Challenging the Unknown
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Entrepreneurs
– Recognize opportunities where others see
chaos or confusion
– Are aggressive catalysts for change within
the marketplace
– Challenge the unknown and continuously
create the future

4
Misconceptions About Entrepreneurship
1. Successful entrepreneurship needs
only a great idea
2. Entrepreneurship is easy
3. Entrepreneurship is a risky gamble
4. Entrepreneurship is found only in small
businesses
5. Entrepreneurial ventures and small
businesses are the same thing

Entrepreneurship: A Mindset
• Entrepreneurship is more than the mere
creation of business:
– Seeking opportunities
– Taking risks beyond security
– Having the tenacity to push an idea
through to reality
• Entrepreneurship is an integrated concept
that permeates an individual’s business in
an innovative manner.

The Evolution of Entrepreneurship
• Entrepreneur is derived from the French
entreprendre, meaning “to undertake.”
– The entrepreneur is one who undertakes
to organize, manage, and assume the
risks of a business.
– Although no single definition of
entrepreneur exists and no one profile can
represent today’s entrepreneur, research
is providing an increasingly sharper focus
on the subject.

Entrepreneurship
(Robert C. Ronstadt) :
– A dynamic process of vision, change, and creation
for 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.
– The product or service itself may or may not be
new or unique but the entrepreneur must somehow
infuse value by securing and allocating the
necessary skills and resources.
– Requires an application of energy and passion
towards the creation and implementation of new
ideas and creative solutions

Entrepreneurship : Essential
ingredients include:
• The willingness to take calculated risks—
in terms of time, equity, or career.
• The ability to formulate an effective
venture team; the creative skill to marshal
needed resources.
• The fundamental skills of building a solid
business plan.
• The vision to recognize opportunity where
others see chaos, contradiction, and
confusion.

An Integrative Model of Entrepreneurial
Inputs and Outcomes
Source: Michael H. Morris, P. Lewis, and Donald L. Sexton, “Reconceptualizing Entrepreneurship:
An Input-Output Perspective,” SAM Advanced Management Journal 59, no.1 (Winter 1994): 21–31.

Historical Perspectives on
Entrepreneurship

11
Small Business and Entrepreneurial Ventures –
The Differences
• Small Business
– Independently owned, operated, and financed
– has fewer than 100 employees
– doesn’t engage in new or innovative practices
– Has relatively little impact on its industry
• Entrepreneurial Ventures
– An organization pursuing opportunities
– Characterized by innovative practices
– Main goals are profitability and growth

Current Importance
of Entrepreneurship
1. Innovation
• Process of creating, changing,
experimenting, transforming, and
revolutionizing
2. Number of New Start-ups
• Important because new firms contribute
to economic development through
benefits such as product-process
innovation
3. Job Creation
• Vital to the overall long-term economic
health of communities, regions, and
nations

Aspects of Entrepreneurship
Venture
Financing
Social
Entrepreneurship
Corporate
Entrepreneurship
Trends in
Entrepreneurship
Research
Entrepreneurial
Cognition
Global
Entrepreneurial
Movement
Family
Businesses
Women
and Minority
Entrepreneurs
Entrepreneurial
Education

The Entrepreneurial Process
1. Exploring the Entrepreneurial Context
2. Identifying Opportunities and Possible
Competitive Advantage
– Opportunities are positive external trends
or changes that provide unique and
distinct possibilities for innovating and
creating value
– Competitive advantage is what sets an
organization apart; it’s competitive edge
3. Starting the Venture
4. Managing the Venture

15
Types of Entrepreneurs
• Novice Entrepreneur
– Has no prior business ownership
experiences as a business founder,
inheritor, or purchaser
• Habitual Entrepreneur
– Has prior business ownership
experience
• Nascent Entrepreneur
– In the process of starting a new
business
– Can be either a novice or a habitual
entrepreneur

Common Characteristics of
Entrepreneurs
• Commitment, determination, and
perseverance
• Drive to achieve
• Opportunity orientation
• Initiative and responsibility
• Persistent problem solving
• Seeking feedback
• Internal locus of control
• Tolerance for ambiguity
• Calculated risk taking
• Tolerance for failure
• High energy level
• Creativity and Innovativeness
• Vision
• Self-confidence and optimism
• Independence
• Team building

Entrepreneurship Theory
• Entrepreneurs cause
entrepreneurship.
– Entrepreneurship is a function of the entrepreneur:
– Entrepreneurship is the interaction of skills related to
inner control, planning and goal setting, risk taking,
innovation, reality perception, use of feedback,
decision making, human relations, and
independence.
( )E f e

Typology of Entrepreneurial Styles
Source: Thomas Monroy and Robert Folger, “A Typology of Entrepreneurial Styles:
Beyond Economic Rationality,” Journal of Private Enterprise IX(2) (1993): 71.

