Entrepreneurial Mind
managing, they manage the new ideas, the new
business, the new goods or services and the new
procedures.. And that’s entrepreneurship
ENTREPRENEUR
● An entrepreneur is an individual that
Lesson 1: Introduction to develops new creation and assume the
risk of setting up a business to produce
Entrepreneurship product that will satisfy the customer
needs and wants.
The term entrepreneurship originated in Europe ● An entrepreneur is an individual that
sometime in the Middle Ages. Entrepreneur is of develops new creation and assume the
French origin from the word entreprendre that risk of setting up a business to produce
means “ to undertake”. product that will satisfy the customer
needs and wants.
The term "entrepreneurship" indeed has its ● Remember entrepreneur is an individual
roots in Europe, particularly in France, and its and an entrepreneurship is a process.
origin can be traced back to the Middle Ages. What kind of individual is an
The word "entrepreneur" is derived from the entrepreneur? It develops creation.
French verb "entreprendre," which means "to What kind of creation ? Creation of new
undertake" or "to embark on a venture." The business, creation of new ideas creation
concept of entrepreneurship has evolved over of new goods or services and creation of
time, encompassing the idea of individuals procedures. This individual assume risk
taking initiative, assuming risks, and organizing because the creation has no assurance of
and managing business activities. survival which means it doesn’t know if
the creation will earned income or
ENTREPRENEURSHIP survive to the market. It gives
satisfaction to the customer to fulfill
● the process of creating, launching and what is essential to the customer and
managing the business operations. what is the desire of the customer.
Essential to the lives or to the daily
Using the definition of entrepreneurship that transaction of the customer desire
typically focused on establishing and managing because this is what the customer wants.
the business. Entrepreneurship is the process of Remember an entrepreneur is an
creating launching and managing the business individual and an entrepreneurship is a
operations. What do entrepreneur process? They process.
process creation, they create new business, they
create new ideas, they create new goods or BUSINESSMAN VS. ENTREPRENEUR
services, they create new procedures. After the
“All entrepreneur are business individual but
process of creation, the next step is the process
not all business individual are entrepreneur”
of launching (When we say launching, it is
introducing to the market) , they The statement "All entrepreneurs are business
launch/introduce the created new business, they individuals, but not all business individuals are
launched/introduce the created new ideas, they entrepreneurs" reflects the idea that while
launched/introduce the created new goods or entrepreneurship is a subset of business
service and they launched/introduce the created activities, not every person engaged in business
new procedures. And the last process is the can be considered an entrepreneur.
1
,All Entrepreneurs are Business Individuals: Lesson 2:CONTEMPORARY VIEWS ON
● Entrepreneurs are individuals who ENTREPRENEURSHIP
engage in entrepreneurial activities,
which involve starting new ventures, Lloyd Shefsky:
taking risks, and often focusing on
- says an entrepreneur is someone who gets into
innovation.
a business early enough to make a big difference
● Entrepreneurs can be business owners,
in how it runs.
founders of startups, or individuals
leading new projects within existing Book Title: Entrepreneurs are made not Born
organizations.
● Defined entrepreneur by dissecting the word
Not All Business Individuals are Entrepreneurs:
entrepreneur into three parts such as:
● Business individuals encompass a
o entre means to enter
broader category that includes various
professionals and managers involved in o pre means before; and
business activities.
● Some individuals may be involved in o neur means nerve center
routine business operations,
management, or other roles within a SHEFSKY’S practical view on the term
business but may not necessarily exhibit entrepreneur leads to a definition of the word as
the characteristics typically associated someone who enters a business, any business in
with entrepreneurship, such as high time to form or change substantially that
levels of innovation or risk-taking. business nerve center.
Entrepreneur Lloyd Shefsky is Professor of
Entrepreneurship at Kellogg School of
(a creative person who introduces new ideas to Management, as well as Co-Director, at Center
run the business) for Family Enterprises. In addition to being a
Co-Founder of several businesses and
● Innovative in Person nonprofits, he has taught and lectured in a
● Customer- Oriented number of countries. His bestselling books
● High Risk Tolerance include ‘Invent, Reinvent, Thrive: the keys to
● Market Leader success for any startup, entrepreneur or family
business’ , and ‘Entrepreneurs Are Made, Not
Business Individual
Born.’ Shefsky joins us in this exclusive
( a person who follows already existing ideas) interview on challenges and success factors for
entrepreneurs, management education, and
● Traditional emerging research directions.
● Profit-Oriented
Karl Vesper
● Lower Risk
● Market Player ● Describes an entrepreneur in a broader
perspective by postulating that entrepreneurship
is now a concern of various professions.
