CWTS

• Entrepreneurship


  The spirit of transforming concepts into reality, obstacles into chances, and aspirations into reality
• Entrepreneurship


  • It is an active, diverse action that promotes innovation, stimulates economic growth, and transforms society
  • It increases production, encourages competition, and creates jobs
  • It drives innovation and technical advancement through the introduction of new goods, services, and business models
  • It cultivates an environment that values innovation, taking calculated risks, and perseverance
• Entrepreneurship


  The capacity of innovation, investment and expansion in new markets, products and techniques
• Entrepreneurship


  The capacity and quality of an individual to effectively manage a business towards customer satisfaction and profitability of services
• Professor Hirsh: 'Entrepreneurship is more than a word. It is a mission. We must perceive opportunities inherent in change; we must create a desire for pursuing the opportunities that arise; and we must create an environment in which success is possible and the consequences of failure are tolerable.'
• Four types of entrepreneurships

  • Small Business
  • Scalable Startup
  • Large Company Entrepreneurship
  • Social Entrepreneurship
• Small Business Entrepreneurship


  • Focus initially on a single product, market, or locality
  • The initial goal is to make a profit
  • Usually self-funded or funded through small business loans
• Scalable Startup Entrepreneurship


  • Have a vision for growth from the outset
  • Look to generate revenues they can invest back into the business, fueling growth
  • Commonly funded through venture capital
• Large Company Entrepreneurship


  • Address the needs and opportunities of an existing business through innovation
  • Look to branch into new customer markets, broadening the reach of an established business
  • May entail the acquisition of new companies and resources, or investment in research and development
• Social Entrepreneurship


  • Fundamentally about enacting positive social change, not merely generating profits
  • Often take a nonprofit structure
  • Involve alternative forms of fundraising, which may include grants, sponsorships, or small donor fundraising within the community
• Entrepreneurship Ecosystem


  The interconnected network of individuals, organizations, resources, and support mechanisms that collectively facilitate entrepreneurial activity within a particular region or industry
• Elements of an Entrepreneurship Ecosystem

  • Government programs and services that promote and assist entrepreneurs
  • Non-government organizations (NGO) that provide advice and mentoring to entrepreneurs
  • Entrepreneurial resources (e.g. business incubators, seed accelerators)
  • Entrepreneurship education programs, training and funding (e.g. loans, venture capital, angel investing, grants)
• Key Resources in an Entrepreneurship Ecosystem

  • Physical Resources (equipment, buildings, inventory, manufacturing plant, distribution network)
  • Human Resources (employees)
  • Intellectual Resources (patents, brands, copyrights, customer data, talent)
  • Financial Resources (cash, credit, lines of credit, stock plans)
• Entrepreneur


  An individual who creates a new business, bearing most of the risks and enjoying most of the rewards
• Entrepreneur


  • Commonly seen as an innovator, a source of new ideas, goods, services, and business/or procedures
  • Operates and organizes businesses, taking on greater than normal financial risks
• Entrepreneurs are organizing productive resources to produce goods and services
• Intellectual resources


  Data, customer knowledge, talent in the organization
• Intellectual resources


  • Can offer unique advantages to the organization once developed
• Financial resources


  • Cash
  • Credit
  • Lines of credit
  • Stock plans for employees
• Most businesses have financial resources on a regular basis but few companies will have extremely strong financial resources such as the banks which are based entirely on financial resources and use them as a key resource
• Entrepreneur


  • Commonly seen as an innovator, a source of new ideas, goods, services, and business/or procedures
  • Operates and organizes businesses, taking on greater than normal financial risks to do so
  • Organizes productive resources to produce goods and services
• Entrepreneur


  Sees a problem and thinks of how they can solve it or an opportunity that will bring success through creating a new product or service for the marketplace
• Entrepreneur


  Takes on the risk and seeks to fill a need on their own terms, fuels, directs, and creates the business
• Core competency


  A specific set of skills, knowledge, and experience that enables one entrepreneur or business to outperform its competitors
• Core competency


  • Provides a competitive advantage from personal skills and knowledge
  • Requires conceptual, human, and technical skills for the business to perform efficiently and effectively
• Conceptual skills


  The ability to see the business, see the interdependence of different areas, understand their dependence on one another, and change or influence one over the others. It is also the ability to assess a situation and determine how to divide it into manageable pieces.
• Human skills


  The ability to comprehend, modify, lead, and control the actions of other people and groups. Effective and ineffective managers are distinguished by their ability to communicate, coordinate, and motivate people, as well as mold individuals into a cohesive group/team.
• Technical skills


  The skills required to perform a specific type or line of work or occupation effectively.
• Qualities of a good entrepreneur

  • Opportunity seeker
  • Goal setter
  • Planner
  • Risk taker
  • Hard worker
  • Persistent worker
  • Confident problem solver
  • Committed worker
  • Salesman
• How to become an entrepreneur

  1. Find the product you will profitably sell

  2. Develop your product

  3. Test your product

  4. Make a business plan

  5. Secure the funding you require

  6. Start your business

  7. Sign up for a course on entrepreneurship
• Economies are powered by innovation, much of which derives from forward-thinking individuals who possess the drive, skills, and background to turn a business vision into reality
• Contributions of entrepreneurs


  • Develop new markets
  • Discover new sources of materials
  • Introduce new technologies, new industries, and new opportunities for workers
  • Create employment