Module 1

Topics

1. Evolution of Entrepreneurship
2. Approaches to Entrepreneurship
3. Entrepreneurial Revolution
4. Entrepreneurial Cognition
5. Dealing with Failures
6. Dark Side of Entrepreneurs
7. Ethical Dilemmas

1.1 Introduction

This module concentrates on entrepreneurs and entrepreneurial ventures where the entrepreneur’s principal objectives are
innovation, profitability, and growth, not on small businesses, which, although they are independently owned and operated,
are not dominant in their fields and usually do not engage in many new or innovative practices. Entrepreneurship is a
dynamic process of vision, change, and creation. It requires an application of energy and passion toward the creation and
implementation of new ideas and creative solutions. Essential ingredients include the willingness to take calculated risks—in
terms of time, equity, or career; the ability to formulate an effective venture team; the creative skill to marshal needed
resources; the fundamental skill of building a solid business plan; and, finally, the vision to recognize opportunity where
others see chaos, contradiction, and confusion.

To underscore its approach to entrepreneurship, Entrepreneurship  examines 10 myths about the topic that, once safely
sidestepped, allows for a foundation of research and contemporary theory to be built. The myths are presented to debunk
misconceptions about entrepreneurship and educate the reader of the true nature of entrepreneurship. The chapter then
provides an overview of entrepreneurial theory and contemporary research to broaden the horizon for studying
entrepreneurship and to better focus on the what, how, and why behind the discipline.

1.1 Entrepreneurship: Evolutionary Development-Revolutionary Impact

Evolution of Entrepreneurship

Entrepreneurship is from the French “ entreprendre,” meaning “to undertake.”

 An entrepreneur is an innovator or developer who recognizes and seizes opportunities; converts those opportunities into
workable/marketable ideas; adds value through time, effort, money, or skills; assumes the risks of the competitive
marketplace to implement these ideas; and realizes the rewards from these efforts.

 Characteristics of entrepreneurs:

Personal initiative Goal-oriented behaviour

The ability to consolidate resources Confidence
Management skills Opportunistic behaviour
A desire for autonomy Intuitiveness
Risk taking Reality-based action
 Aggressiveness The ability to learn from mistakes
Competitiveness The ability to employ human relations skills

 Historical developments in entrepreneurship:

 No single definition of entrepreneur exists.

 Recognition of entrepreneurs dates back to eighteenth-century France.
 Until 1950, the majority of definitions and references came from economists.
 Over the decade, writers have continued to modify the definition.
 Robert C. Ronstadt said, “Entrepreneurship is the dynamic process of creating incremental wealth.”
 In the twentieth century, the word entrepreneur became closely linked with free enterprise and
capitalism.
 Entrepreneurs serve as agents for change, provide creative, innovative ideas for business
enterprise and help businesses grow and become profitable.
 In the twenty-first century, entrepreneurs are considered heroes of free enterprise.
 Many people now regard entrepreneurship as “pioneership” on the frontier of business.

 An integrated definition of entrepreneurship recognizes entrepreneurship as a dynamic process of vision, change, and
creation.

The Myths of Entrepreneurship

 Myth 1: Entrepreneurs Are Doers, Not Thinkers

 Myth 2: Entrepreneurs Are Born, Not Made
 Myth 3: Entrepreneurs Are Always Inventors
 Myth 4: Entrepreneurs Are Academic and Social Misfits
 Myth 5: Entrepreneurs Must Fit the Profile
 Myth 6: All Entrepreneurs Need Is Money
 Myth 7: All Entrepreneurs Need Is Luck
 Myth 8: Entrepreneurship Is Unstructured and Chaotic
 Myth 9: Most Entrepreneurial Initiatives Fail
 Myth 10: Entrepreneurs Are Extreme Risk Takers

Approaches to Entrepreneurship

THE MACRO VIEW

Presents a broad array of factors that relate to success or failure in contemporary entrepreneurial ventures. Exhibits a
strong external locus of control point of view.

The Macro View Entrepreneurial Schools of thought:

1. The Environmental School of Thought

2. The Financial/Capital School of Thought
3. The Displacement School of Thought
Major types of displacement include:

 Political displacement: Deals with government’s policies and regulations

 Cultural displacement: Deals with social groups precluded from professional fields
 Economic displacement: Deals with economic variations of recession and
depression

THE MICRO VIEW

Exhibits an internal locus of the control point of view.

 Micro View Entrepreneurial  schools of thought

1. The Entrepreneurial Trait School of Thought

2. The Venture Opportunity School of Thought
3. The Strategic Formulation School of Thought

Entrepreneurial Revolution

Entrepreneurial Revolution is occurring throughout the United States and the world. The U.S. Small Business Administration
has reported that, during the past ten years, new business start-ups numbered nearly 600,000 per year. Approximately one
new firm with employees is established every year for every 300 adults in the United States. Because the typical new firm
has at least two owners/managers, 1 of every 150 adults participates in the founding of a new firm each year. Substantially
more—1 in 12—are involved in trying to launch a new firm. And, during the “Great Recession” (as some have called our
lengthy recessionary period), more Americans have become entrepreneurs than at any time in the past 20 years. The net
result, then, is that the United States has a very robust level of firm creation. Among the 6 million establishments (single-
and multisite firms) with employees, approximately 600,000 to 800,000 are added each year. That translates into an annual
birthrate of 14 to 16 per 100 existing establishments.

A Global Phenomenon

According to GEM (Global Entrepreneurship Monitor) data: (GEM is a project carried out by a research consortium
dedicated to understanding the relationship between entrepreneurship and national economic development )

 110 million people between 18 and 64 years old were actively engaged in starting a business.
 140 million were running new businesses they started less than 3½ years earlier.
 250 million people were involved in early-stage entrepreneurial activity.

The Impact of Gazelles

New and smaller firms create the most jobs in the U.S. economy. The vast majority of these job-creating companies are
fast-growing businesses. David Birch named these firms gazelles. A gazelle is a business establishment with at least 20
percent sales growth (for five years), starting sales of at least $100,000.

GAZELLES AND INNOVATION

New and smaller firms have been responsible for 55 percent of the innovations in 362 different industries and for 95 percent
of all radical innovations. Gazelles produce twice as many product innovations per employee as do larger firms. New and
smaller firms obtain more patents per sales dollar than do larger firms.
GAZELLES AND GROWTH

During the last 10 years business start-ups have approached nearly 600,000 per year.

