The lecture is coming, brace yourself

We start at 13:15 or so…

Entrepreneurship
Concepts
Tuan Nguyen, PhD
Krystian Wojtkiewicz, PhD
Entrepreneurship

• Entrepreneurship has become increasingly important for

businesses of all sizes around the world.
• It opens new opportunities and possibilities for the businesses
to create values for themselves and for the society at large.
• Despite its popularity, studies suggest that the scope of
entrepreneurship remains unknown, and therefore the
prospects of entrepreneurial activities remains not fully
realised.
• Highlights some aspects concerning the concept of
entrepreneur, entrepreneurship, entrepreneurial process and
finally the entrepreneurship opportunities and challenges.
What is Entrepreneurship?

• Entrepreneurs have always been present; however, their behavioural

patterns were different in different periods of time.
• The word entrepreneur was derived from the French word
“entreprendre”, which means “to undertake” (Kuratko, 2016).
• The usage of the term entrepreneur can be traced from 1755,
wherein an entrepreneur was described to “buy the country produce
from those who bring it or to order it to be brought on their account.
They pay a certain price to resell wholesale or retail at an uncertain
price” (Cantillon, 1931, p.51; Hamilton & Harper, 1994)
• Entrepreneur from the very beginning, was principally an
independent speculator of the commodity (Hamilton & Harper, 1994)
What is Entrepreneurship?

• In the modern-day markets, the term entrepreneur has been

closely linked with economic development.
• An economic development can emerge due to several reasons,
which includes:
(a) the launch of new source of procurement for raw materials or
materials
(b) the introduction of a new production mechanism
(c) the introduction of a new quality of product, or a novel product
(d) the opening of new market
(e) the re-organisation of a business.
The management of all these aspects are carried by an enterprise, and
the people whose functions are to carry out these activities are called
entrepreneurs (Bull & Willard, 1993)
What is Entrepreneurship?

• Entrepreneurs are action-oriented, highly motivated individuals who take

risks to achieve goals.
• Entrepreneurs are people who identify and pursue solutions among
problems, possibilities among needs, and opportunities among challenges
• The entrepreneur provides the creative force in order for capitalism to
work. Entrepreneurs strive to make a difference in our world and contribute
to its betterment. They are also motivated by achievement, independence,
and the accumulation of wealth.
What is Entrepreneurship?

• Entrepreneurs are people who have the ability

✓ to see and evaluate business opportunities,
✓ to gather the necessary resources to take advantage of them; and
✓ to initiate appropriate action to ensure success.
• For an entrepreneur, a challenge is a call to respond to a
difficult task and the commitment to undertake the required
enterprise
What is Entrepreneurship?

• Economists may view entrepreneurs as those who bring

resources together in unusual combinations to generate profits.
• Psychologists tend to view entrepreneurs in behavioral terms
as those achievement- oriented individuals driven to seek
challenges and new accomplishments.
• Peter Drucker states, as “Entrepreneur is someone who always
searches for change, responds to it, and exploits it as an
opportunity.”
Peter Drucker: widely known and influential thinker on management
https://www.bl.uk/people/peter-drucker

→ Look for change, welcome it and when it happens, respond to it and take advant
age of it. Without change, not growth. There is always opportunity in change.

Opportunities are the first real stage of any entrepreneurial venture, and they are the stock
-in-trade of serious entrepreneurs.
What is Entrepreneurship?

• The Difference Between Ideas and Opportunities

What is Entrepreneurship?

• An opportunity is a favourable juncture of circumstances with a good chance

for success or progress.
• It is the job of the entrepreneur to locate new ideas and to put them into
action
• Thus, entrepreneurship may be described as the identification and
exploitation of previously unexploited opportunities
What is Entrepreneurship?

