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    Chapter 1 & 2: Entrepreneurship: Chapter 1: Definition and Evolution

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    The document summarizes key concepts from chapters 1 and 2 on entrepreneurship. Chapter 1 defines entrepreneurship, discusses its role in economic growth, and outlines common features in the Pacific Rim region. It also examines the process of new venture creation and the risks involved, including financial, career, social, and health risks. Chapter 2 likely expands on these topics.

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    Chapter 1 & 2: Entrepreneurship: Chapter 1: Definition and Evolution

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    Key On
    28 views21 pages
    The document summarizes key concepts from chapters 1 and 2 on entrepreneurship. Chapter 1 defines entrepreneurship, discusses its role in economic growth, and outlines common features in the Pacific Rim region. It also examines the process of new venture creation and the risks involved, including financial, career, social, and health risks. Chapter 2 likely expands on these topics.

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    Chap 1

    Original Title

    Ch 1 -Entreprenurship1

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    The document summarizes key concepts from chapters 1 and 2 on entrepreneurship. Chapter 1 defines entrepreneurship, discusses its role in economic growth, and outlines common features in the Pacific Rim region. It also examines the process of new venture creation and the risks involved, including financial, career, social, and health risks. Chapter 2 likely expands on these topics.

    Copyright:

    © All Rights Reserved
    Download as PPT, PDF, TXT or read online from Scribd
    Download as ppt, pdf, or txt
    28 views21 pages

    Chapter 1 & 2: Entrepreneurship: Chapter 1: Definition and Evolution

    Uploaded by

    Key On
    The document summarizes key concepts from chapters 1 and 2 on entrepreneurship. Chapter 1 defines entrepreneurship, discusses its role in economic growth, and outlines common features in the Pacific Rim region. It also examines the process of new venture creation and the risks involved, including financial, career, social, and health risks. Chapter 2 likely expands on these topics.

    Copyright:

    © All Rights Reserved
    Download as PPT, PDF, TXT or read online from Scribd
    Download as ppt, pdf, or txt
    of 21

    Chapter 1 & 2

    Entrepreneurship:

    Chapter 1: definition and evolution

    Chapter one - Entrepreuership


    Chapter outline

    • Defining entrepreneurship
    • The role of entrepreneurship in economic
    growth and development
    • Common features of entrepreneurship in
    the Pacific Rim region

    Chapter one - Entrepreuership


    Learning objectives

    • Provide a definition of entrepreneurship


    • State the key elements of
    entrepreneurship
    • Explain the process of new venture
    creation

    Chapter one - Entrepreuership


    Learning objectives

    • Explain the role of entrepreneurship in


    economic growth
    • Discuss the common features of
    entrepreneurship in the Pacific Rim region

    Chapter one - Entrepreuership


    Defining entrepreneurship

    • Entrepreneurship as a term was first used


    during the Industrial Revolution.
    • It described the new phenomenon of the
    individual who formulated a venture idea,
    developed it, assembled resources and
    created a new business venture.

    19th century in Europe

    Chapter one - Entrepreuership


    Defining entrepreneurship

    • The entrepreneur has thus emerged as


    a pivotal figure who operates within a
    market.
    • Entrepreneur
    – Risk taking
    – React to opportunity
    – Bear uncertainty

    Chapter one - Entrepreuership


    Towards a definition of
    entrepreneurship

    • Entrepreneurship:
    (No agreed definition) – earlier based on
    entrepreneur
    • The process brought about by individuals
    of identifying new opportunities and
    converting them into marketable products
    or services.

    Chapter one - Entrepreuership


    The key elements of
    entrepreneurship

    Chapter one - Entrepreuership


    The key elements of
    entrepreneurship

    • There are five generally agreed


    conditions that are necessary for
    entrepreneurship to occur:
    1) an individual (the entrepreneur)
    2) a market opportunity
    3) adequate resources
    4) a business organisation
    5) a favourable environment
    Chapter one - Entrepreuership
    The key elements of
    entrepreneurship
    • The entrepreneur is responsible for
    bringing these contingencies together to
    create new value
    • “Er – perceives an opportunity, marshals
    the resources, build an organization
    which combine resources to exploit the
    opportunity” – a process
    • to become a successful Er - Active,
    Alertness, prior learning, social networks

    Chapter one - Entrepreuership


    Entrepreneurial opportunities:

    Those situations in which new products,


    services and processes can be
    introduced and sold at greater than their
    cost of production.

    Chapter one - Entrepreuership


    The process of new venture
    creation

    • Not all individuals have the potential to


    launch a business venture ..

    • And of those of do, not all will attempt ...

    RIGHT PERSON @ RIGHT PLACE

    Chapter one - Entrepreuership


    The process of new venture
    creation

    • Of those who attempt, not all will


    succeed..

    • Among the newly established business


    ventures, only a proportion will survive.

    RIGHT PERSON @ RIGHT PLACE

    Chapter one - Entrepreuership


    The risks of a career in
    entrepreneurship

    There are 4 types of risks to consider :


    – financial risks
    – career risks
    – social risks
    – health risks

    Chapter one - Entrepreuership


    Financial risks

    • Large amounts of own money have to be


    invested.
    • Collateral to raise finance
    • After start-up most of the profits are
    usually reinvested.

    Chapter one - Entrepreuership


    Financial risks

    • Borrowing funds from bankers, venture


    capitalists, or partners can reduce
    financial risks.
    • Legal structures can help to minimise
    financial risks. E.g. Assets in wife’s name,
    business as company (not as proprietor)

    Chapter one - Entrepreuership


    Career risks

    • Questions about (re-)employment after an


    eventual failure must be considered.
    • This risk is particularly acute for well-paid
    specialists and people close to retirement.
    • Risks can be minimised by launching a
    business on a part-time basis.

    Chapter one - Entrepreuership


    Social risks

    • Starting a business venture requires


    much of the entrepreneur’s energy and
    time.
    • Family & social commitments may suffer
    • The decision to set up a venture should
    therefore involve the family to reduce
    conflict potential.

    Chapter one - Entrepreuership


    Social risks

    • Another risk is linked to the (negative)


    image of failed entrepreneurs
    • e.g. Singapore — hence the kia siu
    attitude — ‘afraid to lose’. Perceived as a
    disgrace or bring shame

    Chapter one - Entrepreuership


    Health risks
    • Entrp is a rigorous activity : mentally and
    physically
    • No clear separation between work & non-work
    • Evidence shows entrepreneurs experience
    higher job stress and psychosomatic health
    problems
    • Would-be entrepreneurs should make sure
    that their health can cope with the demands
    and challenges of starting and running a
    business. Kept organized

    Chapter one - Entrepreuership


    Additional Questions

    • Explain the 4 types of risks of a career in


    entrepreneurship?

    • Tesla Motors was named the most


    innovative company in 2016 by Forbes
    magazine. Who is Tesla Motors named
    after? Who is the CEO? And how is it an
    innovative company?

    Chapter one - Entrepreuership

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