ENTREPRENEURSHIP.

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Entrepreneurship Taking a good idea … … to the “next level”

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Presentation transcript:

ENTREPRENEURSHIP

Words,words, words entrepreneur (n.) enterprise (n.) entrepreneurial (adj.) an entrepreneurial approach entrepreneurial skills small and medium-size enterprises (SME)

An entrepreneur is … …an individual who, rather than working as an employee, runs a business and assumes all the risk and reward of a given business venture, idea, or good or service offered for sale. The entrepreneur is commonly seen as a business leader and innovator of new ideas and business processes. Source: www.investopedia.com

Entrepreneurs … … play a key role in any economy. These are the people who have the skills and initiative necessary to take good new ideas to market and make the right decisions to make the idea profitable. The reward for the risks taken is the potential economic profits the entrepreneur could earn. Source: www.investopedia.com

It all starts with an idea … Who is behind these inventions? Assembly line Hot-air baloon Battery CD Dynamite Helicopter Electric guitar Printing press Penicillin Viagra Parachute Teddy the Guardian

What ideas did they bring to life? Henry Ford Montgolfier brothers Volta Philips Electronics, Sony Corp Alfred Nobel Igor Sikorsky Les Paul Johannes Gutenberg A. Fleming Phizer Inc. Faust Vrančić Ana Burica & Josipa Majić

It all starts with a good idea … Assembly line (Henry Ford) Hot-air baloon (Montgolfier brothers) Battery (Volta) CD (Philips Electronics, Sony Corp.) Dynamite (Alfred Nobel) Helicopter (Igor Sikorsky) Electric guitar (Les Paul) Printing press (Johannes Gutenberg) Penicillin (A. Fleming) Viagra (Phizer Inc.) Parachute (Faust Vrančić) Teddy the Guardian (Ana Burica, Josipa Majić)

Youngstown business incubator

It takes a lot more than an idea to start a business Business Plan WHAT? WHY? WHO? HOW? …

Business Plan (MK: pp.78-79) SWOT analysis, sustainable competitive advantage forecasts, projections vs. actual figures break-even point exit strategy target market

What is entrepreneurship about? Crazy Diamonds (RB.p.60) It is not always about … But it is about …

Words, words, words misconception misleading assumptions boost growth venture capitalist create jobs barriers to entry start-ups clusters conventional businessman determination policymakers overcome obstacles gurus Silicon Valley

What is this evidence of? George Mitchell (3) Miguel Davila (3) Jim McCann (4) Valley of the BioGhosts (5) Celtel (7) Sea to Table (7) TCS (8)

RB.p.60: Crazy Diamonds What is entrepreneurship? What is it usually related to? (pgs. 1-4) Misconceptions? (pg. 5) Redefining entrepreneurship (pgs. 6-8) Advice to policymakers? (pgs. 9-10)