ENTREPRENEURSHIP

A definitive guide . . .

DEFINITION

Generally equated with SELF-EMPLOYMENT, whether it happens by starting a business, buying a business, or entering one through the family

The creation of an innovative economic organization (or network organizations) for the purpose of gain or growth under conditions of risk and uncertainty

DESCRIPTION

ECONOMIC FUNCTIONOWNERSHIP STRUCTUREDEGREES OF ENTREPRENEURSHIP SIZE & LIFE CYCLE OF THE FIRM

ENTREPRENEURSHIP

ECONOMIC FUNCTION

means of stimulating the economy through the creation of firms & jobs

The risk of buying at a certain price and selling at an uncertain price

ENTREPRENEURSHIP

OWNERSHIP STRUCTURE

creation of an enterprise, which has the entrepreneur as the founder

ENTREPRENEURSHIP

DEGREES OF ENTREPRENEURSHIP

measured by the success achieved through the change initiated (i.e. increased diversity of products/ services, ROI, increased market size, controlling number of employees, etc.)

ENTREPRENEURSHIP

SIZE & LIFE CYCLE OF FIRM

start-out businesses

starting out as high energy & dynamic and maturing into a sluggish, established corporate bureaucracies

Types of Entrepreneurship

Entrepreneurship

Intrapreneurship

Team Entrepreneurship

TYPES OF ENTREPRENEURSHIP

Entrepreneurship

creating and building something from practically nothing

creating/seizing an opportunity and pursuing it regardless of the resources available

TYPES OF ENTREPRENEURSHIP

Intrapreneurship

Initiated by dynamic employees who are motivated to be creative and innovative to social and economic enhancement of their organization

Organizational learning and employee empowerment towards revitalization of the business

TYPES OF ENTREPRENEURSHIP

Team Entrepreneurship

Capability and attitude whereby individual skills are integrated as a team

The collective capacity to innovate becomes something greater than the sum of its parts

GROUP DISCUSSION

What entrepreneurial endeavors can we involve ourselves in that is related to the culinary, hospitality,

and tourism & leisure industries?

KEY ELEMENTS

Change InitiationCommitment to EmployeesCreative ResourcingEntrepreneurship Learning Innovation and CreativityKnowledge Leadership

Opportunity AlertnessRelationship ManagementRisk & uncertainty ManagementTiming of ActionVision and Strategic Orientation

KEY ELEMENTS

• Change Initiationcapability to identify an opportunity for creation or innovation and ability to turn it into reality

• Commitment to Employeesapplication of appropriate management practices and reward systems designed to exact employee loyalty, retention and efficiency

KEY ELEMENTS

• Creative Resourcingingeniously marshalling of resources, of both a financial & managerial nature, from a complex source in order to mobilize the opportunity

• Entrepreneurial Learningmotivation to acquire the necessary knowledge and expertise through relevant exploration and reflection, in order to excel

KEY ELEMENTS

• Innovation and Creativityrenewal of products and services by adding value through application of expertise and imagination

• Knowledge Leadershipdevelopment of sources of management information to enable first-mover capability, and effective strategy information & implementation

KEY ELEMENTS

• Opportunity Alertnesscontinuous focus on emerging trends and opportunities to be captured and realized

• Relationship Managementmaintenance of effective teams, networks, and flexible management structures

KEY ELEMENTS

• Risk and Uncertainty Managementevaluation of personal and financial risk elements, self-confidence and determination to succeed

• Timing of ActionActing within a limited window in which an opportunity can be optimized

KEY ELEMENTS

Vision and Strategic Orientationformulation of ambitions, and strategies to realize them

ASSIGNMENT

Take the online quiz “Am I an Entrepreneur?”

http://www.potentielentrepreneur.ca/client/questionnairenewsection1en.asp

This online quiz takes 20-30 minutes to complete. Be as honest as possible when choosing your answers.

Copy the results of the quiz on a word document; add your name on the top left and print a copy for submission