• An entrepreneur is someone who identifies and acts on an idea or problem

that no one else has identified or acted on. This combination of recognizing
an opportunity to bring something new to the world and acting on that
opportunity is what distinguishes an entrepreneur from a small business
owner.
• A small business owner is someone who owns or starts a business that
already has an existing model, such as a restaurant, whereas an
entrepreneur is someone who creates something new. This new creation can
be a new process or product, a business that identifies a new or unique
target market, or a combination of ideas that creates a new approach or
method, for example.
• A small business owner may also be an entrepreneur—they are not mutually
exclusive. Someone may start a venture that is not a completely new idea,
but that introduces a product or service to a new region or market.
What is Entrepreneurship?

• Phil Libin, co-founder and former CEO of Evernote, once said

there are “lots of bad reasons to start a company. But there’s
only one good, legitimate reason . . . it’s to change the world.”
• Evernote is an example of an entrepreneurial start-up. Its goal
is to make our lives more organized and increase our personal
memory abilities by storing necessary and desired information
on the Evernote app. Evernote is designed to capture
information through note taking (including pictures, web pages,
drawings, and even audio), track and organize this material,
and then save and archive the information.
Characteristics of an Entrepreneur

• The main characteristics of the entrepreneur are due to their sociological

and psychological factors. Some of those characteristics are mentioned
below:
• Entrepreneurs are vision-oriented people
• Entrepreneurs have a high need in achievement
• Entrepreneurs do not rely on fate or luck, however they try to control
their own lives
• Entrepreneurs undertake moderate risks, which is why they look for
high earning on their investments
• Entrepreneurs have the abilities to deal with several ambiguous
situations in their ventures. They face these ambiguous situations
and circumstances regularly because they do certain jobs and tasks
which are entirely new by nature.
• Entrepreneurs have the tendency to be productive and efficient with
in a given period of time. However, at times, they might be seen as
inflexible individuals in team-work.
Characteristics of an Entrepreneur

• To be successful, it frequently takes years of hard labour, long

hours, and no acknowledgment. Many entrepreneurs give up or fail
for a variety of reasons, including a lack of funds.
• You won’t be successful all of the time. You may not succeed in
your first four startup businesses. However, the fifth time might be
the charm.
• If you’re afraid of many failures with no assurance of success,
you’re probably not made out to be an entrepreneur.
• Signs why you shouldn’t be an entrepreneur:
• You would rather stay in your comfort zone
• You are looking for quick money
• You tend to procrastinate (The action of delaying or postp
oning something)
• You don’t think of solutions for everyday problems
Types of Entrepreneurship

Achievement Salesman
entrepreneur entrepreneur

Technology
Manager
entrepreneur
Types of Entrepreneurship

• Achievement entrepreneur:
• Primarily associated with the desire to achieve.
• These types of individuals are usually having an enormous amount of
energy and capabilities to take charge.
• They take initiatives and do not wait for things to happen.
• They often possess the leadership qualities and have a great sense of
commitment and responsibility in their ventures.
• These types of individuals are good in several in several business related
aspects and they try to accomplish their objectives, whilst heading their
missions. (Carsrud & Brannback, 2007).
Types of Entrepreneurship

Salesman entrepreneur:
• These individuals possess skills to interact with people and have very good
soft side of the management aspects.
• These people are typified for having the feelings of the consumers’ needs
and wants.
• They usually use the soft sales approach whilst pursuing the growth of
their ventures.
• They have enormous talent for connecting with people and spend most of
their time in marketing their products/services and permit other people
to manage their businesses.
• These individuals therefore devote their time to understand who and how
are the consumers in the market.
• They develop a proper vision for marketing and sales practices to reach
wider consumer groups. (Carsrud & Brannback, 2007).
Types of Entrepreneurship

Technology entrepreneur:
• Individuals belong to this category, are generally idea developers.
• These individuals often possess great ideas
• They have the capabilities to develop innovative processes and invent
novel products or services for niche markets.
• As these individuals possess qualities to create several ideas they have a
good analytical intelligence and take calculated risks in their ventures
• Although these individuals possess good analytical intelligence to make
way through several situations, however, at times their missions can
become a bit idealistic. (Carsrud & Brannback, 2007).
Types of Entrepreneurship

