introduction to entrepreneurship v3, 1st edition
DESCRIPTION
This is the latest updated edited version 3 of my introduction of Introduction to Entrepreneurship. It the most comprehensive of my lecture into the said subject. It is the result of 13 years of teaching and research on the said subject. More than 100 slides and 30 mb. Watch out for my new presentation on government entrepreneurship and entrepreneurial capitalismTRANSCRIPT
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Introduction to EntrepreneurshipElective Subject at Ateneo GSB
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Introduction to Entrepreneurship
Lecture v.3
Elective subject at Ateneo GSB
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Common understanding of entrepreneur
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•The boss•The business owner (Unternehmer)
•The smart guy•The business founder
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Origin – entreprendreundertaker
The high batting average (success rate) disproves
this stereotype
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Some definitions
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“Making the world forever new” – George
Gilder
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“Creative destruction” by Joseph Schumpeter
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“Entrepreneurship disrupts, upsets
disorganizes”
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Joseph Schumpeter’s book, Capitalism, Socialism, and Democracy, proposes that America be transformed
through a process of "creative destruction."
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“Theory of Economic Dynamics”
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“Shifts economic resources out of lower
into area of higher productivity and greater
yield” – J.B. (a Frenchman in 1800s)
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• Walt Disney’s definition
“….to do things and make things which will give pleasure to people in new and amazing ways. ….It is magic!
*From the lecture given by Larry Farrel at SBMA, August 7, 2002 and at UAP, October 30, 2009.
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It is “MAGIC” – Walt Disney
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SIMPLY AMAZING!
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Entrepreneurship involves:
• MAGIC – soft issues • LOGIC – hard issues
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Definition by Timmons
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“Creating something from practically nothing”
“Doing something instead of just talking”
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“Creating new products and services with
resources that one has no control of” - HBS
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“Adventure into the unknown, of what is yet
to be”
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“Finding new business opportunities;
expansion of existing business” – Carl Voigt
of USC
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“Creating new products and service” – Dr. Ed
Morato
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“Being bold and audacious” – (walang hiya) - Atty Christian
Gerona – CEO Manship“maabilidad, maparaan”
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Atypical of Kondratieff Cycle
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1. What accounts for creation of more than 40 million jobs in US in the 1980s?
2. High technology?
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3. But that meant the start
of stagnation under the
Kondratieff cycle;
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Answer:
The growth in low technology ventures
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Interesting Topics:• Creativity
• Innovation
• Invention
• Imitation
• Entrepreneurship
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The driving force behind international finance –
capitalist entrepreneurship
–”World is curved”
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Hedge funds, mergers and acquisitions are the driving
force behind new businesses, efficiency, processes, innovation
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The US Dollar is still the trading and currency of
choice. and capital destination because of perception of US as a
entrepreneurship/innovation haven
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International entrepreneurship:
OutsourcingOffshoring
“Fourth sector” - PPP
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Characteristic of Entrepreneurial Business
1.Changing
2.Disruptive
3.Compelling
4.Unique
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Types of entrepreneurship:
businesssocialtechno
corporate
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Is traditional capitalism now
dead?
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The rise of:
CSV – Michael PorterSocial business - Mohammad Yunus
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Michael Porter
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Grameen Bank
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Entrepreneuralism
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“Every generation needs a revolution” –
Thomas Jefferson
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How to achieve entrepreneurship? - Larry
Farrell
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1. High speed of innovation2. Self inspired behaviour3. Mission – customer4. Vision – product market
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It is no longer the skill/innovation DNA that
counts in business success –speed does!
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It is about new ideas and products
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Innovation
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Not just about new ideas; it is about new
values
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From Say: resources from areas of low value to area
of higher value
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Innovation and creativity
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Creativity and art
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Value of entrepreneurs to economy and society
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1. Creation of new products and services
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2. Wealth/value creation
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3. Fights poverty via job creation
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4. Foot the bill of the government; pay the taxes
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Entrepreneurship – a mindset, an attitude,
even the heart and soul of the entrepreneur
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From that of dependency and patronage/bondage
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To that of dignity and independence
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Are we truly free?
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We need more entrepreneurs!
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Are entrepreneurs:
born?made?
“swerti” (lucky)
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Traits of Entrepreneurs
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Failing marks are birthmarks of
entrepreneurs - Ds and Fs
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D’s
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• Dream• Determined• Details• Dollar (Peso, in our case)• Decision• Doer• Distribute• Destiny• Devotion• Dedication
D’s
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F’s
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• Founder• Faith• Focused• Frugal• Fast• Fun• Flexible• Flat• Forever Improving
F’s
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HeartsHandsGuts
Minds of entrepreneurs
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Anatomy of the Entrepreneur
The Entrepreneurial Mind Frame
The Entrepreneurial Mind Frame
The Entrepreneurial Gut Game
The Entrepreneurial Gut Game
The Entrepreneurial Heart Flame
The Entrepreneurial Heart Flame
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Anatomy of the Entrepreneur
WISDOM
HEART
GUTS
What lies behind us, what lies before us, is nothing compared to what lies within us.
HANDS
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Self Analysis:
• Gifted minds
• Steely Guts– Ability to intuit– Courage
• Patriotic Hearts
• Hands that truly care
Do I possess all of the above?
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4 brains thinking A – logicalB – doing C – emotionalD – intuitive
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The HBDI developed by Hermann yielded a brain dominance profile
Logical Factual Critical
TechnicalAnalytical
QuantitativeInterpersonalKinestheticEmotionalSpiritualSensoryFeeling
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PREFERRED SUBJECTS Arithmetic Algebra Calculus Logic Science Technology Finance
Programming Accounting Technical Management Production
Arts Geometry Design Poetry Architecture Marketing
Social Sciences Psychology Dance Drama High-Skilled Sports People-Management
A
B C
D
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PREFERRED PROFESSIONS Lawyers Engineers Computer Systems Analysts Financial Analysts Technicians Physicians
Statisticians
Bureaucrats Administrators Bookkeepers
Entrepreneurs Explorers Artists Playwrights Scientists in R&D Advertising
Guidance Counselors Public Relations Nurses Social Workers Entertainers HRD
A
B C
D Composers Jazz Musicians
Planners-Programmers Elementary Teachers Policemen Cashiers Production Supervisors Maintenance People Classical Musicians
Salesmen Priests
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Peter Senge – Fifth discipline
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3 disciplines that need to be developed in
entrepreneurs
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1. Personal mastery2. Mental models
(attitudes)3. Systemic thinking
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Personal Mastery
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Mental Models
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Systemic Thinking
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Personal mastery by Dr. Ed Morato
1. Learning to think2. Learning to do3. Learning to feel4. Learning to intuit5. Learning to lead6. Learning to communicate7. Learning to be
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Think
Feel
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Is entrepreneurship easy?
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It is rigorous, demanding, and a discipline!
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It is hard!
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JFK message on getting man on the moon
“We choose to go to the moon in this decade and do the other things, not because they are easy, but because they are hard, because that goal will serve to organize and measure the best of our energies and skills, because that challenge is one that we are willing to accept, one we are unwilling to postpone, and one which we intend to win, and the others, too.”
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Rewards and failures are in entrepreneurship
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Only in entrepreneurship can
you become a millionaire/billionaire!
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Do you want to be a billionaire?
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I want to be a billionaire! (Please put the target date
and sign your name)
_________________________(Your Name)
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Thank You!
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By:
Prof. Jorge U. Saguinsin
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