etem midterms yawa

the ability and readiness to develop, organize and run a business

entrepreneurship

what is entrepreneurship connected with?

land, labor, natural resources, capital

how long can entrepreneurs be traced back?

20,000 years ago

first known trading between humans

in new guinea around 17,000 BCE

what were some common areas of specialization? (agricultural revolution)

• hunting and gathering

• fishing

• cooking

• tool making

• shelter-building

• clothes-making 

where would early entrepreneurs work in areas like?

• pottery

• carpentry

• wool-making

• masonry

where were early areas of civilization concentrated?

the Nile, the Tigris and Euphrates, the Indus, and the Yellow and Yangtze

modern day iraq

sumeria

was home to 50,000 people in the same amount of space that would have previously supported just one tribe of hunter-gatherers

the city of Uruk, found on the banks of Euphrates

what were some of the popular trade routes? enumerate

• trading salt from africa across the roman empire

• trading technologies like chinese paper-making around the world

• trading rice from china across asia

• trading coffee, lemons, and oranges from arabia to europe

• trading complex ideas like the arabic numeric system into europe (1200 leonardo fibonacci)

• trading gunpowder from china to other parts of the world

when was iron discovered?

around 2000 BCE, and the civilizations that controlled iron were able to dominate other civilizations. (e.g. han chinese empire, alexander the great’s empire, roman empire, and the persian empire)

what system did entrepreneurship and trade took place from?

the barter system

limits of the barter system

coincidence of wants

where were the earliest forms of currency found?

in ancient iraq, in the forms of silver rings and silver bars

what were the several important things currency gave entrepreneurs?

• it faciliated long-distance trade

• it acted as a medium of exchange

• it provided a way for entrepreneurs to store value

what did the followers of mercantilism believe (mercantilis, explorers, and the new world 1550 to 1800

there is only a finite amount of money in the world

during the period of mercantilism, what were entrepreneurs known as?

merchants and explorers

theories of capitalism were solidified in __

adam smith’s 1776 work ‘an inquiry into the nature and causes of the wealth of nations’

(industrial age and entrepreneurship) what were the two things that fuelled this fundamental change?

• Availability of Energy Production -  businesses were no longer restricted by small-scale energy powered by wind, and instead, technologies like steam, electricity, oil

• Availability of Labor - huge populations began moving to industrial revolution cities starting in the 1700s. this gave entrepreneurs a large pool of cheap labor with which to work

how is entrepreneurship evolving in the current era?

DTSRA

• digital transformation

• technological innovations

• sustainability and social impact

• remote work and globalization

• access to capital

how is entrepreneurship evolving in the current era; DIGITAL TRANSFORMATION

• e-commerce boom: rise of e-commerce like amazon, shopify, etsy

• online marketplaces:  uber, airbnb, fiverr

how is entrepreneurship evolving in the current era; TECHNOLOGICAL INNOVATIONS

artificial intelligence (ai): revolutionizing industries from healthcare to finance, offering entrepreneur tools to enhance decision makin

blockchain:  is disrupting traditional finance with cryptocurrencies and decentralized finance (DeFi) platforms, opening new avenues for innovation in secure, transparent transactions

how is entrepreneurship evolving in the current era; SUSTAINABILITY AND SOCIAL IMPACT

green entrepreneurship: entrepreneurs developing eco-friendly products and services to address environmental challenges

social enterprises: businesses that prioritize social impact alongside profit are gaining traction, addressing issues like poverty, education, healthcare

how is entrepreneurship evolving in the current era; REMOTE WORK AND GLOBALIZATION

remote work: the covid-19 pandemic accelerated the shift to remote work, enabling entrepreneurs to build global teams and operate business from anywhere in the world.

global markets: technology has broken down geographic barriers, allowing entrepreneurs to access international markets and collaborate with partners worldwide

how is entrepreneurship evolving in the current era; ACCESS TO CAPITAL

crowdfunding: platforms like Kickstarter and Indiegogo provide alternative funding sources

venture capital and angel investors: significant increase in venture capital and angel investments, particularly in tech startups and innovative ventures

future directions for entrepreneurship

• emphasis on innovation and agility

• focus on ethics and responsibility

• leveraging data and analytics

• integration of AI and automation

• expansion of the gig economy

4 types of entrepreneurship

small business entrepreneurship. these people run or own their own businesses and hire family members or local employee.

scalable startup entrepreneurship. start a business knowing that their vision can change the world. they encourage investors who think out of the box.

