some Trends in research

– The risks and tradeoffs of an entrepreneurial career have been studied extensively

– Women and minority entrepreneurs have mushroomed

– Entrepreneurial efforts have made major contributions to job creation and innovation in the world economies

• New and small firms that have at least 20 % sales growth every year (for five years), starting with a base of at least $100000 has been termed as a GAZELLE


• Reasons for growth of Entrepreneurship (students)


• Reasons for growth of Entrepreneurship

– Changing Industry Structure

– New Technologies (flexible specialization)

– Deregulation & Privatization– Increasing demand for variety– Emerging Services Sector (software services sector)

– Easier access to resources– Return on Innovation (Strengthening IPR)– Rising dissatisfaction at job– Acceptance of ex-entrepreneurs in the job market


• Major contributions of Entrepreneurship (students)


• Major contributions of Entrepreneurship

– Job Creation– Economic growth– New Technologies, processes & business models– Serving small markets (Focus)


• Disadvantages of running your own business (students)


• Disadvantages of running your own business– You are alone– All decisions are yours– All losses are yours– You will need to put in long hours with no quick

results– Lack of success affects self esteem– Exiting the business is usually difficult– Pressures will affect social and family life


• Advantages of running your own business (students)


• Advantages of running your own business

– You are the boss– All profits are yours– You will experience a great variety of roles and tasks– Increases self confidence– Immensely satisfying


• Types of Entrepreneurs (based on timing of venture creation)

– Early Starters, (bill gates, Steve jobs)

– Experienced (Narayanmurthy)

– Mature (CEOs, COOs, Ashok Sutta, Subrato Bagchi)

• Types of Entrepreneurs (based on socio cultural variables)

– First Generation (Dhirubhai ambani, naryanmurthy)

– Entrepreneurs from business families– Minority entrepreneurs


• Types of Entrepreneurs (based on Entrepreneurial activity)

– Novice– Serial Entrepreneur– Portfolio Entrepreneur

Entrepreneurship (PEV) students


• Common Causes of failures– Lack of experienced management– Shortage of skilled manpower– Poor financial management (bad receivables, unproductive

investments,)

– Rapid growth (lack of cash kills)

– Lack of business linkages (vendors, customers)

– Weak Marketing efforts– Weak Market research– Short term outlook

Entrepreneurship Evolution (PEV)

• Myths or Facts!– Entrepreneurs are Doers and not Thinkers (clear

cut business plans)

– Entrepreneurs are born, not made

– Entrepreneurs are always Inventors (Innovators yes)

– Entrepreneurs are Academic and Social Misfits

Entrepreneurship Evolution (PEV)

• All Entrepreneurs need is money to start

• Entrepreneurs experience high failure rates (Corridor Principle: With every venture launched, new and unintended opportunities arise, 3M’s Post it notes, Sivasankaran)

• Entrepreneurs are Extreme Risk Takers (calculated risk)

• Case 1.1 & Handout 1

Entrepreneurship Evolution

• A Theory of entrepreneurship is defined as a verifiable and logically coherent formulation of relationships, or underlying principles that either explain entrepreneurship, predict entrepreneurial activity or provide normative guidance (prescribe right action in particular circumstances)


• Basic Approaches to Entrepreneurial Schools of thought

• Macro view– Environmental School of thought– Financial School of thought– Displacement School of Thought

• Micro View– People / Entrepreneurial Trait School of thought– Venture opportunity school of thought– Strategic Formulation of thought


• Macro View (based on external factors that relate to success or failure of ventures)

– Environmental School• Basically factors like institutions, values etc. influence people

in strengthening or weakening the desire to be an entrepreneur

• Social environment i.e. influence of friends and relatives, or Work environment will influence

– Financial/ Capital School• This school focuses on possibilities of success in seeking

seed and growth capital


• Macro View (based on factors that relate to success or failure of ventures)

– Displacement School (negative connotation)

• It refers to the system making someone feel out of place and getting him or her in feeling frustrated

– Political displacement (negative connotation)

– Cultural displacement (Muslims in Gujarat, minority businesses in US)

– Economic displacement (job losses etc.)


