THE
ENTREPRENEURIAL
MIND-SET
THE
ENTREPRENEURIAL
MIND-SET
CHAPTER 1
1
LECTURE - 1
BY
DR. SYED MUHAMMAD ALI TIRMIZI, Ph.D.
Assistant Professor
Department of Management Sciences
Date: September 10, 2018
ENTREPRENEURSHIP
2
Learning Objectives
1.
To introduce the concept of entrepreneurship and explain the
process of entrepreneurial action.
2.
To describe how structural similarities enable entrepreneurs to
make creative mental leaps.
3.
To highlight bricolage as a source of entrepreneurs’
resourcefulness.
4.
To introduce effectuation as a way expert entrepreneurs
sometimes think.
5.
To develop the notion that entrepreneurs cognitively adapt.
6.
To introduce sustainable entrepreneurship as a means of
sustaining the natural environment and communities and
developing gains for others.
3
Nature and Development of Entrepreneurship
•
Who is an entrepreneur? What is Entrepreneurship? What is
an entrepreneurial career path? These frequently asked
questions reflect the increased national and international
interest in entrepreneurs by individuals, university professors
and students, and government officials.
•
A concise & universally accepted definition of E-ship has not
yet
emerged.
The
development
of
the
theory
of
entrepreneurship parallels to a great extent the development
of the term itself. The word
entrepreneur
is French and,
literally translated, means “between-taker” or “go-between”.
4
Definition of Entrepreneur Today
•
Entrepreneur is defined as an individual who organizes or
operates a business or businesses.
•
In almost all of the definitions of entrepreneurship, there
is agreement that we are talking about a kind of behavior
that includes: (1) initiative taking (2)
the organizing and
reorganizing of social and economic mechanisms to turn
resources and situations to practical account, (3) the
acceptance of risk or failure.
5
Nature and Development of
Entrepreneurship
•
Entrepreneur – An individual who takes initiative to
bundle
resources in innovative ways
and is
willing to bear the
risk and/or uncertainty
to act.
Or
•
Entrepreneur – An individual who gather resources to
create an economic activity while bearing different types of
social and economic risks.
6
Nature and Development of
Entrepreneurship
•
Entrepreneurship plays an important role in the creation
and growth of businesses, as well as in the growth and
prosperity of regions and nations.
•
These large-scale outcomes can have quite humble
beginnings; entrepreneurial actions begin at the nexus of
a lucrative opportunity and an enterprising individual.
7
Nature and Development of
Entrepreneurship
•
Entrepreneurial opportunities
:
are those situations in which
new goods, services, raw materials, and organizing methods
can be introduced and sold at greater than their cost of
production.
