...higher-level knowledge and information based skills at the level that employers desire. Entrepreneurs have also indicated that the shortage of highly skilled workers inhibits the growth and development of new entrepreneurial firms. In response to this there have been multiple calls for educators at all levels to recognize the challenges and opportunities in today’s economy and to ensure that students develop the “21st century” knowledge, skills, and abilities (KSAs) they need. A closer look at these 21st century KSAs alongside research and data on entrepreneurial competencies reveals a meaningful overlap between the two. This overlap can be developed into a useful heuristic to determine appropriate outcomes for assessment of undergraduate entrepreneurship programs. Sample outcomes and program assessment processes are illustrated and discussed. INTRODUCTION As the “new” economy of the 21st century continues to develop around knowledge, service, and information based activities, a company’s ability to create and commercialize knowledge has become tantamount to its ability to generate sustainable returns (Apte, Karmarkar, & Nath, 2008; Audretsch & Thurik, 2000; Black & Lynch, 2003; Ewing Marion Kauffman Foundation, 2007). This emphasis on knowledge, service, and information creates space for more new firms to emerge, but also pressures existing companies to hire employees with higher level skills in order...
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...TECHNOLOGY ENTREPRENEURSHIP (ENT600) UNIT 2: CREATIVITY, INNOVATION AND TECHNOLOGY ENTREPRENEURSHIP Entrepreneurship Dept, FBM (2009) ENT600/UNIT 2: CREATIVITY 1 Introduction • Discovery of opportunity at the right time and place is the corner-stone of any entrepreneurial success • Technopreneurs need to be creative in discovering new opportunities (in terms of products or services) either through invention or innovation. Entrepreneurship Dept, FBM (2009) ENT600/UNIT 2: CREATIVITY 2 What is creativity? • Creativity can be defined as the production of new and useful ideas as well as the ability to discover new ways of looking at problems and opportunities. • It is the ability to use imagination to develop new ideas, new things or new solutions. These generation of ideas should lead to improved efficiency or effectiveness of a system (Adapted from Fredrick et al., 2006 and Dorf and Byers, 2005) Entrepreneurship Dept, FBM (2009) ENT600/UNIT 2: CREATIVITY 3 Creative ideas often arise when creative people observe established solutions, practices, or products and think of something new or different. Examples ►Creating the “NEW” o Knowledge o Products o Processes o Services o Markets o Business models o Raw materials Entrepreneurship Dept, FBM (2009) ENT600/UNIT 2: CREATIVITY 4 Creativity & Role of Teams • Technology entrepreneurship is at its best when the creativity of a pool of people...
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...1. What is entrepreneurship? Whys is it important in modern society? Entrepreneurship is the process of starting a business, a startup company or other organization. The entrepreneur develops a business plan, acquires the human and other required resources, and is fully responsible for its success or failure. Entrepreneurship operates within an entrepreneurship ecosystem. Entrepreneurship is the development of a business from the ground up — coming up with an idea and turning it into a profitable business. But while the definition of entrepreneurship may be simple, its execution is much more difficult. "Entrepreneurship is the journey of opportunity exploration and risk management to create value for profit and/or social good," said Ajay Bam, a lecturer at the Lester Center for Entrepreneurship at the University of California, Berkeley's Haas School of Business. "Most people think being an entrepreneur is all about coming up with an idea, but that's just one part," Amini told Business News Daily. "It's also important to know right from the start how you will reach interested customers in an effective and affordable way." "An entrepreneur is someone who can take any idea, whether it be a product and/or service, and have the skill set, will and courage to take extreme risk to do whatever it takes to turn that concept into reality and not only bring it to market, but make it a viable product and/or service that people want or need," Gottlieb said. Although there are no specific...
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...What is entrepreneurship? Introduction Entrepreneurship is also known as helping to create healthy and profitable competition in the market, but what is the entrepreneurship? There is no standard answer. The purpose of this article is to defining the entrepreneurship by integrating the existing theory. At first, reviewing the origin of entrepreneurship, nothing generated without reason, critically analyzing the origin will promote to understand the meaning of entrepreneurship. Secondly, defining entrepreneurship by combine the different theory and taking examples to support definition. The origin of entrepreneurship Entrepreneurship was developed from “entrepreneur”, with the development of economic, how to operate a firm and how to do better than a chief executive officer was consider in 16th century, economists made attempt to study in depth about chief executive officer and come up with “entrepreneur”. Although at that time, this word “entrepreneur” was not existent, economists still realized this phenomenon and tried to describe it. As a factor in microeconomics, entrepreneur, was study by several scholars and until the 1723, this word was represented by Cantillon (Muljadi Paul, 2000, p.5). The economic development promote to establish a company, therefore, the word “entrepreneur” was born. Cantillon (1755) indicated that entrepreneur is a risk taker and profit taker, they try their best to make profit by grabbing the opportunity. Cantillon was a pioneer of study entrepreneur...