GAZELLES AND SURVIVAL

About half of all start-ups last between five and seven years, depending on economic conditions.

1.2 The Entrepreneurial Mindset in Individuals: Cognition and Ethics

Entrepreneurial Cognition

Cognition is used to refer to : are defined to be ―the knowledge structures that people use to make. assessments,
judgments, or decisions involving opportunity evaluation, venture creation, and growth‖ (Mitchell, Busenitz, et al., 2002).

o Mental functions
o Mental processes (thoughts)
o Mental states of intelligent humans.           

Metacognitive Perspective

The metacognitive model of the entrepreneurial mindset integrates the combined effects of entrepreneurial motivation and
context, toward the development of metacognitive strategies applied to information processing within an entrepreneurial
environment.

it refers to the processes used to plan, monitor, and assess one's understanding and performance. Metacognition includes a
critical awareness of a) one's thinking and learning and b) oneself as a thinker and learner.

Who Are Entrepreneurs?

Starting a new business requires more than just an idea; it requires a special person, an entrepreneur, who combines sound
judgment and planning with risk taking to ensure the success of his or her own business.

Characteristics Associated with Entrepreneurial Mind-Set

Determination and Perseverance Calculated Risk Taking
Drive to Achieve  High Energy Level 

Opportunity Orientation Creativity and Innovativeness

Persistent Problem Solving Vision

Seeking Feedback Passion

Internal Locus of Control  Team Building
Tolerance for Ambiguity  

Dealing with Failures

How Entrepreneurs Deals with Failures

 o Entrepreneurs use failure as a learning experience. They have a tolerance for failure.
o The most effective entrepreneurs are realistic enough to expect difficulties and failures.
o If entrepreneurs deal effectively with grief that emanates from failure then they will not become
disappointed, discouraged, or depressed. In adverse and difficult times, they will continue to look for opportunity.

The Grief Recovery Process

- is a negative emotional response from loss of something important that triggers behavioral, psychological, and
physiological symptoms.

- the emotions generated by failure (i.e., grief) can interfere with the learning process.

- A “loss orientation” towards grief recovery, which focuses on the failure, can sometimes exacerbate negative emotional
reactions to failure.

- A “restoration orientation,” alternatively, enables entrepreneurs to distract themselves from thinking about the failure.
However, avoiding negative emotions is unlikely to be successful in the long-run

- Research indicates that entrepreneurs may recover more quickly from a failure if they oscillates between a loss and a
restoration orientation.

Dark Side of Entrepreneurs

Certain negative factors may envelop entrepreneurs and dominate their behavior. Although each of these negative factors
has a positive aspect, it is important for entrepreneurs to understand their potential destructive side as well.

The Entrepreneur’s Confrontation with Risk

Starting or buying a new business involves risk. A typology of entrepreneurial styles helps describe the risk-taking activity of
entrepreneurs. In this model, financial risk is measured against the level of desire to gain profit from the venture.

Risk Taking Activity of Entrepreneurs:

 Financial risk
 Career risk
 Family and social risk
 Psychic risk - The risk that you've miscalculated an opportunity, or your own internal resources as
you plunge into a new venture. Psychic risk-It is greatest risk to the well-being of an entrepreneur, money can
be replaced a new house can be built, friends and family can adapt

Stress and the Entrepreneur

To achieve their goals, entrepreneurs are willing to tolerate the effects of stress: back problems, indigestion, insomnia, or
headaches. In general, stress can be viewed as a function of discrepancies between a person’s expectations and ability to
meet demands.

Lacking the depth of resources, entrepreneurs must bear the cost of their mistakes while playing a multitude of roles, such
as salesperson, recruiter, spokesperson, and negotiator. Simultaneous demands can lead to role overload.

Entrepreneurs often work alone or with a small number of employees and therefore lack the support from colleagues.
A basic personality structure, common to entrepreneurs and referred to as type A personality structure, describes people
who are impatient, demanding, and overstrung.

Sources of Stress
Four causes of entrepreneurial stress (Boyd and Gumpert)

o Loneliness
o Immersion in Business
o People Problems
o Need to Achieve

Dealing with Stress

If stress can be kept within constructive bounds, it can increase a person’s efficiency and improve performance.

Entrepreneurs Stress Vents:

1. Networking—One way to relieve the loneliness of running a business is to share experiences by

networking with other business owners.
2. Getting Away from It All—The best antidote could be a well-planned vacation.
3. Communicating with Employees—Entrepreneurs are in close contact with employees and can
readily assess the concerns of their staff.
4. Finding Satisfaction Outside the Company—Entrepreneurs need to get away from the business
occasionally and become more passionate about life itself; they need to gain some new perspectives.
5. Delegating—Entrepreneurs find delegation difficult because they think they have to be at the
business all the time and be involved in all aspects of the operation.
6. Exercising Rigorously—Research demonstrates the value of exercise regimens on relieving the
stress associated with entrepreneurs.

The Entrepreneurial Ego

Certain characteristics that usually propel entrepreneurs into success also, if exhibited in the extreme have destructive
implications for entrepreneurs.

Destructive Implications for Entrepreneurs:

1. Overbearing need for control—Entrepreneurs are driven by a strong desire to control both their
venture and their destiny.
2. SENSE OF DISTRUST Because entrepreneurs are continually scanning the environment, it could
cause them to lose sight of reality, distort reasoning and logic, and take destructive action.
3. Overriding desire for success This can be dangerous because there exists the chance that the
individual will become more important than the venture itself.
4. Unrealistic optimism—When external optimism is taken to its extreme, it could lead to a fantasy
approach to the business.
Ethical Dilemmas

Entrepreneurial Ethics

Today’s entrepreneurs are faced with many ethical decisions. As there is no simple universal formula for solving ethical
problems, entrepreneurs have to choose their own codes of conduct; the outcome of their choices makes them who they
are.

Ethics provides the basic rules or parameters for conducting any activity in an “acceptable” manner.

Ethics represents a set of principles prescribing a behavioral code that explains what is good and right or bad and wrong.

Ethical Rationalizations

Decision makers use one of four rationalizations to justify questionable conduct

 That the activity is not “really” illegal or immoral

 That it is in the individual’s or the corporation’s best interest
 That it will never be found out
 That, because it helps the company, the company will condone it

Morally questionable acts can be classified as: non-role, role failure, role distortion, and role assertion.

