What it Means to be an

Entrepreneur?
Importance of Entrepreneurship in our
Economy
 It can create a livelihood or jobs to our people.
 Millions jobs created by entrepreneurship show
economic growth.
 Entrepreneurs Create Social Change
 Entrepreneurs Spur Economic Growth
 Entrepreneurs contribute in other ways as well, such
as investing in community projects and supporting
local charities.
What is an Entrepreneur?

 A person who organizes and operates a business or businesses, taking on

greater than normal financial risk in order to do so.

 Is an individual who creates a new business, bearing most of the risks and
enjoying most of the rewards. The entrepreneur is commonly seen as an
innovator, a source of new ideas, goods service and business/ or procedures.
What is an Engineer?

 a person who designs, builds, or maintains engines, machines, or public

works.

 A person who has scientific training and who designs builds complicated
products, machines, systems, or structures: a person who runs or is in charge
of an engine in an airplane, a ship, etc.
It is not just about starting a business, or spinning out a company from research.
It's a mind set, or a way of thinking. Entrepreneurs just think and do things
differently. You can be entrepreneurial even if you are working for someone else,
with the buzzword "intrapreneurial" highlighting the desire of employers to have
adaptable, flexible employees who can think for themselves.
How Should an Entrepreneur Think?

 Think ahead - Where do you want to be in 5/10/20 years? Entrepreneurs are

good at thinking in the present, but also try and have a vision of the future.

 Working across disciplines - Think about the broader picture and the impact
of your research. Entrepreneurs see opportunities in not-so-obvious places,
and are often able to find a way to exploit them.

 Develop transferrable skills - Think about the skills you have and how they
can be applied to different situations. Entrepreneurs often must have a
breadth of transferrable skills, being the developer, marketer, salesman and
accountant for their idea.
How Should an Entrepreneur Think?

 Meeting people - Growing a network is important for both entrepreneurs and

students or researchers. Meeting people from other walks of life allow you to
have a broader perspective and allows you to connect with others who may
be able to help you or be helped by you in the future.

 Mentors - Mentors will help an entrepreneur or student to visualise a goal or

pathway, giving advice and guiding the mentee on a path which is beneficial.

 Be in Charge of Your Own Destiny - Entrepreneurs are generally agile and

adaptable, working around issues and finding new ways where necessary.
Researchers and students need to have the same flexibility, working towards a
goal, but being able to adapt to changing circumstances.
What are the Goals of an Entrepreneur?

 Autonomy – Entrepreneurs want to be their own bosses, set their own goals,
control their own progress and run their businesses how they see fit. They
recognize that their business's success or failure rests with them, yet they
don't view this responsibility as a burden but, instead, as a marker of their
freedom.

 Purpose – Many entrepreneurs have a clear vision of what they want to

accomplish and feel compelled to work tirelessly to make that happen. They
genuinely believe they have a product or service that fills a void and are
compelled by a single-minded commitment to that goal to keep pushing
ahead. They abhor stagnation and would rather fail while moving forward
than languish in inactivity.
What are the Goals of an Entrepreneur?

 Flexibility – Not everyone fits into the rigidity of a traditional corporate

culture. Entrepreneurs are often looking to free themselves from these
constraints, find a better work-life balance, or work at times and in ways that
may be unconventional. This doesn't mean they are working fewer hours –
oftentimes, especially in the early stages of growing a business, they are
working longer and harder – but, rather, that they're working in a way that is
natural and instinctual to them.

 Financial success – Most entrepreneurs realize they aren't going to be

overnight billionaires, but that doesn't mean they aren't at least a little bit
seduced by the potential of making a ton of money. Some may want to
establish a financial safety net for themselves and their families, while others
are looking to make a huge profit by creating the next big thing.
What are the Goals of an Entrepreneur?

 Legacy – Entrepreneurs are often guided by a desire to create something that

outlasts them. A segment of this group is led by ego and a craving for
notoriety. Others want to create a brand that has longevity and becomes an
institution. Another group wants to pass on a source of income and security to
their heirs. There are also those entrepreneurs who hope to make a lasting
impression on the world and leave behind an innovation that improves
people's lives in some tangible way.
Famous Entreprenuers

 Walter Elias "Walt" Disney co-founded Walt Disney Productions with his
brother Roy, which became one of the best-known motion-picture production
companies in the world. Disney was an innovative animator and created the
cartoon character Mickey Mouse.
 Mark Elliot Zuckerberg is an American technology entrepreneur and
philanthropist. Zuckerberg is known for co-founding and leading Facebook as
its chairman and chief executive officer. He also co-founded and is a board
member of the solar sail spacecraft development project Breakthrough
Starshot.
 Sara Treleaven Blakely is an American billionaire businesswoman, and founder
of Spanx, an American intimate apparel company with pants and leggings,
founded in Atlanta, Georgia. In 2012, Blakely was named in Time magazine's
"Time 100" annual list of the 100 most influential people in the world.
Quiz

 1-3 Importance of Entrepreneurship in our Economy

 4. A person who organizes and operates a business or businesses, taking on
greater than normal financial risk in order to do so.
 5. A person who has scientific training and who designs builds complicated
products, machines, systems, or structures: a person who runs or is in charge
of an engine in an airplane, a ship, etc.
 6-9 – Give atleast 4 traits of How Should an Entrepreneur Think?
 10. is known for co-founding and leading Facebook as its chairman and chief
executive officer.