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...UNIVERSITY OF MODERN SCIENCES COURSE SYLLABUS TITLE: Management for the Entrepreneur CODE: BENT 415 CREDITS: 3-0-3 LEVEL: BBA COLLEGE: BUSINESS PRE-REQUISITES: BENT 301, MARK 201 CO-REQUISITES: NONE LEARNING HOURS: Approx. 45 contact hours, the exact nature of which is specified in the course syllabus LEARNING OUTCOMES On successful completion of this course the learner will be able to: Knowledge K1. Understand the basic concept of entrepreneurship. K2. Identify the misconception and importance of entrepreneurship. K3. Describe various types of business venture. Skill S1. Analyze various market opportunities. S2. Develop effective leadership’s and risk taking skill. S3. Develop an effective communication plan. Competence Autonomy & Responsibility C1. Develop and implement a business plan. Self-Development C2. Develop Vision, Mission, Goals & Objective of Startup Company. Role in Context C3. Interpret various small business opportunities available in UAE. Course Learning Outcomes V.S. Program Learning Outcomes |||||||||||||||||| |||||||||||||||Competence|| |FIN 350|||Knowledge||||Skill||||Autonomy &|Self|Role in| |Investment Analysis|||||||||||||Responsibility|Development|context| |Course|Learning||PLO1|PLO2|PLO3||||PLO4|PLO5||||PLO6|PLO7|PLO8| |Outcomes (CLOs)|||||||||||||||| |Knowledge K1|||x|||||||||||||| |Knowledge K2||||x||||||||||||| |||||||||||||||||| |Knowledge K3|||||x|||||||||||| |||||||||||||||||| |Skill S1|||||||||x||||||||...
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...management skills, business know-how, and networks Low High High INVENTOR ENTREPRENEUER PROMOTER MANAGER, ADMINISTRATOR Classical Econ. Vs. Entrepreneurship * Entrepreneurship deals with “disrupting” the existing equilibrium, by creating a new firm/product/service... * Differs from the classical economics viewpoint : In an ideal economy… -Firms cannot influence prices -Products are homogeneous -No entry barriers -No transaction costs -Profits tend to zero “0”… Becoming an entrepreneur Essential ingredients to become an entrepreneur: * The vision to recognize opportunity where others see chaos, contradiction, and confusion. * The fundamental skills of building a solid business plan. * The ability to formulate an effective venture team; the creative skill to marshal needed resources. * The willingness to take calculated risks—in terms of time, equity, or career. Entrepreneurs and Age What is the relationship? * Studies show that successful entrepreneurs are likely to be older than unsuccessful entrepreneurs, and have at least 8 to 10 years of experience in the field in which they venture. Age Distribution for Starting Company Ability Age 20 30...
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...3, No. 4, August 2012 Impact of Globalization on Trends in Entrepreneurship Education in Higher Education Institutions Norasmah Othman, Nor Hafiza Othman, and Rahmah Ismail Abstract—With the trend of increasing globalization, entrepreneurship has been receiving more attention from government and educational institutions. Changes in the uncertain world economy have resulted in fewer job opportunities for college graduates, and in response, the government has sought to develop creativity among students through entrepreneurial activities and programs. The question now is, Are the increasing trends of changes and demands for entrepreneurship education due to the impact of globalization? To answer this question, this study examined the impact of globalization on trends in the demand for business and entrepreneurship education and entrepreneurial skills in Malaysia. Questionnaire data were obtained from 306 participants. The participants were randomly selected from the population of administrators in higher education institutions in Malaysia. Data were analyzed using the descriptive statistics method. The findings show that there is an increasing demand for entrepreneurship education and entrepreneurial skills, indicating that globalization has influenced the demand for entrepreneurship education and entrepreneurial skills among university graduates. Index Terms—Globalization, higher education, entrepreneurship education, entrepreneurial skills. I. INTRODUCTION Globalization...
