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Introduction To Entrepreneurship

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17 views26 pages

Introduction To Entrepreneurship

Uploaded by

addisondre6
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ENT 111

BY
DR OLUWATOYIN ADESANYA
Evolution of Entrepreneurship
• MIDDLE AGES
• During this period, the word entrepreneur was used to describe a
person who managed large production projects who may not
necessarily be a risk taker but a manager of a project using the
resources provided to him.

• ❖ An entrepreneur was also seen as an architect or a handler of


government contracts.

• ❖ Middle age is the period of European history from the fall of the
Roman Empire (476) AC to the late 15th Century.
17TH CENTURY
• ❖ This century witnessed the gradual application of the
entrepreneurial concept to business environment and development.
This was used in connection with profit making according to John Law,
a notable French businessman who established the Royal Bank.

• ❖ During this period, Richard Cantillion, an Irishman, first adopted


the word entrepreneur to describe a risk bearer when he observed
that merchants (farmers, fisher men, craftsmen) and others actually
buy their goods at a certain known price and sell at unknown price
bearing the risk involved.
18TH CENTURY
• ❖In the 18th century, entrepreneurship began to assume a greater
application to business development and environment particularly as
fund demands and users increased in business transactions.
• ❖This period coincided with the industrial era. Many inventors such as
Thomas Edison, Whitney and other inventors were identified as
entrepreneurs.
• ❖As inventors, they need capital for the commercialization of their
inventions. This created a situation where a capital/fund provider is
separated from the fund or capital demander.

• ❖In this century, Jean Baptize Say (1803) was able to recognise two types
of profit (profit of capital and residual profit). While the profit of capital
goes to the fund providers (the venture capitalists), the residual profit goes
to the fund demanders (the entrepreneurs).
19TH CENTURY
• ❖ In the 19th century, the
concept of entrepreneurship
assumed an economic and
managerial perspective.
•
• In economics, it was discovered
that the human factor as a
coordinator of other factors of
production is important.

• Here, the entrepreneur was


identified as the fourth factor of
production.
20th Century
• ❖ In the 20th century, entrepreneurship was largely defined by
innovation, as highlighted by Joseph Schumpeter in 1934.

• He viewed entrepreneurs as innovators rather than mere capital


seekers, emphasizing that innovation is the key driver of economic
development.

• ❖ According to Hisrich and Peters (1998) the entrepreneur is viewed


“as an innovator; an individual who develops something that is
unique.” They pointed out that the function of an entrepreneur is to
reform or revolutionise patterns of production or production process.
21st Century
• ❖ The concept of entrepreneurship in the 21st century was further
expanded to include the emergence of several authors and theorists who
viewed an entrepreneur from different perspectives.

• ❖ During this period, entrepreneurship was seen as creating profitable


businesses and social enterprises that add value beyond profit, improving
the world for everyone.

• ❖ In the 2000s, "entrepreneurship" expanded to encompass a mindset


leading to social, political, and knowledge entrepreneurship initiatives
Importance of Entrepreneurship
• Economic Impact: Explain how entrepreneurship contributes to job
creation, innovation, and economic growth.

• Social Impact: Discuss the role of entrepreneurs in solving societal


challenges, improving living standards, and fostering community
development.

• Personal Development: Entrepreneurship builds critical skills like


leadership, communication, decision-making, and adaptability.
Entrepreneurial Mindset
• Developing an entrepreneurial mindset that embraces opportunity,
• learning from failure,
• and a willingness to take calculated risks.
• Curiosity and Creativity
• Problem-Solving Skills
• Resilience and Adaptability
Key Elements of a Business
Idea

• Identifying problems or
unmet needs in the
market.

 Market research,

• Understanding customer
needs, and

• Finding innovative
solutions.
Introducing Design Thinking
• Design thinking is a methodology that helps individuals and teams
solve complex problems by prioritizing the needs and experiences of
users. It emphasizes empathy, collaboration, and experimentation to
create innovative solutions.

• Mindset: Encourage students to think like designers — with curiosity,


openness to failure, and a focus on understanding the people they
are designing for.
Key Principles of Design Thinking
• Empathy: Understanding the needs, emotions, and challenges of
the users or customers you're designing for.

• Ideation: Generating as many ideas as possible without


judgment, fostering creativity.

• Experimentation and Iteration: Building prototypes of solutions,


testing them, and making improvements based on feedback

• .Collaboration: Bringing together people with diverse


perspectives and expertise to co-create solutions.

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