Introduction to Entrepreneurship Introduction to Entrepreneurship
Learning Objectives 1 of 2 1. Explain entrepreneurship and discuss its importance. 2. Discuss three main reasons people decide to become entrepreneurs. 3. Identify four main characteristics of successful entrepreneurs. 4. Explain five common myths regarding entrepreneurship. 5. Discuss the impact of entrepreneurial firms on economies and societies. 6. Explain the entrepreneurial process. 1-2
What is Entrepreneurship? • Academic Definition Academic Definition – Entrepreneurship is the process of recognizing, or creating an opportunity, testing it in the market, and gathering the resources, necessary to go into business. – Any attempt at new business or venture creation, such as self-employment, a new business organization, or the expansion of an existing business by an individual, a team of individuals, or an established business.(Kelly, Singer and Herrington,2016)(GEM definition) 1-3
What is Entrepreneurship? • Venture Capitalist (Fred Wilson Venture Capitalist (Fred Wilson ) -Entrepreneurship is the art of turning an idea into a business. • Explanation of What Entrepreneurs Do Explanation of What Entrepreneurs Do -Entrepreneurs assemble and then integrate all the resources needed –the money, the people, the business model, the strategy— needed to transform an invention or an idea into a viable business.
Introduction to Entrepreneurship • There is a tremendous interest in entrepreneurship in the Philippines and around the world. ---- Global Entrepreneuship Monitor (GEM)2015-16 • The Philippines supports entrepreneurship through education. It ranked first in post school education and second in school education (basic education) entrepreneurship training among the ASEAN economies.
Indications of Increased Interest in Entrepreneurship • Books – Amazon.com lists over 45,000 books dealing with entrepreneurship and 118,000 focused on small business. • College Courses Introduction of Entrepreneurship subject to Senior high program in the Philippines and colleges – In 1985, there were about 250 entrepreneurship courses offered across all colleges in the United States. – Today, more than 5,000 entrepreneurship courses are offered in two-year and four-year colleges and universities in the United States.
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- Fall '09