● to an economist: an
entrepreneur is one who brings
2
, resources, labor ,materials and have much to gain from being more
other assets into combinations experimental.
that make their value greater
than before, and also one who ● He is known for his substantial contribution to
introduces changes, innovation, the organizing of the field of entrepreneurship
and a new order. research.
● to a psychologist: entrepreneur
Karl Vesper's description of entrepreneurs as
could refer to such a person as
"achievement-oriented individuals driven to
typically driven by certain
accomplishments" encapsulates a key aspect of
forcers: need to obtain or attain
the entrepreneurial mindset. Entrepreneurs are
something, to experiment, to
often motivated by a strong desire to achieve
accomplish, or perhaps to
their goals, whether it's building a successful
escape from authority of others.
business, creating innovative products or
● to one businessman: an
services, or making a positive impact in their
entrepreneur appears as a
communities
threat, an aggressive
competitor, whereas to another Professor Robert Henry Nelson
businessman, the entrepreneur
may be an ally, a source of ● Defines entrepreneur as “a person who is able
supply, a customer, or someone to look at the environment, identify
good to invest in. opportunities to improve the environment ,
resources and implement action to maximize
Karl Vesper is a respected figure in the field of
those opportunities.”
entrepreneurship and his work has contributed
significantly to understanding entrepreneurship ● He further emphasizes that the term
from a multidisciplinary perspective. One of his entrepreneur is meant to be used in the broadest
notable contributions is the idea that sense and would include persons in work
entrepreneurship is not limited to a single situations in large medium and small business
profession or field, but rather it intersects with enterprises as well as those in cooperatives and
and is relevant to various disciplines and government.
industries.
Professor Robert Henry Nelson
Karl H. Vesper
● Robert Henry Nelson (1944–2018) was a
● born in California 1932 Senior Fellow at the Independent Institute,
Professor of Environmental Policy in the School
● B.S in mechanical engineering
of Public Policy at the University of Maryland,
and Senior Scholar at the Mercatus Center.
● US Air force military service
● He was an American economist who was
● MBA from Harvard University
professor of environmental policy in the
● PhD, Stanford University University of Maryland School of Public Policy
and a senior fellow of the Independent Institute.
● Vesper- “Entrepreneurs are achievement
oriented individuals driven to ● He authored over 100 journal articles and
accomplishments.” edited book chapters, as well as nine books.
Nelson was a nationally recognized authority in
● (Vesper 1998), He argues that both areas including the management of public land
entrepreneurship research and education would and zoning in the United States, but is best
3
managing, they manage the new ideas, the new
business, the new goods or services and the new
procedures.. And that’s entrepreneurship
ENTREPRENEUR
● An entrepreneur is an individual that
Lesson 1: Introduction to develops new creation and assume the
risk of setting up a business to produce
Entrepreneurship product that will satisfy the customer
needs and wants.
The term entrepreneurship originated in Europe ● An entrepreneur is an individual that
sometime in the Middle Ages. Entrepreneur is of develops new creation and assume the
French origin from the word entreprendre that risk of setting up a business to produce
means “ to undertake”. product that will satisfy the customer
needs and wants.
The term "entrepreneurship" indeed has its ● Remember entrepreneur is an individual
roots in Europe, particularly in France, and its and an entrepreneurship is a process.
origin can be traced back to the Middle Ages. What kind of individual is an
The word "entrepreneur" is derived from the entrepreneur? It develops creation.
French verb "entreprendre," which means "to What kind of creation ? Creation of new
undertake" or "to embark on a venture." The business, creation of new ideas creation
concept of entrepreneurship has evolved over of new goods or services and creation of
time, encompassing the idea of individuals procedures. This individual assume risk
taking initiative, assuming risks, and organizing because the creation has no assurance of
and managing business activities. survival which means it doesn’t know if
the creation will earned income or
ENTREPRENEURSHIP survive to the market. It gives
satisfaction to the customer to fulfill
● the process of creating, launching and what is essential to the customer and
managing the business operations. what is the desire of the customer.
Essential to the lives or to the daily
Using the definition of entrepreneurship that transaction of the customer desire
typically focused on establishing and managing because this is what the customer wants.
the business. Entrepreneurship is the process of Remember an entrepreneur is an
creating launching and managing the business individual and an entrepreneurship is a
operations. What do entrepreneur process? They process.
process creation, they create new business, they
create new ideas, they create new goods or BUSINESSMAN VS. ENTREPRENEUR
services, they create new procedures. After the
“All entrepreneur are business individual but
process of creation, the next step is the process
not all business individual are entrepreneur”
of launching (When we say launching, it is
introducing to the market) , they The statement "All entrepreneurs are business
launch/introduce the created new business, they individuals, but not all business individuals are
launched/introduce the created new ideas, they entrepreneurs" reflects the idea that while
launched/introduce the created new goods or entrepreneurship is a subset of business
service and they launched/introduce the created activities, not every person engaged in business
new procedures. And the last process is the can be considered an entrepreneur.
