Entrepreneurship

1. Entrepreneurship 1 Entrepreneurship: A Field, An Activity, and A Way of Life

2. A process A chain of events and activities that take place over a period of time Bringing something new to the marketplace Entrepreneurship is…

3. Entrepreneurship seeks to understand how opportunities to create something new arise and are discovered or created by specific individuals who then use various means to exploit or develop them, thus producing a wide range of effects. A Definition

4. Key Activities • Identifying an opportunity • Exploiting or developing this opportunity • Running a new business successfully

5. An Intersection Inspiration and Activation

6. Intrepreneurs Persons who create something new, but inside an existing company rather than through a new venture.

7. Media accounts of success Change in “employment contract” Change in basic values Rising Interest in Entrepreneurship

8. Macro and Micro • Micro perspective—focuses on the behavior and thoughts of individuals • Macro perspective—focuses primarily on environmental factors • Both are key in understanding the entrepreneurial process

9. Recognition of an opportunity Deciding to proceed and assembling resources Launching a new venture Building success and managing growth Harvesting the rewards The Process

10. Key Phases

11. Are Entrepreneurs Born?

12. Individual-level, group-level, and societal-level factors influence every action and decision taken by entrepreneurs during all phases of the entrepreneurial process. Influencing Factors

13. Variables

14. When Enterprising People and Opportunities Meet

15. The Cutting Edge • University-based technology transfer • Incubators and science parks • Entrepreneurial cognition

16. “There are three principal means of acquiring knowledge: observation, reflection and experimentation. Observation collects facts; reflection combines them; experimentation verifies the result of that combination…” --Diderot

17. Observe aspects of the world systematically Generate and test hypothesis Obtain information on two variables Use this information to predict outcomes Systematic Observation

18. Reflection Combining facts in a careful and systematic way to reach conclusions Central to case method and other qualitative methods of research The Case Method

19. Experimentation • Systematically changes one variable in order to see if changes affect one or more other variables • Involves active interventions • Determines causality

20. Moves beyond efforts to merely describe phenomena Moves to the point at which we can explain why and how things happen as they do Theory

21. A theory is proposed Predictions are made and tested by research Positive results increase confidence in accuracy; negative results lead to modification of theory and further testing Theory is accepted or rejected Developing a Theory

22. “’Tis a sort of duty to be rich, that it may be in one’s power to do good…” --Lady Mary Montagu

23. Entrepreneur’s products and services improve the lives of countless millions of persons Entrepreneurs are often extremely generous in their donations to worthy causes To Do Good