Introduction to Entrepreneurship: Definitions, Roles, and Career Opportunities

Entrepreneur

French word 'Entreprendre' which means 'to undertake'.

Entrepreneurship

Particular field of practice or process derived from the word entrepreneur.

Schumpeter (1934) Definition of Entrepreneurship

Carrying out of new combinations of firm organization - new products, new services, new sources of raw material, new methods of production, new markets, new forms of organization.

Shane (2003) Definition of Entrepreneurship

An activity that involves the discovery, evaluation and exploitation of opportunities to introduce new goods and services.

Kuratko (2009) Definition of Entrepreneurship

Dynamic process of vision, change, and creation that requires an application of energy and passion toward the creation and implementation of new ideas.

Dyck and Neubert (2012) Definition of Entrepreneurship

Conceiving an opportunity to offer new or improved goods or services and making plans to convert the opportunity into reality.

Small Business

Business or enterprise that correctly adopts and practices the principles of entrepreneurship.

Ordinary Small Business

Business or enterprise managed by an owner who is not an advocate of entrepreneurship principles.

Knight (1921) Definition of Entrepreneurship

Having profits from bearing uncertainty and risk.

Joseph Schumpeter

An Austrian economist who articulated the importance of entrepreneurship to the economy.

Roles of Entrepreneurship

Creates employment, develops new markets, introduces innovation, generates new sources of materials, stimulates investment interest, improves quality of life, serves as role models, brings social benefits, utilizes indigenous resources, provides alternatives for consumers.

Social Entrepreneur

Advantage of the country's social problems and turns them into profitable institutions.

Technopreneur

Technology at the core of his or her business model.

Extrapreneur

Hops from one company to another to act as innovation champion.

Intrapreneur

Large company employee tasked to think, establish, and run a new big idea or project.

Characteristics of Entrepreneurship

Clever, creative, unsentimental, enthusiastic vision, extreme optimism, motivated by achievement, tough and pragmatic, keen insights, develops strategies, promotes vision, takes responsibility, positive thinker, makes prudent risks.

Art of Correct Practices

It is an art and not a science, not governed by fixed rules, involves constant change and innovation.

Wealth Creating Venture

Wealth is created when benefits derived by the owner cover the costs incurred by the business.

Providing Values to Customers

The entrepreneur convinces consumers that they gain more benefits than what they pay for goods and services.

Opening and Managing The Self-Owned Enterprise

Includes small, medium, and multimillion enterprises.

Risk-Taking Venture

Risk is inherent in an entrepreneurial venture.

Entrepreneurship Career Opportunities

Includes business consultant, business reporter, sales, talent recruiter, not-for-profit fundraiser, research and development, and teacher.

Tips in Identifying Potential Customer

Identify potential customer base, define target market, customer profiling.

Market Analysis

Process of gathering information about the current market.

Industry Overview

Describe the current state of your industry.

Target Market

Actual customers.

Competition

Describe your competitor's positioning, strengths, and weaknesses.

Pricing and Forecast

Pricing puts your business in a certain position in the market; forecasting involves gathering historical information.