• Micro View (based on factors that are specific to entrepreneurship)

– People / Entrepreneurial Trait School of thought• This school believes that there are certain characteristics

that are common to successful entrepreneurs and if copied would increase success chances (creativity, determination, technical knowledge, perseverance etc.)

– The Venture Opportunity School • Focuses on opportunity aspect of new venture, idea sources,

development of concepts, implementation of opportunities, Creativity & market awareness are the key criterion

• Corridor principle: Preparation meeting opportunity equals luck.


• Micro View (based on factors that are specific to entrepreneurship)

– The Strategic Formulation School • Refers to planning process and identifying• Unique markets (Mountain v/s Mountain gap strategies indicating major

markets as well as interstices of larger markets)

• Unique People (Great Chef strategies)

• Unique Products (Better Widget strategies, innovations that encompass new or existing markets)

• Unique Resources (Water Well strategies, gather or harness special resources)

HANDOUT 2


• Another way to examine entrepreneurship is through a Process Approach

– Integrative Approach (HANDOUT 3)

– Assessment Approach (HANDOUT 4)

– Multidimensional Approach (HANDOUT 5)

• Case Study 2.1

Corporate Entrepreneurship

• Corporate Entrepreneurship or Intrapreneurship

– A process whereby individual/s in an existing organization create a new org or instigate renewal or innovation within the organization

• Strategic renewal• Innovation• Corporate venturing


• Need for Intrapreneurship


• Need for Intrapreneurship

– Very high competitive intensity– Losing bright people to self businesses (drivers are venture

capital & respect for entrepreneurship)

– Need to improve productivity & efficiency – Downsizing of major corporations

– HANDOUT 7


• Corporate venturing obstacles due to traditional management practices

• Handout 6


• Factors prevalent in organizations that are successful innovators (James Quinn)

– Atmosphere and Vision– Orientation to the market– Small, Flat organizations– Interactive learning– Skunkworks– HANDOUT 9


• Reengineering Corporate thinking– To assess your enterprise on encouraging

Intrapreneurship ask the following queries

• Does your company encourage self appointed intrapreneurs• Does your company finds ways to retain intrapreneurs• Are people in your company allowed to do the job in their

own way• Has your company quick and informal ways to access the

resources to try new ideas• Does your company tolerate mistakes


• Reengineering Corporate thinking– To assess your enterprise on encouraging

Intrapreneurship ask the following queries

• Are people in your company open to new ideas or they protect their turf

• Are intrapreneurs in your company forced to use internal skills and resources or can they go outside for help

• Are employees allowed to take risks

– Handout 8, 10 & 11

Entrepreneurial Individual

• Common Characteristics of Entrepreneurs (John Kao)– Commitment, determination & perseverance– Drive to achieve & grow– Opportunity & Goal orientation– Initiative & personal responsibility– Persistent problem solving– Realism & Sense of humor– Seeking & using feedback– Internal locus of control’– Calculated risk taking & risk seeking– Low need for status & power– Integrity & reliability


• Risks for Entrepreneurs– Financial Risk– Career Risk– Family & Social Risk– Psychic Risk

• Sources of Stress– Loneliness– Immersion in business– People problems– Need to Achieve


• Dangers of Inflated ego of an entrepreneur

– Overbearing need for control– Sense of distrust– Overriding desire for success– Unrealistic optimism

• Case Study : “Perseverance & Commitment


• Creative process for an entrepreneur (four phases)

– Background of Knowledge accumulation– The Incubation Process (why don’t you sleep over it)

– The Idea experience– Evaluation & Implementation


• Can Creativity be developed?– Handout: Developing creativity

• Some steps for developing creativity– Developing a functional perspective (using knife

instead of a screw driver)

– Using your brains• Left : Verbal, analytical, abstract, rational, logical,

linear• Right: Non verbal, analogies, non rational, spatial,

Intuitive, Imaginative


• Some steps for developing creativity

– Eliminating Muddled Mind sets• Security hunting• Stereotyping• Probability thinking


• Innovation & Entrepreneur– Innovation definition

• It is the specific function of entrepreneurship. It is the means by which the entrepreneur either creates new wealth producing resources or endows existing resources with enhanced potential for creating wealth.


