Lectures
Lecture 1 Who is the entrepreneur?
Different perspective of entrepreneurship
• The economic perspective: buying something and selling it for more
Schumpeter: creative destruction: entrepreneur is innovator, combines existing things and
creates new opportunities
• The social-psychological tradition: identify the entrepreneur, and the environment has also a
big impact ‘personal profile’, studies failed to identify “the entrepreneur” out of the mass
• The emerge tradition: process of venture formation including formal policy, administrative
structure and goals. behavioural patterns are an important aspect
• The opportunity tradition: discovery, evaluation and exploitation of opportunities
discovery or creating?
venture capital investors often consider the role of the entrepreneur as more important than the
business idea.
types of entrepreneurs:
- novice: no entrepreneurial experience
- habitual: having entrepreneurial experience
- serial: creating ventures on a regular basis
- portfolio: owning several organizations simultaneously
- hybrid: employed and business-owner at the same time
- nascent entrepreneur: in the process of becoming an entrepreneur
- Intrapreneur: acting as entrepreneur within organization
(you can be more than one type)
born perspective: entrepreneurs are ‘special’ individuals, character traits:
- entrepreneurs often have parents who are also involved in entrepreneurial activities →
influence of genes
- positive influence of prenatal testosterone on entrepreneurship intention (Bönte)
Made perspective: social demographic environment is crucial
o age,
o work experience,
o education (entrepreneurship courses seem to have a positive impact)
What are the elements of entrepreneurship:
1. individual
2. organization
3. process
4. environment
Lecture 2 Opportunities
criteria for a valid opportunity
1. anchored: bound to product/service/experience that creates value for others
2. attractive: willing to pay
3. at the right time and place: environment is mature enough
4. capable of being done: practically feasible
Discovery view: opportunities are out there, be alert!
Creation view: creates the opportunity himself
, Opportunity evaluations:
▪ product
▪ market
▪ industry
▪ people
▪ money
Venture Capital decisions criteria:
entrepreneur’s personality
entrepreneur’s experience
characteristics product/service
characteristics market
financial considerations
❖ product can be protected
❖ product enjoys market acceptance
❖ developed to the point of a functioning prototype
❖ product may be described as ‘high tech’
o top management team
o market and market growth
o product
o risk
o returns
o exit
o deal
o strategy
o customer
o competition
Creating trust:
• website
• social media accounts and regular updates
• founding official company
• establishing an advisory board
• testimonials
• trademarks or patents
• investing own money
• creating prototype
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