Department of Business Administration - Chair for Entrepreneurship A Pi i Et hi A  P r i mer i n E n t repreneurs hi p Prof.Dr.UlrichKaiser Ch i f Et hi Ch a i ro f E n t repreneurs hi p UniversitätZürich Fall2012 Department of Business Administration - Chair for Entrepreneurship About Entrepreneurship – AnExample ThefoundingteammetduringaneventorganizedbyVentureChallengeand cameupwiththeideatoinstallatinycameraintoacomputingmousein ordertoturnitintoascanningdeviceand increaseitsfunctionality. Thecompany“Dacuda” hasbeen foundedin2008andhascounted13people in2010.Thecompany’sproductissaidtohaveagreatchancetobecomethe standardconfigurationoftheprospectivecomputingmouse. HS12 Seite 2 A Primer in Entrepreneurship, Prof. Dr. Ulrich Kaiser, Fall 2012 (Lecture1) Source: http://www.dacuda.com/ http://www.dacuda.com/files/press_releases/101020_Press_Release_Dacuda_Innovationspreis_IDEE-SUISSE.pdf Department of Business Administration - Chair for Entrepreneurship A Pi i Et hi A  P r i mer i n E n t repreneurs hi p Part I Part  I Lecture 1 Lecture 1 AnIntroduction to Entrepreneurship Prof.Dr.UlrichKaiser Chair o f Entrepreneurship UniversitätZürich Fall2012 Department of Business Administration - Chair for Entrepreneurship Agenda 1.IntroductiontoEntrepreneurship 1.1WhatisEntre p reneurshi p ? pp 1.2WhoisanEntrepreneur? 1.3WhybecomeanEntrepreneur? 1.4TypesofStartUpFirms 1.5MythsaboutEntrepreneurs 2 Entrepreneurship’s Importance 2 . Entrepreneurship’s  Importance 3.TheEntrepreneurialProcess HS12 Seite 4 A Primer in Entrepreneurship, Prof. Dr. Ulrich Kaiser, Fall 2012 (Lecture1) Department of Business Administration - Chair for Entrepreneurship Questions Wh t th htitif t d tilfi ? ? Wh a t are th ec h arac t er i s ti cso f en t repreneursan d en t repreneur i a l  fi rms ? ? ? Wh t ifl th dii t b t ? ? ? Wh a t  i n fl uences th e d ec i s i on t o b ecomeanen t repreneur ? Wh i thiitt? ? Wh y i sen t repreneurs hi p i mpor t an t  ? …to be answered intoday‘s lecture. HS12 Seite 5 A Primer in Entrepreneurship, Prof. Dr. Ulrich Kaiser, Fall 2012 (Lecture1) Department of Business Administration - Chair for Entrepreneurship 1.Introduction to Entrepreneurship entre prendre between to tak e Entrepreneur people who take onthe risk b b d ll people who undertake atask or Entrepreneur b etween b uyers an d se ll ers suchas starting anew venture or Ehi process by which individuals pursue opportunities without regard E ntrepreneurs hi p process  by  which  individuals  pursue  opportunities  without  regard  toresourcestheycurrentlycontrol HS12 Seite 6 A Primer in Entrepreneurship, Prof. Dr. Ulrich Kaiser, Fall 2012 (Lecture1) Department of Business Administration - Chair for Entrepreneurship 1.1What is Entrepreneurship ? Inventorsand entrepreneurs differ from each other. Inventor Entrepreneur Aninventor creates something new Anentrepreneur assembles and then integrates allresources needed to transform the needed to transform the invention into avalibale business HS12 Seite 7 A Primer in Entrepreneurship, Prof. Dr. Ulrich Kaiser, Fall 2012 (Lecture1) Department of Business Administration - Chair for Entrepreneurship 1.1What is Entrepreneurship ? Corporate Entrepreneurship practicedbyestablishedfirmswithanorientationtobehave entrepreneurially Entrepreneurship entrepreneurially  Entrepreneurial Intensity describesthepositionofafirmonacontinuumfromhighly conservative to highly entrepreneurial Intensity conservative  to  highly  entrepreneurial Conservative Firm Entrepreneurial Firm Takeamore“waitandsee”posture Conservative Firm Entrepreneurial Firm Proactive Lessinnovative Risk‐averse Innovative Risk‐taking HS12 Seite 8 A Primer in Entrepreneurship, Prof. Dr. Ulrich Kaiser, Fall 2012 (Lecture1) Department of Business Administration - Chair for Entrepreneurship 1.1What is Entrepreneurship ? AppleInc. isa textbook example of anentrepreneurial firm. ©2012 AppleInc. “ Innovation is the distinction between a leader and a follower „ between a leader and a follower . Stev eJobs,Co‐f ounder and CEOAppleInc. HS12 Seite 9 A Primer in Entrepreneurship, Prof. Dr. Ulrich Kaiser, Fall 2012 (Lecture1) Department of Business Administration - Chair for Entrepreneurship 1.2Whois anEntrepreneur ? Therearefourprimarycharacteristicsofasuccessfulentrepreneur. Passionfor thebusiness Product/customerfocus Success f u lEn t r ep r e n eu r Success u tepe eu Executionintelligence Tenacitydespitefailure HS12 Seite 10 A Primer in Entrepreneurship, Prof. Dr. Ulrich Kaiser, Fall 2012 (Lecture1) ©2008Prentice Hall [...]