Introducing Entrepreneurship

Akshar Nepal

What is Entrepreneurship?

Risk Taking?

Managing a venture?

Small Business?
Opportunity Seeking?

Business initiation by youths?

Innovation?
Creativity?

New venture?

Creating Something New?

A Team pursuing an objective?

Stevenson and Jarillo ( academicians) the

process by which individuals pursue
opportunities without regard to resources they
currently control.
Fred Wilson (venture capitalist) the art of
turning an idea into a business.

The essence of entrepreneurial

behavior is identifying opportunities
and putting useful ideas into practice.

Corporate Entrepreneurship
(Intrapreneurship)
It is the conceptualization of entrepreneurship at
the firm level.
All firms fall along a conceptual continuum that
ranges from highly conservative to highly
entrepreneurial.
The position of a firm on this continuum is
referred to as its entrepreneurial intensity.

Corporate Entrepreneurship
Entrepreneurial Firms

Proactive
Innovative
Risk taking

Conservative Firms

Take a more wait

and see posture
Less innovative
Risk averse

Promoting innovation in larger organizations

By encouraging Intrapreneurial culture
By encouraging experimentation trial and error
By allocating resources for innovation
By developing multi disciplinary team
By fostering entrepreneurial ventures to be started by the
employees as offshots
By introducing a reward system within the organization
Top management commitment

Why become an
entrepreneur??

Why become an entrepreneur?

Desire to be their own boss
Desire to pursue their own
ideas
Financial rewards

Characteristics of successful entrepreneurs

Product/
customer
focus

Passion for
the
business

Successful
entrepreneur
Tenacity
despite
failure

Execution
intelligence

Common Myth About Entrepreneurs

Myth 1: Entrepreneurs are born, not made.
Myth 2: Entrepreneurs are gamblers.
Myth 3: Entrepreneurs are motivated primarily
by money.
Myth 4: Entrepreneurs should be young and
energetic.
Myth 5: Entrepreneurs love the spotlight.

Types Of Start-Up Firms

Salary substitute firms:
These are small firms that yield a level of income
for their owners that is similar to what they
would earn when working for an employer.
Lifestyle firms:
These firms provide their owners the
opportunity to pursue a particular lifestyle, and
make a living at it.

Types Of Start-Up Firms

Entrepreneurial firms
These firms bring new products and services to
the market by creating and seizing opportunities
regardless of the resources they currently
control.

Importance of Entrepreneurship
Joseph Schumpeter Creative Destruction
Entrepreneurs develop new products and
technologies that over time make current products
and technologies obsolete.
It stimulates economic activity and increases the
productivity across society.

Economic Impact of Entrepreneurial Firms

Innovation: the process of creating something
new
Job creation: Movement of economic activity
towards small firms

Impact on Society
The creation of products that help improve our
lives and making living easier.
But on the flip side, it also creates moral and
ethical issues.

Impact on larger firms

Entrepreneurial firms build their entire business
models around producing products and services
that help larger firms become more efficient or
effective.
Partnerships with larger firms

The Entrepreneurial Process

Step I: Deciding to become an entrepreneur
Step II: Developing successful business ideas
Step III: Moving from an idea to an entrepreneurial firm
Step IV: Managing and growing the entrepreneurial firm

Developing Successful Business Ideas

Recognizing opportunities and generating ideas

Feasibility analysis
Writing a business plan
Industry and competitor analysis
Developing an effective business model

Moving from an Idea to an Entrepreneurial

Firm
Preparing the proper legal and ethical
foundation
Assessing a ventures financial strength and
viability
Building a new venture team
Getting financing or funding

Managing and Growing an Entrepreneurial

Firm

Marketing issues
Managing and protecting intellectual property
Growth challenges
Growth strategies