1. What is entrepreneurship?
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Lecture 1

2. Contents 1 2 3 What is entrepreneurship? Types of entrepreneurship
Why entrepreneurship matters 3

3. Aim for the session By the end of the session, students will:
Be able to define entrepreneurship
Identify many different forms of entrepreneurship
Understand why entrepreneurship matters

4. What is entrepreneurship?

5. Can you name some entrepreneurs?

6. Pictures from top left clockwise – 1. Elon Musk,Tesla (top left) 2
Pictures from top left clockwise – 1. Elon Musk,Tesla (top left) 2. Steve Jobs, Apple (top right) 3. Bill Gates, Microsoft (bottom left) 4. Mark Zuckerberg, Facebook (bottom right)

7. Popular misconceptions about entrepreneurship
Entrepreneurship requires large investment
Entrepreneurship is good for people who want better work-life balance
It is all about money and quick enrichment
Entrepreneurship is for younger people
It is a niche activity

8. What is entrepreneurship?
“Entrepreneurship is when you act upon opportunities and ideas and transform them into value for others. The value that is created can be financial, cultural, or social.”
Moberg and Stenberg (2012:14)
Entrepreneurship has many understandings and they may differ with age, gender and culture. It is commonly equated with self-employment or business creation whereby an individual or a group of individuals establish a new firm. Also, news and official data on entrepreneurship base their stories and claims on the numbers of new enterprises created in the given time period. However, the truth is that not all new businesses are entrepreneurial and not all entrepreneurial endeavours take a form of a new venture.
The definition adopted by the European Commission takes a broad view of entrepreneurship;

9. What is entrepreneurship?
“Entrepreneurship is when you act upon opportunities and ideas and transform them into value for others. The value that is created can be financial, cultural, or social.”
Moberg and Stenberg (2012:14)
Not only profit-oriented
This definition challenges most of the common misconceptions and explains many disagreements existing within current entrepreneurship discourse. The declaration that it is about creating financial, cultural or social value for others has wide reaching consequences. It does not confine entrepreneurship to profit oriented activity.

10. What is entrepreneurship?
“Entrepreneurship is when you act upon opportunities and ideas and transform them into value for others. The value that is created can be financial, cultural, or social.”
Moberg and Stenberg (2012:14)
Not only profit-oriented
Can include social entrepreneurs, artists, politicians
It is also inclusive of artists and social entrepreneurs and those who are not self-employed.

11. Types of Entrepreneurship

12. Types of Entrepreneurship
Opportunity
Entrepreneurship
Necessity Entrepreneurship
pulled into entrepreneurship – choose to exploit an opportunity
pushed into entrepreneurship – no other options for employment

13. Types of Entrepreneurship
Commercial Entrepreneurship
Social Entrepreneurship
profit maximisation as a main objective
still contributes to the society by introducing variety, new and valuable goods, services and jobs
social value creation as main objective of business
aim to meet currently unmet social needs

14. Types of entrepreneurship
New Venture Creation
Intrapreneurship
pursuing opportunities or creating economic value through starting an independent new business organisation
pursuing new opportunities or creating economic value through developing a new venture within an existing organisation

15. Types of entrepreneurship
Private Sector Entrepreneurship
Public Sector Entrepreneurship
typically what we think of when we think of entrepreneurship
innovations that improve efficiency and the quality of public service and generate greater economic prosperity
While private sector entrepreneurship takes place in the private sphere with individuals working for themselves or private companies, public sector entrepreneurship takes place in the public sector organisations. It is a pursuit of innovations that improve efficiency and the quality of public service and generate greater economic prosperity. These may include new and improved services, administrative processes, technologies and strategies. Entrepreneurship within the public sector resembles intrapreneurship in large companies as these kinds of organisations have similar environment and conditions including stable hierarchies, entrenched cultures, formalised processes and procedures. However, entrepreneurs within the public sector face additional constitutional, legal and political constraints. Examples of public sector entrepreneurship is introduction of WIFI service on the buses in Finnish city of Tampere in Tampere is Finland’s high-tech city with many ICT companies based there. The purpose of the internet bus was to reduce the digital divide in Tampere.

16. Types of entrepreneurship
Academic Entrepreneurship
Cultural Entrepreneurship
an act of commercialising knowledge and research developed within universities
pursing opportunities that create something new and valuable in the cultural and creative spheres

17. Why entrepreneurship matters
Entrepreneurial behaviour is at the root of human activity. People’s ideas and creations provide products, services and solutions that organise human activity and make life easier.
Contributes to the economy (growth, development, employment)
Contributes to the society and culture

18. Summary
common views of entrepreneurship associate it solely with business creation and profit orientation yet it is broader than this
“Entrepreneurship is when you act upon opportunities and ideas and transform them into value for others. The value that is created can be financial, cultural, or social.”
Entrepreneurship can take many forms – commercial or social, new venture creation or intrapreneurship; entrepreneurship is present in the public sector, academic and cultural spheres.

19. Thank You !