By Robert Hisrich Michael P.Peters

2. by Robert Hisrich Michael P.Peters

3. The Nature & Importance of Entrepreneurs Chapter One

4. (American Entrepreneur) (English entrepreneur)

5. Do the profile of these people fit your perception of the career of an entrepreneur? What does it takes to start and operate a successful business To understand this better, learn about

6. Historical Evolution Of Entrepreneurship Earliest Period Middle Ages 17th Century 18th Century 19th & 20th Century

8. Go-Between is Marco Polo Sign contract with a money person(Venture capitalist) to sell his goods Loan the Merchant Adventurer at a 22.5% rate VC passive risk bearer MA took active role in trading- active risk bearer (Physical, emotional) MC completes trip successfully profits were divided- VC taking 75% & MA 25%

9. Actor & person who managed large production projects Individual didn�t take risks but only managed the project using the resources provided Usually by the Govt of the Country

10. Re-emergent connection of risk with entrepreneurship developed E person who entered into contractual agreement with the government to perform a service or to supply products

11. Person with capital was differentiated from the one who needed capital E was distinguished from the capital provided(Venture capitalist) One reason for differentiation was the industrialization occurring throughout the world Invention developed during this time were reaction to the changing world

12. E were viewed from Economic Perspective �E� organizes & operates an enterprise for personal gain Pays prices for material consumed in the business, for land, personal services he employs, capital he requires 20th Century- Notion of an E as an innovator was established

13. An Entrepreneur (ahn�tra pra nur) is a person who recognizes a viable idea for a business product or service and carries it out. Any person (any age) who starts and operates a business is an entrepreneur.

14. Process of creating something new with value by devoting the necessary time and effort, assuming the accompanying financial, psychological, and social risks; & receiving the resulting rewards of monetary and personal satisfaction

15. The process of initiating a business venture, organizing the necessary resources and assuming the associated risks and rewards

16. WHO ARE ENTREPRENEURS? Start with a vision Unhappy with current job Bring resources for new venture Hardworking Distinguishable

18. one who brings resources, labor, material and other assets into combinations that make their value greater than before and also who introduces changes, innovations and a new order such a person is driven by certain forces- need to obtain or attain something, to experiment, to accomplish, or perhaps to escape the authority of others an entrepreneur is a threat, an aggressive competitor same entrepreneur may be an allay, source of supply, a customer who creates wealth for others, as well as finds better ways to utilize resources, reduce waste & produce jobs others are glad to get

19. All definitions of entrepreneurship includes Newness, organizing, creating, wealth and risk taking Entrepreneurs are found in all professions

20. Def stresses on Four basic aspects Creation process� creating something new value to entrepreneur & audience for which it is developed 2. Entrepreneurship requires the devotion of the necessary time and effort time & effort to create something new & make it operational 3. Risk take a variety of forms, depending on the effort of the entrepreneur 4. rewards of being entrepreneur� independence- personal satisfaction- for profit entrepreneurs, monetary reward also comes into play

21. What then causes a person to make this difficult decision ?

22. Individuals have difficulty bringing their ideas to the market & creating a new venture Yet entrepreneurial decisions have resulted in several new businesses through out the world Despite recession- inflation- high interests rate, lack of infrastructure-economic uncertainty & high probability of failure

23. Deciding to become an entrepreneur by leaving present activity

24. Change Environment Not easy to leave career Two work environments R&D : individuals develop new product ideas & leave to form their own companies when these ideas are not accepted by their employers Marketing : become familiar with customers unfilled needs & wants- start enterprise Disruption Negative force � retired Relocted due to a move by other family member in a dual-career family Who have been fired 12% new business listings in the yellow pages increased during layoff period Educational degree-MBA Student who is not promoted after receiving an MBA-frustrated & start new company

25. When individual perceives that forming a new enterprise is both What causes this personal disruption to result in a new company being formed ?

26. Desirability of New Venture Formation Cultural SubCultrual Family Teachers Peers

27. Possibility of New Venture Formation Government Background Marketing Finance Role Models

28. Types of start-ups Class Discussion

29. Entrepreneurial Career & Education Assignment

30. The future of Entrepreneurship In spite of the difference conceptual perspectives, there are common aspects: risk taking, creativity, independence & rewards The future for �E� is bright � we are living in the age of entrepreneurship

31. Educational institutes Government Society Corporation

32. Summary