ENTREPRENEURSHIP

Session 1

BY

Hassan Danial Aslam

Session 1

Introduction to Entrepreneurship

Definitions

Importance

Creativity and Innovation

Failure

Process

Entrepreneurship Intensity

Creativity and InnovationCreativity

Process of generating new ideas

Innovation

Process of generating and applying new ideas

Entrepreneurship DefinedInitiative TakingInnovativeRisk TakerOrganizer of Resources

Process of identifying and pursuing business opportunities

Process of creating value by bringing together resources to exploit an opportunity

Persuasion of opportunity without regard to resources controlled

Set of critical thinking skills

Entrepreneur VS InventorsInventor is someone who creates something

for the first time.Entrepreneur focuses his organization

whereas inventor focuses on inventionInventor will reluctantly modify his invention.Often, inventors need entrepreneur to

commercial their product.

Entrepreneurial PerspectiveEntrepreneurial is being

opportunity-driven not resource-constrained

Individual

Organization

Region/Country

Government

Why Entrepreneurship?

Key to economic development and growth

Creates jobs, income, and wealth

Source of new technology and products

The challenge…

-to embed this process into the strategies, culture, structures, procedures, and jobs

-this includes organizations (large/small, private/ non-

profit/public sectors) and individuals

The organizational context

The entrepreneur

The resourcesThe concept

The entrepreneurial process

The environment

11

Entrepreneurial Orientation

InnovativenessRisk-taking

Proactiveness

Entrepreneurship as a Process

Identify/Evaluation Idea

Develop Plan

Acquire Resources

Launch

Manage

Discussion Exercise

Think at least three innovative business in your countries and discuss it with study fellow

next to you

10 Minutes

Why Start a Business

Independence

Control Over One’s Life

Personal Satisfaction

Financial Rewards

Risk - Business Failure

Financial Risk

Career Risk

Family/Social

Personal

Reasons for Failure

Do Not Understand the Market

Lack of Planning

Lack of Managerial SkillsLack of Capital

Source of New Ideas(Being Creative)

Grace Ideas come from nowhere

Accident Ideas arise by chance

Personality Ideas a human trait of some

Association Apply knowledge to new areas

Cognition Action stimulates creativity

Obstacles to Creativity/InnovationNeed for quick results

Rigid rules

Stress

Routines

Strong Beliefs

Strong Ego

Fear of criticism or failure

Improving Ability to Recognize Opportunities

Stay healthyCarefully define the problem

Exposure to new ideasReceptive to new ideas

Continue learning

Innovation Myths

Only small/new companies innovate

Only need one great idea

Need to stick to what we know

Innovation is part-time

Innovation is haphazard (just need luck)

We know what our customers want

Assignment

Identify a problem that you experience as a consumer

What is the problem?What new business might be started?