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ENTREPRENEURSHIP
Session 1
BY
Hassan Danial Aslam
Session 1
Introduction to Entrepreneurship
Definitions
Importance
Creativity and Innovation
Failure
Process
Entrepreneurship Intensity
Creativity and InnovationCreativity
Process of generating new ideas
Innovation
Process of generating and applying new ideas
Entrepreneurship DefinedInitiative TakingInnovativeRisk TakerOrganizer 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 InventorsInventor is someone who creates something
for the first time.Entrepreneur focuses his organization
whereas inventor focuses on inventionInventor will reluctantly modify his invention.Often, inventors need entrepreneur to
commercial their product.
Entrepreneurial PerspectiveEntrepreneurial 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/ non-
profit/public sectors) and individuals
The organizational context
The entrepreneur
The resourcesThe concept
The entrepreneurial process
The environment
11
Entrepreneurial Orientation
InnovativenessRisk-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 One’s 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 SkillsLack of Capital
Source of New Ideas(Being Creative)
Grace Ideas come from nowhere
Accident Ideas arise by chance
Personality Ideas a human trait of some
Association Apply knowledge to new areas
Cognition Action stimulates creativity
Obstacles to Creativity/InnovationNeed for quick results
Rigid rules
Stress
Routines
Strong Beliefs
Strong Ego
Fear of criticism or failure
Improving Ability to Recognize Opportunities
Stay healthyCarefully define the problem
Exposure to new ideasReceptive 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?