Def: -entrepreneur = indiv who notices opp+decides how to mobilise res
to produce new + improved goods /services
- entrep opp = situations in which new goods/ services, raw
materials + organising methods can be intro+ sold
at greater than their cost of production
- serial entrep = can come up with new ideas given nearly any
Nature of entrepreneurship situation
1-recognising opp,
2- creating something new = new product/process/market entry,
3- opp-> uncertainty : risk of failure vs possibility of reward,
4-entrep act on what they believe is an opp
Self efficacy = persons belief in their
1- believe that u can do this = self efficacy
ability to achieve a goal
2- planning + action = success
4 key ideas in start small bus
3- getting help, helps
4- do well, do good = do good for others as u try to do well in bus - > feel
better abt bus + life, pple around will too
- creation + recognition of opp 1st
- idea vs opp
1- opp - consider :
1) market readiness,
2) consumer trends + behaviour
Communication
(opp tells lvl +extent of res req) Fundamental principle :
let opp guide lvl + extent of res needed
(avoid bootstrapping:rely on ext money All 3 parts fit into
4- bus plan
2- res sources) -not only for financial purposes
Timmons = Entrep process Creativity - min + control rather than max+ own (cash
Leadership flow problems)
-nature of opp= det size+ shape of team
- good team =indespensable +unlock res
3- team/entrep
potential
- manage pressures
5- founder =risk vs capital market Bal betw risk manage + capturing marked
capture share
1- Intention = desire to start bus -> determination competancy
2- Boundary = creating a place for bus, location + pples minds
Elements to get start in Dep on entrep ability to bal these
small bus 3- Exchange = moving res/products/services in exchange for money -> opp - apply
competancy creativity,
6- bus success
leadership +
4- Resources = money/product/knowledge that make up a bus -> res effective communication
competancy
Small bus -> key employer= more
willing than big bus to offer jobs to pple
New jobs with atypical work history/needs
IBER (eg new To workforce, uneven work
history, part time work)
Small bus -> key element in every
nations economy= create enviro where
Innovations new come into existence (creative
destruction: new can hurt existing, brk
status quo)
Small bus help pple move up in
New opp economy + offers pple the opp to enjoy
goods/services
Small bus and the economy
-entrepreneurship essential to build personal wealth + brk cycle of low wage
1- Factor driven economy = raw materials jobs
FInE - Pakistan, Jamaica, Venezuela
- entrep acty = high
- focus on high value added manufacturing, large service sector + provision
Economic 2- Innovation driven economy = tech of high end products/ services to local markets
- Germany, Korea, USA
- entrep acty = Ave to low
- entrep essential to build wealthy middle class, retail, wholesale + large
Aspects of Global Entrepreneurship 3- Efficiency driven economy= industries
industrialisation - Russia, Brazil, China
- entrep acty = middle range
1- Necessity - driven entrepreneurship Person becomes entrep due to no prospect to get employment
Entrepreneurial
2- Opportunity - driven entrepreneurship Entrep enters bus to improve themselves financially
NO
Occurs: existing bus = new
1- Corporate entrepreneurship
product/service
Occurs: in charitable, civic organs,
3 forms of entrepreneurship 2- social entrepreneurship or for-profit organs that invest in
charitable acty
3- Indep entrepreneurship Occurs: private owned profit organs
Intense +ve feeling the entrep has towards
bus, the idea behind the bus
1- Passion - actively involved 1- looking at challenges creatively
CSI Displayed in 3 ways 2- being absorbed in bus acty
"forms" - "setting in" which
entrep efforts occurs 3- being persistently focused on bus
1-creation focus : -type of learned optimism CAP
Entrep focus on making - ability to stick with acty even when it C= challenges creatively
new entities 2- Perseverance takes long + results uncertain A= absorbed in bus
- keep trying again= adjusting ur next try to P= persistently focus on bus
2- efficiency focus: achieve better results
Entrep focus doing most
work with fewest res 1-promotion focus Max gains, pursue opp likely to lead to gains
Diff aspects focus 3- promotion - prevention focus
on (regulatory focus)
3- customer-focus: 2- prevention focus Min loses, inaction/protective action to prev loses, planning ahead
Entrep focus in tune with
