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McGraw-Hill/Irwin
Entrepreneurship, 7/e Copyright ©2008The McGraw-Hill Companies, Inc. All rightsreserved. 1-2
Development of Entrepreneurship (1 of 2)
EarliestPeriod
Entrepreneurs would sign contracts with a money person.
Example: MarcoPolo
MiddleAges
Entrepreneurs were actors and people who managedlarge
production projects.
17thCentury
Entrepreneurs entered into contractual arrangements withthe
government.
Example: MississippiCompany
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Development of Entrepreneurship (2 of 2)
18thCentury
With global industrialization taking place, entrepreneurs were
distinguished from capital providers.
Inventions developed during this time were reactions to
the changingworld.
Example: Edison &Whitney
19th and 20thCenturies
Entrepreneurs were not distinguished frommanagers.
They were viewed mostly from an economic perspective.
Concept of innovation and newness was an integralpart.
Example: AndrewCarnegie
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Definition of Entrepreneurs Today
Entrepreneurship is the process of creating something new
and assuming the risks and rewards.
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Entrepreneurs Versus Inventors
Inventor: Creates something for the first time; highly
driven and motivated by his or her own workand
personal ideas.
Differentiating characteristics of aninventor:
Education.
Level of experience.
Problem-solvingskills.
Level of self-confidence.
Willingness to take risks.
Ability to tolerate ambiguity and uncertainty.
View of monetary benefits in measuring success.
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The Entrepreneurial Process
Four distinct phases:
Identify and evaluate theopportunity.
Window of opportunity.
Develop a businessplan.
Determine the resourcerequirement.
Manage the resultingenterprise.
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Aspects of the Entrepreneurial Process
Table 1.1
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Types of Start-Ups
Lifestyle firm
Privately held; usually achieves only modest growth.
Foundation company
Created from research anddevelopment.
Lays the foundation for a new businessarea.
High-potential venture
Receives the greatest investment interest andpublicity.
Starts out like a foundation company, but attains rapidgrowth.
Also called gazelles, is integral to the economicdevelopment
of an area.
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Role of Entrepreneurship in
Economic Development
Innovation is depicted as a key to economic
development.
Product-evolution process: Process through which
innovation is developed and commercialized.
Iterative synthesis: Critical point in theproduct-evolution
process.
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Product Evolution
Press to Invent
1-11
Government as an Innovator
One channel for commercializing the results of the
synthesis of social need and technology.
Frequently called technology transfer.
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Corporate Entrepreneurship
Strengths of an existing business:
Financialresources.
Businessskills.
Marketing and distribution systems.
Factors that inhibit successful commercialization:
Bureaucraticstructure.
Emphasis on short-term profits.
A highly structured organization.
Managerialskills.
Marketingcapabilities.
Financialresources.
Unrealisticinventions.
Lack of awareness on interfacing withnecessary entities
(banks, suppliers, customers, venture capitalists,
distributors, and advertising agencies).
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Ethics and Social Responsibility
Entrepreneurs usually develop an internal ethical code.
Personal value systems tend to be influenced by:
Peerpressure.
General social norms in the community.
Pressures from their competitors.
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Future
Entrepreneurship has gained mileage through a number of
ways:
Entrepreneurialeducation.
Increase in academicresearch.
Societal support (mediacoverage).
Corporateentrepreneurship.
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Entrepreneurial Universities
Activities Structures
Seminars Business Assistance Centers
Consulting Incubators
Research
Innovation Centers
Industrial Parks
Case Development
Enterprise Development
Technology Development & Centers
Transfer Venture Capital Exchanges
Joint Ventures &Strategic
Inputs
Alliances
Guest Lectures
Board of Advisors/Trustees
Internships
Student Projects
Source of Funds
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