The Role of Entrepreneurship in Business Management

The role of entrepreneurship

1. Business Management (Business Organization & Environment) The Role of Entrepreneurship

2. The role of entrepreneurship “Three components make an entrepreneur: the person, the idea and the resources to make it happen.” – Anita Roddick, Founder of The Body Shop

3. The role of entrepreneurship Entrepreneurship describes the traits of individuals who run their own business(es). The entrepreneur is both willing and able to take calculated risks by investing in a business start-up or commercial initiative. They are often described as visionaries.

4. The role of entrepreneurship A visionary is an entrepreneur who has the foresight and driving force behind an organization’s growth and development. S/he can see market changes and trends before they actually happen or materialize, or even set the trends themselves. For example, a visionary will be instrumental behind an organization’s product development, acquisitions and strategic partnerships. Entrepreneurs are typically self-employed or hold the position of chief executive officer (CEO) of an organization.

5. Intrapreneurship Can you guess the difference between entrepreneurship and intrapreneurship?

6. Intrapreneurship Intrapreneurship describes the traits of individuals who work for an organization (so are not self-employed) but act as entrepreneurs. An intrapreneur operates in a similar way to entrepreneurs, by taking the lead on implementing new initiatives or growth strategies in order for the business to thrive and remain competitive. However, entrepreneurs own a stake in their business. They risk their own money, whereas intrapreneurs are unlikely to. The risks taken by entrepreneurs are always of a higher level.

7. Entrepreneurs share some common sought-after characteristics and skills: Creativity Decisiveness Drive (motivation) Effective communicator Flexibility and open-mindedness Leadership Planner Risk tolerance Risk management Teamwork Time management Vision Question: Which among these characteristics do you already have and which do you want to improve on?

8. Famous Entrepreneurs “I’m convinced that about half of what separates the successful entrepreneurs from the non-successful ones is pure perseverance.” – Steve Jobs (1955 - 2011), Co-founder of Apple

9. Game: Guess the Entrepreneur 1. Started business aged 5 by buying matches in bulk to sell at low prices for a small profit margin.

10. Game: Guess the Entrepreneur 1. Started business aged 5 by buying matches in bulk to sell at low prices for a small profit margin. Ingvar Kamprad - Founder of IKEA

11. Game: Guess the Entrepreneur 2. Created one of the USA’s largest cosmetics companies using just $5,000 start-up capital when she was 45.

12. Game: Guess the Entrepreneur 2. Created one of the USA’s largest cosmetics companies using just $5,000 start-up capital when she was 45. Mary Kay Ash - Founder of Mary Kay Cosmetics, Inc.

13. Game: Guess the Entrepreneur 3. Failed his English proficiency exams three times before becoming an English teacher, giving it all up to create the world’s largest B2B e-commerce business by sales revenue.

14. Game: Guess the Entrepreneur 3. Failed his English proficiency exams three times before becoming an English teacher, giving it all up to create the world’s largest B2B e-commerce business by sales revenue. Jack Ma - Founder of Alibaba

15. Game: Guess the Entrepreneur 4. Gave up his PhD course in Stanford in order to pursue his business interests.

16. Game: Guess the Entrepreneur 4. Gave up his PhD course in Stanford in order to pursue his business interests. Elon Musk Co-founder of Tesla

17. Game: Guess the Entrepreneur 5. Started his business by selling books online, storing them in his otherwise underused garage.

18. Game: Guess the Entrepreneur 5. Started his business by selling books online, storing them in his otherwise underused garage. Jeff Bezos - Founder of Amazon

19. Individual Activity – 5 Minutes Think of an Entrepreneur that inspires you. What do you think are your similarities with this entrepreneur? What do you think made this entrepreneur successful? Research about his/her humble beginnings and share it to the class.