• Innovation & Entrepreneur

– Types of Innovation• Invention (light bulb, Tube light)

• Extension (CFL)

• Duplication (walmart)

• Synthesis (Telemedicine)


• Innovation & Entrepreneur– Sources of Innovation

• Unexpected occurrences (apple falling on Newton’s head)

• Incongruities (Fed express overnight delivery)

• Process need (time saving devices)

• Industry & market changes (New technologies & trends)

• Demographic changes (population getting older)

• Perceptual changes (health food)

• Knowledge based concepts


• Innovation & Entrepreneur

– Myths of Innovation• Innovation is planned & predictable• Creativity relies only on dreams & blue sky ideas• Technology is the driving force of Innovation & success


• Innovation & Entrepreneur– Principles of Innovation

• Be action oriented• Make product/service simple• Make product/ service customer based• Start small• Aim High• Try/test/revise• Learn from failures

– Handout : Five types of Innovators– Case Study: Case 5.1


• Ethics & Entrepreneurs I (This topic is a self study exercise)– If I am operate within laws of land am I ethical?– Are there any economic tradeoffs by being ethical–

• SELF STUDY (Read page nos. 124 to 146 of Kuratko & hodgetts

Opportunity Assessment

• Pitfalls in Selecting New Ventures– Lack of objective evaluation– No real insight into the market– Inadequate understanding of Technical

requirements– Poor financial understanding (usually less than half costs

estimated)

– Lack of Venture Uniqueness– Ignorance of legal issues

• Handout: World Class Failures


• Critical factors for New Venture Development (Pre startup & Startup phase)

– The relative uniqueness of venture– Investment– Growth of sales (how is the graph going to be) (Lifestyle

ventures, small profitable ventures, high growth ventures)

– Product (final) availability (bugs in software program)

– Customer Availability

• Handout : A New Venture Idea Checklist


• Why new ventures fail (Bruno, Leidecker & Harder)

– Product/market problems • Poor timing, product design problem, Wrong distribution

strategy, single customer reliance,

– Financial difficulties• Initial undercapitalization, High initial debt, relationship

problem between entrepreneur & venture capitalist

– Managerial problems• Team problems, Human resource problems

• Handout: Types & Classes of First Year problems


• Evaluation Process– Handout : Asking the Right questions– Case 7.1

Environmental Assessment

• Environmental Scanning • Economic & Industry Environment (Macro View)

– Assessing the Economic Environment (handout Table 8.1)

– Questions that need to be asked• What is the current state of the economy• What is the condition of labor market• Are the interest rates rising or stable• How many firms are in this industry• Do firms vary in size or they similar• What is the geographic concentration of these firms• Do the firms serve only domestic or exports too• What are the governmental regulations for this business


• Environmental Scanning• Economic & Industry Environment

– Examining the industry • Handout Figure 8.5 (Guide to using the Five forces model)

• Competitive analysis– Handout Figure 8.6 (Competitive Profile Analysis)

– Some important steps» Define the industry for the new venture» Analyze the competition» Determine the strengths & characteristics of suppliers » Establish the value added measure of your venture» Project the market size


• The Community Perspective (Micro view)– Researching the Location

• Community Demographics– Community size, residents purchasing power, educational

background, types of occupations, etc.

• Economic Base• Population Trends• Overall Business climate

– Handout: Evaluating Environmental Trends– Case 8.2

Entrepreneurial Ventures & Marketing Research

• Some specific objectives of marketing research

– Where do potential customers go to purchase the good/service you are planning

– Why do they go there– What is the size of market– How much your business can target– What would be the right business promotion strategy


• Marketing Research questions that you need answers for – Sales

• Do you know in detail about your competitor’s sales performance by product type & territory wise

• Do you know which accounts are profitable • Is your sales power planned to be deployed at the right

places

– Distribution• Have you pre tested your product/service to gauge dealer’s

attitude towards it


• Marketing Research questions that you need answers for – Market

• Do you know about the buying habits of your target market• Do you know about the repeat purchase behavior• Can you plot your sales month by month

– Product• Have you tested the market acceptability of your offering• Have you tested the price elasticity of your offering


• Inhibitors to marketing research

– Cost– Complexity– Irrelevancy (in the mind of entrepreneur)


• 3 Marketing philosophies of entrepreneurs

– Production driven– Sales driven– Consumer driven

• Depends on

– Competitive pressure– Entrepreneur’s background– Short term focus


• Entrepreneurs need to know distinctly their offering type– Convenience Goods

• Staple goods (food etc.) & Impulse goods

– Shopping goods (spend time on comparing prices & specs)

– Specialty Goods (customers make a special effort to find & purchase)

– Unsought Goods (encyclopedias etc.)

