Entrepreneurship Overview

Study Notes

Entrepreneurs are individuals who identify opportunities, accept risks, and drive ideas into reality.
The entrepreneurial mindset fuels creative ideas in both business and non-business settings.
An enterprise involves creating and executing a vision, turning innovative ideas into action.
Enterprising individuals demonstrate imagination, initiative, and willingness to embark on new projects.
Entrepreneurial individuals take risks to create value.

Entrepreneurs make essential contributions to the economy: create new businesses, contribute to national development, and drive social change.

Entrepreneurs starting businesses from scratch are sole proprietors, focused on individual productivity.
Entrepreneurs launching family businesses prioritize long-term well-being for current and future generations.
Entrepreneurs entering partnerships combine efforts for mutual benefit and growth.

Coined in 1994 by John Elkington, founder of a British consultancy called Sustainability.
Consists of three essential elements:
- Profit: The economic value created and enjoyed by society.
- People: The impact on employees and external stakeholders.
- Planet: Environmental responsibility and stewardship.

Entrepreneurial Curiosity:
- The drive to seek out new ideas and experiences.
- The foundation of creativity and innovation.
Four Dimensions of Business Research:
- Curiosity: A thirst for new experiences and knowledge.
- Insight: The ability to gather and synthesize information.
- Engagement: The ability to connect with others and communicate a vision.
- Determination: The persistence to overcome hurdles and achieve goals.

Ask the right questions: Differentiate impactful questions from unhelpful ones.
Dedicate time for innovation: Schmidt (Google) pioneered the 70/20/10 management model, allocating time for core tasks, related projects, and unrelated ventures.
Listen without judgment: Curious individuals seek understanding without preconceived notions.

Types of Innovation:
- Process Innovation: Changes in how products or services are manufactured to improve efficiency.
- Product/Service Innovation: Introducing new ideas without altering existing business models.
- Disruptive Innovation: Introduces new value propositions that can disrupt existing markets.
Kinds of Disruptive Innovation:
- Low-end disruptive innovations: Target underserved markets by offering simpler, less expensive products.
- New-market disruptive innovations: Create entirely new markets by making products or services more accessible.

Entrepreneurs have an empowering perspective on failure.
They possess broad knowledge, recognizing the importance of diverse expertise.
They give and receive praise, fostering a culture of recognition and encouragement.
They maintain forward-looking perspectives, anticipating future trends.