Topic 1: The Revolutionary Impact of Entrepreneurship PDF

 COURSE DESCRIPTION: EntrepMind - Gen.Ed. subject The Entrepreneurial Mind is a challenging, instructive and valuable class for students who are considering a career in entrepreneurship. Gain a deeper understanding of the entrepreneurial process, including how value...

 COURSE DESCRIPTION: EntrepMind - Gen.Ed. subject The Entrepreneurial Mind is a challenging, instructive and valuable class for students who are considering a career in entrepreneurship. Gain a deeper understanding of the entrepreneurial process, including how value can be maximized (or destroyed) across different aspects of a business. How does the entrepreneurial process start ENTREPRENEURIAL MIND Benefit of studying entrepreneurship You can learn how to think creatively and create fresh solutions to challenges in the real world. Additionally, you can gain knowledge of design thinking, prototyping, and testing, all of which are crucial for developing your ideas into profitable goods or services. The Revolutionary Impact of Entrepreneurship Topic 1: Learning Objectives: To define ENTREPRENEURSHIP and explore the major schools of entrepreneurial thought To distinguish ENTREPRENEURS from BUSINESSMEN and SOCIAL ENTREPRENEURS Learning Objectives: To explain the IMPORTANCE OF ENTREPRENEURS AND OF THE ENTREPRENEURSHIP To realize that entrepreneurship is a pathway to freedom  refers to the process of creating a new or own business/enterprise and bearing any of its risks, with the view of making profit. The person who creates a new enterprise and embraces every challenge for its development and operation is known as an  ENTREPRENEUR An individual who identifies opportunities, takes calculated risks, and organizes resources to create, develop, and manage a business venture. Entrepreneurs are characterized by their innovative mindset, willingness to embrace uncertainty, and ability to turn ideas into reality. Speakers Our ideas To sum up Thanks Speakers Our ideas To sum up Thanks Topics: Entrepreneurs Entrepreneurs' vs Small Challenging Business Owners the Unknown Evolution of Summary Description Entrepreneurship of Entrepreneurship  Entrepreneurs Challenging the Unknown Entrepreneurs Challenging the Unknown GLOBAL WARMING Global warming is the long-term heating of Earth's surface due to human activities, primarily fossil fuel burning, which increases heat-trapping greenhouse gas levels in Earth's atmosphere.  Today’s Entrepreneurs have to take a lot of things into account Today’s Entrepreneurs have to take a lot of things into account Existential risks are events that can cripple civilization or even cause the extinction of human race. Climate change Contributes to increased frequency of natural disasters, rise in flows of refugees, and global conflict over food and water. Anthropogenic activities Human-cause/influence on events that threaten the survival of life on earth  Entrepreneurs Challenging the Unknown Entrepreneurs Challenging the Unknown What any of this has to do with entrepreneurs? Carbon Emissions Entrepreneurs are part of the problem Industrial revolution but also the greatest hope for the solutions.  Entrepreneurs Challenging the Unknown Entrepreneurs Challenging the Unknown Entrepreneurs have never waste a good crisis. Over half of the Fortune 500 were created during a recession or bear market. A "bear market" is a term used in the financial “Price is what you pay” markets to describe a prolonged period of declining prices for a particular asset, such as stocks, bonds, or commodities. Fortune 500 an annual list of the five hundred most profitable US industrial corporations.ranks the biggest U.S. companies by revenue. ENTREPRENEURSHIP’S IMPORTANCE  Entrepreneurs Challenging the Unknown Entrepreneurship is a wellspring of economic growth, social renewal and personal development. Entrepreneur’s ideas, savings, investment and innovation that lead to development. They are the ones who can alleviate poverty by contributing to economic growth PERSONAL, SOCIAL AND ECONOMIC DEVELOPMENT  Contributions of entrepreneurship to the economy Entrepreneurship promotes economic growth, provides access to goods and services, and improves the overall standard of living. Many entrepreneurs also make a positive impact on their communities and improve their well-being by catering to underserved areas and developing environment- friendly products. Increase government New products and services revenues Innovation New job opportunities Research and Development Improved quality of living Utilization of resources Solution to problems Friendly competition  Entrepreneurs' vs Small Business Owners Entrepreneurs' vs Small Business Owners Are you a Business or Social Entrepreneur? Seniorpreneur someone who starts a business after the age of 55 Copreneur someone who works with the entrepreneur, such as the spouse, an accountant or a supplier Biopreneurs work in biotechnology, biology and the environment.  Entrepreneurs' vs Small Business Owners Entrepreneurs' vs Small Business Owners Are you a Business or Social Entrepreneur? Social entrepreneurs Have many of the same personality characteristics as business entrepreneurs, but they are driven by a mission and seek to find innovative ways to solve problems that are not being or cannot be addressed by either the market or the public sector. Muhammad Yunus: Founder of the Illac Diaz: Founder of Liter of Grameen Bank and a pioneer of Light, an organization that microfinance, Yunus is known for provides solar bottle bulbs his efforts to provide financial to communities without services to the poor. He electricity. These low-cost introduced the concept of solar lights use recycled microcredit, which has plastic bottles filled with empowered millions of people to water to refract sunlight and lift themselves out of poverty. illuminate homes. Tony Meloto: Founder of Gawad Kalinga (GK), a community Blake Mycoskie: Founder of development organization that TOMS Shoes, a company aims to end poverty and build that popularized the "One sustainable communities. GK for One" business model. focuses on housing, education, and For every pair of shoes sold, livelihood programs to uplift TOMS donates a pair to a marginalized communities. child in need.  