THE ENTREPRENEURIAL MIND-SETTHE ENTREPRENEURIAL MIND-SETCHAPTER 11
LECTURE - 1BYDR. SYED MUHAMMAD ALI TIRMIZI, Ph.D.Assistant ProfessorDepartment of Management SciencesDate: September 10, 2018ENTREPRENEURSHIP2
Learning Objectives1.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 entrepreneuris 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 waysand is willing to bear the risk and/or uncertaintyto 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.