Manager:
• These types of individuals possess the qualities of taking charge of the
missions.
• Individuals belonging to this type of entrepreneurship are very
competitive by nature but not as co-operative as one would expect in a
team work.
• They are usually found to take positions of high authority, such as external
investors or sometimes act as board of directors.
• They prefer to work in larger organisations than small entrepreneurial
businesses.
• They seek comfort in making effective marketing strategies, but not
necessary selling products or services.
• Their ways to sell are different, they employ logic and carefully thought
persuasions, as mechanisms to sell their ideas.
• They have rich experiences, strong management skills and possess
strength in managing existing businesses (Carsrud & Brannback, 2007).
Enrepreneurship Process

The process of entrepreneurship can be observed through the six-stage process:

Identify an
opportunity

Acquiring resources
Producing the
product or service
Marketing
Designing and building
company

Responding to the
environment
Enrepreneurship Process
Entrepreneurship opportunities

Entrepreneurship offers several opportunities and some of those

opportunities are:
(a) expansion of entrepreneurial activities through the advent of the internet
and the explosion of e-commerce on a global scale.
(b) Integration in social and political fabrics in several emerging economies.
(c) increasing economic situations in middle income house-holds in several
economies.
(d) increase in cross-border engagements and market entry mechanisms
such as strategic alliances, subsidiaries, joint ventures etc.
(e) evolving trends in channel structures among the developed world.
(f) increased engagements in global markets concerning social responsibility
and ethics (Ramachandran & Gokila, 2012).
Entrepreneurship avenues

Firstly, entrepreneurs can seek information to understand the

balance of trade relationships between the exports in potential
markets and the merchandising imports.

Secondly, entrepreneurs can conduct extensive research to

understand the political aspects of the global economy to seek other
outlines for strategic and operational aspects concerning barriers to
enter a market.

Thirdly, entrepreneurs can understand the developments of any

domestic market of a country and comprehend how these nations
protect their industry by establishing tariffs, quotas, boycotts, non-
tariff, monetary and market barriers (Ramachandran & Gokila, 2012).
Entrepreneurship challenges

Although entrepreneurship activities are beneficial, however they come with

certain challenges. Some of those challenges are mentioned herewith:
• Knowledge gap between the developed, emerging, frontier and under
developed markets for conducting business
• Difference in accounting systems in several countries
• Variable rates of return
• Non-convertibility of the currencies
• Communication gaps
• Language barriers
Entrepreneurship challenges

In addition, to the previously mentioned challenges, there are also some other
challenges commonly found in entrepreneurship:
• Political unrest and legal concerns
• Cultural differences
• Discrepancies in the use of technology
• Complexity in the markets
• Supply chain concerns
• Lack of specific infrastructure in some countries or regions
• Financial markets and their volatility
Entrepreneurship challenges

The elements of overcoming a challenge:

• Able to deal with a series of tough issues
• Ability to create solutions and work to perfect them
• Can handle many tasks simultaneously
• Resiliency in the face of set-backs
• Willingness to work hard and not expect easy solutions
• Possess well-developed problem-solving skills
• Able to learn and acquire the necessary skills for the tasks at hand
The Entrepreneurial Lifestyle and Career

• Being an entrepreneur has become synonymous with being an innovator, a

change agent, or a risk taker.
• Choosing the path of entrepreneurship requires a willingness to take on
calculated risks.
• Conducting the necessary research and investigation to make informed
decisions that minimize risk.
• In one approach to minimizing personal financial risk, some startup
entrepreneurs continue with their current employment while working on the
side to develop their idea into a venture that eventually will generate an
income. Until the venture requires near full-time work and generates
income, maintaining an outside income works well for many entrepreneurial
teams.
The Entrepreneurial Lifestyle and Career

• Consider the eyeglass start-up Warby Parker (warbyparker.com)

