Entrepreneurship and

Innovation
Chapter 1: Introduction To Entrepreneurship
Course
overview
Subject description
This is a module that provides students with basic knowledge concepts
about Entrepreneurship and innovation, solving problems of building a
start-up business which including developing a business idea/product-
innovative services into prototypes, finished products, start-up
companies, fundraising and start-up business development to a certain
stage such as initial public offering – IPOs. The highly applicable course
belongs to the specialized knowledge block, requiring students to
complete a number of compulsory modules, knowledge such as basic
marketing, consumer behavior, etc.
Subject objectives
Equiping students with basic knowledge about starting a business,
creating a solid foundation for the sense of entrepreneurship as well as
spreading the spirit of entrepreneurship to today's youth , and helping
students turn their ideas into viable businesses
Learning outcomes
• CLO1: Using knowledge of Developing business ideas, products, and business models
• CLO2: Make a Business Plan and analyze the industry's impact on the startup's product and/or business idea
• CLO3: Meta-analysis of the main components of a feasibility study and business plan including capital,
human resources, and strategy of a start-up
• CLO4: Skilled in analyzing and selecting highly viable business ideas/products
• CLO5: Have the skills to critique business ideas/products to identify viable business opportunities
• CLO6: Skilled in evaluating business ideas and business plans presented by other groups
• CLO7: Skilled in synthesizing aspects of a startup business according to the chosen business model
• CLO8: Organize group discussions and present business/product ideas
• CLO9: Organize planning and complete group exercises Build a business plan or Build a Mindmap for the
assigned Content
• CLO10: Self-directed building and making quick presentation of business ideas/products
Evaluation method
• Participation (10%) • Final test (50%):
• Present at the class (5%) • The 75-minute test cover from
• Course participation (5%) chapter 1 to chapter 15, with 2
• Group assignment (20%): sections:
 Multiple-choice section: 30
• Each group consists of 3-5 students
questions. 0.2 points per
• The groups are assigned with topics that are relevant question.
to the course  Case with 2-3 questions
• Each group will have 20 minutes for presentation and
10 minutes to answer questions • Or Assignment: Students develop
a Full Busines Plan for final
• Mid-term (20%): evaluation
• Present an entrepreneur of your choice and analyze
why they succeeded or failed? What you learn from
their situation?
Learning Materials
• Main textbook: Barringer, B. R & Ireland, R. D. (2016) Entrepreneurship – Successfully Launching
New Ventures, 5th ed., Pearson International.
• The course's slides
 1. Entrepreneurs, corporate entrepreneurship, and the
characteristics of entrepreneurial firms.
2. Three main reasons to become entrepreneurs.
3. Four main characteristics of successful entrepreneurs
Chapter's Learning
4. Five common myths of entrepreneurship.

objectives 5. Three types of start-up firms.

6. The positive effects of entrepreneurship and
entrepreneurial firms on economies and societies.
7. Four distinct elements of the entrepreneurial process
8. Develop your "employability skills"
Chapter 1: Introduction
To Entrepreneurship
Entrepreneurs, Corporate Entrepreneurship, And The Characteristics Of
Entrepreneurial Firms
What is Entrepreneurship?
“ Entrepreneurship is the
”
process by which individuals
“ ”
Entrepreneurship is the art of
pursue opportunities without
turning an idea into a business
regard to resources they
currently control.

“ ”
Entrepreneurship is trying to
identify opportunities and
putting useful ideas into
practice
Who are Entrepreneurs?
• Entrepreneurs are those
who assemble and then
integrate all the resources
needed – the money, the
people, the business
model, the strategy – to
transform an invention or
an idea into a viable
business.
Corporate Entrepreneurship
• Entrepreneurship at the firm Entrepreneurial firms Conservative firms
level.
• All firms fall along a continuum
that ranges from highly Proactive Take a more “wait and see”

conservative to highly Innovative Posture

entrepreneurial.
Risk taking Less innovative
• The position of a firm on this
continuum is referred to as its Risk averse
entrepreneurial intensity.
Chapter 1: Introduction
To Entrepreneurship
Three Main Reasons To Become Entrepreneurs
Why should you become an Entrepreneur?