The Matter of Morality

 Requirements of law may overlap at times but do not duplicate the moral standards of
society.
 Some laws have no moral content whatsoever.
 Some laws are morally unjust.
 Some moral standards have no legal basis.
 Legal requirements tend to be negative, morality tends to be positive.
 Legal requirements usually lag behind the acceptable moral standards of society

Complexity of Decisions

Business decisions, in the context of entrepreneurial ethics are complex. Why?

 Ethical decisions have extended consequences.

 Ethical questions have multiple alternatives—the choices are not always “do” or “don’t do.”
 Ethical business decisions often have mixed outcomes.
 Most business decisions have uncertain ethical consequences.
 Most ethical business decisions have personal implications.

Online Ethical Dilemmas in E-Commerce

 Slow demise of face-to-face interactions cause entrepreneurs to find ways to build trust.
  Entrepreneurs recognize that online consumer reviews are used to inform purchasing decisions
and are posted to reputation management systems (Amazon and Yelp).
 Entrepreneurs find it far greater to exhibit strong ethical responsibility in their actions.

CHAPTER 1 PPT

Entrepreneurship: Evolutionary Development—Revolutionary Impact

• Identify the different types of risk entrepreneurs face as well as major schools of entrepreneurial thought

• Determine the concepts and principle surrounding the revolutionary development of entrepreneurship

• Compare and contrast using a Venn diagram the approaches to entrepreneurship.

ENTREPRENEUR BREAKTHROUGH INNOVATORS

Entrepreneurs

• Recognize opportunities where others see chaos, contradiction, or confusion

• Are aggressive catalysts for change within the marketplace

• Challenge the unknown and continuously create breakthroughs for the future

Entrepreneurs versus Small Business Owners: A Distinction

Small Businesses Owners

 Manage their businesses by expecting stable sales, profits, and growth

Entrepreneurs

 Focus their efforts on innovation, profitability and sustainable growth

Entrepreneurship: A Mind-Set

• Entrepreneurship is more than the mere creation of business:

 Seeking opportunities

 Taking risks beyond security

 Having the tenacity to push

an idea through to reality

• Entrepreneurship is an integrated concept that permeates an individual’s business in an innovative manner .

The Evolution of Entrepreneurship

• Entrepreneur is derived from the French entreprendre, meaning “to undertake.”

 The entrepreneur is one who undertakes to organize, manage, and assume the risks of a business.

 Although no single definition of entrepreneur exists and no one profile can represent today’s entrepreneurs,
research is providing an increasingly sharper focus on the subject.
A Summary Description of Entrepreneurship

• Entrepreneurship (Robert C. Ronstadt)

 The dynamic process of creating incremental wealth.

 This wealth is created by individuals who assume major risks in terms of equity, time, and/or career
commitment of providing value for a product or service.

 The product or service itself may or may not be new or unique but the entrepreneur must somehow infuse
value by securing and allocating the necessary skills and resources.

An Integrated Definition

• Entrepreneurship

 A dynamic process of vision, change, and creation.

• Requires an application of energy and passion towards the creation and implementation of new
ideas and creative solutions.

 Essential ingredients include:

• The willingness to take calculated risks—in terms of time, equity, or career.

• The ability to formulate an effective venture team; the creative skill to marshal needed resources.

• The fundamental skills of building a solid business plan.

• The vision to recognize opportunity where others see chaos, contradiction, and confusion.

Avoiding Folklore: The Myths of Entrepreneurship

• Myth 1: Entrepreneurs Are Doers, Not Thinkers

• Myth 2: Entrepreneurs Are Born, Not Made

• Myth 3: Entrepreneurs Are Always Inventors

• Myth 4: Entrepreneurs Are Academic and Social Misfits

• Myth 5: Entrepreneurs Must Fit the Profile

• Myth 6: All Entrepreneurs Need Is Money

• Myth 7: All Entrepreneurs Need Is Luck

• Myth 8: Entrepreneurship Is Unstructured and Chaotic

• Myth 9: Most Entrepreneurial Initiatives Fail

• Myth 10: Entrepreneurs Are Extreme Risk Takers

The Entrepreneurial Process

 • Types of people involved with contemporary small businesses:

 The entrepreneur who invents a business that works without him or her.

 The manager who produces results through employees by developing and implementing effective systems
and, by interacting with employees, enhances their self-esteem and ability to produce good results.

 The technician who performs specific tasks according to systems and standards management developed.

1.1 Entrepreneurial Schools-of-Thought Approach

1.2

Macro View: External Locus of Control

• The Environmental School of Thought

 Considers the external factors that affect a potential entrepreneur’s lifestyle.

• The Financial/Capital School of Thought

 Based on the capital-seeking process—the search for seed and growth capital.

• The Displacement School of Thought

 Alienation drives entrepreneurial pursuits

• Political displacement (laws, policies, and regulations)

• Cultural displacement (preclusion of social groups)

• Economic displacement (economic variations)

Micro View: Internal Locus of Control

• The Entrepreneurial Trait School of Thought

 Focuses on identifying traits common to successful entrepreneurs.

• Achievement, creativity, determination, and technical knowledge

 • The Venture Opportunity School of Thought

 Focuses on the opportunity aspect of venture development—the search for idea sources, the development
of concepts, and the implementation of venture opportunities.

• Corridor principle: New pathways or opportunities will arise that lead entrepreneurs in different
directions.

• The Strategic Formulation School of Thought

 Emphasizes the planning process in successful venture development.

 Strategic formulation is a leveraging of unique elements:

• Unique Markets—mountain gap strategies

• Unique People—great chef strategies

• Unique Products—better widget strategies

• Unique Resources—water well strategies

Process Approaches to Entrepreneurship

• An Integrative Approach

 Built around the concepts of input to the entrepreneurial process and outcomes from the entrepreneurial
process.

 You put in your time, money resources, and the output provides employment opportunities

• Dynamic States Approach

 Stresses dependency of venture on environment and the interaction of:

• The dominant logic of the firm – ano ba yung reason ng existence off thefirm

• The business model – the model that you actually use

• Value creation

• A Framework of Frameworks Approach – you are going to make it popular so that more people will be interested

 Offers a more dynamic view of entrepreneurship.

 Allows for the profession to move forward.

 Identifies the static and dynamic elements of new theories, typologies, or frameworks of importance.

The Entrepreneurial Revolution: A Global Phenomenon

• Entrepreneurship is the symbol of business tenacity and achievement.