1
,All Entrepreneurs are Business Individuals: Lesson 2:CONTEMPORARY VIEWS ON
● Entrepreneurs are individuals who ENTREPRENEURSHIP
engage in entrepreneurial activities,
which involve starting new ventures, Lloyd Shefsky:
taking risks, and often focusing on
- says an entrepreneur is someone who gets into
innovation.
a business early enough to make a big difference
● Entrepreneurs can be business owners,
in how it runs.
founders of startups, or individuals
leading new projects within existing Book Title: Entrepreneurs are made not Born
organizations.
● Defined entrepreneur by dissecting the word
Not All Business Individuals are Entrepreneurs:
entrepreneur into three parts such as:
● Business individuals encompass a
o entre means to enter
broader category that includes various
professionals and managers involved in o pre means before; and
business activities.
● Some individuals may be involved in o neur means nerve center
routine business operations,
management, or other roles within a SHEFSKY’S practical view on the term
business but may not necessarily exhibit entrepreneur leads to a definition of the word as
the characteristics typically associated someone who enters a business, any business in
with entrepreneurship, such as high time to form or change substantially that
levels of innovation or risk-taking. business nerve center.
Entrepreneur Lloyd Shefsky is Professor of
Entrepreneurship at Kellogg School of
(a creative person who introduces new ideas to Management, as well as Co-Director, at Center
run the business) for Family Enterprises. In addition to being a
Co-Founder of several businesses and
● Innovative in Person nonprofits, he has taught and lectured in a
● Customer- Oriented number of countries. His bestselling books
● High Risk Tolerance include ‘Invent, Reinvent, Thrive: the keys to
● Market Leader success for any startup, entrepreneur or family
business’ , and ‘Entrepreneurs Are Made, Not
Business Individual
Born.’ Shefsky joins us in this exclusive
( a person who follows already existing ideas) interview on challenges and success factors for
entrepreneurs, management education, and
● Traditional emerging research directions.
● Profit-Oriented
Karl Vesper
● Lower Risk
● Market Player ● Describes an entrepreneur in a broader
perspective by postulating that entrepreneurship
is now a concern of various professions.
● to an economist: an
entrepreneur is one who brings
2
, resources, labor ,materials and have much to gain from being more
other assets into combinations experimental.
that make their value greater
than before, and also one who ● He is known for his substantial contribution to
introduces changes, innovation, the organizing of the field of entrepreneurship
and a new order. research.
● to a psychologist: entrepreneur
Karl Vesper's description of entrepreneurs as
could refer to such a person as
"achievement-oriented individuals driven to
typically driven by certain
accomplishments" encapsulates a key aspect of
forcers: need to obtain or attain
the entrepreneurial mindset. Entrepreneurs are
something, to experiment, to
often motivated by a strong desire to achieve
accomplish, or perhaps to
their goals, whether it's building a successful
escape from authority of others.
business, creating innovative products or
● to one businessman: an
services, or making a positive impact in their
entrepreneur appears as a
communities
threat, an aggressive
competitor, whereas to another Professor Robert Henry Nelson
businessman, the entrepreneur
may be an ally, a source of ● Defines entrepreneur as “a person who is able
supply, a customer, or someone to look at the environment, identify
good to invest in. opportunities to improve the environment ,
resources and implement action to maximize
Karl Vesper is a respected figure in the field of
those opportunities.”
entrepreneurship and his work has contributed
significantly to understanding entrepreneurship ● He further emphasizes that the term
from a multidisciplinary perspective. One of his entrepreneur is meant to be used in the broadest
notable contributions is the idea that sense and would include persons in work
entrepreneurship is not limited to a single situations in large medium and small business
profession or field, but rather it intersects with enterprises as well as those in cooperatives and
and is relevant to various disciplines and government.
industries.
Professor Robert Henry Nelson
Karl H. Vesper
● Robert Henry Nelson (1944–2018) was a
● born in California 1932 Senior Fellow at the Independent Institute,
Professor of Environmental Policy in the School
● B.S in mechanical engineering
of Public Policy at the University of Maryland,
and Senior Scholar at the Mercatus Center.
● US Air force military service
● He was an American economist who was
● MBA from Harvard University
professor of environmental policy in the
● PhD, Stanford University University of Maryland School of Public Policy
and a senior fellow of the Independent Institute.
● Vesper- “Entrepreneurs are achievement
oriented individuals driven to ● He authored over 100 journal articles and
accomplishments.” edited book chapters, as well as nine books.
Nelson was a nationally recognized authority in
● (Vesper 1998), He argues that both areas including the management of public land
entrepreneurship research and education would and zoning in the United States, but is best
3
