A Reflective Introduction to Entrepreneurship

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A Reflective Introduction to Entrepreneurship

• Homero Galicia
• Kauffman Campus Initiative
• University of Texas at El Paso

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• It is not about starting a business, rather it is
  about finding the entrepreneur within you.

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Common Reasons for Starting a Business

• Capitalize on technical expertise
• Under-employed
• Limited job opportunities
• Unhappy with boss
• Belief that can do job better than employer

Are these the right reasons?
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E-Myth

• Small businesses are started by entrepreneurs
  risking capital to make a profit.

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Reality 1

• An entrepreneur is an inventor, although few
  inventors are entrepreneurs.
• Inventors ask what is missing in this picture and
  answer it by inventing the missing piece that
  make the picture whole.

Gerber, M.E., Awakening the Entrepreneur Within
How Ordinary People Can Create Extraordinary
Companies, Collins, 2008.
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Reality 2

• Entrepreneurs do not buy business
  opportunitiesthey create them.
• Business opportunities are invented by
  technicians or mangers.
• They may not have aspirations to be entrepreneurs.

Gerber, M.E., Awakening the Entrepreneur Within
How Ordinary People Can Create Extraordinary
Companies, Collins, 2008.
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Reality 3

• Invention is contagious.
• People love to experience an original business
  idea that has been successfully manifested in
  the world.
• The entrepreneur loves accolades, lives for the
  successful manifestation of the invention, and
  finds joy only when the audience and the business
  truly come together as originally envisioned.

Gerber, M.E., Awakening the Entrepreneur Within
How Ordinary People Can Create Extraordinary
Companies, Collins, 2008.
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Reality 4

• To be an entrepreneur, the success of the
  inventionthe businessis measured by growth. The
  faster the business grows, the more successful
  the invention.
• Entrepreneurs create businesses that thrive.

Gerber, M.E., Awakening the Entrepreneur Within
How Ordinary People Can Create Extraordinary
Companies, Collins, 2008.
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Reality 5

• Everyone possesses the ability to be an
  entrepreneur, to invent, to conceive a great idea
  for a new business, and to create an original
  business based upon a simple explosive idea.

Gerber, M.E., Awakening the Entrepreneur Within
How Ordinary People Can Create Extraordinary
Companies, Collins, 2008.
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What is entrepreneurship?

• A process through which individuals and teams
  create value by bringing together unique packages
  of resource inputs to exploit opportunities in
  the environment. It can occur in any organization
  context and result in a variety of possible
  outcomes
• New venture
• Products
• Services
• Processes
• Markets
• Technologies

Its mostly about simple people with simple
dreams who can turn these dreams into realities.
An entrepreneur can both dream and do.
Morris, M.H., Entrepreneurial Intensity
Sustainable Advantage for Individuals, Organizatio
ns and Societies, Quorum Books, 1998.
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Entrepreneurship Process

• Identify an opportunity
• Develop the concept
• Determine the required resources
• Acquire the necessary resources
• Implement and manage
• Harvest the venture

Morris, M.H., Entrepreneurial Intensity
Sustainable Advantage for Individuals, Organizatio
ns and Societies, Quorum Books, 1998.
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Social Entrepreneur-1

• Identifies and solves social problems on a large
  scale
• Creates and transforms whole industry (as
  business entrepreneur)
• Acts as change agents for society
• Seizes opportunities other miss to improve
  systems
• Invents and disseminates new approaches
• Advances sustainable solutions that create social
  value.

The New Heroes, a production of Oregon Public
Broadcasting and Malone-Grove Productions, Inc.
, 2005.
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Social Entrepreneur-2

• Seeks to generate social value rather than
  profits (unlike business entrepreneurs)
• Targets work toward sweeping, long-term changes
  not just immediate, small-scale effects

The New Heroes, a production of Oregon Public
Broadcasting and Malone-Grove Productions, Inc.
, 2005.
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Corporate Entrepreneurship

• Process whereby an individual or a group of
  individuals in association with an existing
  organization, create a new organization, or
  instigate renewal or innovation within that
  organization.

• Other terms
• Corporate entrepreneurship
• Intrepreneuring
• Internal corporate entrepreneurship
• Corporate venturing

(Sharma and Christman, 1999)
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Discussion Objectives

• Encourage the discovery of the entrepreneur
  within
• Begin to put structure to your personal passion
  or dream

Think Share Report
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Discussion Entrepreneur within

• Review discussion questions
• Review time limits
• Think 5 minutes
• Share 5 minutes each
• 3 minutes to present
• 2 minutes for questions and discussion
• Report 10 minutes
• Break class into groups of three
• Assign role of timekeeper
• No judgment of responses!