The Dark Side of
Entrepreneurship
• The Entrepreneur’s Confrontation with
Risk
– Financial risk versus profit (return)
motive varies in entrepreneurs’
desire for wealth.
– Career risk—loss of employment
security
– Family and social risk—competing
commitments of work and family
– Psychic risk—psychological impact
of failure on the well-being of
entrepreneurs

2–24
Source: Douglas W. Naffziger, Jeffrey S. Hornsby, and Donald F. Kuratko, “A Proposed Research Model of
Entrepreneurial Motivation,” Entrepreneurship Theory and Practice (spring 1994): 33.
A Model of Entrepreneurial Motivation

Opportunity Identification:
The Search for New Ideas
• Opportunity identification is central to
entrepreneurship and involves:
– The creative pursuit of ideas
– The innovation process
• The first step for any entrepreneur is
the identification of a “good idea.”
– The search for good ideas is never
easy.
– Opportunity recognition can lead to
both personal and societal wealth.

Entrepreneurial
Imagination and
Creativity

• How entrepreneurs do what they do:
– Creative thinking + systematic analysis = success
– Seek out unique opportunities to fill needs and wants
– Turn problems into opportunities
– Recognize that problems are to solutions what demand
is to supply

The Role of Creative Thinking
• Creativity
– The generation of ideas that result in the improved
efficiency or effectiveness of a system.
• Two important aspects of creativity exist:
– Process
• The process is goal oriented; it is designed to
attain a solution to a problem.
– People
• The resources that determine the solution.

The Critical Thinking Process

The Creative Climate
• Characteristics of a creative climate:
– A trustful management that does not overcontrol the personnel
– Open channels of communication among all business members
– Considerable contact and communication with outsiders
– A large variety of personality types
– A willingness to accept change
– An enjoyment in experimenting with new ideas
– Little fear of negative consequences for making a mistake
– The selection and promotion of employees on the basis of merit
– The use of techniques that encourage ideas, including suggestion systems and
brainstorming
– Sufficient financial, managerial, human, and time resources for accomplishing
goals

Innovation and the Entrepreneur
• Innovation:
– Is the process by which entrepreneurs convert
opportunities into marketable ideas.
– Is a combination of the vision to create a good
idea and the perseverance and dedication to
remain with the concept through
implementation.
– Is a key function in the entrepreneurial process.
– Is the specific function of entrepreneurship.

Process
• Types of Innovation
– Invention
– Extension
– Duplication
– Synthesis
• Sources of Innovation
– Unexpected occurrences
– Incongruities
– Process needs
– Industry and market
changes
– Demographic changes
– Perceptual changes
– Knowledge-based
concepts

Type Description Examples
Invention Totally new product, service,
or process
Wright brothers—airplane
Thomas Edison—light bulb
Alexander Graham Bell—telephone
Extension New use or different
application of an already
existing product, service,
or process
Ray Kroc—McDonald’s
Mark Zuckerberg—Facebook
Barry Sternlicht—Starwood Hotels &
Resorts
Duplication Creative replication of an
existing concept
Wal-Mart—department stores
Gateway—personal computers
Pizza Hut—pizza parlor
Synthesis Combination of existing
concepts and factors into a
new formulation or use
Fred Smith—Fed Ex
Howard Schultz—Starbucks

Major Innovation Myths
• Myth 1: Innovation is planned and predictable
• Myth 2: Technical specifications should be
thoroughly prepared
• Myth 3: Creativity relies on dreams and blue-
sky ideas
• Myth 4: Big projects will develop better
innovations than smaller ones
• Myth 5: Technology is the driving force of
innovation success

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