1. ENTREPRENEURSHIP CHAPTER 1 WHAT IS ENTREPRENEURSHIP? Prof.Dr.Huseyin ARASLI

2. TERMS OF ENTREPRENEURSHIP  NEW  INNOVATION  FLEXIBLE  DYNAMIC  CREATIVE  RISK-TAKING

3. DEFINITIONS  THE PROCESS OF CREATING SOMETHING DIFFERENT WITH VALUE BY DEVOTING THE NECESSARY TIME AND EFFORT, ASSUMING THE ACCOMPANYING FINANCIAL, PSYCHOLOGICAL, AND SOCIAL RISKS, AND RECEIVING THE RESULTING REWARDS OF MONETARY AND PERSONAL SATISFACTION R.D. HISRICH, (1986)

4. DEFINITIONS  THE CREATION AND MANAGEMENT OF NEW BUSINESSES, SMALL BUSINESSES, AND FAMILY BUSINESS. THE ACADEMY OF MANAGEMENT S.A.SHANE, (1997)

5. COMMON THEMES IN DEFINITIONS OF ENTREPRENEURSHIP Defining Entrepreneurship Profit or Non-for- Profit Growth Uniqueness The Entrepreneur Process Creating Value Organization Creation Innovation Source: W.B. Gartner, 1990

6. DEFINITION OF ENTREPRENEURSHIP THE PROCESS WHEREBY AN INDIVIDUAL OR A GROUP OF INDIVIDUALS USE ORGANIZED EFFORTS AND MEANS TO PURSUE OPPORTUNITIES TO CREATE VALUE AND GROW BY FULFILLING WANTS AND NEEDS THROUGH INNOVATION AND UNIQUENESS, NO MATTER WHAT RESOURCES ARE CURRENTLY CONTROLLED. MARY COULTER, 2001

7. HISTORICAL PERSPECTIVES ON ENTREPRENEURSHIP  ENTREPRENEURSHIP IS NOT A TWENTIETH OR TWENTY- FIRST-CENTURY PHENOMENON  EARLY IN THE EIGHTEENTH CENTURY THE FRENCH TERM ENTREPRENEUR WAS FIRST USED TO DESCRIBE A “GO-BETWEEN” OR A “BETWEEN-TAKER”  RICHARD CANTILLON, A NOTED ECONOMIST AND AUTHOR IN THE 1700s, USED THE TERM (ENTREPRENEUR) TO REFER TO A PERSON WHO TOOK AN ACTIVE RISK- BEARING ROLE IN PURSUING OPPORTUNITIES

8. HISTORICAL PERSPECTIVES ON ENTREPRENEURSHIP  THIS INDIVIDUAL-THE ENTREPRENEUR-SERVED AS THE BRIDGE BETWEEN SOMEONE WHO HAD THE CAPITAL, OR MONAY, BUT WHO CHOSE NOT TO PERSONALLY PURSUE THOSE OPPORTUNITIES  INSTEAD AN INDIVIDUAL (OR GROUP OF INDIVIDUALS) FINANCED THE PURSUIT OF OPPORTUNITIES AND THE ENTREPRENEUR SERVED AS THE GO-BETWEEN-THE ACTIVE (ACTIVELY INVOLVED) RISK TAKER

9. HISTORICAL PERSPECTIVES ON ENTREPRENEURSHIP  LATE IN THE EIGHTEENTH CENTURY, THE CONCEPT OF ENTREPRENEURSHIP WAS EXPANDED TO INCLUDE NOT ONLY THE BEARING OF RISKS BUT ALSO THE PLANNING, SUPERVISING, ORGANIZING, AND EVEN OWNING THE FACTORS OF PRODUCTION.

10. HISTORICAL PERSPECTIVES ON ENTREPRENEURSHIP  THE END OF THE NINETEENTH CENTURY, THE CONCEPT OF ENTREPRENEURSHIP CHANGED SLIGHTLY AGAIN TO DISTINGUISH BETWEEN THOSE WHO SUPPLIED FUNDS AND EARNED INTEREST AND THOSE WHO PROFITED FROM ENTREPRENEURIAL ABILITIES.  DURING THE EARLY PART OF THE TWENTIETH CENTURY, THERE WASN’T MUCH CHANGE IN HOW THE ROLE OF ENTREPRENEURSHIP WAS VIEWED

11. MISCONCEPTIONS ABOUT ENTREPRENEURSHIP  SUCCESSFUL ENTREPRENEURSHIP TAKES ONLY A GREAT IDEA  ENTREPRENEURSHIP IS EASY  ENTREPRENEURSHIP IS A RISKY GAMBLE  ENTREPRENEURSHIP IS FOUND ONLY IN SMALL BUSINESS  ENTREPRENEURIAL VENTURES AND SMALL BUSINESSES ARE THE SAME THING

12. THE CURRENT IMPORTANCE OF ENTREPRENEURSHIP  INNOVATION  NUMBER OF NEW START-Ups  JOB CREATION

13. THE BENEFITS OF ENTREPRENEURSHIP  OPPORTUNITY TO CREATE YOUR OWN DESTINY  OPPORTUNITY TO MAKE A DIFFERENCE  OPPORTUNITY TO REACH YOUR FULL POTENTIAL  OPPORTUNITY TO REAP (get) UNLIMITED PROFITS  OPPORTUNITY CONTRIBUTE TO SOCIETY AND BE RECOGNIZED FOR YOUR EFFORTS  OPPORTUNITY TO DO WHAT YOU ENJOY AND HAVE FUN AT IT

14. THE NINE DEADLY MISTAKES OF ENTREPRENEURSHIP 1. MANAGEMENT INCOMPETENCE 2. LACK OF EXPERIENCE 3. POOR FINANCIAL CONTROL 4. FAILURE TO DEVELOP A STRATEGIC PLAN 5. UNCONTROLLED GROWTH 6. POOR LOCATION 7. IMPROPER INVENTORY CONTROL 8. INCORRECT PRICING 9. INABILITY TO MAKE THE ENTREPRENEURIAL TRANSITION

15. Discussion and Questions

16.  Define entrepreneurship.  Describe the historical perspectives of entrepreneurship.  Explain why entrepreneurship is important.

17. HOMEWORK 1

18.  FIND OUT 10 ENTREPRENEURSHIP WEB SITES ADDRESS.  FIND OUT ENTREPRENEURSHIP JOURNAL WEB SITES ADDRESS AND COPY ONE ARTICLE WHICH IS RELATED WITH ENTREPRENEURSHIP.