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What is Entrepreneurship?. Mark T. Schenkel, Ph.D. Agenda. What is Entrepreneurship? Historical development Definition Myths Process Career Paths. The Entrepreneurial Revolution.

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what is entrepreneurship

What is Entrepreneurship?

Mark T. Schenkel, Ph.D.

agenda
Agenda
  • What is Entrepreneurship?
    • Historical development
    • Definition
    • Myths
    • Process
    • Career Paths
the entrepreneurial revolution
The Entrepreneurial Revolution

“We are in the midst of a silent revolution – a triumph of the creative and entrepreneurial spirit of humankind throughout the world.”

“I believe its impact on the 21st century will equal or exceed that of the Industrial Revolution on the 19th and 20th.”

“The death knell for brontosaurus capitalism of yesteryear.”

-- Jeffry A. Timmons (The Entrepreneurial Mind, 1989)

development of entrepreneurship
Development of Entrepreneurship
  • Earliest Period- Marco Polo
  • Middle Ages- Theater, Architectural Works
  • 17th Century- Mississippi Company
  • 18th Century- Edison & Whitney
  • 19th & 20th Centuries
    • Organize/Operate
    • Innovation
the opportunity
The Opportunity
  • Statistics
    • A random national sample (Gallup poll survey, 1994) of high school students reveals that 70% of these students say they want to own their own business some day (Timmons, 2004: 7)
    • Annual Chronicle survey: 40% of incoming students have entrepreneurship as major goal for why they are going to college
    • Fortune 500 employment decline: 1970 (20%) – 1996 (8.5%)
    • Small firms constitute more than 90 percent of the entire business population
  • Virtually of USA’s economic growth is coming from entrepreneurial ventures of all sizes and types
  • Not yet tainted by corporate way of life
  • Good time to take risk!!!
entrepreneurship
Entrepreneurship
  • A process, not a type of person
  • Creating and/or building something of value
  • Identifying an opportunity
  • Pulling together the needed resources to pursue the opportunity
  • Developing and implementing a Business Plan
  • Involves uncertainty and the acceptance of risk
the nature of entrepreneurial risk
The Nature of Entrepreneurial Risk
  • Failure –

“Sinking the Boat Risk”

  • Opportunity Cost –

“Missing the Boat Risk”

myths about entrepreneurship
Myths aboutEntrepreneurship
  • The Lone Cowboy Myth.
  • The Experience Myth.
  • The I’m Only in it for the Money Myth.
  • The Entrepreneurs are Gamblers Myth.
myths about entrepreneurship1
Myths aboutEntrepreneurship
  • The Entrepreneurs Don’t Have to Worry about Numbers Myth.
  • The All You Need is Money Myth.
  • The I’ve Got a Secret Myth.
  • The IPO Myth.
other opportunities for learning
Other Opportunities for Learning
  • Curb event center retail space
  • Hatchery
  • Practicing entrepreneurs activities
  • Entrepreneurship club
  • Internships
  • Mentors
  • Networking!!!
working definition of entrepreneurship
Working Definition of Entrepreneurship

“Entrepreneurship is a way of thinking, reasoning and acting that is opportunity obsessed, holistic in approach[emphasis added], and leadership balanced” (Timmons, 1999: 27).

the entrepreneurial process timmons 2000
The Entrepreneurial Process (Timmons, 2000)

Communication

Opportunity

Resources

Business Plan

Fits and Gaps

Ambiguity

Exogenous Forces

Creativity

Leadership

Team

Uncertainty

Capital Market Forces

Founder

the entrepreneurial process2
The Entrepreneurial Process

Strategy

Three Part Process

Planning

Luck

slide16

Courage: Risk and the Dimensions of Work

Life Cycle of a Business Venture

pre launch process idea generation
Pre-Launch Process: Idea Generation
  • Understanding the Genesis of New Businesses in the Economy
  • Sources of Ideas: Where to Look
the entrepreneurial process3
The Entrepreneurial Process
  • Challenge Traditional Definitions of Value
  • Entrepreneurship thrives on market inefficiencies
  • Customers seek improvement in the following:
    • Speed
    • Convenience
    • Personalization
    • Price
pre launch process evaluating ideas generation
Pre-Launch Process: Evaluating Ideas Generation
  • Does the Idea = an Opportunity?
    • Market
    • Margin
    • Mission
  • The Right Team?
  • The Necessary Resources?
the start up process
The Start-up Process
  • Filling the Gaps
  • The Business Plan
    • Executive Summary
    • Market Analysis and Marketing Plan
    • Operating Plan and Team
    • Financial Plan
growing the business
Growing the Business
  • CASH FLOW MANAGEMENT
  • Building a Culture
  • Marketing
  • Staffing
  • Building Management & Administrative Systems
entrepreneurial careers
Entrepreneurial Careers
  • Do it now!
  • Not necessarily a one shot deal
  • Sentry Position (in consulting firm or in industry)
  • Family or existing Small Business
  • Corporate Track
key takeaway points
Key Takeaway Points . . .
  • No fully satisfactory definition of entrepreneurship has been developed to date (i.e., one that garners collective agreement among scholars & practitioners alike).
  • “Entrepreneurship” reflects creative, innovative, and arbitrage oriented behaviors.
  • Is a process; involves planning, strategizing, and a little bit of luck.
  • Interconnectedness of resources and opportunities
key takeaway points1
Key Takeaway Points . . .
  • Entrepreneurship can occur – and fail to occur – in firms that are old and new; small and large, fast and slow growing; in the private, not-for-profit, and public sectors; in all geographic points; and in all stages of a nation’s development.