To be my own Pursue my own Pursue financial

boss idea rewards
• Earning authority • People acknowledge a • Secondary motivations
• Achieve my own ambition market gap that can be • The results might not live
to start and manage my filled with their solutions up to the hype
own firm • Such efforts represent • The average
• This is a full-time job, passion and commitment entrepreneur does not
hardly a part-time effort • The commitment might make more money than
depend on the viability of someone with a similar
the idea amount of responsibility
in a traditional job
Chapter 1: Introduction
To Entrepreneurship
Four Main Characteristics Of Successful Entrepreneurs
Characteristics of Successful Entrepreneurs
Characteristics of Successful Entrepreneurs
Passion for the Business
• The most critical
characteristic
• Typically stems from
the entrepreneur’s
belief that the business
will positively influence
people’s lives.
• The process of starting
a firm is demanding
and hard to keep trying
without passion
Characteristics of Successful Entrepreneurs
Product/Customer Focus
• A second defining characteristic of successful
entrepreneurs
• Need to understand what customers want; and what you
can offer to them
• No matter how good your management, marketing,
finance skills are, none of the mentioned function make
any difference if a firm does not have a good product with
the capability to satisfy customers.

“The computer is the most remarkable tool we’ve

ever built . . . but the most important thing is to
get them in the hands of as many people as
possible
Steve Jobs
Characteristics of Successful Entrepreneurs
Tenacity Despite Failure
• Successful entrepreneurs never give
up
• Setbacks and failures are part of the
journey
• Because entrepreneurs are typically
trying something new, the failure
rate is naturally high.
• To stand up where you fail
Characteristics of Successful Entrepreneurs
Execution Intelligence
• The ability to transform
a solid business idea
into a viable business
• Business fundamentals
• In some instances, it
determines whether a
startup successful or
fails
Chapter 1: Introduction
To Entrepreneurship
Five Common Myths Of Entrepreneurship
 Myth 1: Entrepreneurs Are Born, Not Made

Common Myth • This myth is based on the mistaken belief that some people are
genetically predisposed to be entrepreneurs.
about • The consensus of many studies is that no one is “born” to be an
entrepreneur.
Entrepreneurs • Everyone has the potential to become one.
• Whether someone does or doesn’t become an entrepreneur is a
function of their environment, life experiences, and personal choices.
Traits of successful Entrepreneurs
Although no one is “born” to be an entrepreneur, there are common traits and characteristics of
successful entrepreneurs
Resource
A moderate
Persuasive Promoter assembler/ Creative Self-starter
risk taker
leverager

Tolerant of Optimistic Achievement

Tenacious Visionary A networker
ambiguity disposition motivated

Lengthy
Alert to A strong work
Self-confident Decisive Energetic attention
opportunities ethic
span
 Myth 2: Entrepreneurs Are Gamblers

Common Myth • Most entrepreneurs are moderate risk takers.