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...companies which who succeed in entrepreneurship by new innovation and creation. This paper has two parts, first part explains about entrepreneurship by quoting some famous definition. Second part illustrates a short discussion about the examples that I choose to define the entrepreneurship the best. The examples that I select for doing this research is Nike and Apple the famous American multinational companies. The second part explains about the principles of entrepreneurship in relation to these companies. Last part illustrates the recommendation and conclusion that I reached at the end of this research. 2. WHAT IS ENTREPRENEURSHIP? According to < Coulter, M., (2003), 2nd Edition > Entrepreneurship involves creating change to adjusting, adapting and modifying one’s personal repertoire, approaches and skills to meet different opportunities available in the environment. The definitions of entrepreneurship help to obtain a clearer understanding of what is involved. According to < Morris 1998 > Entrepreneurship is concerned with unique combinations of resources that make existing methods or products obsolete which led to new innovation. Entrepreneurship is the skill and risk taking ability of an individual person or a group of people to combine the factors of production to produce a good or service < Kuratkao, D. F. and Hodgetts, R. M., (2007), Book -Entrepreneurship: Theory, Process, and Practice >. In economics, entrepreneurship combined with land, labour...
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...Subject : Entrepreneurship and Business Planning (EntrepHRM) Definition of Entrepreneurship * The art of science of innovation and risk-taking for profit in business. * The practice of starting new organizations or revitalizing mature organizations, particularly new businesses generally in response to identified opportunities. * It came from the root word “entrepreneur” * French word means “entreprendre” which means undertake Common Themes in Definitions of Entrepreneurship * Individual * Innovation * Organization Creation * Creating Value * Profit or not-to-profit * Growth * Uniqueness * Process Misconceptions about Entrepreneurship * Successful entrepreneurship needs only a great idea * Entrepreneurship is easy * Entrepreneurship is a risky gamble * Entrepreneurship is found only in small businesses * Entrepreneurial ventures and small businesses are the same thing. Men behind Entrepreneurship Eighteenth Century * Early 1700s – Richard Cantillon, coined the term entrepreneur who was then used to describe a “go-between”or a “between-taker” * Late 1700s – the risk bearing concept entrepreneur was expanded to include planning, supervising, organizing, and owning the factors of production. Nineteeth Century Early part of the century – Jean Baptiste Say proposed the difference between the profits of entrepreneurship from the profits of capital ownership. Late part of the century – distinction was made between those who supplied funds and earned interest...
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...What is entrepreneurship? 1. Introduction An entrepreneur is one of the factors which very important to promote social and economic development and it are a best combine for the human capital, physical capital and social capital. Entrepreneurs are also engaged in the creative activity of innovators. Entrepreneurship is an entrepreneur, a quality, a way of thinking or an ideology. There are four major elements are significant with entrepreneurial spirit: enterprising spirit, adventure spirit, innovative spirit and social responsibility. Cultivating entrepreneurial spirit can shape the correct social values and create a good environment for the formation of the entrepreneurship. The essay has explained what is entrepreneurship and analysis of this topic. 2. Entrepreneurs Entrepreneurs are those who have innovative and enterprising spirit, and they can organize and utilize economic resources effectively. Usually entrepreneurs dare to take responsibility for business operation, and they have special qualities that create wealth for the enterprise and society. Entrepreneurs can be divided into three types: traditional entrepreneurs, entrepreneurs, and social entrepreneurs. Traditional entrepreneurs have including the creator of private business and outstanding leaders of state-owned business. The former is creating enterprise or make it stronger, and they must assume all operating risk of enterprise. They tend to be the supreme leader of enterprise or have the right of exercise...
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...WOMEN ENTREPRENEURSHIP AND EDUCATION Introduction The domain of entrepreneurship education is now faced with ever more interesting choices about what to be, who to serve and from what principles to profess. Opportunities and challenges in teaching and training related to globalization, technology, political organization and shifting demographics and social views have created entirely new understandings of what is important and where attention should be directed. Entrepreneurship is exciting and valued and most agree that while academics and others can’t help every person to be an entrepreneur, but can help those who are interested with tools, skill acquisition and ideas. The emergence and growth of women-owned businesses have contributed to the global economy and to their surrounding communities. The presence of women around the world driving small and entrepreneurial organizations has had a tremendous impact on employment and on business environments worldwide. Women-owned firms comprise between one-quarter and one-third of all the businesses in the formal economy, and are expected to play an even larger role in informal sectors (Delaney, 2002). Entrepreneurship refers to an individual’s ability to turn ideas into action. It includes creativity, innovation and risk taking, as well as the ability to plan and manage projects in order to achieve objectives. To achieve success, growth and employment, we need to stimulate the entrepreneurial mindsets of young women, encourage...
