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8/18/2019 Session 1 - Entrepreneurship in the 21st Century
1/27
Entrepreneurshipin the 21st Century
Session 1
8/18/2019 Session 1 - Entrepreneurship in the 21st Century
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Content
• Defnition o entrepreneur andentrepreneurship
• Dierence between entrepreneur andmanager
• Entrepreneurship as a discipline
• Factors o entrepreneurs• Advantages and disadvantages oentrepreneurship
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Defnition oEntrepreneur
• Derived rom the French word“entreprendre” meaning “to undertake or
trying”• According to our textbook entrepreneursare individual who activel! orm or leadtheir own businesses and nurture them or
growth and prosperit!• "urato and #odgets $%&&'( stated thatentrepreneur is one
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Defnition oEntrepreneur
• “An entrepreneur is more than )ust a risktaker and innovator* #e or she is the one
who sees the uture that no one else hasseen and i perception is correct bringabout a reordering o resources to producegreater consumer satisaction” $"ir+ner
%&,&(• “Entrepreneurs see changes as the normand as health!* #e or she alwa!s searchesor change respond to it and exploits it asan opportunit! “ $-eter Drucker in his book
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Defnition oEntrepreneurship
• According to our textbookentrepreneurship is a process o creating
and expanding businesses that collectivel!orm a orce or national development andsocietal prosperit!
• .chumpeter $%&/0( defned
entrepreneurship as “a frm that operatesand implements a combination o newactivities such as product developmentmarketing resources or new materials
manuacturing approach and new
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Defnition oEntrepreneurship
• 1ole $%&2&( defned entrepreneurship as“activities that produce benefcial resultsthrough developing proft orientedbusiness”
• "uehl and 3ambing $'442( defnedentrepreneurship “is a human creative act
that builds something o value rompracticall! nothing* 5t is the pursuit oopportunit! regardless o the resources orlack o resources at hand* 5t re6uires a
vision and the passion and commitment to
Di B
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Dierence BetweenEntrepreneur and
Manager• Entrepreneurs start the businessmanagers do not the! onl! manage
• Entrepreneurs seem to be the starter andmanagers the ollowers
• 5nitiall! entrepreneurs assume the role omanager but later managerial roles aredelegated to the managers
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What aboutIntrapreneurs
• 5ntrapreneur emerge as a breed who is across between entrepreneur and manager
• 5ntrapreneurs work or the corporation butare given the task o starting new venture
• According to -inchot $%&78( intrapreneursare individuals in organisations with high
entrepreneurial characteristics
• 5ntrapreneurs practice their ideas oncompan!9s products
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Co!parison BetweenEntrepreneur "
IntrapreneursEntrepreneurs Intrapreneurs
S#i$$s#ave reedom to exploitskills
#ave the same skills asentrepreneurs but mustabide compan!9s policies
and procedures
En%iron!ent
Face with micro and macroenvironment
Face with micro : macroenvironment as well ascorporate environment
&esources
'c(uisition
;et all sorts o resources
rom a variet! o suppliers
;et resources provided b!
the compan! onl!
)ai$ures "Mista#es
Accountable or all mistakes1an hide behind thecompan!9s name
DecisionMa#ing
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* 'spects oEntrepreneurship
The creation
process
The devotion of
time and effort
Title
Rewards ofindependence,
satisfaction and
money
The assumption
of risk
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Entrepreneurshipas a Discip$ine
• %&749s in
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)actors oEntrepreneurship
The individual
Cultural factors Circumstances
in society
Combination of
factors
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+he Indi%idua$
• -assion or the business
• =enacit! despite ailure
• 1onfdence• .eldetermination
•
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8/18/2019 Session 1 - Entrepreneurship in the 21st Century
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+he Indi%idua$
• 1haracteristics @nderstanding their
roles 1apabilit!
eing prepared or
change 3ocus o control
5ndependent
Geed or
achievement
• 5nHuenced b! 1hildhood
environment Education
-ersonal values
Age
?ork histor!
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Cu$tura$ )actors
• .ome ethnocultural groups have higherrates o entrepreneurship than do others
=he eect o culture on entrepreneurialtendencies is not completel! clear becauseindividuals rom dierent cultural groups do notall become entrepreneurs or the same reason
• Eect or culture and traits ma! beintertwined Dierent cultures have var!ing values and
belies which aect the tendenc! toward
entrepreneurship•
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8/18/2019 Session 1 - Entrepreneurship in the 21st Century
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'd%antages oEntrepreneurship
• Autonom! Autonom! and the reedom to make decisions is
one o the ma)or advantages• 1hallenge o a startup =he challenge o the startup and the eeling o
achievement is exhilarating
• Financial control Entrepreneurs eel the! have more personal
control over their fnancial situation than i the!were emplo!ed b! someone else
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Disad%antages oEntrepreneurship
• -ersonal sacrifces -ersonal sacrifces ma! include long work hours
a strain on amil! relationships and a high levelo stress
• >urden o responsibilit! =he entrepreneur has a large burden o
responsibilit! and must be a Iack o all trades• 3ittle margin or errors =here is little margin or error because the
entrepreneur usuall! operates on a thin fnancial
cushion
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Change " Eect
• Downsi+ing Firms s!stematicall! and substantiall! reduce the
number o people the! emplo! to achieve areduction in cost
rganisational survival or topmanagement greed
• .ocietal change
End o )obsJ -ostindustrial societ!C a countr! where large
scale businesses are no longer as important asthe! were
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Change " Eect
• 1onse6uences to an individual @nemplo!ment or underemplo!ment
@ncertainties and pressures o )ob insecurit! ?ave o interest in entrepreneurship worldwide
• 1hanges in markets utsourcing
Kirtual organisations
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Co!petiti%e
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Co!petiti%e'd%antage o S!a$$
Businesses• Allows a business to compete eectivel!
• -ersonal relationship with customers
.mall business owners tend to develop closerelationship with their customers
• Abilit! to innovate .mall business has an excellent record o
innovation
• Flexibilit!
Hexibilit! and the abilit! to respond 6uickl! tochanges in the competitive environmentcharacteri+e successul small frms
E t i $ d
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Entrepreneuria$ andCorporate Business
Manage!entEntrepreneuria$,ractices
Corporate orInstitutiona$ ,ractices
BasicDierence
wnermanaged frms3arge corporations andeducational institutions
,rincipa$s Entrepreneurs
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Thank You