– New Products– HANDOUT: COMPETITIVE INFORMATION


• Marketing Stages for Growing Ventures– Entrepreneurial Marketing– Opportunistic Marketing– Responsive marketing– Diversified marketing

– HANDOUT : THE EVOLUTION OF MARKETING FUNCTION

– CASE STUDY: DEALING WITH COMPETITION

Entrepreneurial Ventures & Financial Analysis

• Understanding the Key financial statements– The Balance Sheet has two parts (a snapshot of the business at the end of any

period)

• Financial resources owned by the firm , assets, tangible & intangible• Claims against these resources , liabilities

– Creditors– Owner’s equity

• Types of accounts– Assets: Current assets, Fixed assets– Liabilities: Current liabilities, Owner’s equity: Contributed capital,

retained earnings, common stock, preferred stock– In case of dissolution creditors have the first stake, preferred stock

holders have the next claim and at last is the common stockholder’s claim

• Assets = Liabilities + Owner’s Equity (Balance sheet equation)


• Income Statement

– Revenue– Cost of goods sold– Operating expenses : Selling expenses,

Administrative expenses, Financial Expense (Interest) & Income Tax

–


• Cash Flow Statement• It answers questions like

– How much cash did the firm generate from operations– How did the firm finance fixed capital expenditures– How much new debt did the firm add– Was the cash from operations sufficient to finance

fixed assets


• Cash Flow Statement• Statement of cash flow is broken down into

following activities – Operating : cash generated from or used in the

course of business operations– Investing : cash flow effects from long term investing

activities, plant & equipment– Financing : cash flow effect of financing decisions of

the firm, interest payments etc.


• Capital Budgeting Methods– Payback period Method : Length of time required to

pay back the original investment is the determining criterion

– Net Present Value Method : Works on the premise that dollar today is worth more than a dollar in the future

– Internal rate of Return method

Entrepreneurial Ventures & Business Plan

• Pitfalls in the planning exercise– No Realistic Goals, lack of a timeframe, lack of action

steps (timetable with specific steps)

– Failure to anticipate Roadblocks (immersion in idea leads to lack of objectivity, no contingency plans) (list possible obstacles & alternative solutions)

– No Commitment or Dedication (No personal investment, no risk taking)

– Lack of Demonstrated Experience (No business experience, no experience in specific area of the venture) (have experience , hire specific skills)

– No Market Niche (Segment)


• Business Plan is the written document that details the proposed venture

• It must describe– Current status– Expected Needs– Projected results

• And it must cover the following aspects– Project details– Marketing– R&D– Manufacturing– Management– Critical risks– Financing– Milestones– revenues


• Benefits of a Business Plan (Class to attempt)– Provides Direction– Financial Requirements become clearer– Better risk projection– Smooth running – Positive motivation– Vision & mission gets crystallized– Can attract investors– Better implementation– Gaps may become visible– Identify unanticipated impediments

Entrepreneurial Ventures & Business Plan (BP)

• Time, effort, research and discipline needed force the entrepreneur to view the venture critically & objectively

• The competitive, economic and financial analyses subject entrepreneur to scrutinize the basic assumptions

• BP quantifies objectives, providing measurable benchmarks for comparing forecast with actual results

• It acts as a communication tool for outside financing resources• It helps investors to understand

– Market potential & plans for securing a share of that

– The financial statements which illustrate the venture’s ability to service debt and provide an adequate return on equity

– critical risks and contingency plans

– Individual entrepreneur’s planning & managerial ability


• Developing a Well Conceived Business Plan– Who reads the plan (venture capitalists, bankers, lawyers, consultants)

• Five minute reading process of venture capitalists– Look at the characteristics of venture & its industry

– Financial Structure of the plan (debt or equity)