• Dave Gilboa and Neil Blumenthal, lead entrepreneurs for Warby Parker, were still
working their normal jobs when they approached an angel investor with their
idea.
• The angel investor asked a few questions and wasn’t impressed.
• This investor believed that Gilboa and Blumenthal should demonstrate their solid
commitment to the venture by quitting their day jobs to dedicate more time and
energy to Warby Parker.
• Instead of following that advice, Gilboa and Blumenthal kept their day jobs while
they continued to work toward building their venture, and Warby Parker
eventually became highly successful.
• There are many paths to becoming an entrepreneur, and many paths to creating
a successful venture.
• It is important to identify the path that works best in your life—and for the
venture—and that supports your goals and your unique situation and visions.
• Note: An angel investor is someone who invests their own money in a small
business in exchange for a minority stake (usually between 10% and 25%).
https://www.british-business-bank.co.uk/finance-hub/angel-investment/
The Entrepreneurial Lifestyle and Career

• The harvest is the point at which the investors and entrepreneurial team
receive their return on creating and building the venture.
• A lifestyle venture:
• a solo entrepreneur, someone who moves forward in starting a new
venture without the support of a team or group of likeminded individuals
who recognize the value or potential of an entrepreneurial idea that could
potentially result in significant returns.
• also more likely to be funded through family and friends, and more
traditional methods such as a bank loan or a small business loan.
• based on how an entrepreneur aligns values, interests, and passions to
create a balance between enjoying life and earning enough money to
support those passions
The Entrepreneur as a Problem Solver

• What are some challenges you face in your life? Have you ever actively thought
about how you could solve those problems? Or have you actively identified exactly
what the problem is from an analytical perspective?
• We often have a tendency to jump quickly from noticing a problem to selecting a
solution, with little understanding of whether we have even correctly identified the
problem.
• Identifying the problem—and testing the potential, novelty, and feasibility of your
solution—is an important part of resolving the problem.
• Often, when we start to explore the problem, we find that it has multiple causes.
Among them are:
▪ The need for something to be better, faster, or easier
▪ The effects of changes in world on your industry, product, or service
▪ Market trends based on geography, demographics, or the psychology of the c
ustomers
• One characteristic of a savvy entrepreneur is recognizing the ability to identify a
problem from an opportunity-identification perspective.
The Entrepreneur as a Problem Solver

• We might identify feeling hungry as a problem, but an entrepreneur would

identify the problem using an opportunity-identifying perspective by
determining how the problem could be translated into an opportunity to
create a new venture:
• combining the problem of feeling hungry between meals into a street
kiosk or a vending machine with food choices or creating a new snack
that is nutritious, satisfying, and portable.
• Understanding the problem from the perspective of how to solve it for one
person into how to solve it for multiple people rephrases the problem into
an opportunity-identification perspective.
The Entrepreneur as a Problem Solver
The Entrepreneur as a Problem Solver
The Entrepreneur as a Problem Solver
The Entrepreneur as a Problem Solver
The Entrepreneur as a Problem Solver

Don’t Limit Yourselves

 The Entrepreneur as a Problem Solver

Explore the wreckage of the famous Titanic ship on

a submarine tour — if you have $250,000.
Launched by tour company OceanGate Expeditions
However, Submersible lost on dive to Titanic on Sunday 18 June 2023
The pilot and four passengers of the missing Titan submersible are believed to be dead

Note:Unlike a submarine, submersibles have limited power reserves and need a separate support
vessel that can launch and recover them
GPS is not an option when submersibles dive to depths as deep as the Titan does.
Instead, a special text messaging system allows the crew to receive instructions from the team on
the surface vessel above.
Onboard, the pilot steers based on these instructions with a modified video game controller.
The Entrepreneur as a Problem Solver

❑ Hotels don’t like Airbnb

❑ Taxis don’t like Uber
❑ Cinemas don’t like Netflix
❑ Banks don’t like Bitcoin
❑ Bookstores don’t like Amazon

Innovation is not always liked.

• Recruitment agencies don't like LinkedIn
• Newspapers don't like online news sites
• Map makers don't like GPS navigation apps
• Radio stations don't like podcasts
• Postal services don't like email
• Restaurants don't like food delivery apps
• DVD manufacturers don't like digital downloads
• Traditional fitness gyms don't like home workout apps
Problem: Simple calculation

2-43
Problem: A bit harder

Which of the boxes comes next in the sequence

2-44
Problem: Complex problems

• Design new systems for customer interaction with companies

• Design new systems for virtual meetings
• New ways to provide healthcare

what are business ideas for Euro or football?

