Entrepreneurship

Introduction of the Instructor

• Samir S. Amir
• B.E (Mech.) NED (1985)
• MBA, IBA (1987)
• Running own business since 1991
• Trainer with SMEDA in new businesses set-up
• Has conducted this course at the following:
• IBA
• PAF-KIET
• Mohammad Ali Jinnah University
Course Objectives:
1. To offer both academic and real world
perspective on the entrepreneurial process.
2. To develop the ability of applying class
materials
3. To develop persuasive verbal and written
communication skills.
4. To develop the abilities to work in
entrepreneurial teams
Course Objectives (Contd.)
1. To foster creativity, initiative and
entrepreneurial way of thinking
2. To expose students to the benefits and
challenges associated with an
entrepreneurial career
Course Method:
• Lectures
• Case Studies
• Presentations
• Guest Speaker Sessions
• Articles
Some Pre-requisites:
• Advance Readings by students
• No late coming is allowed
• Assignment deadlines are not extendable
• Ethical behavior is expected
Grading Plan:
• As per outline
Entrepreneurship

Fifth Edition
by

Robert D. Hisrich, Ph.D.

Case Western Reserve University

Michael P. Peters, Ph.D.

Boston College
 Chapter 1

The Nature and Importance

of Entrepreneurs
Evolution of the term
Entrepreneur
• Earliest Period – Go Between
• Middle Ages – Actor or manager of big
productions
• 17th Century – Contractor for the
government
• 18th Century – Separate from financier
• 19th & 20th Centuries – Evolved from
manager to innovator
Definition of Entrepreneurship
• Entrepreneurship is the process of creating
something new with value by devoting the
necessary time and effort, assuming the
accompanying financial, psychic, and
social risks, and receiving the resulting
rewards of monetary and personal
satisfaction and independence
Entrepreneurial Decision Process

• Entails a movement from something to

something

• A change from the current lifestyle to a new

lifestyle, a decision to become an
entrepreneur by leaving present activity
Change from Present Lifestyle
• Two conducive work environments
• R&D
• Marketing

Disruption of Work Environment

Desirability of New Venture Formation

The decision to start a new venture occurs

when individual perceives that forming a
new venture is both desirable and possible
The perception that starting a new company
is desirable results from an individuals
culture, sub-culture, family, teachers, and
peers
Possibility of new venture formation

• Factors that make it possible to create a new

venture:
* Government
* Background
* Marketing
* Role Models
* Financing
Types of Start-Ups
• Lifestyle Firm: A small venture that
supports the owners and usually does not
grow
• Foundation Company: A venture formed
from research and development
• High Potential Venture: High growth
potential
• Gazelles: Very high growth ventures
Role of Entrepreneurship in
Economic Development
• The product evolution process is the
process through which innovation develops
and commercializes through entrepreneurial
activity
• The critical point in the product evolution
process is the intersection of knowledge and
a recognized social need
Facilitators of the product
evolution process
• Government

• Intrapreneurship

• Entrepreneurship
Types of Skills Required
Technical Business Personal
Management
Writing Planning Inner Control

Oral Decision Risk Taking

Communication Making
Monitoring the Human Innovative
Environment Relations
Using Marketing Change-oriented
Technology (Selling) visionary
End Of Chapter 1