Evolution of Entrepreneurship Evolution of Entrepreneurship The word entrepreneur is derived from the French entreprendre, meaning ‘to take in between’, or ‘to undertake’. The entrepreneur is someone who undertakes to organize, manage and assume the risks of a business.  Entrepreneurs' vs Small Business Owners Entrepreneurs' vs Small Business Owners Entrepreneurial Mind-set- KEY TERMS Enterprise (or enterprising) is still used as an ‘attitude to life, an attitude of exploring, of developing, of leading and of taking initiatives. Enterprising individual Person is identifying, developing and bringing a vision to life, be it an innovative idea or simply a better way of doing something  Entrepreneurs' vs Small Business Owners Entrepreneurs' vs Small Business Owners Entrepreneurial Mind-set Entrepreneurial means ‘willing to take risks in order to create value’  Entrepreneurs' vs Small Business Owners Entrepreneurs' vs Small Business Owners Are you a Business or Social Entrepreneur? Small-business owners may once have captured an opportunity like an entrepreneur but then do not continue to have the attributes that make it entrepreneurial. The difference is that small-business owners would rather exploit existing equilibrium opportunities and optimize supply and demand in established markets. Entrepreneurs, on the other hand, aim to exploit innovative venture opportunities and create new markets at home and abroad.  MOTIVATION RISK FOCUS VISION MISSION https://blog.skyelearning.com/differences-between-entrepreneurship-and-small-business Mindset is an established set of attitudes, beliefs that shapes our perception in response to various situations and challenges in life ENTREPRENEURIAL MIND a set of skills that enable people to identify and make the most of opportunities, overcome and learn from setbacks, and succeed in a variety of settings.  It is this mind-set that has revolutionized the way business and social ventures are conducted at every level and in every country.  Evolution of Entrepreneurship Evolution of Entrepreneurship In Malay, usahawan means someone who does a commercial activity at some financial risk. In the Thai language, the word for entrepreneur is pupagongan, which means literally ‘someone who assembles other people together’. In Indonesian, wiraswasta has the signification of ‘courageous private sector’.  Evolution of Entrepreneurship Evolution of Entrepreneurship Characteristics of Entrepreneurs Strong management skills Human relations skills. Autonomic Risk takers Resourceful Competitive Confident Opportunistic  Evolution of Entrepreneurship Evolution of Entrepreneurship Characteristics of Entrepreneurs Goal-oriented Intuitiveness the ability to know or understand something because of feelings rather than facts or proof Pragmatic - Practical approach to problems Intelligent - The ability to learn from mistakes  Evolution of Entrepreneurship Evolution of Entrepreneurship Entrepreneurship Through the Ages Assyrian Innovations: Iran/Turkey/Syria/Iraq Knowledge, communication. (Assyrians = Today’s Iraq) Ancient Phoenician Entrepreneurship. Lebanon/Syria/Israel Phoenicians. Considered as the Risk-taking Traders: (Phoenicia = Today’s Lebanon)  Evolution of Entrepreneurship Evolution of Entrepreneurship Entrepreneurship Through the Ages Throughout history there have been enterprising individuals who spotted and exploited smart opportunities. A sailing nation of merchants and traders, the Phoenicians peacefully connected a commercial empire that ranged from Syria in the east to Spain and even Ireland in the west. Excavated business tablets show that innovation and entrepreneurship were key aspects in civilizations that have long disappeared.  Evolution of Entrepreneurship Evolution of Entrepreneurship Entrepreneurship Through the Ages Persian Conquest end the peaceful trading and started the concept “under-taker” The Persians were the first people to establish regular routes of communication between three continents—Africa, Asia and Europe. They built many new roads and developed the world's first postal service. Persia is now known as IRAN  Evolution of Entrepreneurship Evolution of Entrepreneurship Entrepreneurship Through the Ages Ancient Prejudices: Usury and independence. Usury is a fee for the use of money Usury appeared: loans, leased, buying on credit. Freedmen Entrepreneurs: Former slaves in business. Islam: Business encouragement. (Mecca-holy land) Economic Freedom in Islam Prohibited Activities: Pork, alcohol, gambling etc.  Evolution of Entrepreneurship Evolution of Entrepreneurship Entrepreneurial Economy Entrepreneurs are the pioneers of today’s business successes. Their sense of opportunity, their drive to innovate and their capacity for accomplishment have become the standard by which free enterprise is now measured. (in oppose to command economy where all business matters are controlled by the government.  Summary Description of Entrepreneurship Summary Description of Entrepreneurship Entrepreneurship (Robert C. Ronstadt) Summary Description of Entrepreneurship The dynamic process of creating incremental wealth This wealth is created by individuals who assume major risks in terms of equity, time, and/or career commitment of providing value for a product or service. Bigger risk = Bigger rewards  The product or service itself may or may not be a new or unique but the entrepreneur must somehow infuse value by securing and allocating the necessary skills and resources. QUIZ