2-45
Problem Solving

Student: Sir, can I ask a question?

Teacher: Yes!
Student: How do you put an elephant inside a fridge? Teacher: The Lion of course! Because it would eat a
ll the animals.
Teacher: I don’t know
Student: No sir, it is the donkey because it’s still insi
Student: It’s easy. You just open the fridge and put it i de the fridge.
n. I have another question!
Teacher: Are you kidding me?!
Teacher: OK, ask!
Student: No sir! One last question.
Student: How to put a donkey inside the fridge?
Teacher: OK!
Teacher: It's easy. You just open the fridge and put it i
n. Student: If there's a river full of crocodiles and you
wanted to cross, how would you?
Student: No sir! You just open the fridge take out the
elephant and put it in. Teacher: There's no way, I would need a boat to cro
ss.
Teacher: ohhh.. OK!
Student: No sir, you just swim and cross it because
Student: Let me ask another one, if all the animals we all the animals went to the lion's birthday party!
nt to the lion's birthday party, and one animal went mis
sing which one would it be?

2-46
The Entrepreneur as a Problem Solver

Exercises: With the technologies advanced such as Generative AI,

Edge Computing, Drone, Robot etc, each group investigates 2
cases can be applied in our daily life.
For each case, make sure to highlight which technologies are used.
The lecture is coming, brace yourself

We start at 13:15 or so…

Factors Driving the Growth of Entrepreneurship

WE CONTINUE WHERE ANY QUESTIONS SO LET’S REVIEW YOUR

WE LAST STOPPED. FAR? EXERCISES
Factors Driving the Growth of Entrepreneurship

The reason for small firm formation can be divided between “pull” and “push” influences.
I. “Pull” Influence
• Some individuals are attracted towards small business ownership by positive motive such as a
specific idea which they are convinced will work. ”Pull” motives include:
a. Desire for independence: The general, informal agreement was that if employees came to
work every day and fulfilled their responsibilities, they would have long-term employment
with that corporation. But as competition increased and new business practices evolved,
this unspoken guarantee no longer held true. The model of certainty of employment
gradually disappeared. As people acquired a new perspective on their careers and income,
they increasingly realized that we are all responsible for our own paths.
b. Desire to exploit an opportunity: the excitement and fun of creating something new.
c. Turning a hobby or previous work experience into a business: The older model of stability
through working hard for someone else has vanished. Most studies suggest that people
change their careers between three and seven times. Note that this is not how often
people change jobs, but how often they change their careers, moving from one industry to
another, or moving from one type of work to a different type of work. This awareness and
acceptance have encouraged recent generations to consider creating their own futures
through entrepreneurial ventures.
Factors Driving the Growth of Entrepreneurship

The reason for small firm formation can be divided between “pull” and “push” influences.
I. “Pull” Influence
d. Financial Incentive(reason): example, combination of retirement and longer life
expectancies. Many people enjoy working. For them, retirement consists of too much
open time and not enough activities or the type of engagement with the outside world
that fulfilled their needs during their working lives. Retirement also presents unique
financial considerations, depending on an individual’s lifetime savings and planning. The
combination of having available time and a desire for continued earnings encourages
some older adults to explore their own entrepreneurial opportunities.

• The promise of long-term financial independence can clearly be a motive in starting new firm,
although it is usually not quoted as frequently as other factors.
Factors Driving the Growth of Entrepreneurship

II. “Push” Independence

• Many people are pushed into founding a new enterprise by variety of factors including:
1.Redundancy
2. Being without a job (idleness)
3.Unemployment (or threat of)
4.Disagreement with previous employer==>Uncomfortable relation at work has also pushed n
ew entrants into small business.
• Research shows that 47 percent of all US employment is at risk through artificial intelligence and
other technologies, although there will also be new opportunities for jobs that currently don’t
exist.
• When we work for someone else, we are at the mercy of their decisions and actions, but we get
paid and don’t carry the full risk of their decisions. When we work for ourselves, we get to make
the decisions (not that making decisions is easy). But when we have our own business, we have
greater control—in exchange, we also carry the risk for all decisions we make. This control over
decision-making is one reason that some people find the world of entrepreneurship attractive.
• The dividing line between those “pulled” and those “pushed” is often blurred.
Outcomes of Entrepreneurship

▪ Economic growth
▪ New industry formation
▪ Job creation….

