• 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