ENT526: Intro 9/8/2012 2:25:00 PM
What is Entrepreneurship?
Entrepreneurship is the nexus of two phenomenon:
The presence of lucrative opportunities
The presence of enterprising individuals i.e. entrepreneurs
Entrepreneurship is a process:
Opportunities are generated by changes in technological, economic,
or social conditions all the time.
Example: Expedia.ca: Online travel service founded in 1995. Could it have
been launched prior to 1990?
No, changes needed to realize opportunity:
Technology: Access to internet for millions and software to
integrate airlines and hotels.
Economic: Needed safe and reliable way of making payments over
the internet and paying commissions to an internet company.
Social: Awareness, confidence and trust of consumers had to
The entrepreneur assesses the value of an opportunity i.e. given the
industry conditions, does it appear profitable?
The entrepreneur decides to exploit the attractive opportunity by developing
a strategy which he/she implements successfully.
Popular Misconceptions about Entrepreneurs
1. Anyone who starts a business is an Entrepreneur
Anyone can start a business; the difference between an idea and an
opportunity is the key.
It is much harder to survive, sustain and build a business than to
simply start one.
2. Entrepreneurs are gamblers