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ENTREPRENEURSHIP

WHAT IS ENTREPRENEURSHIP?

• is the willingness to take risks and develop, organize and manage a business venture in a
competitive global marketplace that is constantly evolving
• has traditionally been defined as the process of designing, launching and running a
new business, which typically begins as a small business, such as a startup company, offering a
product, process or service for sale or hire, and the people who do so are called
'entrepreneurs‘
• According to Stevenson, entrepreneurship is the pursuit of opportunity beyond resources
controlled.
• “Pursuit” implies a singular, relentless focus.
• “Opportunity” implies an offering that is novel in one or more of four ways. The opportunity may
entail: 1) pioneering a truly innovative product; 2) devising a new business model; 3) creating a better
or cheaper version of an existing product; or 4) targeting an existing product to new sets of
customers.
• “Beyond resources controlled” implies resource constraints
ENTREPRENEURSHIP IS NOT RESTRICTED TO
BUSINESS AND PROFIT:

• "Entrepreneurship involves bringing about change to achieve some benefit. This benefit may
be financial but it also involves the satisfaction of knowing you have changed something for
the better. (Entrepreneurship: Creating a Venture by Lily Kretchman et al. Toronto: Wiley,
1991.)
• "Entrepreneurship is essentially the act of creation requiring the ability to recognize an
opportunity, shape a goal, and take advantage of a situation. Entrepreneurs plan, persuade,
raise resources, and give birth to new ventures." (Entrepreneurship: The Spirit of
Adventure by Richard Bodell et al. Toronto: Harcourt Brace Jovanovich, 1991.)
WHAT IS ENTREPRENEUR?

• Entrepreneurs are pioneers, innovators, leaders and inventors. They are at the
forefront of technological and social movements – in their fields, in their
forward thinking, in their desire to push the envelope. They are dreamers and
most importantly – doers.
• "An entrepreneur is someone who can take any idea, whether it be a product
and/or service, and have the skill set, will and courage to take extreme risk to
do whatever it takes to turn that concept into reality and not only bring it to
market, but make it a viable product and/or service that people want or need,"
Gottlieb said.
WHO ARE ENTREPRENEURS?

• E: xamine needs, wants, and problems to see how they can improve the way needs and wants are met and
problems overcome.
• N: arrow the possible opportunities to one specific "best" opportunity.
• T: hink of innovative ideas and narrow them to the "best" idea.
• R: esearch the opportunity and idea thoroughly.
• E: nlist the best sources of advice and assistance that they can find.
• P: lan their ventures and look for possible problems that might arise.
• R: ank the risks and the possible rewards.
• E: valuate the risks and possible rewards and make their decision to act or not to act.
• N: ever hang on to an idea, no matter how much they may love it, if research shows it won't work.
• E: mploy the resources necessary for the venture to succeed.
• U: nderstand that they will have to work long and hard to make their venture succeed.
• R: ealize a sense of accomplishment from their successful ventures and learn from their failures to help
them achieve success in the future.
CHARACTERISTICS OF
SUCCESSFUL ENTREPRENEURS:

• Entrepreneurs tend to:


• be passionate about achieving their goals
• have a spirit of adventure (in fact, the word "adventure" is derived from the Latin word meaning "to
venture")
• have a strong need to achieve and seek personal accomplishment
• be self-confident and self-reliant
• be goal-oriented
• be innovative, creative, and versatile
• be persistent
• be hardworking and energetic
• have a positive attitude
• be willing to take initiative
• have a strong sense of commitment
TIPS FOR ASPIRING ENTREPRENEURS

• Learn from others' failures


• Make sure this is what you want.
• Solve problems
• Be passionate
• Get advice from those who have done it
RICHEST ENTREPRENEURS WORLD 2016
TOP 10 LIST
10. DAVID KOCH
9. CHARLES KOCH
8. MICHAEL BLOOMBERG
7. LARRY ELLISON
6. MARK ZUCHERBERG
5. JEFF BEZOS
4. CARLOS SLIM HELU
3. WARREN BUFFET
2. AMANCIO ORTEGA
1. BILL GATES