ARBUS 200 Lecture 1: Centrality of Entrepreneurship I - May 01 2017

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Arts and Business
Sebastian Siebel- Achenbach

Centrality of Entrepreneurship I • Modern disposition (since WW2) we view entrepreneurs as beneficial as oppose to before WW2 because of the risk that was there with new ideas o Entrepreneurs are necessary because they bring change ▪ Transformation that is intended to bring positive change o Entrepreneurs are esteemed in our time ▪ We welcome them ▪ Our desire for them has increased in our society due to competitiveness in todays time. o Change agents (entrepreneurs) process certain qualities that can help transform and encourage change to something ▪ Very small number of people • Society depends on these people so we can move further down the road of development • Serial entrepreneurs are ones that establish many businesses o Stay in for 3, 5, 7 years and then gets out o Terry Matthews has done this ▪ He would argue that luck has very little to do with his success ▪ He used human resources, people, or rather teams and followers as well as others who would guide him, help him, and lead him to his goal for success o Entrepreneur = person in effective control of commercial undertaking ▪ Engaged in enterprise, which is aligned with change ▪ Owner’s of business are not necessarily the same as entrepreneurs, they merely own a shop/store • Ex: pizza place owner of one shop • An entrepreneur is somebody who wants to transform o Who will bring benefits from a change • How do you know if you are successful? o A rough idea is if there is about $1 revenue and about 20 employees with a few locations – you are heading past the start-up phase ▪ Verifying your business as full of potential and now you may call yourself an entrepreneur o Essentials for success: ▪ Nature and intellect of entrepreneur ▪ Opportunity selected and how it is approached ▪ Outside conditions like competitiveness, environment, etc. ▪ Dedicated and diverse team of associates that are willing to work hard and bring the idea or change into its full potential ▪ Willingness to engage and learn and adjust quickly • Keep “bent knees” that allow you to jump into any situation ▪ Accept uncertainty and sense of adventure • Entrepreneurial Myths: o Entrepreneurs are born not made ▪ Wrong, we can learn to be an entrepreneur o Anyone can start a business ▪ Yes, but this may not indicate a successful business o Entrepreneurs are gamblers ▪ No, because entrepreneurs have a good idea of risk, by accessing it. They do not wait for lady luck to step in o Entrepreneurs are loners 2 ▪ No, because successful entrepreneurs work in teams and are able to realize a business proposition as a real idea via people o Entrepreneurs are autocratic ▪ No, but they tend to be willful o They tend to work frightfully
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