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Summary Entrepreneurship T&P pre-recorded lectures
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Theme 1 - Understanding EntrepreneurshipTheme 1 Clip 1
Course introduction and explanation
Theme 1 Clip 2
Assignment introduction and explanation
Theme 1 Clip 3
What is entrepreneurship?
Doing new things
Entrepreneurship is the pursuit of opportunity beyond resources controlled
When would you be an entrepreneur?
The entrepreneur upsets and disorganizes
Innovate
Theme 1 Clip 4
The nature of entrepreneurship is influenced by the nature of economy
Low margin. De boeren
Somewhere in between. De bedrijven die
kaas maken van melk
Fundamentally different. De bedrijven die
de machines maken om kaas te maken
Theme 1 Clip 5
There is a fear for starting a business because usually entrepreneurs fail
The chance of failing is high, but you can reduce the consequence of failure
Failing to succeed
Real options reasoning: (you consider an innovation project as an option on future value, and with
the progression of time you will develop knowledge and that allows you to reconsider to continue or
to kill the project) introducing multiple projects, but killing projects along the way, only commit to
, the successful ones
Another why failure isn’t bad: failure breeds success
3 reasons why failure is good:
Societal level gains from failure
Theme 1 Clip 6
What is entrepreneurship?
The arising, spotting, evaluating, improving and pursuing of opportunity
Entrepreneurship: transforming opportunity into value
Innovation: transforming invention into value
Opening a business and running it the same every day is not entrepreneurship
What type of venture is it in respect to the amount of new value that the venture is seeking to create
How much learning was required by the people involved?
The papers we read are focused on relatively inexperienced founders that want to create a lot of new
value
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