• Entrepreneurs were the pioneers of today’s business successes.

 • Two perspectives on entrepreneurship:

 Statistical: numbers that emphasize the importance of entrepreneurs to the economy.

 Academic: trends in entrepreneurial research and education.

Phases of Economic Development

The
The The
The efficiency-
efficiency- The
The innovation-
innovation-
factor-driven
factor-driven driven
driven phase
phase driven
driven phase
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Entrepreneurial Ventures in the United States

• Reasons for the exceptional entrepreneurial activity in the U.S. include:

 A national culture that supports risk taking and seeking opportunities.

 Americans’ alertness to unexploited economic opportunity and a low fear of failure.

 U.S. leadership in entrepreneurship education at both the undergraduate and graduate level.

 A high percentage of individuals with professional, technological or business degrees who are likely to
become entrepreneurs.

The Impact of Gazelles -> David Birch

• A “Gazelle” – innovative products comes from gazelle

 A business establishment with at least 20% sales growth in each year for five years, starting with a base of
at least $100,000 in annual sales.

• Gazelles as leaders in innovation:

 Are responsible for 55% of innovations in 362 different industries and 95% of radical innovations.

 Produce twice as many product innovations per employee as do larger firms.

 Obtain more patents per sales dollar than do larger firms.

Gazelles And Survival

• How many gazelles survive?

  The simple answer is “none.”
Sooner or later, all companies wither and die.

• The Common Myth of Failure:

 85% of all firms fail in the first year—in actuality, about half of all start-ups last between 5 and 7 years.

21st Century Trends in Entrepreneurship Research

21st Century Trends in Entrepreneurship Research

• Major Research Themes:

1. Venture Financing: venture capital and angel capital financing and other financing techniques strengthened
in the 1990s.

Angel capital financing - these are philanthropist who helps people na walang budget to start a business

2. Corporate Entrepreneurship and the need for entrepreneurial cultures have drawn increased attention.

3. Social Entrepreneurship has unprecedented strength within the new generation of entrepreneurs.

4. Entrepreneurial Cognition is providing new insights into the psychological aspects of the entrepreneurial
process.

5. Women and Minority Entrepreneurs appear to face obstacles and difficulties different from those that other
entrepreneurs face.

6. The Global Entrepreneurial Movement is increasing.

7. Family Businesses have become a stronger focus of research.

8. Entrepreneurial Education has become one of the hottest topics in business and engineering schools
throughout the world.

T.I.P.’s very own Technopreneurship efforts

Venture Financing

Chapter 2 PPT

The Entrepreneurial Mind-Set in Individuals: Cognition and Ethics

Chapter Objectives:

1. To describe the entrepreneurial mind-set and entrepreneurial cognition

2. To identify and discuss the most commonly cited characteristics found in successful entrepreneurs

3. To discuss the “dark side” of entrepreneurship

4. To identify and describe the different types of risk entrepreneurs face as well as the major causes of stress for
these individuals and the ways they can handle stress

5. To discuss the ethical dilemmas confronting entrepreneurs

6. To study ethics in a conceptual framework for a dynamic environment

7. To present strategies for establishing ethical responsibility and leadership

8. To examine entrepreneurial motivation

 The Entrepreneurial Mind-Set

• Entrepreneurial Mind-Set

 Describes the most common characteristics associated with successful entrepreneurs as well as the
elements associated with the “dark side” of entrepreneurship.

• Who Are Entrepreneurs?

 Independent individuals, intensely committed and determined to persevere, who work very hard.

 They are confident optimists who strive for integrity.

 They burn with the competitive desire to excel and use failure as a learning tool.

Entrepreneurial Cognition

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Metacognitive Perspective

• Cognitive Adaptability

 The ability to be dynamic, flexible, and self-regulating in one’s cognitions given dynamic and uncertain task
environments.

• Metacognitive Model

 Describes the higher-order cognitive process that results in the entrepreneur framing a task effectually, and
thus why and how a particular strategy was included in a set of alternative responses to the decision task
(metacognition).

Sources of Research on Entrepreneurs

 2–7

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andPopular
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andPresentations
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Sources of Research on Entrepreneurs

• Direct Observation of
• Publications
Practicing Entrepreneurs
 Technical and professional
 Interviews
journals
 Surveys
 Textbooks on entrepreneurship
 Case studies
 Books about entrepreneurship
• Speeches, Seminars, and
 Biographies or autobiographies
Presentations by Practicing
of entrepreneurs
 Compendiums about Entrepreneurs
entrepreneurs
 News periodicals
 Venture periodicals
 Newsletters
 Proceedings of conferences
 The Internet

Characteristics of the Entrepreneurial Mind-Set

• Determination and perseverance

• Drive to achieve

• Opportunity orientation

• Initiative and responsibility

• Persistent problem solving

• Seeking feedback

• Internal locus of control

 • Tolerance for ambiguity

• Calculated risk taking

• High energy level

• Creativity and innovativeness

• Vision

• Passion

• Independence

• Team building

Outline of the Entrepreneurial Organization

Imagination
Imagination

Willingness
Willingnesstoto
Flexibility
Flexibility accept risks
accept risks

Characteristics Often Attributed to Entrepreneurs

1. Confidence

2. Perseverance, determination

3. Energy, diligence

4. Resourcefulness

5. Ability to take calculated risks

6. Dynamism, leadership

7. Optimism

8. Need to achieve

9. Versatility; knowledge of product, market, machinery, technology

10. Creativity

11. Ability to influence others

12. Ability to get along well with people

13. Initiative

14. Flexibility

15. Intelligence

16. Orientation to clear goals

17. Positive response to challenges

18. Independence

19. Responsiveness to suggestions and criticism

20. Time competence, efficiency

21. Ability to make decisions quickly

22. Responsibility

23. Foresight

24. Accuracy, thoroughness

25. Cooperativeness

26. Profit orientation

27. Ability to learn from mistakes

28. Sense of power

29. Pleasant personality

30. Egotism

31. Courage

32. Imagination

33. Perceptiveness

34. Toleration of ambiguity

35. Aggressiveness

36. Capacity for enjoyment

37. Efficacy
 38. Commitment

39. Ability to trust workers

40. Sensitivity to others

41. Honesty, integrity

42. Maturity, balance

Entrepreneurship Theory

• Entrepreneurs cause entrepreneurship.

