BUSS1000 Lecture Notes - Lecture 12: Coopetition, Problem Solving, Upselling
5 Jun 2018
School
Department
Course
Professor
Understand entrepreneurship and entrepreneurship
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Know how to apply the business model canvas
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LO:
Entrepreneur = someone who starts their own business, especially when this involves seeing a new
opportunity.
•
Intrapreneur = an employee within a large company who takes direct responsibility for turning an idea
into a profitable new product, service, business, etc., often instead of leaving to start their own
company.
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Proliferated the idea of entrepreneurship
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Entrepreneurs buy at certain prices in the present and sell at uncertain prices in the future. The
entrepreneur is a bearer of uncertainty.
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Richard Cantillion - early reference to entrepreneurship:
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Understanding Entrepreneurship:
Entrepreneurs are those persons (business owners) who seek to generate value through the creation or
expansion of economic activity, by identifying and exploiting new products, processes or markets.
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Entrepreneurial activity is enterprising human action in pursuit of the generation of value through the
creation or expansion of economic activity, by identifying and exploiting new products, processes or
markets.
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Entrepreneurship is the phenomenon associated with entrepreneurial activity.
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Overall definitions:
The essential act of entrepreneurship is new entry (central idea underlying concept of entrepreneurship)
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New entry can be accomplished by entering new or established markets with new or existing goods or
services.
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New entry is the act of launching a new venture, either by a start-up firm, through an existing firm, or via
"internal corporate venturing”
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New Entry:
the introduction of a new good or quality thereof,
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the introduction of a new method of production,
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the opening of a new market,
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the conquest of a new source of supply of new materials or parts,
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the carrying out of the new organization of any industry
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The entrepreneur is the innovator who implements change within markets through the carrying out of
new combinations. These can take several forms;
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Forms of entrepreneurship:
Entrepreneurs attempt to predict and act upon change within markets. The entrepreneur bears the
uncertainty of market dynamics (Knight, 1921)
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Entrepreneurial activity involves identifying opportunities within the economic system (Issawi & Penrose,
1963)
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Entrepreneurial activity involves "activities necessary to create or carry on an enterprise where not all
markets are well established or clearly defined and/or in which relevant parts of the production function
are not completely known” (Harvey Leibenstein 1968, 1979)
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the creation of new organizations (Gartner, 1988)
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Entrepreneurial activity is a context dependent social process through which individuals and teams
create wealth by bringing together unique packages of resources to exploit marketplace opportunities
(Hitt et al., 2001, p.51)
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“Entrepreneurial activity is the pursuit of opportunity beyond the tangible resources currently
controlled” (Stevenson in Eisenmann, 2013)
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Different views on entrepreneurship:
opportunity identification & exploitation
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new market entry
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change & creations of a ‘newness’
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risk & uncertainty
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creativity & innovation
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human behaviour
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Key themes of entrepreneurship:
Opportunities have a natural ‘life cycle’
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Businesses are continually ‘fighting’ to innovate and re-invent themselves
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The ogre of ‘creative destruction’ hangs over all stakeholders
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Limitations of themes:
Critiques of entrepreneurship:
Can ask for whole model questions or just blocks of the model
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Might require knowledge of megatrends to justify answers
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Exam:
Week 12 - Entrepreneurship
Tuesday, 29 May 2018
11:29 AM
Lecture Page 1
Document Summary
Can ask for whole model questions or just blocks of the model. Might require knowledge of megatrends to justify answers. Know how to apply the business model canvas. Entrepreneur = someone who starts their own business, especially when this involves seeing a new opportunity. Intrapreneur = an employee within a large company who takes direct responsibility for turning an idea into a profitable new product, service, business, etc. , often instead of leaving to start their own company. Entrepreneurs buy at certain prices in the present and sell at uncertain prices in the future. Entrepreneurs are those persons (business owners) who seek to generate value through the creation or expansion of economic activity, by identifying and exploiting new products, processes or markets. Entrepreneurial activity is enterprising human action in pursuit of the generation of value through the creation or expansion of economic activity, by identifying and exploiting new products, processes or markets. Entrepreneurship is the phenomenon associated with entrepreneurial activity.
