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Understanding Entrepreneurship Basics

The document discusses entrepreneurship and defines it as creating something new with value by devoting time and effort while assuming financial and other risks, with the potential for monetary and personal rewards. It identifies three types of start-up ventures: lifestyle firms focused on supporting owners, foundation companies developing new industries, and high-potential ventures attracting interest and publicity. The future of entrepreneurship is described as growing with more university courses and societal support, as well as "intrapreneurship" within existing companies.

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Fahad Batavia
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89 views8 pages

Understanding Entrepreneurship Basics

The document discusses entrepreneurship and defines it as creating something new with value by devoting time and effort while assuming financial and other risks, with the potential for monetary and personal rewards. It identifies three types of start-up ventures: lifestyle firms focused on supporting owners, foundation companies developing new industries, and high-potential ventures attracting interest and publicity. The future of entrepreneurship is described as growing with more university courses and societal support, as well as "intrapreneurship" within existing companies.

Uploaded by

Fahad Batavia
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PPT, PDF, TXT or read online on Scribd

Chapter # 1

The Nature and Importance of


Entrepreneurship
Who is an Entrepreneur ??

The word “entrepreneur” stems from French,


means “between-taker” or “go between.”
Our definition involves four aspects:
The creation process.
The devotion of time and effort.
The assumption of risk.
Rewards of independence, satisfaction,
money.

July 08, 2008 Rana Muhammad Idrees 2


Definition..

Entrepreneurship is the process of creating

something new with value by devoting the

necessary time and effort, assuming the

accompanying financial, psychic, and social risks,

and receiving the resulting rewards of monetary

and personal satisfaction and independence

July 08, 2008 Rana Muhammad Idrees 3


Entrepreneurial Decision Process

Refers to the decision to leave a present


career or lifestyle (to pursue that ‘big idea’)
due to:
Unpleasant work environment
Disruption
Completion of educational degree.

How will the completion of your educational


program influence your entrepreneurial decision
process? Got any ‘big ideas’?

July 08, 2008 Rana Muhammad Idrees 4


3 Types Of Start-up Ventures

1 A LIFESTYLE FIRM exists primarily to support


the owners and usually has little growth
opportunity
2 FOUNDATION COMPANIES are firms created
from research and development that lay the
foundation for a new industry
3 HIGH POTENTIAL VENTURES are new
companies that receive the greatest interest
and publicity

July 08, 2008 Rana Muhammad Idrees 5


The future of entrepreneurship??

Universities are offering courses.

Societal support is strong

“Intrapreneurship” (entrepreneurship
within an existing company) helps large
companies respond to hyper-competition.

July 08, 2008 Rana Muhammad Idrees 6


Technical Business Personal
Management

Writing Planning Inner Control

Oral Decision Making Risk Taking


Communication

Monitoring the Human Relations Innovative


Environment

Using Technology Marketing Change-oriented


(Selling) visionary
July 08, 2008 Rana Muhammad Idrees 7
…..Ethical & Social
Responsibilities of
Entrepreneurs….

July 08, 2008 Rana Muhammad Idrees 8

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