MBAX 6100 Entrepreneurship & Small Business Management Frank Moyes Leeds College of Business University of Colorado Boulder, Colorado Introduction to Entrepreneurship

Today’s Agenda Introductions Course organization Nature of entrepreneurship Role in society Defining Entrepreneurship Discussion of venture ideas Introduction to Entrepreneurship

Objectives of the Course Learn how to recognize and evaluate business opportunities Understand the issues faced by entrepreneurs who want to start their own business. Acquire skills and tools required to start a business. Determine your own potential to be an entrepreneur Introduction to Entrepreneurship

Really Understand What is a compelling Opportunity/Need How to determine the Value Proposition Product/Service Target market Unique benefit What is a sustainable Competitive Advantage How to gauge the Profitability of a new venture Introduction to Entrepreneurship

Required Materials Bygrave & Zacharakis, The Portable MBA in Entrepreneurship Mullins, The New Business Road Test Course Packet Hand-outs in class: various articles and reading materials Introduction to Entrepreneurship

Communications frank.moyes@colorado.edu Office Hours: Business Room 328A Monday 4:00to 6:00pm Wednesday 4:00 to 5:30 And by appointment Website: http://leeds-faculty.colorado.edu/moyes Communications: List Serve Introduction to Entrepreneurship

Course Organization Entrepreneurship concepts, practices and tools Case studies Speakers Evaluation & grading 2 projects Entrepreneur interview Feasibility Plan Mid-term exam Class participation Expectations Introduction to Entrepreneurship

Course Topics What is entrepreneurship & do you have the right stuff? Course Topics What is entrepreneurship & do you have the right stuff? Recognizing good opportunities Corporate entrepreneurship Funding entrepreneurial ventures Legal issues that entrepreneurs should worry about Managing growth Harvesting Entrepreneurial ethics Introduction to Entrepreneurship

What is Entrepreneurship? Introduction to Entrepreneurship

Historical Definition French term: people who provide men and materials to feudal lords. Introduction to Entrepreneurship

Timmons's Definition “Entrepreneurship is creating and building something of value from practically nothing. That is, entrepreneurship is the process of creating or seizing an opportunity and pursuing it , regardless of resources presently controlled.” Jeffrey Timmons Introduction to Entrepreneurship

Timmons's Definition “Entrepreneurship is creating and building something of value from practically nothing. That is, entrepreneurship is the process of creating or seizing an opportunity and pursuing it ,regardless of resources presently controlled.” Jeffrey Timmons French term: people who provide men and materials to feudal lords. Introduction to Entrepreneurship

Economist’s Definition “The entrepreneur is the innovator who implements change within markets through the carrying out of new combinations.” Schumpeter(1934) Later he calls it “creative destruction”. What does he mean? Introduction to Entrepreneurship

Poetic Definition “Entrepreneurship is a state on mind, an artful, insightful, and innovative mentality, not simply ‘business administration’; it is a way of perceiving and exploiting opportunities wherever they may be found.” Unknown Source Introduction to Entrepreneurship

Poetic Definition “Entrepreneurship is a state on mind, an artful, insightful, and innovative mentality, not simply ‘business administration’; it is a way of perceiving and exploiting opportunities wherever they may be found.” Unknown Source Introduction to Entrepreneurship

Who Are Entrepreneurs? “ Some are eccentrics; some painfully correct nonconformists; some are fat, some are lean; some are warriors, some relaxed; some drink quite heavily, others abstain; some have great charm or warmth; some have no more personality than a frozen mackerel.” Peter Drucker Introduction to Entrepreneurship

Who Are Entrepreneurs? “Entrepreneurs are societies rejects, instead of becoming hobos, criminals or professors, the start their own business.” Thereau Introduction to Entrepreneurship

Corporate Entrepreneurship “Formal or informal activities aimed at creating new businesses in established companies through product and process innovations and market developments.” Zahra “…centers on reenergizing and enhancing the firm’s ability to acquire innovative skulls and capabilities.” Morris & Kuratko “Cost-effective innovation or intrapreneurship” Pinchot Introduction to Entrepreneurship

Corporate Entrepreneurship “Formal or informal activities aimed at creating new businesses in established companies through product and process innovations and market developments.” Zahra “…centers on reenergizing and enhancing the firm’s ability to acquire innovative skulls and capabilities.” Morris & Kuratko “Cost-effective innovation or intrapreneurship” Pinchot Introduction to Entrepreneurship

Next Class Tuesday Section Entrepreneurial Manager Assignment: Read B-Z Chapter 1 - The Entrepreneurial Process Read M Chapter 6 – Mission, Personal Aspirations & Risk Propensity Crunch case study Questions to think about for next week Think of an entrepreneur that you know personally. What makes him or her an entrepreneur? Was Mother Theresa an entrepreneur? Introduction to Entrepreneurship