Introduction to Entrepreneurship:
Entrepreneurship
By Venture Highway
Objectives
 Define entrepreneurship
 Explore the characteristics
and actions of an
entrepreneur
 Discuss how
entrepreneurial skills can
be learned
Entrepreneurship
Section 1: So, What is Entrepreneurship, Really?
Defined:
“The capacity and willingness to develop, organize and
manage a business venture along with any of its risks in
order to make a profit.”
Entrepreneurship
Section 1: So, What is Entrepreneurship, Really?
Developing the “Next Cool Thing”
Entrepreneurship
Section 1: So, What is Entrepreneurship, Really?
Another View of Entrepreneurship
Family Owned Businesses
Freelance artist
Non-profit Leaders
Restauranteur
High-Tech Company Owner
Entrepreneurship
Section 1: So, What is Entrepreneurship, Really?
The Broader View of Entrepreneurship
A set of skills and a type of behavior
Thinking independently
Being innovative
Creating something new or better
Problem solving
Risk taking
Making decisions
Entrepreneurship
Section 1: So, What is Entrepreneurship, Really?
All Business Owners are not
Entrepreneurs
Example: Franchise owners may rely on standardized
formulas or an organizational model to operate a business
Example: Business managers or leaders within companies
may function as intrapreneurs, changing ideas or
processes from within the organization
Entrepreneurship
Section 1: So, What is Entrepreneurship, Really?
Benefits of Having Entrepreneurial Skills
Allows you to take control of your life
Enables you to make better decisions
Be more proactive
Find new ways to do things
Video Testimonial
Cameron Mitchell
Entrepreneurship
Section 2: What Makes an Entrepreneur?
Diverse Approach to Building a Business
While some entrepreneurs are hailed as geniuses,
others are known for creating efficient business
processes, leading with a high level of charisma, and
even being shy.
Entrepreneurship
Section 2: What Makes an Entrepreneur?
Questions to Consider



Do you have what it takes to be a successful
entrepreneur?
What are the important traits for being a
successful entrepreneur?
Is there a test to determine if being an
entrepreneur is good for you?
Entrepreneurship
Section 2: What Makes an Entrepreneur?
Entrepreneurial Genes
Entrepreneurs are not born with special characteristics
that make them successful.
Entrepreneurship
Section 2: What Makes an Entrepreneur?
Entrepreneurial Background
Influenced by self-employed family members
 5-10 years of experience in management or chosen
field
 Extreme entrepreneurial interest from college or
younger

Entrepreneurship
Section 2: What Makes an Entrepreneur?
Good Entrepreneurial Personality Characteristics
Extroverted
Use their senses
Tend toward thinking over feeling
Perceive rather than judge
Entrepreneurship
Section 2: What Makes an Entrepreneur?
Typical Traits of Successful Entrepreneurs
Have the ability to take calculated risk
Have the ability to take responsibility
Have a need to achieve
Have the ability to be creative
Persistent problem solvers
They are independent
Entrepreneurship
Section 2: What Makes an Entrepreneur?
Most Important Life Themes for Entrepreneurs
Creativity
Profit orientation
Courage
Focus
Entrepreneurship
Section 3: Entrepreneurial Shapes and Sizes?
All it Takes is an Idea
Entrepreneurship does not have to mean building the
Next Cool Thing like Facebook or Google, but that
doesn’t mean that anyone has to rule out creating the
Next Cool Thing.
Entrepreneurship
Section 3: Entrepreneurial Shapes and Sizes?
Serial
Lifestyle
Solo
Types of Entrepreneurs
“NCT”
Social
Intra.
Entrepreneurship
Section 3: Entrepreneurial Shapes and Sizes?
The “Next Cool Thing” Entrepreneur
The “NCT” entrepreneur has the great idea for the next
Facebook or Instagram and wants to turn that idea into
a high growth company.
Entrepreneurship
Section 3: Entrepreneurial Shapes and Sizes?
Serial Entrepreneur
The serial entrepreneur plays a part in setting up several
businesses (NCTs), bringing them to various points of
development, and then moving on to the next venture.
Entrepreneurship
Section 3: Entrepreneurial Shapes and Sizes?
Lifestyle Entrepreneur
The lifestyle entrepreneur will follow
their passions and seek opportunities
that yield more flexibility in their lives
and enable them to spend more time
doing things that they feel are
important. For example, spending
time with family, or personal hobbies.
Entrepreneurship
Section 3: Entrepreneurial Shapes and Sizes?
Solopreneur
The Solopreneur works alone and is responsible for all
aspects of the business from marketing, to accounting,
to customer service, although they may outsource some
work to other contractors. A few examples of a
solopreneur may include an artist, writer, consultant, or
web designer.
Entrepreneurship
Section 3: Entrepreneurial Shapes and Sizes?
Social Entrepreneur
Social entrepreneurs use entrepreneurial
principles and practices to create
solutions that solve some social problem
or problems. Their decision to choose
this path comes from a desire to create a
worthwhile business, while satisfying a
desire help others.
Entrepreneurship
Section 3: Entrepreneurial Shapes and Sizes?
Intrapreneur
Intrapreneurs work as innovators within an organization
and take the lead or participate in implementing ideas
that will positively impact the company.
Entrepreneurship
Section 4: Learn To Be An Entrepreneur
Entrepreneurship as a Discipline
Peter Drucker defined entrepreneurship as a discipline and like most
disciplines “it can be learned."
Entrepreneurship
Section 4: Learn To Be An Entrepreneur
The Process of Entrepreneurship
Learning to come up with ideas
Learn how to develop an idea
Learn leadership skills
Learn how to find resources
Learn how to take and mitigate risk
Entrepreneurship
Section 5: Resources? What Resources.
Startup Resources for Entrepreneurs
Beginning a new entrepreneurial venture doesn’t have
to require an abundance of funds or resources. You just
have to know how to get started with what you have.
Entrepreneurship
Section 5: Resources? What Resources.
Startup Resources for Entrepreneurs
Self marketing to known associates
Visits to networking events
Use online social media for marketing
Business cards
Create your own website
Entrepreneurship
Section 5: Resources? What Resources.
The Startup Process
Develop and plan your idea
Research your market
Test the idea with potential customers
Tell a story about how the idea will be a success
Pitch your story to potential funding sources
Entrepreneurship
Section 5: Resources? What Resources.
Ideas for Funding
Sweat equity
Bootstrapping
Personal wealth
Partners, advisors, & investors
Credit cards and loans
Friends and family
Government programs & small business
development centers
Crowd funding
Entrepreneurship
Section 6: Entrepreneurship, It Really Matters
What are the Benefits of Entrepreneurship?
It creates the majority of net new jobs in the U.S
It is the economic backbone of the country
Creates new wealth
Entrepreneurs find and build solutions to problems