Go to www.menti.com and use code (only valid during teaching)

Success factors for entrepreneurs

• Most new ventures succeed because their founders are capable

individuals.
• The entrepreneurial team
• Incremental growth of product or services
• Marketing and timing: Market potential is critically influenced
by timing of new products or services.
Drawbacks of entrepreneurship

Limited resource - entrepreneurship mostly starts from small investment or

contribution of owners are more than one individual

Lack of experience - most of entrepreneurs have no experience and this

may lead to in efficiency

Disagreement between member - if the owner of entrepreneur is more

than one person, disagreement between them can be created. This
disagreement can limit the operation of the business.

Uncertainty of income - opening and running a business provide no

guarantee that an entrepreneur will earn enough money to survive
Drawbacks of entrepreneurship

Risk - starting or buying a new business involves risk and the higher
rewards the greater the risk entrepreneurs usually face. This is why
entrepreneurs tend to have evaluate risk very carefully

Lower quality of life until the business gets established - the long hour
and hard work needed to launch a business can take their tall in the
rest of the entrepreneur's life

Complete responsibility - it is great to be the boss, but many

entrepreneurs find they must make decision on issues about which
they are not knowledgeable. When there is no one to ask the pressure
can build quickly the realization that, the decisions they make are the
cause of success or failure.
Elements involved in Entrepreneurship

a. RISK:- Simply stated risk is “a condition in which there is a possibility of an

adverse deviation from a desired outcome that is expected or hoped from
applied to a business risk translates into the possibility of losses associated
with the assets and the earning potential of the firm. ”
Entrepreneurs face a number of different types of risk. These can be grouped
into basic areas.
a. Political risk
b. Business risk
c. Economic risk
d. Property risk
e. Personal risk

At your own time, write definitions for above risks with examples
Elements involved in Entrepreneurship

b. Information
Information gives the following importance to the Entrepreneur:
• To know the position of their competitors that is their strength and weaknesses,
business strategy they use and their long-term plan.
• To know threats and opportunity in doing business
• Helps to design long term objectives and goals indicate capital requirement
(labour, capital and machinery)
• Helps to know market position locally and internationally.

Sources of information: Information are obtained from two main methods of data
collection. That is primary data collection and secondary data collection
❑ Collection of primary data:
• Observation method
• Interview method
• Through questioner
• Other methods which includes warranty cards, consumer panels, etc
Elements involved in Entrepreneurship

b. Information
❑ Collection of secondary data:-Secondary data are available in:
• Various publication of the central state and local government
• Various publications of foreign government or international bodies
and their subsidiary organization.
• Technical and trade journals
• Books, magazines and newspapers
• Reports
• Public records and statistics, historical documents.
Elements involved in Entrepreneurship

By way of caution, the entrepreneur before using secondary data must see that
the process following characteristics
➢ Reliability of data
a. Who collected the data?
b. What were the sources of data?
c. Were they collected by using proper methods?
d. At what time they collected. Etc.
➢ Suitability of data:- the data that are suitable for one enquiry may not be
suitable for another enquiry, then the researcher has to check the suitability
of the data properly.
➢ Adequacy(acceptability) of data
Entrepreneurial Vision

• An entrepreneur’s vision is the start of a roadmap that will determine

where he or she wants to go with their entrepreneurial efforts.
• Vision speaks to what the entrepreneur wants the business to look like in
the future—perhaps five or ten years out.
• A vision statement is the picture you have for what the venture will become
in the future: what it will grow into.
• The mission statement is a formal declaration about what the venture will
do, what value it will provide to the end customer, and how it will
accomplish this action.
• The value proposition is a summary statement that conveys the benefits
your product, service, or unique business process/model provides to
customers.
→ We might solve a problem, but if the value proposition isn’t relevant or seen
as “real” by the customer, the venture will probably not be successful.
Entrepreneurial Vision

• Finding a Mentor in your chosen area of interest and keep this person
apprised of your progress.