– Balance sheet (liquidity)

– Quality of entrepreneurs

– USP of the venture

– Look at entire plan cursorily


• Putting the package together– Appearance

• Neither sloppy, nor lavish– Length

• 40- 50 pages max– Executive Summary

• 2-3 pages having the current status, proposed products or services, benefits to customers, financial forecasts, venture’s objective in 3-5 years, amount of financing needed and how the investor’s will benefit

– Table of Contents – HANDOUT: Common Business Plan Phrases:

Statement versus Reality


• Guidelines for a business plan by experts– Keep the plan short (max 50 pages)

– Orient the plan toward the Future (trends & forecasts of opportunities for the use of the product & service)

– Avoid exaggeration (show best case, worst case & probable case scenarios)

– Highlight Critical Risks– Evidence of an Effective Entrepreneurial team (skills of

each key person)

– Desist from Over-diversification– Identify & defend target market segment


• Elements of a Business plan

– HANDOUT: Complete outline of a business plan

– HANDOUT: Writing the Business Plan– HANDOUT: Helpful hints for developing the

business plan– Case 11.1

Entrepreneurial Organizations & Legal Forms

• Three primary legal forms

– Sole Proprietorship– Partnership– Corporation (Pvt Ltd, Public Ltd)


• Sole Proprietorships

• Advantages ???


• Sole Proprietorships• Advantages

– Ease of formation– Sole Ownership of profits– Decision making & control – Flexibility– Relative Freedom from Govt. control– Freedom from Corporate business taxes (taxed as individual tax

payers)


• Sole Proprietorships

• Disadvantages???


• Sole Proprietorships• Disadvantages

– Unlimited Liability including personal assets– Lack of continuity– Less Available capital– Obtaining long term debt relatively difficult– Relatively limited viewpoint & experience


• Partnerships• Articles of partnership are usually executed and contain

– Name, purpose, – Duration of agreement– Character of partners (general or limited, active or silent)– Contributions of partner– Division of profits and losses– Draws or salaries– Death of a partner clauses– Release of debts– Business expenses handling– Arbitration– Etc.–


• Partnerships

• Advantages ???


• Partnerships• Advantages

– Ease of Formation– Direct Rewards– Growth & Performance facilitated (more capital & skills)

– Flexibility– Relative freedom from Governmental control


• Partnerships

• Disadvantages??


• Partnerships• Disadvantages

– Unlimited liability at least of one partner– Lack of continuity– Relative difficulty in getting large sums of capital– Bound by the acts of just one partner (general, can sign any contracts

and obligations)


• Partnership Success

– Partnership Attributes• Commitment• Coordination• Trust & Interdependence

– Communication Behavior• Quality• Information Sharing & Participation

– Conflict Resolution Techniques• Persuasion & Smoothing• Arbitration & Joint Problem solving


• Corporations• A separate legal entity apart from the individuals

who own it• Advantages ????


Advantages• Limited Liability• Easy Transfer of ownership• Unlimited life• Relative ease of securing capital• Increased ability & Expertise


• Corporations• Disadvantages ???


• Corporations• Disadvantages

– Activity Restrictions (Limited by Charter)

– Lack of participation for minority stockholders– Regulation– Organizing expenses– Double taxation (on corporate profits as well as individual income)


• Franchising (Franchisee & Franchisor, being shared for its uniqueness, will be one of the earlier discussed forms)

• Advantages– Training & Guidance– Brand Name Appeal– Proven Track Record– Financial Assistance


• Franchising• Disadvantages

– Franchisee Fees– Control exercised by the franchisor– Unfulfilled promises by some franchisors

• Case 12.2

Legal Environment & Entrepreneurship

• Entrepreneurs are not supposed to be lawyers or have legal expertise but be sufficiently knowledgeable about legal concepts that impact businesses

• Review laws that relate to – Inception of the venture– Growth & continuity of the venture


• Patents– Processes, machines, plants, products, plants, chemical

compounds, & improvements in already existing items

– Protection for 14 years– Temporary monopoly to encourage creation of new ideas– Can sell, license etc.

