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This is a summary that is for the final exam of Project: Company Assignment for Business students at the University of Amsterdam
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HBA20c - Entrepreneurship and Business Planning - Summary 23/24
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Chapters 1, 2, 3, 5, 4, 6, 8, 10. Higher entrepreneurial intensity often want toProject Company Assignment, Final Exam. cut bureaucracy.
Chapter 1: Introduction to Why Do People Become Entrepreneurs?
Entrepreneurship Three primary reasons are to be their own boss,
pursue their own ideas, and pursue financial
One criticism of entrepreneurship is that the rewards.
majority of new businesses fail.
Motivation needs to be coupled with a solid Be Their Own Boss
business idea, good financial management, and Some people find it frustrating to work in
effective execution to maximize chances for traditional ways, or have long-term ambitions.
success.
Pursue Their Own Ideas
The word entrepreneur is derived from French Some people are naturally alert and recognize
words, entre, meaning “between,” and prendre ideas for new products or services. Established
meaning “to take.” firms also may resist innovation which leaves
Inventors and entrepreneurs differ from each employees with good ideas that go unfulfilled so
other as inventors create something new and they leave and try to start their own business as a
entrepreneurs assemble and integrate all the means to develop their own ideas.
resources needed (money, people, strategy, Chain of events can take place in noncorporate
risk-bearing ability) to transform the invention settings too.
into a viable business.
Pursue Financial Rewards
Entrepreneurship is defined as the process by Usually a secondary motivation compared to the
which individuals pursue opportunities without first two and often fails to live up to its hype.
regard to resources they currently control for the
purpose of exploiting future goods and services. Characteristics of Successful
→ in simple terms: turning an idea into a Entrepreneurs
business. Four primary characteristics: passion for the
Requires creativity, drive, and willingness to business, product/customer focus, tenacity
take risks. despite failure, and execution intelligence.
Existing firms can act entrepreneurially too. Passion for the Business
Established firms with an orientation toward Having the passion for an idea that gets a
acting entrepreneurially practice corporate business going and even if times are tough.
entrepreneurship. All firms fall along a Making a difference in people’s lives is the
conceptual continuum that ranges from highly primary motivator behind many social
conservative to highly entrepreneurial. The enterprises, which are often started by people
position of a firm on this continuum is referred who set aside promising careers to pursue a
to as entrepreneurial intensity. social goal.
Conservative firms take more of a “wait and However, with passion, entrepreneurs should not
see” posture, are less innovative, and are risk wear rose-colored glasses; it’s important to
averse. understand a business’ potential flaws and risks
too.
,Product/Customer Focus 5. Entrepreneurs love the spotlight:
Two most important elements in any business: majority of them don’t even attract
products and customers. attention.
Involves the diligence to spot product
opportunities and to see them through to Types of Start-Up Firms
completion. 3 types of start-up firms: salary-substitute firms,
lifestyle firms, and entrepreneurial firms.
Tenacity Despite Failure Salary-substitute: small firms that yield a level
Possibility of failure always exists because of income for their owners that is similar to what
entrepreneurs are usually trying something new. they would earn when working for an employer.
The litmus test for entrepreneurs is the ability to Lifestyle firms: provide their owner or owners
persevere through setbacks and failures, going the opportunity to pursue a particular lifestyle
through personal and professional obstacles and earn a living while doing so.
along the way. Entrepreneurial firms: bring products and
services to market. The essence of
Execution Intelligence entrepreneurship is creating value and then
The ability to fashion a solid idea into a viable disseminating that value to customers. Value
business. This is the factor that determines refers to worth, importance, or utility. For
whether a start-up is successful or fails. instance, Uber, Facebook, or Dropbox.
One way early-stage companies learn execution
intelligence is by participating in start-up Changing Demographics of
incubator and accelerator programs. Entrepreneurs
Myths about Entrepreneurs Women Entrepreneurs
1. Entrepreneurs are born, not made: Even though men are more likely to start
whether someone has the skill to be an businesses than women, the number of
entrepreneur depends on their women-owned businesses are increasing.
experiences, personal choices, and Important factor is forums that encourage and
environment. support women entrepreneurs
2. Entrepreneurs are gamblers: Minority Entrepreneurs
entrepreneurs are actually moderate An important factor facilitating the growth of
risk takers, as are most people. This minority entrepreneurs is the number of
myth comes from two sources which are organziations that promote and provide
that entrepreneurs have jobs that are less assistance, same as the women entrepreneurs.
structured and that many entrepreneurs Senior Entrepreneurs
have a strong need to achieve and set Caused by factors such as corporate downsizing,
challenging goals. increasing desire for personal fulfillment, worry
3. Entrepreneurs are motivated for additional income to pay for healthcare
primarily by money: entrepreneurs services.
believe that if u prioritize money, youd Millennial Entrepreneurs
be too scared to lose it than getting it High desire among millennials. Biggest
4. Entrepreneurs should be young and obstacles are finances, fear of failure, lack of
energetic desire, and lack of knowledge.
, The Positive Effects of Entrepreneurship 2. Developing successful business ideas
and Entrepreneurial Firms 3. Moving from an idea to an entrepreneurial
Schumpeter argued that entrepreneurs develop firm
new products and technologies that over time 4. Managing and growing an entrepreneurial
make current products and technologies firm.
obsolete, also known as creative destruction.
Decision to Become an Entrepreneur
Creative destruction stimulates economic Usually, a triggering event prompts an
activity, which may increase the productivity of individual to become an entrepreneur. Or
all elements of a society. lifestyle issues such as a woman waiting for her
This process is initiated most effectively by child to become older for her to start with the
start-up ventures that improve on what is business.
currently available.
Developing Successful Business Ideas
Economic Impact of Entrepreneurial Includes opportunity recognition, feasibility
Firms analysis, the development of an effective
Entrepreneurial behavior has a strong impact on business model, industry analysis, and writing a
an economy’s strength and stability. business plan.
Innovation is the process of creating something A firm’s business model is its plan or recipe for
new, which is central to the entrepreneurial how it creates, delivers, and captures value for
process. its stakeholders.
Job creation is thanks to small businesses A business plan is a written document that
which can create a number of net new jobs. describes all the aspects of a business venture in
a concise manner. Some entrepreneurs are
Entrepreneurial Firms’ Impact on Society impatient and don’t want to spend on a business
Innovations have a dramatic impact on a society. plan, which is a mistake.
Some products are new to this generation but it's
hard to imagine our world without them. Moving from an Idea to an Entrepreneurial
But they may create moral and ethical issues Firm
which people are forced to grapple, such as Preparing proper ethical and legal foundation for
privacy concerns where companies are able to a firm, including selecting an appropriate form
track the purchasing behavior of their customers. of business ownership.
Entrepreneurial Firms’ Impact on Larger Managing and Growing an Entrepreneurial
Firms Firm
They positively impact the effectiveness of Final stage of the process and focuses on how
larger firms. Entrepreneurial firms are firms need to be managed and grown properly to
sometimes founded to respond to larger firms’ ensure their ongoing success.
needs. Preparing for and evaluating challenges for
growth, lebih ke how to get over the issues that
The Entrepreneurial Process your business is faced with.
Four steps: 1. Decision to become an
entrepreneur
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