Lecture-Week 1

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[Virtual Presenter] Good morning everyone. Today I'm here to present to you some of the basics of entrepreneurship and innovation. We will start by looking at what entrepreneurship is and then we will discuss the myths benefits drawbacks and profile of an entrepreneur. Finally we will explore the idea that entrepreneurship can be taught through examples of successful entrepreneurs. Let's begin!.

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[Audio] An entrepreneur is a person who takes on the risk of creating and running a business for profit. They often have an innovative approach to problem-solving and use creativity to develop products and services. An entrepreneurial profile typically describes a person who is a risk-taker has initiative and is self-reliant. To gain a better understanding of entrepreneurship we must consider the other components that form the concept. Entrepreneurship offers a range of benefits such as increased job opportunities economic growth and financial freedom. However it also involves potential risks such as financial loss long hours and high levels of stress..

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[Audio] "It is a commonly asked question 'Do you think entrepreneurship can be taught?' The answer is yes there is no special gene for successful entrepreneurship. Instead real skills such as people management sales product conception and delivery can be taught to increase the chances of success..

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[Audio] Entrepreneurship is not a genetic trait but rather a set of specific skills that anyone can develop. There are a few key skills that are essential to the success of any entrepreneurial endeavor such as people management sales skills product conception and delivery. These skills can be taught practiced and developed giving anyone the opportunity to become an entrepreneur and achieve success..

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[Audio] Entrepreneurship may be associated with charismatic leaders but their personal charm is not the only factor that leads to success; communication recruitment and sales abilities are even more important. Having a mastery of these skills helps entrepreneurs excel in their endeavors..

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[Audio] Regarding entrepreneurship and innovation there is a mistaken belief that one person can make it alone. However studies demonstrate that teams have a higher probability of success than a single person. Indeed studies reveal that larger teams have the best prospects for success. Thus when it concerns entrepreneurship and innovation the real potency lies in groups..

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[Audio] Discussing what it means to be an entrepreneur is the topic of today. An entrepreneur is an individual who identifies potential opportunities and is willing to take risks to capitalize on them. Many people have creative ideas but entrepreneurs are the ones that actively implement them. They create businesses dealing with a certain degree of risk with the intention of gaining both success and advancement. We will look into what it requires to become an entrepreneur as well as the advantages and obstacles associated with this venture..

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Steve Jobs Secrets of Life.

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[Audio] Entrepreneurs are individuals who identify a need or opportunity and have the drive and courage to take risks in order to develop and market a product or service. They are risk-takers and innovators often working with limited resources in an environment of uncertainty. An entrepreneur has a vision and works to turn it into a profitable business. This requires creativity determination and the willingness to take calculated risks. Innovation is also closely intertwined with entrepreneurship. Innovators seek new ideas and solutions to existing problems introducing creative disruption into the economy and sparking new growth. Both entrepreneurs and innovators need courage self-belief and hard work to achieve success..

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[Audio] Being an entrepreneur is much more than just a fancy title. It has become a way of life for many as it is an approach to creating something new and leaving the regular job behind. To be successful it is essential to comprehend the fundamentals of entrepreneurship from coming up with an idea to acquiring the necessary means and resources to put that idea into action. This slide presents a humorous dialogue about just that..

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[Audio] Risk-taking self-reliance creativity and the ability to recognize opportunities are traits that have been found to be shared by entrepreneurs though they are not essential for success. An entrepreneurial profile can be useful in understanding the elements that make a successful entrepreneur. Moreover these traits can contribute to an individual achieving overall entrepreneurial success..

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[Audio] Entrepreneurship and innovation are essential for the success of any business. Entrepreneurship involves taking risks to pursue a better or different way of doing things. Deborah Sullivan chose to take her own path instead of relying on someone else for security. Innovation refers to introducing something new or discovering new ways to use existing resources. Deborah Sullivan invested her time into researching new methods to utilize her resources and develop her businesses. When entrepreneurs incorporate both entrepreneurship and innovation they have a better chance of achieving success..