• Copyright– Protection of literary & artistic productions (60 years, proposed

for 70 years, might have already been done)

– Books, periodicals, dramas, music, art, motion pictures, lectures, sound recording , computer programs

– HANDOUT: Post Internet Copyright protection


• Trademarks– A distinctive name, mark, symbol, motto identified

with a company’s product (s)– HANDOUT: Nike vs. Mike

Financial Sources for Entrepreneurial Venture

• Debt vs. Equity– Debt

• Repayment plus interest

– Equity• Relinquishing control

– A mix of both– Debt financing is usually necessary

• Working capital• Long term debt (for property & equipment)


• Sources of Debt– Banks

• Queries of the bank are– What do you want money for

– How much you need

– When do you need it

– How long will you need it

– How will you repay the loan

• Trade credit• Accounts Receivables factoring• Finance companies


• Debt Financing– Advantages???

– Disadvantages??


• Debt Financing– Advantages

• No relinquishing of ownership• More borrowing allows greater return on equity

– Disadvantages• Regular interest payments are required• Affects cash flow• Decreases P&L


• Equity Financing– Advantages

– Disadvantages


• Equity Financing– No legal obligation for repayment or interest

payment– Sharing of ownership & profits are the costs of

equity financing– Can be raised

• Public stock offerings• Private Placements


• Public offerings– Advantages

– Disadvantages


• Public offerings– Advantages

• Size of capital amount• Liquidity of Owner’s stock• Valuation gets easier• Image

– Disadvantages• Costs (accounting fees, legal fees, underwriting stock etc.)

• Disclosure Norms• Requirements of paperwork• Shareholder Pressure


• Some equity instruments– Convertible Debentures (unsecured loans that can be converted

into stock)

– Preferred Stock (gives preferential treatment to investors in case of dissolution)

– Common Stock – Private Placement

– Handout: GOING PUBLIC: THE ACID TEST (p421)


• Venture Capital market– Offer following services

• Capital for start ups & expansion• Market research & strategy for business that do

not have their own marketing depts..• Management consulting, audit & evaluation• Contacts with prospective customers, suppliers• Establishing management & accounting controls• Employee selection


• Venture Capital Myths– Venture capital firms want to own control of your

company & tell you how to run the business– VCs are satisfied with a reasonable return on

investments– VCs are quick to invest ( 1 out of 100 that they see in a month)

– VCs are interested in backing new ideas/ high tech inventions, management is secondary

– HANDOUT: Venture Capitalists’ Screening criteria


• Angel Investors– Handout: Main differences between Angels & VCs

– Advantages??

– Disadvantages??


• Angel Investors– Advantages

• Value adding• Prefer start up & early stage• Leveraging effect

– Disadvantages• Little Follow on money• Want a say in the firm• No national reputation to leverage

Strategic Planning & Entrepreneurship

• The need to shift from informal planning to a formal systematic style is due to– Degree of uncertainty– Strength of competition– Amount and type of experience

• Formal Planning– Strategic– Operational


• Basic steps of Strategic planning– Examine the internal & external environments of the

venture (strengths, weaknesses, opportunities, threats)

– Formulate the venture’s long range and short range strategies (mission, objectives, strategies, policies)

– Implement the strategic plan (programs, budgets, procedures)

– Evaluate the performance of the strategy– Take follow up action through continuous feedback– HANDOUT: The Strategic Management Process


• Five factors that influence strategic management – Demand on Strategic Manager’s time– Decision making speed (delegation demands)– Environmental uncertainty– Problems of Internal politics– Entrepreneur’s vision


• Lack of strategic planning is due to??


• Lack of strategic planning is due to– Time scarcity– Lack of knowledge– Lack of expertise/skills– Lack of trust and openness– Perception of high cost


• Porter identified five fatal mistakes entrepreneurs make in strategy implementation– Misunderstanding industry attractiveness– No real competitive advantage– Pursuing an unattainable competitive position– Compromising strategy for growth– Failure to communicate the venture’s strategy to

employees– HANDOUT: Objections to Planning


• An entrepreneurial Strategy Matrix model (Sonfield & Lussier)

– This model is based on Risk Vs. innovation– HANDOUT: Figure 15.3– HANDOUT: Figure 15.4

Challenge of Entrepreneurial Growth

Documents

Entrereneurship