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MGT 368: Entrepreneurship: MD Asif Hossain

This document summarizes the first lecture of an entrepreneurship course. It defines entrepreneurship as taking risks to start businesses and profit from opportunities. The lecture discusses the entrepreneurial mindset and process, characteristics of successful entrepreneurs like ambition and learning from mistakes, and how entrepreneurs think differently by seeing connections and utilizing resources. It also covers factors that influence entrepreneurs like education and role models, and the role of entrepreneurship in economic development through job creation, innovation, and standard of living increases.

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abir hasan
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46 views

MGT 368: Entrepreneurship: MD Asif Hossain

This document summarizes the first lecture of an entrepreneurship course. It defines entrepreneurship as taking risks to start businesses and profit from opportunities. The lecture discusses the entrepreneurial mindset and process, characteristics of successful entrepreneurs like ambition and learning from mistakes, and how entrepreneurs think differently by seeing connections and utilizing resources. It also covers factors that influence entrepreneurs like education and role models, and the role of entrepreneurship in economic development through job creation, innovation, and standard of living increases.

Uploaded by

abir hasan
Copyright
© © All Rights Reserved
Available Formats
Download as PDF, TXT or read online on Scribd
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MGT 368:

Entrepreneurship
Lecture 1

MD Asif Hossain [MAO]


Entrepreneurship
 https://www.youtube.com/watch?v=QGMitqTS3Lk
Question Time

 How many of you want to start


a business after you graduate?
Today's Topic

 Entrepreneurship and the Entrepreneurial Mind-


Set
 Definition of Entrepreneurship
 The Mindset to be an Entrepreneur
 Entrepreneurship Process
 How Entrepreneurs think
 Things that influence an Entrepreneur
 Advantages and Disadvantages of being an
entrepreneur
What is Entrepreneurship?
 Definition 1: “An entrepreneur is a highly motivated risk
taker who seeks opportunities in places where others
fail to see them and they profit above average by
creating and innovating.” Piperopoulos (2012)

 Definition 2: the act of setting up a business or


businesses, taking on financial risks in the hope of profit.
 Definition 3: Successful entrepreneurs are people who
are able to combine both the opportunity spotting
role with the Making things happen role.
Quick Tasks

 Name some common characteristics of an


Entrepreneur?
Characteristics of Successful
Entrepreneurs
 Ambition and self-confidence
 Willingness to take a leap of faith
 Ability to learn from mistakes
 Trust and respect for the team
More Characteristics Disciplined

of Successful Entrepreneurs
Passion Confidence

Strong work
Open Minded
Ethic

ENTREPRENEURSHIP

Strong people
Self Starter
skills

Determination Competitive

Creativity
Difference between a Typical Business
person & Entrepreneur
 A business person runs their
business on old concepts. They
walk on the old path.
 Entrepreneur uses a unique idea
to run a business. They make
their own path.
 The business person is a market
player while Entrepreneur is a
market leader because he/she is
the first to start such a kind of
enterprise.
Entrepreneurial Process

 Definition: Successful Entrepreneurship occurs when


individuals bring together a new way of meeting the
market opportunity. This is accomplished through a
patterned process.
Entrepreneurial Process (Cont.)
Opportunity
Holds the Most Weight

Entry Strategy Entrepreneur/Team

Product/Service
Resources
Concept
Example Pathao:

Bike Sharing App. Introduces Car Food Delivery

Pathao Tong
Name Some Entrepreneurs

 Bills Gates
 Jeff Bezos
 Late Henry Ford
 Elon Musk
Elon Musk

Sold Paypal to eBay and Received


$165 Million & invested in these 3
ventures
Advantages of Entrepreneurship

 Freedom to pursue your own vision


 Flexibility of work
 No more 9-5 job
 The sense of pride and fulfillment
 Owner reaps the full rewards
 A challenge every day
 You are your own boss
Risk (Disadvantage) of Entrepreneurship
 Sacrifice personal capital
 Relying on cash flow
 No steady income
 Sometimes working more than 40 hours a week
 Risk of losing money
 The pressure of being in charge
 Delegating tasks
 Strapped Capital
 Have to put in extra work
Entrepreneurial Opportunities

 Opportunity: An entrepreneurial opportunity is creating


a new product for an existing market or creating
both a new product/service and a new market.
 In other words, The recurring theme is that an
entrepreneurial opportunity of representing something
new.
How do Entrepreneurs Think?
 An entrepreneur thinks differently than others.
 Entrepreneurs must often make decisions in highly
uncertain environments
 High Pressure
 Sometimes there is a considerable amount of
emotional investment.
 With this nature decision-making environment,
entrepreneurs often need to think in a certain way. For
example:
How do Entrepreneurs Think? (Cont.)

 Think Structurally: By thinking Structurally,


Entrepreneurs are able to identify opportunities by
making connections between a technology and a
market that may not be obvious.

 Bricolage: One of the biggest ability of an


entrepreneur is to be able to utilize their resources
usefully. They must be able to "do by applying
combinations of the resources at hand to new
problems and opportunities"
How do Entrepreneurs Think? (Cont.)

 Effectuation: It’s a process that starts with what one


has (who they are, what they know, and whom they know)
and selects among possible outcomes.

 Cognitive Ability: Being able to adapt to uncertain


changes. It is something that can be made measured
based on past experience.
Do You Have the Mindset to Be an Entrepreneur?
The Intention to Act Entrepreneurially

 Entrepreneurial action is most often intentional.


Entrepreneurs intend to pursue certain opportunities,
enter new markets, and offer new products—
 Entrepreneurship is about how badly one, wants to be an
entrepreneur.
 Certain background and characteristics effects how
strongly a person desires to have entrepreneurial
intentions. They are:
Entrepreneur Background (Factors that influence an
Entrepreneur)

 Education- Some might think education is not important


(Example: Mark Zuckerberg, Bill Gates) But research
shows, it is not true. Skills such as finance, strategic
planning, marketing, managing contribute towards proper
communication in business.
 Age: Its something that varies, from people to people.
Some start their entrepreneur, at old age (KFC Owner
Colonel Sanders started his journey at 62)
 Work History: Helps in decision making, analyzing the
opportunities etc.
Entrepreneur Background (Factors that influence an
Entrepreneur)

 Role Models and Support Systems:


People who aspire you to become
entrepreneurial
 Moral Support Networks: People who
give you support and encourage you.
(Friends family) They are also people who
can be most honest to you when needed
 Professional Support Network: People
who help in the business activity.
Sustainable Entrepreneurship

 Definition: Specifically, sustainable entrepreneurship is


focused on preserving nature, life support, and
community (sustainability) in the pursuit of
perceived opportunities to bring future products,
processes, and services into existence for
gain (entrepreneurial action) where gain is broadly
construed to include economic and
noneconomic benefits to individuals, the economy, and
society (development).
Role of Entrepreneurship in Economic
Development
 Wealth Creation and Sharing
 Promotes Employment
 Encourage Innovations
 Increase GDP and Per Capita Income

Source: Naudé, (2008)


Role of Entrepreneurship in
Economic Development (Cont.)

 Increases Standard of Living in the Community- Does this


not only by creating jobs but through innovation/
sustainable development. ETC
 Exports- Will lead to currency inflow.
 Empowerment of Women.
ANY QUESTIONS ?
An Inspiration Video

 50 Entrepreneurs share priceless advice

 https://www.youtube.com/watch?v=QoqohmccTSc

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