 Entrepreneurship is a function of the entrepreneur:

 Entrepreneurship is characterized as the interaction of skills related to inner control, planning and goal
setting, risk taking, innovation, reality perception, use of feedback, decision making, human relations, and
independence.

Dealing with Failure: The Grief Recovery Process

• Loss Orientation

 Involves focusing on the particular loss to construct an account that explains why the loss occurred.

• Restoration Orientation

 Involves both distracting oneself from thinking about the failure event and being proactive towards
secondary causes of stress.

The Entrepreneurial Experience

• Entrepreneurs

 Create ventures much as an artist creates a painting.

 Are formed by the lived experience of venture creation.

• Experiential Nature of Creating a Sustainable Enterprise

 Emergence of the opportunity

 Emergence of the venture

 End emergence of the entrepreneur

The Dark Side of Entrepreneurship

• The Entrepreneur’s Confrontation with Risk

 Financial risk versus profit (return) motive varies in entrepreneurs’ desire for wealth.

 Career risk—loss of employment security

  Family and social risk—competing commitments of work and family

 Psychic risk—psychological impact of failure on the well-being of entrepreneurs

Typology of Entrepreneurial Styles

Entrepreneurs: Type A Personalities

• Chronic and severe sense of time urgency.

• Constant involvement in multiple projects subject to deadlines.

• Neglect of all aspects of life except work.

• A tendency to take on excessive responsibility, combined with the feeling that “Only I am capable of taking care of
this matter.”

• Explosiveness of speech and a tendency to speak faster than most people.

Stress and the Entrepreneur

• Entrepreneurial Stress

 The extent to which entrepreneurs’ work demands and expectations exceed their abilities to perform as
venture initiators, they are likely to experience stress.

• Sources of Entrepreneurial Stress

 Loneliness

 Immersion in business
  People problems

 Need to achieve

Dealing with Stress

Networking

Exercisingrigor Getting away

ously from it all

Communicating
Delegating with employees

Finding
satisfaction
outside the
company

The Entrepreneurial Ego

• Self-Destructive Characteristics

 Overbearing need for control

 Sense of distrust

 Overriding desire for success

 Unrealistic externalized optimism

Entrepreneurial Ethics

• Ethics

 Provides the basic rules or parameters for conducting any activity in an “acceptable” manner.

 Represents a set of principles prescribing a behavioral code of what is good and right or bad and wrong

 Defines “situational” moral duty and obligations.

• Sources of Ethical Dilemmas

 Pressure from inside and outside interests

  Changes in societal values, mores, and norms

Classifying Decisions Using a Conceptual Framework

• Ethical rationalizations used to justify questionable conduct involve believing that the activity:

 Is not “really” illegal or immoral.

 Is in the individual’s or the firm’s best interest.

 Will never be found out.

 Helps the firm so the firm will condone it.

Types of Morally Questionable Acts

Type Direct Effect Examples

Nonrole Against the firm Expense account cheating

Embezzlement
Stealing supplies

Role failure Against the firm Superficial performance appraisal

Not confronting expense account cheating
Palming off a poor performer with inflated praise
 Reasons for Unethical Behaviors Occur
Role distortion For the firm Bribery
Price fixing
Manipulating suppliers

Role assertion For the firm Investing in unethically governed countries

Using nuclear technology for energy generation
Not withdrawing product line in face of initial allegations of
inadequate safety
Overlap Between Moral Standards and Legal Requirements

Ethical
Dilemmas

Reasons for Unethical Behaviors Occur

Greed 2–26

A reliance on other
Distinctions between
social institutions to
activities at work and
convey and reinforce
activities at home
ethics

Lack of a
Survival (bottom-
foundation in
line thinking)
ethics
Entrepreneurial Ethics (cont’d)

• Extended consequences

• Multiple alternatives

• Mixed outcomes

• Uncertain ethical consequences

• Personal implications

Establishing a Strategy for Ethical Enterprise

• Ethical Code of Conduct

 Is a statement of ethical practices or guidelines to which an enterprise adheres.

 Are becoming more prevalent in industry.

 Are proving to be more meaningful in terms of external legal and social development.

 Are more comprehensive in terms of their coverage.

 Are easier to implement in terms of the administrative procedures used to enforce them.

“Always Do the Right Thing”

• Reasons for management to adhere to a high moral code:

 It is good business because unethical practices have a corrosive effect not only on the firm itself, but on
free markets and free trade which are fundamental to the survival of the free enterprise system.

 Improving the moral climate of the firm will eventually win back the public’s confidence in the firm.

Ethical Responsibility

• Establish a strategy for ethical responsibility that encompasses:

• Ethical consciousness

• Ethical process and structure

• Institutionalization

Ethical Considerations of Corporate Entrepreneurs

• Organizational barriers that invite unethical behaviors:

 Systems

 Structures
  Policies and Procedures

 Culture

 Strategic Direction

 People

• Promote ethical employee behaviors by:

 Providing flexibility, innovation, and support of initiative and risk taking

 Removing barriers for entrepreneurial middle managers

 Including an ethical component to corporate training

Ethical Challenges for Corporate Entrepreneurship

UnethicalCon
sequences

Ethical Leadership by Entrepreneurs

• The value system of an owner/entrepreneur is the key to establishing an ethical organization.

 A code of ethics provides a clear understanding of the need for:

• Ethical administrative decision-making

• Ethical behavior of employees

• Explicit rewards and punishments based on ethical behavior

Entrepreneurial Motivation

• Entrepreneurial Motivation
  The quest for new-venture creation as well as
the willingness to sustain that venture

• Personal characteristics, personal environment, business environment, personal goal set