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[Audio] Exploring the basic concepts of entrepreneurship one of the most widely discussed topics is the notion of risk. Contrary to popular belief entrepreneurs are not attracted to taking big risks but rather are mindful of minimizing them when attempting even the most ambitious of objectives. This underlying idea of calculated risk-taking is important to understand which we will be looking into further..

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[Audio] Entrepreneurship and innovation are the lifeblood of a successful business. Focusing on the basic concepts of entrepreneurship self-reliance is fundamental. Taking on many different roles within their business especially in the beginning with limited resources entrepreneurs may take on tasks that may not be their specialty. However they show great self-confidence and perseverance as they work hard to make their business successful. No matter how challenging and daunting the task may be they don't give up; they keep going even when others question their business ideas..

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[Audio] Entrepreneurship requires risk-taking and courage in times of unpredictability. For entrepreneurs to reach success they need to trust in their own abilities and maintain a positive outlook that their venture will be successful. Possessing the assurance to triumph and the optimism to believe that success is achievable is integral to the entrepreneur persona..

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[Audio] Alexander Gomez founder of New Wave Surgical had an intense focus on achieving his dream and demonstrated the kind of determination that studies show is often the key to entrepreneurial success. His willingness to go "all in" and not accept failure as an option is something worth striving for if you want to pursue a career as an entrepreneur. Focus on what you hope to achieve and don't let anything stand in your way..

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[Audio] Entrepreneurship and innovation are closely linked. While they both involve stepping outside of the comfort zone and taking risks there are slight variations between the two. When it comes to an entrepreneur their motivation lies in the repayment of immediate feedback. They relish in the challenges of managing a business and are always looking towards the next achievement driven by the determination to keep improving. An entrepreneurial mindset is characterised by appetite for risk and an acceptance of all types of change which in turn promotes a creative and adaptive attitude..

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[Audio] Entrepreneurship requires boldness an awareness of prospects and the willingness to invest effort to make them a reality. For success entrepreneurs need to be endowed with zeal and perseverance to engage in an ever changing world of business. A survey by Bank of America revealed that 72 percent of entrepreneurs devote more than 40 hours a week to their business while a study by Sage Software showed that 37 percent work more hours than five years ago. This highlights the necessity for entrepreneurs to dedicate themselves wholeheartedly to achieve success..

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Ø Future orientation. Entrepreneurs have a well-defined sense of searching for opportunities. They look ahead and are less concerned with what they did yesterday than with what they might do tomorrow. Not satisfied to sit back and revel in their success, real entrepreneurs stay focused on the future. ENTREPRENEURIAL PROFILE.

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Ø Skill at organizing. Building a company “from scratch” is much like piecing together a giant jigsaw puzzle. Entrepreneurs know how to put the right people together to accomplish a task. Effectively combining people and jobs enables entrepreneurs to transform their visions into reality. ENTREPRENEURIAL PROFILE.

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[Audio] Entrepreneurship is not solely about money but also about achieving a goal. Economist Joseph Schumpeter asserted that entrepreneurs are motivated by the satisfaction of making something completing a task and utilizing their ingenuity and strength. We will further discuss the typical characteristics of entrepreneurs in the following slide..

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[Audio] Entrepreneurship is a challenging and rewarding endeavor. Successful entrepreneurs often demonstrate a high degree of commitment to their ventures. To succeed they must push through the seemingly insurmountable barriers that come with launching and running a business. Such commitment and fortitude make up an important part of an entrepreneurial profile..

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[Audio] Entrepreneurship and innovation are essential components of the new economy. To be successful entrepreneurs must possess certain skills and characteristics. One of these is a high tolerance for ambiguity. Entrepreneurs must be willing to accept that there are often no right answers when it comes to starting a business and they must be able to handle the ever-changing conditions of their environment. As entrepreneurial expert Amar Bhide' said entrepreneurs must be willing to take risks and push forward even when the ultimate outcome is unknown. By developing and mastering these skills entrepreneurs can maximize their chances of success..

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[Audio] Entrepreneurship is all about taking risks and having the courage to pursue your vision. Entrepreneurs have to be highly creative and have the ability to think outside the box. They need to be able to take calculated risks and have a strong entrepreneurial profile to be successful. This includes having an understanding of the market a clear vision for the future and the ability to determine the resources needed to make their dreams reality. In order to be successful entrepreneurs need to be resourceful creative and driven..