one's market 1- comprehensive planners Entrep who dev long term plans for all bus aspects
4- innovation focus: 2- critical planners Entrep who dev plans focused on imp aspects of bus 1st
Entrep focus new
things/way of doing things Psychology of entrepreneurs 5 P's of behaviour (can learn)
-Entrep who starts with a goal instead of a plan
3- Opportunity planners
4- planning style -Look for opp
CECI
-Entrep with passive approach
4- reactive planners
- wait for enviro cues
Entrep who don't plan
5- habit based planners
- let all actions be dictated by their routines
Do best
Stnd bus prac = bus actions thats widely adopted within an industry/ occupation
2nd best
-extent firm meets/exceeds stnd bus prac
key bus functions = actys common to all bus, eg, sales, operations, production,
for its industry
3rd best accounting, human res
- concerns abt expertise (lvl of
professionalism used)
industry specific knowledge = know ur bus + it's context, having skills that fit the
Do poorly bus
Entrepreneurship
Situation = when all major functions
of a firm are conducted according to
stnd bus prac of its industry
5- professionalisation 1- Expert bus professionalisation
- most aspects of bus meet/exceeds industry
stnd
Situation = when bus have
founders/owners who are passionate
abt 1/2 key bus functions (sales,
3 lvls of professionalisation 2- Specialised bus professionalisation operations, accounting, time)
Det lvl of professionalisation used - 1/2 aspects of bus meets/exceeds
industry's stnd
Situation = when entrep does nearly
anything in simplest way possible,
rather than prof manner
3- Minimalised bus professionalisation
Eagerly Seeking Mighty Business
Prowress - none aspects of bus meets /exceeds
industry stnd
1- emergence = Entrep thinking -> entrep action via IBER
Ability/skill of entrep at finding
expendable components req for bus
operations
1- Res competancies
eg: time, location, financing, raw
materials, expertise
Entrepreneurial operational Skills ID with energy + focus needed to
competencies bring bus into existence
2- Determination competancies
energy + focus = make bus happen
feasibility
Skills necessary to ID + exploit elements
of bus enviro that can lead to a
profitable and sustainable bus
3- Opportunity competencies
ReDO ID + exploit elements in bus enviro=
competencies: forms of bus profitable
expertise
1- emergence = Entrep thinking -> entrep action
2- existence= bus operating but not stable in market/process/finance,
problem :lack of xp (liability of newness)
3- success= established in market, consistency in financial perf+ incre in
sales
Entrepreneurial life cycle
-small bus: period last long
(predictive) -high growth bus: period to get brk bef takeoff
4- res maturity= chrct by stable sales, stable profit lvls
-associated with overall efficiency +consistency
- challenge : avoided complacency by customers
Leads to
5- takeoff = alt to res maturity, rare, exceptional growth, risk :bal res
1- opp recognition = searching +
capturing entrep ideas that lead to bus
opp
- involves creative thinking
Sources of ideas + opp
2- entrepreneurial alertness=
observational + thinking skills (can
notice overlooked things): assist entrep
ID opp
Opp ID process
1- effectuation model of
An approach used to create alt in
entrepreneurship (effect existing
uncertain enviro, competition
markets)
2 ways to think abt opp + bus Creation 4 step model= 1- feel, 2- check, 3-plan,4-do
An approach in which u want to create
product/services that don't exist yet
2- casual model of entrepreneurship
(create new)
to do= create product/services by learning
new skills/finding others to help
Ideas, opp + bus
Graham Wallasey process for organising
creative thinking :
Creativity= a decision makers ability to 1- preparation= explore problem/opp from
discover orig ideas that lead to feasible all directions
alt course of action 2- incubation= let problem simmer
3- illumination= ideas flow
4- verification= testing idea+ refining it
1- subst= opp that comes from
subst/replacing existing
From ideas to opp via creativity
2- combine= Sep that can be put tog to
create another
3- adapt= adapt from others + put in own
4- magnify/modify= memorable image
5- put to other uses= others uses for
product besides traditional uses
6- eliminate= reduce inconvenience for
customers
Alex Osborne :method owners +
employers use to find alt sol, help solve
annoying problems 7- rearrange/reverse= change appearance
of bus/product
1- pple= who are u
2- offfering= what are u offering
3- customer= whom are u offering it to?