(expectations), and the existence of a viable business idea

• Entrepreneurial Persistence

 An entrepreneur’s choice to continue with an entrepreneurial opportunity regardless of counterinfluences or

other enticing alternatives

Key Terms and Concepts

• career risk

• code of conduct

• dark side of entrepreneurship

• drive to achieve

• entrepreneurial behavior

• entrepreneurial experience

• entrepreneurial mind-set

• entrepreneurial motivation

• entrepreneurial persistence

• ethics

• failure

• family and social risk

• financial risk

• grief recovery

• opportunity orientation

• psychic risk

• rationalizations

• risk

• role assertion

• role distortion

• role failure
 • stress

• tolerance for ambiguity

• vision

Introduction  
The global economy is profoundly and substantively changing organizations and industries throughout the world, making it
necessary for businesses to reexamine their purposes and to select and follow strategies that have high probabilities of
satisfying multiple stakeholders. In response to rapid, discontinuous, and significant changes in their external and internal
environments, many companies have restructured their operations in fundamental and meaningful ways. In fact, after years
of such restructuring, some companies bear little resemblance to their ancestors in scope, culture, and competitive
approach.
Corporate entrepreneurship (CE) has evolved over the last forty years to become a strategy that can facilitate firms' efforts
to create innovation and cope effectively with the competitive realities in today's world markets. All organizations are facing
a new global reality requiring innovation, courage, risk-taking, and entrepreneurial leadership. 
Continuous innovation (in terms of products, processes, and administrative routines and structures) and an ability to
compete effectively in global markets are among the skills that are increasingly expected to influence corporate
performance in the twenty-first century. Today's executives agree that innovation is the most important pathway for
companies to accelerate their pace of change in the global environment, Corporate entrepreneurship is a process that can
facilitate efforts to innovate and can help firms cope with the competitive realities of the world markets. Entrepreneurial
attitudes and behaviors it seems clear, are necessary for firms of all sizes to prospect and flourish in competitive
environments. 

2.1 The Entrepreneurial Mind Set in Organizations: Corporate Entrepreneurship  

Corporate Innovation
Despite the fact that entrepreneurship and innovation are highly touted as the most viable strategy for successful results in
today's
corporations, the fact remains that successful implementation of corporate innovation has been quite elusive for more
companies. Corporate innovation succeeds in organizations that provide employees with freedom and encouragement to
develop their ideas, but top managers, if they do not believe that entrepreneurial ideas can be nurtured, have been known
to hamper innovation. If innovative people are to reach their full potential, however, new types of thinking must overcome
managerial hesitations. The five important practices for establishing innovation-driven organizations are:
1. set explicit innovation goals
2. create a system of feedback and positive reinforcement
3. emphasize individual responsibility 
4. provide rewards for innovative ideas
5. do not punish failures
Another way to create an innovative corporate atmosphere is to apply rules for innovation. These rules can provide hands-
on guidelines for developing the necessary innovative philosophy. 
 encourage action
 use informal meetings whenever possible
 tolerate failure, and use it as a learning experience
 persist in getting an idea to market
 reward innovation for innovation’s sake
 plan the physical layout of the enterprise to encourage informal communication
 expect clever bootlegging of ideas—secretly working on new ideas on company time as well as personal time
 put people on small teams for future-oriented projects
 encourage personnel to circumvent rigid procedures and bureaucratic red tape
 reward and promote innovative personnel
When these rules are followed, they create an environment
conducive to and supportive of potential entrepreneurial
thinking. The result is a corporate philosophy that supports
innovative behavior.

Corporate Entrepreneurship and Innovation

After a thorough analysis of the entrepreneurship construct and
its dimensions, corporate entrepreneurship has been defined
as a process whereby an individual or a group of individuals, in association with an existing organization, creates a new
organization or instigates renewal or innovation within the organization. Under this definition, strategic
renewal and corporate venturing are all identified as vital and legitimate parts of the corporate entrepreneurship process. 
Strategic renewal is concerned with organizational renewal involving major strategic and/or structural changes.

Corporate venturing refers to corporate entrepreneurial efforts that lead to the creation of new business organizations within
the corporate organization. 
The following are factors in large corporations that have exhibited successful innovations: 
 Atmosphere and vision - innovative companies have a clear-cut vision and recognized support for an innovative
atmosphere
 Orientation to the market - innovative companies tie their visions to the realities of the market place
 Small, flat organizations - most innovative companies keep the total organization flat and project teams small
 Multiple approaches - innovative managers encourage several projects to proceed in parallel development
 Interactive learning - in an innovative environment, interactive learning and investigation of ideas cut across
traditional functional lines in the organization 
 Skunk Works (a nickname given to small groups that work on their ideas outside of normal organizational time and
structure) - every highly innovative enterprise uses groups that function outside the organizational line of authority.
Corporate Entrepreneurship Strategy
Corporate entrepreneurship strategy is defined as a vision-directed, organization-wide reliance on entrepreneurial behavior
that purposefully and continuously rejuvenates the organization and shapes the scope of its operations through the
recognition and exploitation of entrepreneurial opportunity.
It requires the creation of congruence between the entrepreneurial vision of the organization’s leaders and the
entrepreneurial actions of those throughout the organization. Corporate entrepreneurship strategy is manifested through the
presence of these three elements:
 an entrepreneurial strategic vision
 a pro-entrepreneurship organizational architecture
 entrepreneurial processes and behavior as exhibited throughout the organization
Critical steps of a corporate entrepreneurial strategy
1. Developing the vision - the first step in planning a corporate
entrepreneurship strategy for the enterprise is to share the vision
of innovation that the corporate leaders wish to achieve.
2. Encouraging innovation - this requires a willingness not only to
tolerate failure but also to learn from it. There are two types of
innovation: radical and incremental. 
Radical innovations refer to the launching of inaugural
breakthroughs.
Incremental innovations refer to the systematic evolution of a
product or service into newer or larger markets
3. Structuring for an intrapreneurial climate - it is the job of top-
level managers to create a work environment that is highly conducive to innovation and entrepreneurial behaviors. 
4. Developing individual managers for corporate entrepreneurship
5. Developing venture teams. 

2.2 Social Entrepreneurship and the Global Environment for Entrepreneurship  

Social entrepreneur refers to a person or a small group of individuals who founds and/or leads an organization or initiative
engaged in social entrepreneurship. They are sometimes referred to as public entrepreneurs, civic entrepreneurs,
and social innovators. They are creative thinkers continuously striving for innovation in technologies, supply sources,
distribution outlets, or methods of production. They are change agents who create large-scale change using pattern-
breaking ideas to address the root causes of social problems.
Social entrepreneurs are change agents:
 They create large-scale change using pattern-breaking ideas
 They address the root causes of social problems
 They possess the ambition to create systemic change by introducing a new idea and persuading others to adopt.
These types of transformative changes can be national or global. They also can be highly localized—but no less powerful—
in their impact.
There are challenges to the boundaries of what is and what isn’t a social enterprise. It is generally agreed that social
entrepreneurs and their ventures are driven by social goals; that is, the desire to benefit society in some way. But because
the social mission of social entrepreneurs is the most important criterion, not wealth creation, arguments are made any
social enterprise should be in the world of not-for-profit organizations.