... Fall 2012 (Lecture1) Seite 14 Department of Business Administration - Chair for Entrepreneurship 1.2  Who is an Entrepreneur ? The ability to fashion a solid business idea into a viable business is a key  characteristic of successful entrepreneurs The ability to effectively execute a business idea means  business idea means • developing a business model • putting together a new venture  team, team... 17 Department of Business Administration - Chair for Entrepreneurship 1.3  Why become an Entrepreneur ? HS12 A Primer in Entrepreneurship, Prof Dr Ulrich Kaiser, Fall 2012 (Lecture1) Seite 18 Department of Business Administration - Chair for Entrepreneurship 1.4  Types of Start Up Firms salary‐substitute salary substitute firms lifestyle firms entrepreneurial firms definition n Small firms that afford ... raising  money, • establishing partnerships, • managing finances, g g , • leading and motivating employees, • translating thought, creativity, and  imagination into action and  measurable results bl l HS12 A Primer in Entrepreneurship, Prof Dr Ulrich Kaiser, Fall 2012 (Lecture1) Seite 15 Department of Business Administration - Chair for Entrepreneurship 1.2  Who is an Entrepreneur ? Demographics of Entrepreneurs are changing... business ideas moving from an idea to an  entrepreneurial firm managing and  growing an  entrepreneurial  firm recognizing opportunities  and generating ideas preparing the proper ethical and  legal foundation unique  marketing issues feasibility analysis assessing a new venture’s financial  ’ f l strength and viability Intellectual Property writing a business plan building a new venture team challenges of growth... Kaiser, Fall 2012 (Lecture1) Seite 11 Department of Business Administration - Chair for Entrepreneurship 1.2  Who is an Entrepreneur ? Steve Job’s emphasizes the importance of passion for the business  success HS12 A Primer in Entrepreneurship, Prof Dr Ulrich Kaiser, Fall 2012 (Lecture1) Seite 12 Department of Business Administration - Chair for Entrepreneurship 1.2  Who is an Entrepreneur ? Successful entrepreneurs focus on the two very important elements ‐... 2 :  Entrepreneurs are gamblers Entrepreneurs are usually moderate risk takers, as are most people Entrepreneurs are usually moderate risk takers as are most people HS12 A Primer in Entrepreneurship, Prof Dr Ulrich Kaiser, Fall 2012 (Lecture1) Seite 22 Department of Business Administration - Chair for Entrepreneurship 1.5  Myths about Entrepreneurs Myth 3 :  Entrepreneurs are motivated primarily by money... But new innovations may create as well moral and ethical issues that societies  are forced to grapple with Bar‐code scanner technology and the internet have made it easier for companies to track the purchasing behavior of their customers, but this  companies to track the purchasing behavior of their customers, but this raises privacy concerns HS12 A Primer in Entrepreneurship, Prof Dr Ulrich Kaiser, Fall 2012 (Lecture1) Seite 28 Department of Business. .. industry and competitor analysis getting financing or funding strategies for firm growth developing an effective business model developing an effective business model franchising © 2008 Prentice‐Hall HS12 A Primer in Entrepreneurship, Prof Dr Ulrich Kaiser, Fall 2012 (Lecture1) Seite 32 Department of Business Administration - Chair for Entrepreneurship Do you know the answer ? ?! ?! ?! What are the characteristics of entrepreneurs and entrepreneurial firms ?... Entrepreneurs do seek financial rewards; money is rarely the primary reason  Entrepreneurs do seek financial rewards; money is rarely the primary reason entrepreneurs start new firms Walt Disney HS12 A Primer in Entrepreneurship, Prof Dr Ulrich Kaiser, Fall 2012 (Lecture1) Seite 23 Department of Business Administration - Chair for Entrepreneurship 1.5  Myths about Entrepreneurs Myth 4 :  Entrepreneurs should be young and energetic... Today more than 97 percent of all United States exporters are  small businesses with fewer than 500 employees HS12 A Primer in Entrepreneurship, Prof Dr Ulrich Kaiser, Fall 2012 (Lecture1) Seite 25 Department of Business Administration - Chair for Entrepreneurship 2  Entrepreneurship‘s Importance Entrepreneurship is important for the strength and stability of the economy Total T l Manufacturing M f i Construc‐ C Services S i Total Umfrage 2000 . (Lecture1) Department of Business Administration - Chair for Entrepreneurship 1.2Whois anEntrepreneur ? Theabilitytofashion a solid business ideainto a viable business is a key characteristic of successfulentrepreneurs. Theabilitytoeffectivelyex. hi Ch a i ro f E n t repreneurs hi p UniversitätZürich Fall2012 Department of Business Administration - Chair for Entrepreneurship About Entrepreneurship – AnExample ThefoundingteammetduringaneventorganizedbyVentureChallengeand cameupwiththeideatoinstall a tinycamerainto a computingmousein ordertoturnitinto a scanningdeviceand. (Lecture1) Department of Business Administration - Chair for Entrepreneurship 1.2Whois anEntrepreneur ? Sincethefailurerateassociatedwithentrepreneurs’efforttotrysomethingnew isnaturallyhigh,tenacityisveryimportant. Developing a new business may i