Entrepreneurship

Question 1

What are the 4 things that need to be included in “What Is Entrepreneurship?”

Answer 1

1. Definition of entrepreneurship (and contrasting definitions)

Then the main concepts:

2. Creativity and Innovation
3. Opportunity Recognition
4. Growth of the business

Question 2

What is a definition of Entrepreneurship?

Answer 2

Old, Marshal = businessman going about ordinary life

Problem = ignores the fact entrepreneurship can be learned

Say says that entrepreneurship involves risk

But this doesn’t distinguish between athletes

Simplified, Gartner = start a new business you’re entreprneeur

Problem = small business vs entrepreneur

No clear definition

I believe entrepreneurship must include: opportunity recognition, creativity and innovation and growth

Question 3

Name one guest lecturer

Answer 3

Marc Barfoot

Question 4

How Would You Answer The Question “Who Is The Entrepreneur’

Answer 4

1. Define Entrepreneurship
2. Trait Theory
   Problem: Athletes + Tom Bilyeu
3. Cognitive Theory (Mental Models)
   Diagram

Attitude and Achievement

Attitude: People’s attitude decide their actions

Achievement: People with need for achievement become entrepreneurs.
High self belief + Intrinsic Motivation

3. Behavioural Theory (Gartner)

Question 5

Do entrepreneurial opportunities exist or are they created?

Answer 5

Summary: Two opposing thoughts

Definition of entrepreneurship
Definition of Opportunity: A time/set of circumstances that allow an entrepreneurial endeavour to occur

Argument 1: Kirznerian (1970) - opportunity is objective, ‘out there’, discovered.

Example: Gymshark sat down on drawing board

Issue: Discovery of opportunities is a subjective experience

Argument 2: Schumpterian (1930) - opportunity is subjective, “inside of the entrepreneur” and created.

Although infinite number of opportunities out there, only some entrepreneurs can “see them”.

Also, opportunities are a lot more complex - personal to the entrepreneur - this makes it seem like it was created not discovered.

Example: Complexities within Gymshark

Conclusion: I do believe that there are an infinite number of opportunities out there waiting to be discovered. Similar to how you could write a chain or 1,000 random numbers - nobody else may have written those numbers in that order but it doesn’t mean you “created” that number.

My experience: During Music Map, we sat down, thought of a problem, then merged two other ideas to make a new one. We did not create this idea, we discovered it.

Question 6

Discuss the role of creativity and innovation

Answer 6

1. Define Creativity = thinking up new ideas, laterally, “outside the box”
2. Define Innovation = doing the new ideas, implementing into the market
3. Define entrep. = entrep. means doing new things so all entreprenrus are creative and innovative.
4. Importance of creativity in entrep. = adding new feature makes new USP
5. Example = Oneplus 6T in screen finger print
6. Barriers to creativity = thinking there’s only one solution, not believing you could find the solution
7. Example of barrier = NYC cabs thought only way to order was whistle/call. Uber came along.
8. Importance of innovation = There is no point just thinking without taking action
9. Example of innovation = Maybe NYC taxis did think of app but did not innovate
10. Taking innovation further = Gartner says Entrep. start a business, actually Entrep do alot more change industries e.g. Circular economies
11. Example of taking innovation further = Denise Baden
12. Conclusion = You need creativity for innovation. Without innovation creativity is pointless. Both are essential for entrepreneurship.
13. Example of MusicMapp

Question 7

Challenges in entrepreneurship as it GROWS

Answer 7

1. Define growth = measured in different ways, revenue
2. Define entrep. with respective to growth
3. Importance of growth = 50% of startups fail because not enough growth. A company that grows 20% are a gazelle (Burns). Example of this is AIRBNB
4. Growth Strategies
   Internal growth - McDonalds
   External growth - Facebook + Whatsapp
5. Challenges to growth (Greiner)
   Leadership - direction given by effective leadersh
   Autonomy - as company growth entrep. must set up systems
   Control - systems = no control, systems for control
   Bureaucracy - large firm = no purpose (example Hilton)
6. Critical = bureaucracy is hardest - employee mindset.
7. Conclusion.

Question 8

Discuss corporate entrepreneurship

Answer 8

1. Define Corp. Entrep. = entrep. in large businesses to gain competitive advantage by innovating at all levels of the organisation (Vasper 1984)

2. Differences:
             Risk
             Resources
             Reward
             Reputation

3. Similarities:
   Opportunity recognition
   Risk (extrapolating)
4. Entrepreneurial Architecture = metaphor used to describe the infrastructure needed to encourages entrepreneurs within a business (Burns, 2016).
   Intrapreneur

         Leadership
         Strategies
         Culture
         Structure

5. Examples
   Good = Innocent Smoothies
   Bad = Sports Direct
6. Intrapreneurs

Question 9

Discuss Social Entrepreneurship

Answer 9

1. Definition = creating value for a society through entrepreneurial ventures.
   Triple Bottom Line = succeeding economically, environmentally and socially
2. Definition regarding Entrep. = Zahra et al. (2009), entrepreneurship itself automatically crates social and environmental value beyond private economic wealth.
3. Define Social Entrepreneurs =People who are not focused on just creating a profit for themselves, but to create a meaningful impact on the world. Often, social entrepreneurs are selfless, visionaries and passionate.
   Jamie Oliver - 15 Kitchen for alcoholic kids
4. Importance of Social Entrepp
   Charities aren’t reliable
   Government isn’t reliable
5. Critiques of social entrep.
   It’s not their role
   Normal businesses fail, even more hard for social entrep.