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[Audio] We will be discussing the basic concepts of entrepreneurship with a focus on the flexibility needed to succeed in a rapidly changing global economy. True entrepreneurs possess the ability to adjust quickly and innovate to stay in touch with customer needs and the evolving business environment. To be successful as an entrepreneur one must anticipate and respond to change in order to shape and transform their business and remain competitive..

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[Audio] Entrepreneurship and innovation are inextricably linked. An entrepreneur's resourcefulness often enables them to take what is already in existence and explore the potential of it further allowing them to achieve more with fewer resources. Resourcefulness involves finding innovative solutions to problems both to economise on expenditure and to streamline business operations. Creativity is critical too allowing entrepreneurs to think outside of the box and be prepared for any eventuality. With these traits entrepreneurs are able to create something from nothing and make their visions a reality..

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[Audio] It takes a unique blend of personal qualities to become an entrepreneur. Successful entrepreneurs tend to possess similar qualities such as determination. Being an entrepreneur can involve lots of hard work and can involve considerable risks. Determination enables an entrepreneur to face challenges and not lose focus on their goals. Investing lots of time and effort is essential to the success of an entrepreneur. Malcolm Gladwell's book Outliers suggests that an individual must dedicate least 10000 hours for sharpening their skills. Finally determination will help an entrepreneur maintain focus on their objectives and to overcome any obstacles they may face..

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[Audio] Entrepreneurship and innovation require taking risks coming up with original ideas and carrying out creative plans in order to be successful. One of the most essential qualities of entrepreneurs is tenacity. Tenacity is the ability to stick to something such as an idea or goal and continue to persist in pursuit of it regardless of any issues or hindrances that may arise. Having this trait is necessary for an entrepreneur to be able to survive in a volatile business world and to be successful in their venture..

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[Audio] Entrepreneurship is an area that is rapidly expanding and requires more professionals in the field. While many people may think that entrepreneurship is about certain set of skills or traits there are certain essential qualities that any successful entrepreneur should possess. Risk-taking creative problem-solving networking skills and the ability to accept failure and learn from it are some of the most important qualities for entrepreneurs. Furthermore entrepreneurs should obtain feedback be flexible and adaptable and keep the larger goal in view. Having these qualities is essential for entrepreneurs to experience success in the long run..

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[Audio] Entrepreneurship and innovation can be extremely advantageous. Becoming a business owner gives you the opportunity to control your own fate and be self-sufficient. Moreover it is an opportunity to take part in something you are passionate about and unlock your potential. When it comes to entrepreneurship the only limitations you come face to face with are self-imposed..

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[Audio] Entrepreneurship is the practice of launching a business in order to bring innovative ideas to life. By taking risks and embracing opportunity entrepreneurs can build a strong reputation create jobs and generate profits. There are several notable benefits to this type of venture including the potential to earn impressive profits to make a positive impact on society and be recognized for your efforts and to do what you love and have fun while doing it..

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[Audio] Entrepreneurship and innovation are two powerful concepts which have the potential to drive economic progress. But this potential comes with inherent risks namely the uncertainty of income. Starting and running a business is never a guarantee that an entrepreneur will make enough money to sustain themselves. In fact the mean income for entrepreneurs is higher than for employees but so is the variability in success. Over time some businesses will eventually generate a great deal of income for their owners while others make barely enough to survive. In the early days of a start-up a business may not be able to provide an attractive salary for their owner while still meeting other financial obligations..

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[Audio] Entrepreneurship requires careful consideration of the potential drawbacks. You could be at risk of losing your investment depending on the venture you choose and it should be noted that the rate of small business failure is relatively high. You should also be prepared to dedicate long hours and hard work the average small business owner dedicates 51 hours a week. Keeping a realistic outlook of the challenges and rewards of entrepreneurship can help you on your journey to success..