Screen ideas
4- value proposition= why do they care
5- distinctive Competencies= do u have any
key/core science/tech/feature (special
compared to competitor)
RBI screen: Really Big Idea
fast tech to make initial assessments
(called screen)
Feasibility= extent to which an idea is
viable+realistic and the extent to which
u are aware of int (bus)+ ext (industry,
market, regulatory enviro) forces
affecting bus
Make sure idea is feasible
1- bus model canvas (aka online pilot test)
2 ways to check feasibility
2- classic feasibility study
to produce new + improved goods /services
- entrep opp = situations in which new goods/ services, raw
materials + organising methods can be intro+ sold
at greater than their cost of production
- serial entrep = can come up with new ideas given nearly any
Nature of entrepreneurship situation
1-recognising opp,
2- creating something new = new product/process/market entry,
3- opp-> uncertainty : risk of failure vs possibility of reward,
4-entrep act on what they believe is an opp
Self efficacy = persons belief in their
1- believe that u can do this = self efficacy
ability to achieve a goal
2- planning + action = success
4 key ideas in start small bus
3- getting help, helps
4- do well, do good = do good for others as u try to do well in bus - > feel
better abt bus + life, pple around will too
- creation + recognition of opp 1st
- idea vs opp
1- opp - consider :
1) market readiness,
2) consumer trends + behaviour
Communication
(opp tells lvl +extent of res req) Fundamental principle :
let opp guide lvl + extent of res needed
(avoid bootstrapping:rely on ext money All 3 parts fit into
4- bus plan
2- res sources) -not only for financial purposes
Timmons = Entrep process Creativity - min + control rather than max+ own (cash
Leadership flow problems)
-nature of opp= det size+ shape of team
- good team =indespensable +unlock res
3- team/entrep
potential
- manage pressures
5- founder =risk vs capital market Bal betw risk manage + capturing marked
capture share
1- Intention = desire to start bus -> determination competancy
2- Boundary = creating a place for bus, location + pples minds
Elements to get start in Dep on entrep ability to bal these
small bus 3- Exchange = moving res/products/services in exchange for money -> opp - apply
competancy creativity,
6- bus success
leadership +
4- Resources = money/product/knowledge that make up a bus -> res effective communication
competancy
Small bus -> key employer= more
willing than big bus to offer jobs to pple
New jobs with atypical work history/needs
IBER (eg new To workforce, uneven work
history, part time work)
Small bus -> key element in every
nations economy= create enviro where
Innovations new come into existence (creative
destruction: new can hurt existing, brk
status quo)
Small bus help pple move up in
New opp economy + offers pple the opp to enjoy
goods/services
Small bus and the economy
-entrepreneurship essential to build personal wealth + brk cycle of low wage
1- Factor driven economy = raw materials jobs
FInE - Pakistan, Jamaica, Venezuela
- entrep acty = high
- focus on high value added manufacturing, large service sector + provision
Economic 2- Innovation driven economy = tech of high end products/ services to local markets
- Germany, Korea, USA
- entrep acty = Ave to low
- entrep essential to build wealthy middle class, retail, wholesale + large
Aspects of Global Entrepreneurship 3- Efficiency driven economy= industries
industrialisation - Russia, Brazil, China
- entrep acty = middle range
1- Necessity - driven entrepreneurship Person becomes entrep due to no prospect to get employment
Entrepreneurial
2- Opportunity - driven entrepreneurship Entrep enters bus to improve themselves financially
NO
Occurs: existing bus = new
1- Corporate entrepreneurship
product/service
Occurs: in charitable, civic organs,
3 forms of entrepreneurship 2- social entrepreneurship or for-profit organs that invest in
charitable acty
3- Indep entrepreneurship Occurs: private owned profit organs
Intense +ve feeling the entrep has towards
bus, the idea behind the bus
1- Passion - actively involved 1- looking at challenges creatively
CSI Displayed in 3 ways 2- being absorbed in bus acty
"forms" - "setting in" which
entrep efforts occurs 3- being persistently focused on bus
1-creation focus : -type of learned optimism CAP
Entrep focus on making - ability to stick with acty even when it C= challenges creatively
new entities 2- Perseverance takes long + results uncertain A= absorbed in bus
- keep trying again= adjusting ur next try to P= persistently focus on bus
2- efficiency focus: achieve better results
Entrep focus doing most
work with fewest res 1-promotion focus Max gains, pursue opp likely to lead to gains
Diff aspects focus 3- promotion - prevention focus
on (regulatory focus)
3- customer-focus: 2- prevention focus Min loses, inaction/protective action to prev loses, planning ahead
Entrep focus in tune with
one's market 1- comprehensive planners Entrep who dev long term plans for all bus aspects
