ENTR 3111 - What is entrepreneurship

Introduction to Entrepreneurship

• Course Information

  • Instructor: Sohrab Soleimanof, PhD

  • E. J. Ourso College of Business, Louisiana State University (LSU)

Historical Context of Technology

• Life Expectancy Increase:

  • 1900: 48 years

  • 2022: 76 years

• Heating & Air Conditioning Adoption:

  • 1956: 6% of homes

  • 2022: 91% of homes

The Role of Entrepreneurship

• Entrepreneurial Revolution:

  • Approximately 1 million new ventures annually in the U.S.

  • More than 80% of new jobs created by these ventures

  • New product and service introductions and patent issuances increasing

  • Women and minorities leading in entrepreneurship

  • 75% of high school students aspiring to start their ventures

  • Global phenomenon of entrepreneurship

Characteristics of the Entrepreneurial Age

• Increased choices and innovation

• Rapid technological advances

• Expanded opportunities and possibilities

Empowerment through Entrepreneurship

• Described as the most empowering and democratic phenomenon in history

• Quote from George Bernard Shaw:

  • "The reasonable man adapts himself to the world; the unreasonable man persists in adapting the world to himself. Therefore, all progress depends on unreasonable men."

Defining Entrepreneurship

• Process of creating value through resource combination to exploit opportunities

• Pursuit of opportunities irrespective of controlled resources

• Described as a mindset, journey, and process

Entrepreneurial Mindset

• Attitudes:

  • Empowerment to affect change

  • Recognition of opportunities

  • Embraces innovation, change, and growth

  • Views failure as a learning experience

• Behaviors:

  • Acting on opportunities

  • Experimentation and innovation

  • Resource leveraging

  • Risk mitigation

  • Adaptability

Learning Objectives for Entrepreneurs

• Knowledge in business basics and entrepreneurial principles

• Understanding the entrepreneurial process and opportunity alertness

• Skills in risk management, team building, and navigating various forms of enterprise

Entrepreneurial Process Stages

1. Deciding to Become an Entrepreneur

2. Developing Successful Business Ideas

3. Launching an Entrepreneurial Firm

4. Managing and Growing the Firm

Non-Linear Nature of Entrepreneurship

• Entrepreneurship characterized as chaotic, unpredictable, and emergent

• Initial visions often evolve during the entrepreneurial process

Entrepreneurial Experience

• Key Elements:

  • Limited control and instability

  • Feelings of loneliness and stress

  • Exhilaration and freedom

  • Continuous learning and adaptation

The Impact of Entrepreneurs

• Entrepreneurs create ventures that, in turn, foster entrepreneurial development

• They are seen as catalysts for change and improvement in society

Global Challenges and Entrepreneurship

• Entrepreneurship as a solution to social issues, including:

  • Discrimination

  • Inequality

  • Climate Change

• Empowerment through entrepreneurship leads to job creation and community transformation

Empowerment and Transformation

• Empowerment involves creating opportunities for personal and collective growth

• Transformation describes the impact entrepreneurs have on markets, industries, and communities

Inspirational Quotes

• "Be the change you wish to see in the world." - Gandhi