2. Changes in Technology Time Span 1700-1900 1900-2000 2000 Economy
Agriculture
Manufacturing
Information
Technology
Plow
Machine
Computer
Output
Food
Goods
Resource
Land
Capital
Knowledge
Unit
Family
Corporation
Networks
Energy
Muscle
Fossil Fuel
Minds
Education
Demands
Focus
Hands-on
Minimal
“What?”
Procedures
Appreciable
“How?”
Thinking
Continuous
“Why?”

3. New Economic Paradigm? Issue Old Economy New Economy Markets Stable
Dynamic
Competition
National
Global
Organizational Form
Hierarchical
Networks, Entrepreneurial
Mobility of Business
Low
High
Key Factors
Capital/Labor
Knowledge/Innovation
Effect of Innovation
Moderate
Institutional Relations
Self-sufficient
Collaborative
Government
Imposed Requirements
Deregulation and Assistance
Research Areas
Physical Sciences, Engineering
Information Systems, Biological Sciences

4. When we say entrepreneurship, what comes to mind?

5. A Spectrum of Entrepreneurial Skills and Activity
MARKET
IMPROVEMENT
BRAIN
INSIGHT
Creativity & Ideation
Alertness and Opportunism
Execution

6. Creativity and Ideation
Imagination
Effective problem solving (Kirkham, et al.)
Radical innovation thinking (Schumpeter)
Idea evaluation (Cooper)
Motivation (Amabile)
Persuasion (Csikszentmihalyi)
Vision

7. Alertness and Opportunism
Alertness (Kirzner)
Opportunity recognition (Alvarez & Barney; Dimov)
Proactiveness (Lumpkin & Dess)
Tenacity
Willingness to adapt / pivot (Ries)

8. Execution Strategic entrepreneurship (Ireland, et al.)
Market validation (Ries; Blank)
Effective business modelling (Ostervalder & Pigneur)
Resource management (Leibenstein; Barney)
Risk assessment and management (Knight)

9. OK, but can these entrepreneurial skills be learnt / taught?

10. Absolutely!
Some of what we associate with successful entrepreneurship may be innate
But education matters
Scott Shane (2011) showed that entrepreneurial success rates increase with each successive climb up the education ladder
Experience has clearly shown that students can develop entrepreneurial skills by doing and creating something real

11. Background Why so popular?
The skills and attributes associated with successful entrepreneurship are in demand
By whom?

12. By employers! Not just for those thinking about starting a business
It’s about employability
The skills associated with successful entrepreneurship enhance employability
Roberts Review (2002)
Employers want ‘commercial awareness’
Schools focused on entrepreneurship education best at developing it

13. By students!
New research from EFMD (European Foundation for Management Development)
PG education trending towards entrepreneurship
Entrepreneurship is now in the top five most demanded content according to a study of 476 prospective MBA students in 79 countries.

14. The benefits are clear! Entrepreneurship grads v. General grads:
Three times more likely to start a new business
Earning annual incomes 27% higher; owning 62% more assets
If working for someone else, earning £15,000/year more
More satisfied with their jobs
Entrepreneurship Education Impact Study
Eller College of Business, University of Arizona, June 2000

15. Defining Entrepreneur – Easier said than done

16. Entrepreneur
entrepreneur 1. the owner or manager of a business enterprise who, by risk and initiative, attempts to make profits a middleman or commercial intermediary. [from French, entreprendre to undertake - entrepreneurial adj, entrepreneurship n.

17. de commerce en general”
Richard Cantillon (168?-1734)
“L’essai sur la nature
de commerce en general”
First published 1755
Individuals who pursue profits under conditions of uncertainty

18. Richard Cantillon (168?-1734)
Expenditures are known, revenues are uncertain
For example, farming expenditure on seed, rent, wages known, harvest and market price unknown
Administrator rather than innovator
Broad definition - anyone who runs a business

19. Jean Baptiste Say ( )
Say’s Law - Supply creates its own demand
Supply side emphasis
Administration and organisation of resources
Characteristics of the entrepreneur

20. J.B. Say on the characteristics of the entrepreneur
“Judgement, perseverance and a knowledge of the world as well as of business. He is called upon to estimate with tolerable accuracy, the importance of the specific product, the probable amount of its demand, and the means of its production; at one time , he must employ a great number of hands; at another, buy or order the raw material, collect labourers, find consumers, and give at all times rigid attention to order and economy; in a word, he must possess the art of superintendence and administration…..”

21. Joseph Schumpeter
“Whatever the type, …one is an entrepreneur only when he actually carries out new combinations, and loses that character as soon as he has built up his business”
Entrepreneurship and economic development
Discrete innovation

22. Harvey Leibenstein
Market gaps
Types of entrepreneur

23. Mark Casson
“An entrepreneur is someone who specialises in taking judgmental decisions about the co-ordination of scarce resources”

24. Binks and Vale
“An unrehearsed combination of economic resources instigated by the uncertain prospect of temporary monopoly profit”

25. What’s your definition?