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[Audio] Entrepreneurship is a challenging path with obstacles to overcome. Dedication and sacrifice are expected as well as potential strain on family and friendships and considerable levels of stress. Yet even with these potential drawbacks the financial and personal rewards of becoming an entrepreneur can be considerable. To make the most of the opportunity entrepreneurs should plan carefully and be aware of the risks. With adequate preparation the chances of business success can be greatly improved. Being an entrepreneur is demanding and hard-work and it can also take its toll on you. There are long hours to be worked and intense focus on the business which may mean sacrificing other elements of life including relationships with family and friends. Additionally financial investments and lack of job security and benefits can create stress. But the rewards of entrepreneurship can be extremely rewarding both financially and emotionally. With the right planning and knowledge of the risks you can increase the success of your venture..

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[Audio] As an entrepreneur you are taking on a huge responsibility. You are in charge of making decisions about things you may not have complete knowledge about. Moreover it can be difficult to find the right advisers. What's more entrepreneurship can be a lengthy process with multiple difficulties and setbacks to overcome which can lead to discouragement. Therefore it is important to be prepared for these potential drawbacks when starting your own business..

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[Audio] Entrepreneurship is a process of creating value through innovative ideas and calculated risks on resources. It can shape market opportunities and provide solutions to societal problems. There are two main types of entrepreneurs: opportunity entrepreneurs and necessity entrepreneurs. Opportunity entrepreneurs recognize new possibilities in the market and take advantage of these to start ventures. Necessity entrepreneurs start businesses as they do not have other work options usually due to financial limitations. Both types of entrepreneurs confront risks yet opportunity entrepreneurs are usually better prepared..

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[Audio] Serial entrepreneurs are among the most driven and ambitious. They understand the effort and dedication needed to create a functioning business so they either try to tackle several projects at once or create new companies after succeeding in the prior one. Serial entrepreneurs have an impressive level of courage and originality viewing failure as an opportunity to learn and build upon. Whether they jump from project to project or manage different operations in parallel these individuals consistently motivate themselves and bring forth new ideas..

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[Audio] Entrepreneurs are often seen as having a specific mindset which allows them to be successful. According to the Entrepreneur State of Mind study 54 percent of business owners are serial entrepreneurs those who are constantly driven to bring their ideas to life through their vision passion and creativity. It is a process which professor of entrepreneurship Dick Kouri calls "very imaginative innovative energy-driven and fun" and this is what keeps serial entrepreneurs coming back for more..

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[Audio] Entrepreneurship can be categorized into two different categories: Small and Medium Enterprise (S-M-E--) Entrepreneurship and Innovation. SME Entrepreneurship involves the establishment of a business by an individual or a group of people to meet a local market requirement which can eventually develop into a small or medium-sized business. This type of business is usually held privately and is rewarded through independence and financial security. Having a thorough understanding of the basics of Entrepreneurship and Innovation is essential for anyone trying to take on an entrepreneurial endeavor..

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[Audio] Entrepreneurship is an activity of taking risks and creating something new potentially leading to new products services or processes that are beneficial. Innovation-driven enterprise (I-D-E--) entrepreneurship is a more daring form where entrepreneurs work in teams to develop an innovation that can offer a competitive advantage over existing companies. This may necessitate raising capital by selling equity in the company. Though the process may take longer I-D-E entrepreneurship can potentially result in remarkable exponential growth when successful..

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[Audio] Let us discuss the basic concepts of Entrepreneurship and Innovation. We will be concentrating on the distinctions between small and medium size entrepreneurial companies their methods of innovating to construct and extend and their sources of funding. S-M-E-s generally focus on local and regional markets require very little external monetary support and evolve gradually. On the contrary Innovative companies with Disruptive Entrepreneurship (I-D-E--) focus on the global and regional markets make considerable investments externally and have a high level of innovation. We refer to these businesses as tradable jobs. The company would need significant initial investment but has potential to create exponential growth. Let us delve into more details..

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[Audio] I would like to conclude this presentation by thanking you all for listening. We have discussed Entrepreneurship & Innovation and the basic concepts of Entrepreneurship. I have provided a list of four different books written by experts in the field for further research. I hope this presentation has given you an insight into the field that can aid you in your journey as an entrepreneur. Thank you..