Wuhan University of Science and Technology Entrepreneurship Michael Stoica Washburn University Wuhan University of Science and Technology

Course Schedule Part I – Skype Interaction Part II – WUST March 31 – May 7, 2010 Part II – WUST May 20 – May 27, 2010

Business is a game, the greatest game in the world if you know how to play it. (Thomas Watson Sr.)

Flow of the E-Program Flow of the course Idea  Offering  Business  Market Share  Profit  Harvest Start something else Flow of the course

   An Entrepreneurship course is about: A. Teaching how to start a business B. Teaching how to become proactive Look for opportunities Design an offering Design (plan) the market entry Execute the plan    Add value to the company Be proactive

Corporate Entrepreneurship Social Entrepreneurship Change Agent Corporate Entrepreneurship Social Entrepreneurship

Defining Entrepreneurship Process by which individuals pursue opportunities without regard to resources they currently control. Creative destruction Ex: Charlie Trotter Creating value and dissemination of value to customers E  Identify opportunities and putting useful ideas into practice Pierre Omidyar saw an opportunity to create a marketplace where buyers and sellers could find each other online, he risked his career by quitting his job to work on his new company full time. He worked hard (had the drive) to build a profitable company that delivers a creative and useful service.

Why become entrepreneur? Be your own boss Pursue your own ideas Realize financial rewards

Characteristics of successful entrepreneurs Passion for their business Product/customer focus Execution intelligence (the ability to fashion a solid business idea into a viable business) Tenacity despite failure Curiosity and alertness (the ability to identify an opportunity)  Change Agent

Entrepreneurial Profile Desire for responsibility High degree of commitment Preference for moderate risk Tolerance for ambiguity Confidence in their ability to succeed Tenacity Desire for immediate feed-back High level of energy Future orientation Skill of organizing Value of achievement over money  Opportunities and benefits

Benefits of Entrepreneurship To create your own destiny To make a difference To reach your full potential Opportunity To reap impressive profits To contribute to society To be recognized for your efforts To do what you enjoy and to have fun

Potential Drawbacks of Entrepreneurship Uncertainty of income Risk of loosing the entire investment Long hours and hard work Lower quality of life until the business gets established High levels of stress Complete responsibility Discouragement

Myths about entrepreneurs Entrepreneurs are born, not made Entrepreneurs are gamblers Entrepreneurs are motivated primarily by money Entrepreneurs should be young and energetic

Type of start-up firms Salary substitute firms Lifestyle firms Entrepreneurial firms Provide their owner(s) a similar level of income to what they would be able to earn in a conventional job Provide owner(s) the opportunity to pursue a particular lifestyle and make a living at it Bring new products/services to the market by creating/seizing opportunities without regard to resources they currently control new, value (worth), growth

Innovation vs. Entrepreneurship Innovation = Process of creating something new Small and mid-sized entrepreneurial firms are responsible for 67 percent of innovation in the USA Innovator vs. Entrepreneur

Project Be curious Look for opportunities Look for business ideas Come to class and present your business idea