4- innovation focus: 2- critical planners Entrep who dev plans focused on imp aspects of bus 1st
Entrep focus new
things/way of doing things Psychology of entrepreneurs 5 P's of behaviour (can learn)
-Entrep who starts with a goal instead of a plan
3- Opportunity planners
4- planning style -Look for opp
CECI
-Entrep with passive approach
4- reactive planners
- wait for enviro cues
Entrep who don't plan
5- habit based planners
- let all actions be dictated by their routines
Do best
Stnd bus prac = bus actions thats widely adopted within an industry/ occupation
2nd best
-extent firm meets/exceeds stnd bus prac
key bus functions = actys common to all bus, eg, sales, operations, production,
for its industry
3rd best accounting, human res
- concerns abt expertise (lvl of
professionalism used)
industry specific knowledge = know ur bus + it's context, having skills that fit the
Do poorly bus
Entrepreneurship
Situation = when all major functions
of a firm are conducted according to
stnd bus prac of its industry
5- professionalisation 1- Expert bus professionalisation
- most aspects of bus meet/exceeds industry
stnd
Situation = when bus have
founders/owners who are passionate
abt 1/2 key bus functions (sales,
3 lvls of professionalisation 2- Specialised bus professionalisation operations, accounting, time)
Det lvl of professionalisation used - 1/2 aspects of bus meets/exceeds
industry's stnd
Situation = when entrep does nearly
anything in simplest way possible,
rather than prof manner
3- Minimalised bus professionalisation
Eagerly Seeking Mighty Business
Prowress - none aspects of bus meets /exceeds
industry stnd
1- emergence = Entrep thinking -> entrep action via IBER
Ability/skill of entrep at finding
expendable components req for bus
operations
1- Res competancies
eg: time, location, financing, raw
materials, expertise
Entrepreneurial operational Skills ID with energy + focus needed to
competencies bring bus into existence
2- Determination competancies
energy + focus = make bus happen
feasibility
Skills necessary to ID + exploit elements
of bus enviro that can lead to a
profitable and sustainable bus
3- Opportunity competencies
ReDO ID + exploit elements in bus enviro=
competencies: forms of bus profitable
expertise
1- emergence = Entrep thinking -> entrep action
2- existence= bus operating but not stable in market/process/finance,
problem :lack of xp (liability of newness)
3- success= established in market, consistency in financial perf+ incre in
sales
Entrepreneurial life cycle
-small bus: period last long
(predictive) -high growth bus: period to get brk bef takeoff
4- res maturity= chrct by stable sales, stable profit lvls
-associated with overall efficiency +consistency
- challenge : avoided complacency by customers
Leads to
5- takeoff = alt to res maturity, rare, exceptional growth, risk :bal res
1- opp recognition = searching +
capturing entrep ideas that lead to bus
opp
- involves creative thinking
Sources of ideas + opp
2- entrepreneurial alertness=
observational + thinking skills (can
notice overlooked things): assist entrep
ID opp
Opp ID process
1- effectuation model of
An approach used to create alt in
entrepreneurship (effect existing
uncertain enviro, competition
markets)
2 ways to think abt opp + bus Creation 4 step model= 1- feel, 2- check, 3-plan,4-do
An approach in which u want to create
product/services that don't exist yet
2- casual model of entrepreneurship
(create new)
to do= create product/services by learning
new skills/finding others to help
Ideas, opp + bus
Graham Wallasey process for organising
creative thinking :
Creativity= a decision makers ability to 1- preparation= explore problem/opp from
discover orig ideas that lead to feasible all directions
alt course of action 2- incubation= let problem simmer
3- illumination= ideas flow
4- verification= testing idea+ refining it
1- subst= opp that comes from
subst/replacing existing
From ideas to opp via creativity
2- combine= Sep that can be put tog to
create another
3- adapt= adapt from others + put in own
4- magnify/modify= memorable image
5- put to other uses= others uses for
product besides traditional uses
6- eliminate= reduce inconvenience for
customers
Alex Osborne :method owners +
employers use to find alt sol, help solve
annoying problems 7- rearrange/reverse= change appearance
of bus/product
1- pple= who are u
2- offfering= what are u offering
3- customer= whom are u offering it to?
Screen ideas
4- value proposition= why do they care
5- distinctive Competencies= do u have any
key/core science/tech/feature (special
compared to competitor)
RBI screen: Really Big Idea
fast tech to make initial assessments
(called screen)
Feasibility= extent to which an idea is
viable+realistic and the extent to which
u are aware of int (bus)+ ext (industry,
market, regulatory enviro) forces
affecting bus
Make sure idea is feasible
1- bus model canvas (aka online pilot test)
2 ways to check feasibility
2- classic feasibility study
