Entrepreneurship Entrepreneurship: A Field and An Activity Ch. 1.
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Transcript of Entrepreneurship Entrepreneurship: A Field and An Activity Ch. 1.
Entrepreneurship
Entrepreneurship: A Field and An Activity
Ch. 1
Introductions/Expectations Course Outline/Objectives Lecture/Tutorial Sessions Informal Curriculum Assessment
Participation Entrepreneur Interview
Paper and Presentation Feasibility Plan
Paper and Presentation Exam
Communication (e-mail; phone; office hours) Lecture Slides Course Notice Board
Jim KozlowskiTexas Growth Fund Management
Corporation
“Much of our American progress has been the product of the individual who had
an idea; pursued it; fashioned it; tenaciously clung to it against all odds;
and then produced it, sold it and profited from it.”
--Hubert Humphrey, 1966
A DefinitionEntrepreneurship seeks to understand how opportunities to create something new arise and are discovered or created by specific persons who then use various means to exploit or develop them, thus producing a wide range of effects.
Key Activities Identifying an opportunity Exploiting or developing this
opportunity Running a new business
successfully
IntrepreneursPersons who create something new, but inside an existing company rather than through a new venture.
Toyota FINE-S concept car( "Fuel Cell Innovative Emotion” – Sport)
A product of an intrepreneur
Trend toward Entrepreneurship Media accounts of success Change in “employment contract” Change in basic values
Foundations in Other Disciplines Economics Technology Psychology, cognitive science Behavioral science Business and finance Law Sociology Political science
Macro and Micro Micro perspective—focuses on the
behavior and thoughts of individuals Macro perspective—focuses primarily
on environmental factors Both are key in understanding the
entrepreneurial process
The Process Recognition of an opportunity Deciding to proceed and assembling
resources Launching a new venture Building success Harvesting the rewards
A Confluence of Factors
NewMarkets
NewMarkets
TechnologyTechnology
EconomicChange
EconomicChange
Social Change
Social Change
OpportunityOpportunity
Variables
Societal Group
Individual
EntrepreneurialProcess
The Essence of Entrepreneurship
The intersection of valuable opportunities and enterprising individuals is the essence of entrepreneurship.
“There are three principal means of acquiring knowledge: observation,
reflection and experimentation. Observation collects facts; reflection
combines them; experimentation verifies the result of that
combination…”--Diderot (italics added)
Systematic Observation Observe aspects of the world
systematically Generate and test hypothesis Use this information as a basis for
conclusions Doesn’t resolve question of causation
Experimentation Systematically changes one variable in order to
see if changes affect one or more other variables
Involves active interventions Determines causation Not often used in the study of entrepreneurship
Reflection Combining facts in a careful and
systematic way to reach conclusions Central to case method and other
qualitative methods of research
Theory Moves beyond efforts to merely
describe phenomena Moves to the point at which we can
explain why and how things happen as they do
Prospect theory of decision making
Developing a Theory A theory is proposed Hypothesis is made Hypotheses is tested by research Positive results increase confidence in
accuracy; negative results lead to modification of theory and further testing
Theory is accepted or rejected
Two Final Points Theories are never
proven in any final, ultimate sense
Research should never be undertaken to prove or verify a theory
“’Tis a sort of duty to be rich, that it may be in one’s power
to do good…”--Lady Mary Montagu
Lady Mary Montagu
To Do Good Entrepreneur’s products and services improve
the lives of countless millions of persons Entrepreneurs are often extremely generous in
their donations to worthy causes
Bill and Melinda Gates sharing literature in Mozambique