• The right mentor can open doors and help you rethink complex problems.
And yes, you're going to need more than one
Entrepreneurial Vision

• Example: Kevin F. Adler wanted to help homeless people. He created

Miracle Messages (www.miraclemessages.org ), a volunteer-based non-
profit organization with a goal of helping homeless people reconnect with
loved ones.
• The vision for this organization includes building a vast network of
volunteers and partnerships to stop homelessness and bring people
together.
• The business model encourages homeless people to create short Miracle
Messages through video, audio, or text, with messages then uploaded to
social media and other methods to find that person’s loved one.
Entrepreneurial Vision

• In an entrepreneurial venture, when the vision has a shorter timeline, such

as five years, it could focus on a local problem or situation, and over time
evolve into a vision that is broader and includes more diverse markets or
populations.
• Your vision should inspire the people involved in your start-up to support
your venture.
The Importance of Goals

Entrepreneurial vision imagines a future, whereas goals

focus on a desired outcome.

Although vision is key to creating the future that you

want for yourself and your business, goals are important
to help you realize the steps needed to make that vision a
reality.

SMART goals are well-structured and defined goals that

are specific, measurable, achievable, realistic, and timely
The Importance of Goals

Specific: Your goals should be precise rather than overly broad.

Measurable You should be able to test in some quantifiable manner whether a

goal has been met, meaning that there needs to be some method to
determine if the goal has been met or not.

Achievable The goal must be attainable; it cannot be so lofty that it cannot be

accomplished. On the other hand, the goal should not be so easy that
it can be accomplished quickly or with little effort.

Relevant The goal should be well suited for what you want to accomplish; this
means that the goal should be relevant to the outcome needed.

Timely Each goal needs to have a defined deadline, the time when the goal
must be accomplished. What time frame do you have for completing
your goals? How does this timeline fit into your overall plan?
The Importance of Goals

Example: a vacation
home in the mountains
You would include financial
goals tracked either
monthly or yearly to save a
what goals can you define You would also set goals
set amount of money
today that will lead to this about finding the right
based on your projection
outcome? locations.
of how much money it will
take to own these two
vacation homes.
Entrepreneurial mindset

• Many entrepreneurs start a new venture by solving a problem that is significant,

offering some value that other people would appreciate if the product or service
were available to them.
• Other entrepreneurs, in contrast, start a venture by offering a “better mousetrap”
(innovative variations of an existing idea) in terms of a product, service, or both.
• In any case, it is vital that the entrepreneur understand the market and target
segment well, articulate a key unmet need (“pain point”), and develop and deliver a
solution that is both viable and feasible. In that aspect, many entrepreneurs mitigate
risks before they launch the venture.
• Being aware of your surroundings and the encounters in your life can reveal multiple
opportunities for entrepreneurship. In our daily lives, we constantly find areas where
improvements could be made.
• For example, you might ask, “What if we didn’t have to commute to work?” “What if
we didn’t have to own a vehicle but still had access to one?” “What if we could relax
while driving to work instead of being stressed out by traffic?” These types of
questions inspired entrepreneurial ventures such as ride-sharing services like Uber,
the self-driving vehicle industry, and short-term bicycle access in the free bike-
sharing program
How to Cultivate an Entrepreneurial Mindset

5 things to success in your own entrepreneurial adventure:

• Passion: your reason for being, for doing, need to bring joy.
✓ A critical component of the entrepreneurial process.
✓ Passion can keep an entrepreneur going when the outside world sends
negative messages or less-than-positive feedback.
• Focus on your niche: not perfect product, service at the beginning but as you go,
learn from customers. Business value and mission statement is always being
honoured
• Build a trusted and talented team, partner with individuals who have the skills and
knowledge that you do not. Your success is dependent on what everyone can bring
to the table so communicate, collaborate and elevate each other
✓ Having strong community around you is essential to open doors for you and to
help you grow
✓ Rely on your mentors for advice and support and don’t let pride get in the way
of asking for help
✓ Teamwork makes the dream works
How to Cultivate an Entrepreneurial Mindset

