INTRODUCTION

TO
ENTREPRENEURSHIP
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Intro to Entrepreneurship
Introduction to Entrepreneurship
Peter F. Drucker
entrepreneurship is not:-
Magic
Mysterious
But It is a DISCIPLINE and it can be
LEARNED.


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Intro to Entrepreneurship
Manager vs Entrepreneur
Entrepreneur Growth Firm
Pursuit of growth and personal wealth important
Owner Manager Lifestyle Firm
Often trade or craft based. Will not grow to any size
Manager Manages a business belonging to someone else
Will build an organisation putting in appropriate controls
similar to a large firm
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Intro to Entrepreneurship
Identifying entrepreneurial characteristics
INTRODUCTION
Entrepreneurs are individuals who
recognize opportunities where others see
chaos or confusion
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Intro to Entrepreneurship
Entrepreneurial Culture
Always seeking something new
Restless, constantly on the move
Strong preference for freedom of choice
for the individual
Rebellious non-conformist youth is the
accepted norm
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Intro to Entrepreneurship
Entrepreneurial Culture
Ability think big
Try to do the impossible
They prefer the new or at least the
improved
They worship innovation
They are tolerant of those who make
mistakes
Things need to get done quickly rather
than always get done perfectly
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Intro to Entrepreneurship
Benefits of Being an Entrepreneur
Do what you enjoy
Control your own destiny
Contribute to society
Potentially huge financial rewards
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Intro to Entrepreneurship
Entrepreneurship is easier than a job?
The average working week for a self
employed person is 64 hours
Most people do not increase their
income by becoming self employed
1 in 5 Entrepreneurs do not earn
anything within the first 12 months
Support of the spouse or partner is
critical
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Intro to Entrepreneurship
The only place success comes
before work is in a dictionary ANON
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Intro to Entrepreneurship
Entrepreneurship is risky because..?
Few entrepreneurs actually know what
they are doing
They lack the methodology
Management incompetence
Poor financial control
Failure to develop a plan
Uncontrolled growth
Improper inventory control
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Intro to Entrepreneurship
Entrepreneurship is risky because..?
Entrepreneurs who start out with the
idea that they will make it big - and in a
hurry - can be guaranteed failure
Drucker pg31
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Intro to Entrepreneurship
Entrepreneurship
Entrepreneurship is behavior rather
than personality trait
Entrepreneurs see change as the norm
and as healthy
The entrepreneur always searches for
change and responds to it
Entrepreneurship does not have to
be high risk!!
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Intro to Entrepreneurship
Things To Do
Commit to your business, raising funds often forces
this
Have skin in the game
Fail fast, fail small, try again, find a model
Get excited, be confident and think big
Focus on revenues, margins this will make raising
money easier and valuations better
Dont try to be a big business too soon
Focus on the size of the pie and not the size of your
piece
Look for similar business models
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Intro to Entrepreneurship
Question?
What is your understanding of
entrepreneurship?
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Intro to Entrepreneurship
1.4 The myths of entrepreneurship
Myth 1: Entrepreneurs are doers, not
thinkers
Myth 2: Entrepreneurs are born, not
made
Myth 3: Entrepreneurs are always
inventors
Myth 4: Entrepreneurs must fit the
Profile
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Intro to Entrepreneurship
1.4 The myths of entrepreneurship (cont)
Myth 5: All entrepreneurs need is
money or luck
Myth 6: Your ideas is the most
important thing and must be protected
Myth 7: Entrepreneurs seek success but
experience high failure rates
Myth 8: Entrepreneurs are extreme risk
taker (gamblers)
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Intro to Entrepreneurship
Question?
What are some of your own myths
about entrepreneurship?
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Intro to Entrepreneurship
What is creativity?
involves the development of
UNIQUE and NOVEL responses to
problems and opportunities (Online
Ticketing, E-Banking)
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Intro to Entrepreneurship
Barriers to creativity
Personal Beliefs
Institutional Inertia
Fear of Criticism
Over-Management
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Intro to Entrepreneurship
What is innovation?
finding ways to deliver new or better
goods or services. (Kinicki and
Williams, 2003)
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Intro to Entrepreneurship
3.7 Types of innovation
Invention creation of a new process or
method
Extension iterating on existing ideas
to make them more useful
Duplication apply an existing idea to a
different audience or field
Synthesis combining two existing
ideas to create something novel
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Intro to Entrepreneurship
3.8 Sources of innovation
Process needs
Unexpected events
New knowledge
Changes of demographics
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Intro to Entrepreneurship

Questions?
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Intro to Entrepreneurship

Thank You