large company entrepreneurship. have defined life-cycle. most of these companies grow and sustain by offering new and innovative products that revolve aroudn their main products.

social entrepreneurship. focuses on producing product and services that resolve social needs and problems. motto: to work for society and not make any profits

characteristics of entrepreneurship

ability to take risk.

innovative.

visionary and leadership quality.

open-minded.

flexible.

know their product.

india’s leading digital payments platform and financial services company. a subsidiary of One97 Communications Limited

Paytm

importance of entrepreneurship

• creation of employment

• innovation

• impact on society and community development

• increase standard of living

• supports research and development

father of entrepreneurship

Joseph Alois Schumpeter

two main types of entrepreneurship

• small business entrepreneurship

• large company entrepreneurship

4 key concepts of entrepreneurship

1. innovation

2. risk taking

3. vision

4. organization

entrepreneur traits

1. passion

2. risk taking ability

3. persisting nature

4. innovative

5. leading from the front

6. ethical in nature

an individual who operates or starts a business with the same old business idea

Businessman

a pattern of thinking or behavior of one or more individuals or group of individuals (Argyris, 2004)

mindset

two kinds of people that distinguish them according to their attutudes toward failure according to dweck 2005

• fixed midset

• growth mindset

the brain functions like a muscle, as a person thinks, the brain expands as more neurons interconnect among brain cells. as the brain expands, and its volume grows, the more a person is able to think deep.

brain plasticity

fixed mindset: intelligence is static. this leads to a desire to look smart and therefore a tendency to…

• avoid challenges

• give up easily

• see effort as fruitless or worse

• ignore useful negative feedback

• feel threatened by the success of others

growth mindset: intelligence can be developed this leads to a desire to learn and therefore a tendency to…

• embrace challenges

• persist in the face of setbacks

• see effort as a path to mastery

• learn from criticism

• find lessons and inspiration in the success of others

what does decision-making consist of?

two modes. perception and insight

slow, rational, mindful, thoughtful, and deliberate thinking

perception

a feeling before thinking, is instantaneous, unconscious, automatic, and emotional

intuition

other term for intuition

heuristics

allows people to make decisions in uncertain situations where science and logic are meaningless

heuristics/intuition

serves as evidence of how you come up with a decision.

SWOT

SWOT is..

• strength

• weaknesses

• opportunities

• threats

useful way to evaluate data

PESTLE

PESTLE is…

• political

• economic 

• social

• technological

• legal

• environmental

helps the group agree on what they want to achieve and what success looks like

SMART

SMART is..

• simple

• measurable

• achievable

• realistic

• timebound

the state of mind or lens is influenced by multiple factors that include;

1. what people know or do not know

2. what people have done or have not done

3. what people can do or believe they can do

4. who they are

these dimesions revealed 11 characteristics of an entrepreneurial mindset (Orbis, 2011)

1. lifelong learning and opennes to change

2. engagement in a complex and uncertain world

3. creative and innovative approaches to problem-solving

4. belief and confidence in one’s own capacity and competency to be entrepreneurial

5. desire, motivation and intention to practice entrepreneurship and behave entrepreneurially

6. taking initiative and personal responsibility for actions

7. pursuit of goa-attainment through personal mastery and value-creation

8. recognizing opportunities

9. grit and perserverance in the face of challenges

10. taking risks that lead to learning, growth, and value

11. a belief in one’s ability to influence

refers to the process of developing and conveying prescriptive ideas to others, typically in a business setting

ideation

is a broad term that encompasses the creative process of generating and expressing new ideas

ideation

refers to the process when you generate ideas on one or more topics in a creative and open environment

ideate

styles of ideation

• problem solutions

• derivative ideas

• symbiotic ideas 

defined as the tendency to generate or recognize ideas, alternaives, or possibilities

creativity

defined as the process of bringing about new ideas, methods, products, services, or solutions that have a significant positive impact

innovation

types of innovation

• open innovation

• sustainable innovation

• social

• digital

• technology

• computing

• disruptive

• incremental

• service

• business model

• process

• product

who can participate in ideation?

anyone, from ceos to interns, customers, or stakeholders

what are common barriers to ideation?

Hostile environments, vague goals, close-mindedness, groupthink, ego, pessimism, and lack of creativity.

three motivations for being creative

1. need for novel, varied, and complex stimulation

2. need to communicate ideas and values

3. need to solve problems