• Embrace failure : failure is part of your journey to success but when you feel
like you want to quit just remember why you started this journey in the first
place
• Set small achievable goals. It’s easy to lose sight of the finish line when it’s
so far away. So, to help you get to your destination break down your huge
task into more manageable to do’s → this way can hold yourself accountable
and stay focused on making progress.
✓ Consistency is key
How to Cultivate an Entrepreneurial Mindset

• There will be a huge number of challenges , a lot of negativity from others

and periods where you don’t see any growth and may be tempted to give it
all up
• But never let go of your dream, don’t be embarrassed by failures, or care
what others think of you, instead use each setback as a learning lesson from
which you can grow and improve, and come back even stronger and wiser
• Most important of all, don’t underestimate yourself
• Entrepreneurial journey may be an uphill battle, but it’ll be very rewarding

Entrepreneurial mindset: what is it & how to think like an entrepreneur

https://www.betterup.com/blog/entrepreneurship-mindset
Exercises

1. How Can You Put Your Strengths to Work?

▪ Create a list of ten strengths that you currently possess. If you need help
creating your list, ask your friends or family what they believe you are
good at doing. Think about what achievements you have accomplished,
what compliments you have received, and what people say about you.
The answers to these questions will help you identify your strengths.
▪ Create a list of ideas that build off your strengths or are related to your
strengths.
▪ Then analyse this list to create another list of possible businesses that
you could start that relate to your strengths.

2. In your daily life, what problems do you encounter? What would make
your life easier? How would you finish this sentence: “If only ________
existed, my life would be better or easier”?
Exercises

3. Visit the UNESCO Global Action Programme on Education for

Sustainable Development (https://en.unesco.org/gap ) and review other
submissions that may activate your own creativity in thinking about how
you want to contribute your skills and knowledge to improve our world.
a) What problem have you identified?
b) What can you do to resolve that problem?
Thinking Decides Vision, Vision Decides Achievement

• A fictional example: Three young men go out together, looking for

prosperous business opportunities. In a far far away mountain town, they
found a red apple, big and sweet. The local price of this high-quality apple is
very cheap.

What will you do to develop your own business?

Geoffrey Nicholson, PhD from Imperial College, UK, former research and
development director at 3M, said,
“Research is the process of turning money into knowledge; and Innovation is
the process of turning knowledge into money.”

Review questions
Go to www.menti.com and use code (only valid during teaching)
References

• Cantillon, R. (1775). The circulation and exchange of goods and merchandise. Chapter 13 of
Higgs, H. (Ed), Essai sur la Nature du Commerce en Général, Macmillan, London.
• Hamilton, R. T., & Harper, D. A. (1994). The entrepreneur in theory and practice. Journal of
economic Studies, 21(6), 3-18.
• Hamilton, R. T., & Harper, D. A. (1994). The entrepreneur in theory and practice. Journal of
economic Studies, 21(6), 3-18.
• Kuratko, D. F. (2016). Entrepreneurship: Theory, process, and practice. Tenth Edition, Boston,
USA: Cengage Learning.
• Gartner, W. B. (1988). Who is the entrepreneur? Is the wrong question. In American Journal of
Small Business; Spring, 88, 12(4), 11-32.
• Gartner, W. B., Shaver, K. G., Gatewood, E., & Katz, J. A. (1994). Finding the entrepreneur in
entrepreneurship. (Editorial), Entrepreneurship Theory and Practice. 18(3), 5-9.
• Ramachandran, K. K., & Gokila, R. (2012). International Entrepreneurship—Opportunities and
Challenges. In Creativity, Innovation and Entrepreneurship, Jerinabi, U., & Santhi, P. (Eds), New
Delhi, India: Allied Publishers Private Limited, pp, 21- 25.
THANK YOU