Social Enterprise and Sustainability

The basic challenge of social enterprise—addressing the obligations of a business to society—is the same for all types of
businesses—but questions concerning the extent to which corporations should be involved in social obligations to society is
open to debate.
Sustainable entrepreneurship includes:
  Ecopreneurship, which refers to environmental entrepreneurship with entrepreneurial actions contributing to
preserving the natural environment including the Earth, biodiversity, and ecosystem. Ecovision—attention to
employees, the organization, and the environment—is a possible leadership style for accomplishing this.
 Social entrepreneurship, which encompasses the activities and processes undertaken to discover, define, and
exploit opportunities in order to enhance social wealth.
 Corporate social responsibility, which refers to actions that appear to further some social good, beyond the interests
of the firm.
The environment stands out as one of the major challenges of social enterprise.  Entrepreneurs have an enormous
challenge to build socially responsible organizations for the future. A plan to create a sustainable future through a practical,
clearly stated strategy, as defined by Hawken and McDonough:
1. Eliminate the concept of waste
2. Restore accountability
3. Make prices reflect costs
4. Promote diversity
5. Make conservation profitable
6. Insist on accountability of nations
Shared Value and the Triple Bottom Line
The Triple Bottom Line (TBL) is an accounting framework that goes beyond the traditional measures of profit, return on
investment, and shareholder value to include environmental and social dimensions.
"Shared value” is an approach to creating economic value that also creates value for society by addressing its needs and
challenges.
Bottom-Line Measures of Economic Performance
 Personal income
 Cost of underemployment
 Establishment sizes
 Job growth
 Employment distribution by sector
 Percentage of firms in each sector
 Revenue by sector contributing to gross state product
 
Bottom-Line Measures of Environmental Performance
 Hazardous chemical concentrations
 Selected priority pollutants
 Electricity consumption
 Fossil fuel consumption
 Solid waste management
 Hazardous waste management
 Change in land use/land cover
 
Bottom-Line Measures of Social Performance
 Unemployment rate
 Median household income
 Relative poverty
 Percentage of population with a post-secondary degree or certificate
 Average commute time
 Violent crimes per capita
 Health-adjusted life expectancy

Chapter 3 PPT
The Entrepreneurial Mind-Set in Organizations: Corporate Entrepreneurship
The Entrepreneurial Mindset in Organizations
• Response to rapid, discontinuous, and significant changes in companies external and internal environments in a
global economy:
 Restructure of operations in fundamental and meaningful ways.
 Introduction of corporate entrepreneurship or intrapreneurship – dynamic, flexible entities prepared to take
advantage of new business opportunities when they arise
 Continuous innovation which allows for pathways to accelerate their pace and cope with competition in the
world markets.
Corporate Innovation Philosophy
• Important practices for establishing
an innovation-driven organization:
1. Set explicit innovation goals.
2. Create a system of feedback and positive reinforcement.
3. Emphasize individual responsibility.
4. Provide rewards based on results.
5. Do not punish failures.
3.1 Rules for an Innovative Environment
1. Encourage action.
2. Use informal meetings whenever possible.
3. Tolerate failure, and use it as a learning experience.
4. Persist in getting an idea to market.
5. Reward innovation for innovation’s sake.
6. Plan the physical layout of the enterprise to encourage informal communication.
7. Expect clever bootlegging of ideas—secretly working on new ideas on company time as well as personal time.
8. Put people on small teams for future-oriented projects.
9. Encourage personnel to circumvent rigid procedures and bureaucratic red tape.
10. Reward and promote innovative personnel.
Defining the Concept of Corporate Entrepreneurship and Innovation
• Corporate Entrepreneurship
 A process whereby an individual or a group of individuals, in association with an existing organization,
creates a new organization or instigates renewal or innovation within the organization.
• Corporate Entrepreneurship Strategy
 A vision-directed, organization-wide reliance on entrepreneurial behavior that purposefully and continuously
rejuvenates the organization and shapes the scope of its operations through the recognition and
exploitation of entrepreneurial opportunity.
3.1 Defining Corporate Entrepreneurship

Adding new business

Large scale or
via equity
sequential
investments
innovations

Successful Innovative Companies

• Factors in large corporations that are successful innovators:
 Atmosphere and vision
 Orientation to the market
 Small, flat organizations
 Multiple approaches
 Interactive learning
 Skunk Works (small groups)
Conceptualizing Corporate Entrepreneurship Strategy
• Corporate Entrepreneurship Strategy
 A vision-directed, organization-wide reliance on entrepreneurial behavior that purposefully and continuously
rejuvenates the organization and shapes the scope of its operations through the recognition and
exploitation of entrepreneurial opportunity.
  It requires the creation of congruence between the entrepreneurial vision of the organization’s leaders and
the entrepreneurial actions of those throughout the organization .
Modeling the Corporate Entrepreneurship Strategy Process
• Corporate entrepreneurship strategy is manifested through the presence of three elements:
 An entrepreneurial strategic vision
 A pro-entrepreneurship organizational architecture
 Entrepreneurial processes and behavior as exhibited throughout the organization
Conceptualizing a Corporate Entrepreneurship Strategy (cont’d)
• Critical steps of a corporate entrepreneurial strategy:
1. Developing the vision
2. Encouraging innovation
3. Structuring for an intrapreneurial climate
4. Developing individual managers for corporate entrepreneurship
5. Developing venture teams.
3.3 Shared Vision

