Entrepreneurship

1. ENTREPRENEURSHIP
A definitive guide . . .

2. DEFINITION
Generally equated with SELF-EMPLOYMENT, whether it happens
by starting a business, buying a business, or entering one
through the family.
The creation of an innovative economic organization (or
network organizations) for the purpose of gain or growth under
conditions of risk and uncertainty.

3. DESCRIPTION
ECONOMIC FUNCTION
OWNERSHIP STRUCTURE
DEGREES OF ENTREPRENEURSHIP
SIZE & LIFE CYCLE OF THE FIRM

4. ENTREPRENEURSHIP
ECONOMIC FUNCTION
means of stimulating
the economy through
the creation of firms &
jobs
The risk of buying at a
certain price and
selling at an uncertain
price

5. ENTREPRENEURSHIP
OWNERSHIP STRUCTURE
creation of an
enterprise, which has
the entrepreneur as
the founder

6. ENTREPRENEURSHIP
DEGREES OF
ENTREPRENEURSHIP
measured by the
success achieved
through the change
initiated (i.e. increased
diversity of products/
services, ROI, increased
market size, controlling
number of employees,
etc.)

7. ENTREPRENEURSHIP
SIZE & LIFE CYCLE OF
FIRM
start-out businesses
starting out as high
energy & dynamic
and maturing into a
sluggish, established
corporate
bureaucracies

8. Types of Entrepreneurship
Entrepreneurship
Intrapreneurship
Team
Entrepreneurship

9. TYPES OF ENTREPRENEURSHIP
Entrepreneurship
✓ creating and building something from practically nothing
✓ creating/seizing an opportunity and pursuing it regardless of
the resources available

10. TYPES OF ENTREPRENEURSHIP
Intrapreneurship
✓ Initiated by dynamic employees who are motivated to be
creative and innovative to social and economic
enhancement of their organization
✓ Organizational learning and employee empowerment
towards revitalization of the business

11. TYPES OF ENTREPRENEURSHIP
Team Entrepreneurship
✓ Capability and attitude whereby individual skills are
integrated as a team
✓ The collective capacity to innovate becomes
something greater than the sum of its parts

12. GROUP DISCUSSION
What entrepreneurial
endeavors can we involve
ourselves in that is related to
the culinary, hospitality, and
tourism & leisure industries?

13. KEY ELEMENTS
Change Initiation
Commitment to
Employees
Creative Resourcing
Entrepreneurship
Learning
Innovation and
Creativity
Knowledge
Leadership
Opportunity Alertness
Relationship
Management
Risk & uncertainty
Management
Timing of Action
Vision and Strategic
Orientation

14. KEY ELEMENTS
■ Change Initiation
capability to identify an opportunity for
creation or innovation and ability to turn it
into reality
■ Commitment to Employees
application of appropriate management
practices and reward systems designed to
exact employee loyalty, retention and
efficiency

15. KEY ELEMENTS
■ Creative Resourcing
ingeniously marshalling of resources, of both
a financial & managerial nature, from a
complex source in order to mobilize the
opportunity
■ Entrepreneurial Learning
motivation to acquire the necessary
knowledge and expertise through relevant
exploration and reflection, in order to excel

16. KEY ELEMENTS
■ Innovation and Creativity
renewal of products and services by
adding value through application of
expertise and imagination
■ Knowledge Leadership
development of sources of management
information to enable first-mover
capability, and effective strategy
information & implementation

17. KEY ELEMENTS
■ Opportunity Alertness
continuous focus on emerging trends and
opportunities to be captured and realized
■ Relationship Management
maintenance of effective teams, networks, and
flexible management structures

18. KEY ELEMENTS
■ Risk and Uncertainty Management
evaluation of personal and financial risk elements,
self-confidence and determination to succeed
■ Timing of Action
Acting within a limited window in which an
opportunity can be optimized

19. KEY ELEMENTS
Vision and Strategic Orientation
formulation of ambitions, and strategies to realize
them