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Week 2 Entrep

The document outlines the concept of entrepreneurship, defining entrepreneurs as individuals who organize and operate businesses while taking financial risks for profit. It discusses the evolution of entrepreneurship through various historical phases, schools of thought, and key elements that shape the entrepreneurial mindset in the 21st century, including creativity, resilience, and adaptability. Additionally, it highlights current trends such as tech entrepreneurship, social entrepreneurship, and the gig economy, along with essential entrepreneurial concepts like opportunity recognition, innovation, and risk-taking.

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3 views

Week 2 Entrep

The document outlines the concept of entrepreneurship, defining entrepreneurs as individuals who organize and operate businesses while taking financial risks for profit. It discusses the evolution of entrepreneurship through various historical phases, schools of thought, and key elements that shape the entrepreneurial mindset in the 21st century, including creativity, resilience, and adaptability. Additionally, it highlights current trends such as tech entrepreneurship, social entrepreneurship, and the gig economy, along with essential entrepreneurial concepts like opportunity recognition, innovation, and risk-taking.

Uploaded by

tkw7x7nbjk
Copyright
© © All Rights Reserved
Available Formats
Download as PPTX, PDF, TXT or read online on Scribd
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Welcome to the

Entrepreneuri
al Mindset
Course
An entrepreneur is an individual who organize and
operate a business, taking on financial risks in
the pursuit of profit.
Entrepreneurs are often characterised by their
willingness to innovate, their ability to identify
opportunities in the market, and their drive
to bring new ideas or products to fruition.
Entrepreneurs can range from small business owners to
founders of large corporations, and they come from a variety
of backgrounds and industries.

“Greater Things comes from Small Beginnings”


Entrepreneurial Mindset in the 21st Century is
characterised by a combination of:

• Creativity

• Resilience

• Adaptability

• Willingness to take risks in


pursuit of innovation and growth.
THE EVOLUTION OF ENTREPRENEURSHIP

1. Early Trade and Barter

2. Medieval Guilds and Craftsmanship

3. Age of Exploration and Colonialism


- the rise of traders and merchants
THE EVOLUTION OF ENTREPRENEURSHIP

4. Industrial Revolution
- Innovations in manufacturing, transportation, and
communication technologies

5. Post-World War II Economic Boom


- driven by economic growth, technological
advancements, and increasing consumer demand.

6. Digital Age and Globalization


- The rise of the internet and digital technologies
Schools of Thought in Entrepreneurship

1. Economic School of Thought:


- Neoclassical Economics:
view entrepreneurship as a factor
of production, alongside labor,
capital, and land.

- Austrian School:
Austrian economists, such as
Joseph Schumpeter, emphasize
the role of entrepreneurship in
driving economic growth through
innovation, creative destruction,
and the introduction of new
products, processes, or business
models.
Schools of Thought in Entrepreneurship

2. Behavioral School of Thought:

>>> Psychological Perspective:


- focuses on the psychological traits, motivations, and
decision- making processes of entrepreneurs.

>>> Cognitive Perspective:


- it study how entrepreneurs perceive, interpret, and

process information, as well as how they make


decisions under conditions of uncertainty and
ambiguity.
Schools of Thought in Entrepreneurship

3. Sociological School of Thought:

>>> Institutional Theory: It study how social and cultural


institutions shape entrepreneurial behavior, norms, and
practices.

>>> Social Network Theory: It analyze how entrepreneurs


leverage social networks and relationships to access
resources, information, and support.
Schools of Thought in Entrepreneurship

4. Strategic Management School of Thought:

>>> Resource-Based View (RBV):


It emphasizes the importance of firm-specific resources
and capabilities in achieving competitive advantage and
sustainable performance.

>>> Entrepreneurial Orientation (EO):


It focus on the strategic orientations and behaviors that
characterize innovativeness, proactiveness, risk-taking,
autonomy, and competitive aggressiveness.
Schools of Thought in Entrepreneurship

5. Innovation and Entrepreneurship School of Thought:

>>> Schumpeterian Entrepreneurship:


Named after Joseph Schumpeter, this approach highlights the role
of entrepreneurs as agents of "creative destruction," driving
economic growth through the introduction of new products,
processes, or technologies.

>>> Lean Startup Methodology: Popularized by Eric Ries, the


Lean Startup methodology advocates for a systematic and
iterative approach to entrepreneurship, emphasizing rapid
experimentation, validated learning, and customer feedback.
Key Elements of
Entrepreneurial Evolution
1. Shift from Capital to Knowledge:
2. Decentralization of Innovation
3. Importance of Risk-Taking
4. Focus on Customer Needs
5. Social and Economic Impact

- Peter Drucker
The Entrepreneurial Ventures
in the United States
1.Job Creation:
Small businesses created approximately two-thirds of net new jobs
in the United States between 2000 and 2020.