• The idea that entrepreneurs are gamblers originates from two
about sources:
• Entrepreneurs typically have jobs that are less structured; unlike
Entrepreneurs most, traditional jobs.
• Many entrepreneurs have a strong need to set and achieve
challenging goals – often equated with risk taking.
 Myth 3: Entrepreneurs Are Motivated Primarily by Money
Common Myth • While it is naïve to think that entrepreneurs don’t seek financial
rewards, money is rarely the reason entrepreneurs start new firms.
about • In fact, some entrepreneurs warn that the pursuit of money can be
Entrepreneurs distracting.
 Myth 4: Entrepreneurs Should Be Young and Energetic
Common Myth • Entrepreneurial activity is spread out over all age ranges.
• While it is important to be energetic, investors often cite strength as
about their most important criteria in making investment decisions.
Entrepreneurs • What makes an entrepreneur “strong” in the eyes of an investor is
experience, maturity, a solid reputation, and a track record of
success.
• These criteria favor older rather than younger entrepreneurs.
 Myth 5: Entrepreneurs Love the Spotlight
• While some entrepreneurs are flamboyant, the vast majority of them
Common Myth do not attract public attention.
• As evidence of this, consider the following question: “How many
about entrepreneurs could you name?”
Entrepreneurs • Most of us could come up with Jeff Bezos of Amazon.com, Mark
Zuckerberg of Facebook, Steve Jobs of Apple…
• But few could name the founders of Twitter, YouTube, Netflix, or
DIRECTV, even though we frequently use those firms’ services.
Chapter 1: Introduction
To Entrepreneurship
Three Types Of Start-up Firms
Types of Startup Firms
Salary-Substitute
Lifestyle Firms Entrepreneurial Firms
Firms
• Firms that basically • Firms that provide • Firms that bring new
provide their owner their owner or products and
or owners a similar owners the services to the
level of income to opportunity to market by creating
what they would be pursue a particular and seizing
able to earn in a lifestyle, and make a opportunities
conventional job living at it regardless of the
resources they
currently control
Chapter 1: Introduction
To Entrepreneurship
The Positive Effects Of Entrepreneurship And Entrepreneurial Firms On
Economies And Societies.
The Positive
effects of
Entrepreneurship
Innovation
• Is the process of creating
something new, which is
central to the
entrepreneurial process.
• Small innovative firms
are 16 times more
productive than larger
innovative firms in terms
of patents per employee.
The Positive
effects of
Entrepreneurship
Job Creation
• Small businesses create
a substantial number of
new jobs as compared
to larger firms (up to
65% of new jobs on an
annual basis).
The Positive
effects of
Entrepreneurship
Impact on Society
• The innovations of
entrepreneurial firms
have a dramatic impact
on society.
• Think of all the new
products and services
that make our lives
easier, enhance our
productivity at work,
improve our health, and
entertain us in new ways.
The Positive
effects of
Entrepreneurship
Impact on Larger Firms
• Many entrepreneurial
firms have built their
entire businesses to help
larger firms become
more efficient and
effective.
Chapter 1: Introduction
To Entrepreneurship
The Entrepreneurial Process
 The Entrepreneurial process

Barringer, B. R & Ireland, R. D. (2016) Entrepreneurship – Successfully Launching New Ventures, 5th ed.,
Pearson International.
Chapter 1: Introduction
To Entrepreneurship
Develop Your "Employability Skills"
Developing skills for your career
Critical thinking Collaboration Data literacy
• Studying potential • "Partnering for success" • The skill to interpret data
opportunities to • Entrepreneurs collaborate • How to gather data about
determine if any of the with other people and competitors
identified opportunities organizations to reach • How to use the data to
are the foundation for a some of their objectives identify actions to
viable business venture • People accomplish more outperform competitors
• Help a person or an by working together in the market
organization reach a
valued outcome
• To identify what went
wrong if the outcome was
not reached
Case study 1
• Yesterday, my friends contacted me to request my assistance in the establishment of a clean water production company
(21L bottle).
• Our potential customers: Students who live in rented accomodation
• I am currently employed full-time and receive a monthly salary of 50.000.000 VND. I have a wealth of experience in
strategic planning, integrated marketing communication activities, project management, and start-ups (both fail and
success, never exceeded 5 years, i only care about the financial turn-over)
• The investment will require 300.000.000 VND, I will be responsible for managing the marketing activities:
• Market research
• Marketing planning
• Direct marketing activities
• Facebook advertising
• Sales and promotions...
• According to my friend's calculation, my personal estimated profit for the initial three years is 60.000.000 VND/month.
This amount will be reinvested to facilitate rapid geographic expansion in the same period.
• My friend will let me participate in the strategy drafting...
 Is this Entrepreneurship?
 Should I or should I not become a part of the entrepreneur (or not)?
 What are the reasons?
Thank you!