Types of Innovation
• Radical Innovation
 The launching of inaugural breakthroughs.
  These innovations take experimentation and determined vision, which are not necessarily managed but
must be recognized and nurtured.
 Mobile computing
 Cloud storage
 Green technologies
• Incremental Innovation
 The systematic evolution of a product or service into newer or larger markets.
 Many times the incremental innovation will take over after a radical innovation introduces a breakthrough.
3M’s Innovation Rules
• Don’t kill a project
• Tolerate failure
• Keep divisions small
• Motivate the champions
• Stay close to the customer
• Share the wealth
Structuring the Work Environment
• Reestablishing the drive to innovate:
 Invest heavily in entrepreneurial activities that allow new ideas to flourish in an innovative environment .
 Provide nurturing and information-sharing activities.
 Employee perception of an innovative environment is critical.
• Corporate Venturing
 Institutionalizing the process of embracing the goal of growth through development of innovative products ,
processes, and technologies with an emphasis on long-term prosperity.
Developing Individual Managers for Corporate Entrepreneurship
• Corporate Innovation Training Program 6 modules:
1. The Entrepreneurial Experience
2. Innovative Thinking
3. Idea Acceleration Process
4. Barriers and Facilitators to Innovative Thinking
5. Sustaining Innovation Teams (I-Teams)
6. The Innovation Action Plan
Developing Innovative (I) Teams
• Innovative (I) Team
 A semi-autonomous self-directing, self-managing, high-performing group of two or more people who
formally create and share the ownership of a new organization.
 The leader is called a “innovation champion” or a “corporate entrepreneur.”
• Collective Entrepreneurship
  Individual skills are integrated into a group; this collective capacity to innovate becomes something greater
than the sum of its parts.
Chapter 4 PPT
Social Entrepreneurship and the Global Environment for Entrepreneurship
The Social Entrepreneurship Movement
• Social Entrepreneurship
 Entrepreneurship that is a form that exhibits characteristics of non-profits, governments, and businesses.
 Combination of private-sector focus on innovation, risk-taking, and large-scale transformation with social
problem solving.
• The Social Entrepreneurship Process
 Recognition of a perceived social opportunity translated into an enterprise concept.
 Resources are acquired to execute the enterprise’s goals.
Defining the Social Entrepreneur
• Social Entrepreneurs
 A person or small group of individuals who founds and/or leads an organization or initiative engaged in
social entrepreneurship.
 Also referred to as “public entrepreneurs,” “civic entrepreneurs,” or “social innovators.”
 Creative thinkers continuously striving for innovation in technologies, supply sources, distribution outlets, or
methods of production.
 Change agents who create large-scale change using pattern-breaking ideas to address the root causes of
social problems.
Defining the Social Enterprise
• Driven by social goals
 Challenges are presented regarding the boundaries of what is and what isn’t a social enterprise.
 Social causes can be based on personal goals.
 General agreement that there is the desire to benefit society in some way.
 Arguments can begin over the location of the social goals and with the purposes of the social goals.
Social Enterprise and Sustainability
• Sustainable Entrepreneurship
 Focus on the preservation of nature, life support, and community.
 Pursuing opportunities to bring into existence future products, processes, and services for gain, including
economic and noneconomic gains to individuals, the economy, and society.
4.1 Examples of Social Enterprise Obligations
Environment Pollution control
Restoration or protection of environment
Conservation of natural resources
Recycling efforts
 Energy Conservation of energy in production and marketing operations
Efforts to increase the energy efficiency of products
Other energy-saving programs (e.g., company-sponsored car pools)

Fair Business Practices Employment and advancement of women and minorities

Employment and advancement of disadvantaged individuals (disabled, Vietnam
veterans,
ex-offenders, former drug addicts, mentally retarded, and hardcore
unemployed)
Support for minority-owned businesses

Human Resources Promotion of employee health and safety

Employee training and development
Remedial education programs for disadvantaged employees; alcohol and drug
counseling programs
Career counseling
Child day-care facilities for working parents
Employee physical fitness and stress management programs

Community Involvement Donations of cash, products, services, or employee time

Sponsorship of public health projects
Support of education and the arts
Support of community recreation programs
Cooperation in community projects (recycling centers, disaster assistance, and
urban renewal)

Products Enhancement of product safety

Sponsorship of product safety education programs
Reduction of polluting potential of products
Improvement in nutritional value of products
Improvement in packaging and labeling

Forms of Sustainable Entrepreneurship

Social
Social Corporate
Corporate Social
Social
Ecopreneurship
Ecopreneurship Entrepreneurship
Entrepreneurship Responsibility
Responsibility

Environmental
Environmental Activities
Activities and
and processes
processes Actions
Actions that
that appear
appear to
to
 entrepreneurial
entrepreneurial actions
actions define,
define, and
and exploit
exploit beyond
beyond the
the interests
interests of
of
contributing
contributing toto preserving
preserving opportunities
opportunities inin order
order to
to the
the firm and that which
firm and that which isis
the
the natural
natural environment,
environment, enhance
enhance social wealth by
social wealth by required
required by
by law
law and
and often
often
including
including the
the Earth,
Earth, creating
creating new
new ventures
ventures or or denotes
denotes societal
societal
biodiversity,
biodiversity, and
and managing
managing existing
existing engagement
engagement of of
ecosystems.
ecosystems. organizations
organizations in in an
an organizations
organizations
innovative
innovative manner
manner

Ecopreneurship
• Ecovision
 A leadership style that encourages open and flexible structures that encompass the employees, the
organization, and the environment, with attention to evolving social demands.
• Environmental Movement
 Initiated primarily by values rather than by design.
 Developed by a plan to create sustainable future.
• Key Steps in an Environmental Strategy
 Eliminate the concept of waste.
 Restore accountability.
 Make prices reflect costs.
 Promote diversity.
 Make conservation profitable.
 Insist on accountability of nations.
Shared Value and the Triple Bottom Line
• Shared Value
 An approach to creating economic value that also creates value for society by addressing its needs and
challenges.
 Transforms business thinking by addressing issues through innovation and methods.
• Triple Bottom Line (TBL)
 An accounting framework that goes beyond the traditional measures of profit, return on investment, and
shareholder value to include environmental and social dimensions.
 Triple Bottom Line Measures

Economic
Economic Environmental
Environmental Social
Social Performance
Performance
Performance
Performance Performance
Performance

Personal
Personal income
income Hazardous
Hazardous chemical
chemical concentrations
concentrations Unemployment
Unemployment raterate
Cost
Cost of
of underemployment
underemployment Selected
Selected priority pollutants
priority pollutants Median
Median household
household income
income
Establishment
Establishment sizes
sizes Electricity
Electricity consumption
consumption Relative
Relative poverty
poverty
Job
Job growth
growth Fossil
Fossil fuel
fuel consumption
consumption Percentage
Percentage ofof population
population with
with aa post-
post-
Employment
Employment distribution
distribution byby Solid
Solid waste
waste management
management secondary
secondary degree
degree oror certificate
certificate
sector
sector Hazardous
Hazardous wastewaste management
management Average
Average commute
commute timetime
Percentage
Percentage of of firms
firms in
in each
each Change
Change in in land
land use/land
use/land cover
cover Violent
Violent crimes
crimes per
per capita
capita
sector
sector Health-adjusted
Health-adjusted life
life expectancy
expectancy
Revenue
Revenue by by sector
sector contributing
contributing
to
to gross
gross state
state product.
product.