2.Innovation:
Many of the most innovative companies in the United States, such
as Google, Apple, Amazon, and Tesla, were founded by
entrepreneurs who revolutionized their industries.

3.Economic Growth
They introduce new goods and services to the market

4. Regional Development
It help diversify regional economies and reduce dependence on a
single industry or employer.
The Entrepreneurial Ventures
in the United States
5. Wealth Creation:
wealth accumulation through job creation, equity ownership, and
investment returns, contributing to overall prosperity and economic
mobility.

6. Social Impact:
Entrepreneurial ventures can have significant social impact by
addressing pressing societal challenges

7.Cultural Influence:
Entrepreneurial ventures shape the cultural landscape of the United
States, influencing trends, attitudes, and lifestyles.
The Impact of Gazelle
"Gazelle" in the context of entrepreneurship refers to
high-growth, rapidly scaling businesses that
significantly contribute to job creation, innovation, and
economic growth. The impact of gazelle companies,
also known as high-growth firms, can be profound and
far-reaching.
Here are several ways in which gazelles impact the
economy:

1.Job Creation
2. Innovation
3. Economic Growth
4. Exports and Global Competitiveness
5. Regional Development
6. Supply Chain and Supplier Relationships
7. Knowledge Spillovers and Entrepreneurial Ecosystems
The 21st Century Entrepreneurial Trends
1. Tech Entrepreneurship:
fueled by advancements in digital technology, artificial intelligence,
cloud computing, and data analytics.

2. Social Entrepreneurship:
Social enterprises focus on creating positive social impact while
generating sustainable revenue, blending profit-making with
purpose-driven initiatives.

3. Remote Work and Digital Nomadism:


The rise of remote work and digital nomadism has enabled
entrepreneurs to work from anywhere in the world, breaking free
from traditional office-based setups.

4. Gig Economy and Freelancing:


It provides opportunities for freelancers, independent
contractors, and gig workers to offer their services on a flexible
basis.
The 21st Century Entrepreneurial Trends
5. Sustainability and Green Entrepreneurship:
With growing concerns about climate change and environmental
sustainability, there has been an increasing focus on green
entrepreneurship.

6. E-commerce and Direct-to-Consumer (DTC) Brands:


The rise of e-commerce platforms and DTC brands has transformed
the retail industry, enabling entrepreneurs to reach consumers
directly without intermediaries.
a
7. AI and Automation:
AI-powered startups are disrupting various sectors, including
healthcare, finance, marketing, and manufacturing, with
innovative solutions driven by machine learning

8. Alternative Funding and Crowdfunding:


It allow entrepreneurs to raise capital from a large pool of individual
investors,
The 21st Century Entrepreneurial Trends
9. Impact Investing and Conscious Consumerism:
This is where investors seek to generate positive social or
environmental impact alongside financial returns.

10. Health and Wellness Entrepreneurship:


It is driven by increasing consumer awareness of personal health,
fitness, and well-being.
Key Entrepreneur Concepts
1.Opportunity Recognition:
identifying opportunities in the market or identifying unmet
needs, problems, or inefficiencies

2.Innovation:
Introducing new products, services, processes, or business
models.

3. Risk-taking:
Successful entrepreneurs are often willing to take
calculated risks and manage uncertainty effectively.

4. Creativity: thinking outside the box, generating novel


ideas, &
finding innovative solutions to challenges.
5. Resourcefulness:
leveraging their available assets, networks, and skills to bootstrap
their ventures and overcome obstacles.

6. Resilience:
possess the ability to bounce backfrom adversity, learn from
failures, and persevere in the face of challenges.

7. Market Research:
essential for understanding customer needs, assessing market
demand, identifying competitors, and evaluating the feasibility of
entrepreneurial opportunities.

8. Business Model:
outlines how a venture creates, delivers, and captures value.
9. Lean Startup Methodology:
It emphasizes a systematic approach to entrepreneurship,
focusing on rapid experimentation, validated learning, and
iterative product development to minimize waste and
maximize efficiency.

10. Bootstrapping:
It involves starting and growing a venture with minimal
external funding, relying on personal savings, revenue
generation, and cost-effective strategies to sustain and
grow the business.

11. Networks and Relationships:


Building and leveraging networks of contacts, mentors,
advisors, and partners is crucial for entrepreneurs to access
resources, opportunities, and support.
12. Scaling:
It involves expanding a venture's operations, customer
base, and revenue streams to achieve rapid growth and
maximize impact. Successful scaling requires careful
planning, execution, and resource allocation.

13. Exit Strategies:


Exit strategies outline how entrepreneurs plan to realize
returns on their investments and transition out of their
ventures.

Common exit strategies include acquisitions, mergers,


initial public offerings (IPOs), or handing over the
business to successors.

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