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...need. Few characteristics of entrepreneurs are, Passion: Passion is one of the basics of entrepreneurship. Passion is something which keeps a person awake and try something continuously. From building and implementing a prototype, to pitching the idea to venture capitalists, success is a function of passion and determination. Undertake Risk: Entrepreneurs are risk takers. Not all risk takers are successful entrepreneurs. Successful entrepreneurs will risk time and money on unknowns, but also keep resources, plans and bandwidth for dealing with "unknown unknowns" in reserve. Leadership: The ability to develop a vision for the company and to inspire employees to pursue is vital for success. Planning: Entrepreneurship being a long term commitment, planning better to manage the limited resources such as capital, time etc. will add significant reduction in risk and lead to success. Communication: Entrepreneurs should be able to explain, sell and market their goods or services. Dedication & Motivation: Entrepreneurs believe in themselves and are confident and dedicated to the project. They remain focused and have faith in their idea. Flexible: Being flexible about market place or customer is way to success. Successful entrepreneurs welcome all suggestions for optimization or customization that enhances their offering and satisfies client and market needs. Interpersonal skills: The ability to establish and maintain positive relationships with customers, employees, financial lenders/investors...
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...Entrepreneurship: is the act of being an entrepreneur, which can be defined as "one who undertakes innovations, finance and business acumen in an effort to transform innovations into economic goods In other to make profit”. This may result in new organizations or may be part of revitalizing mature organizations in response to a perceived opportunity. The most obvious form of entrepreneurship is that of starting new businesses (referred as Start-up Company); however, in recent years, the term has been extended to include social and political forms of entrepreneurial activity. When entrepreneurship is describing activities within a firm or large organization it is referred to as intra-preneurship and may include corporate venturing, when large entities spin-off organizations. Who can become an entrepreneur? There is no one definitive profile. Successful entrepreneurs come in various ages, income levels, gender, and race. They differ in education and experience. But research indicates that most successful entrepreneurs share certain personal attributes, including: creativity, dedication, determination, flexibility, leadership, passion, self-confidence, and “smarts.”Creativity is the spark that drives the development of new products or services or ways to do business. It is the push for innovation and improvement. It is continuous learning, questioning, and thinking outside of prescribed formulas. Types of entrepreneurs Social entrepreneur: A social entrepreneur is motivated...
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...What is your personal theory of entrepreneurship? My theory of entrepreneurship is the gift/objective of being able to see opportunity when others cannot so as to establish new ventures or the creation of new value in existing ones. According to Schumpeter’s (1934) view of entrepreneurship wealth is created when innovation results in new demand. In finding innovative ways of using inputs he theorises that the value of the product or service will exceed the cost of input factors thus generating superior returns that result in the creation of wealth. In line with this he says that destruction of old ways of doing things through innovation is key to entrepreneurial activities and GDP growth. This is supported by Kirzner’s (1973) theory of entrepreneurship of “alertness to hitherto undiscovered opportunities” and the action in the market economy of arbitrage and the value this can create. Who becomes and entrepreneur and why? According to Gartner (1985), “the entrepreneur is not a fixed state of existence; rather entrepreneurship is a role that individuals undertake to create organisations”. In this way one can understand how complex the matter of answering the question of who becomes and entrepreneur and why. Gartner believes that using a behavioural approach scholars are able to separate the act of entrepreneurship from the individual entrepreneur and so methodologies and techniques can be developed to discover correlations between the two factors. When looking at the individual...
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...discussed, declared to be social misfits and bastions of the private enterprise system. “An entrepreneur sees an opportunity which others do not fully recognize, to meet an unsatisfied demand or to radically improve the performance of an existing business. They have unquenchable self-belief that this opportunity can be made real through hard work, commitment and the adaptability to learn the lessons of the market along the way”.(Martin , 2010). Entrepreneurship is an act of being an entrepreneur which involves initiating in a business venture, gathering the necessary resources and assuming the associated risks and rewards. There are common traits associated with an entrepreneur, most entrepreneurs tend to: * Tolerant of ambiguous situations * Resist conformity * Enjoy risk-taking * Self-reliant, dominant and independent * Be interpersonally aloof yet socially adroit * Adapt readily to change The importance of entrepreneurship for economic development has been widely acknowledged in recent times. Entrepreneurship is assumed to be a major source of innovation, job creation and growth (Kunene, 2008). According to the SBA factsheet 2010/11, SME’s account for over 99% of the firms in the U.K and over 50% for total employment and value added. In the 21st century, entrepreneurs need certain skills and competencies. Due to the rapid and constant change in the business...
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