Entrepreneurship in action

ENTREPRENEURSHIP IN ACTION

Prof. Miguel Meuleman


Why entrepreneurship in the world?


The mission of the Vlerick Business School

is to substantially contribute to the

development of management and

entrepreneurship in a Belgian and

international context by carrying out

Academic Research - knowledge creation -

and by offering high quality management

education - knowledge transfer.

Why entrepreneurship at Vlerick?


Why entrepreneurship in your program?

� Entrepreneur

� What / How

� Other side of the table

� Investor (bank, angel, venture capital)

� Supplier / customer

� Policy maker

� Same side of the table / bed

� Husband / wife / partner

� Friends

� Intrapreneur

� T-manager

� Integration

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Who of you wants to be an entrepreneur?

In 3 years?In 30 years?

Students’ interest in entrepreneurship

7%

12%

10%

15%

19%

33%

10%

67%

VlerickUSAEUB

Within 30years aftercompleting studies

Within 3years aftercompleting studies

Source: Ministry of Economical Affairs/Netherlands


Intentions to set up a business within 3 years: Worldwide 2010 (Source GEM)

0

10

20

30

40

50

60

70

80

90

Italy

Japan

Azore

s

Belg

ium

Denm

ark

Russia

Germ

any

Rom

ania

Spain

Port

ugal

Slo

venia

Sw

eden

Mala

ysia

Sw

itzerland

Gre

ece

Cro

atia

Isra

el

Fin

land

Fra

nce

Tunis

ia

United K

ingdom

Kore

a

Irela

nd

Egypt

Hungary

Neth

erl

ands

United S

tate

s

Norw

ay

Bosnia

and H

erz

egovin

a

Austr

alia

Macedonia

Taiw

an

Turk

ey

South

Afr

ica

Pakis

tan

Saudi Ara

bia

Latv

ia

West

Bank &

Gaza S

trip

Mexic

o

Jam

aic

a

Icela

nd

Uru

guay

Iran

Costa

Ric

a

Arg

entina

Chin

a

Monte

negro

Tri

nid

ad &

Tobago

Guate

mala

Chile

Bra

zil

Colo

mbia

Ecuador

Peru

Uganda

Angola

Zam

bia

Ghana

Bolivia

Vanuatu

% 18-64 pop [7/10] YES: Expects to start a new business in the next 3 years

% 18-64 pop [7/10] TEA involvement: setting up firm or owner of young firm (SU or BB)

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What keeps people from setting up their own ventures?


ENTREPRENEURSHIP = ?

An entrepreneur is someone who creates a

business in the face of uncertainty by

identifying significant opportunities and

assembling the necessary resources to

capitalize on them

Scarborough

© Vlerick Business School20

Source: Knaup & Piazza, 2008


Central questions in entrepreneurship!

�What process can help you:

� to identify/create and implementopportunities?

� to deal with uncertainty?

� to deal with limited resources?

22 |

TERRACYCLE (A): BUILDING A VENTURE WITHSPINELESS EMPLOYEES

the Autonomous Management School of Ghent University and Katholieke Universiteit Leuven

WHO IS TOM SZAKY?


WHAT IS THE BUSINESS IDEA?

What convinced him there was anopportunity?


WHAT WENT WRONG?


WHAT DID HE LOSE?


CONCLUSION

� Entrepreneurship is the process of identifyingand exploiting opportunities

�A key question in entrepreneurship is how todeal with uncertainty in an efficient way

�Start-ups try, they fail, they adapt, they move on. They try, they fail, they adapt, they move on.

� Learning and flexible adaptation is key in anentrepreneurial setting

� You need to manage downside risk to be able toiterate

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Entrepreneurship in action

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