Self-Introduction

Dr. M Arsalan Nazir

1. Educational Background:
• PhD (SMEs, Entrepreneurship & Innovation)
Teesside University Business School, United Kingdom (2015-2019)
• MBA (Business Administration & Management)
Cardiff University Business School, United Kingdom (2014-2015)
• MSc (Marketing & Business Management)
University of Bedfordshire Business School, United Kingdom (2012-2014)
• BBA (HONS) (Marketing Management)
Riphah Intl University Islamabad (2008-2012)
• CIMA (Certified Institute of Management Accounts), United Kingdom
Level 2/4 Student (2019-InProgress)
2. Corporate Experience:
• Senior Business Analyst (Focus on guiding SMEs and new entrepreneur’s in improving IT & financial
business processes)
Legend Financial and Tax Advisors Limited, London, United Kingdom (2015-2019)
Entrepreneurship Course Outline
 Chapter 1
Introduction to Entrepreneurship
 Chapter Objectives

1. What is entrepreneurship and discuss its importance.

2. Describe corporate entrepreneurship and its use in established firms.
3. Discuss three main reasons people decide to become entrepreneurs.
4. Identify four main characteristics of successful entrepreneurs.
5. Explain the five common myths regarding entrepreneurship.
6. Explain how entrepreneurial firms differ from salary-substitute and lifestyle
firms.
7. Discuss the impact of entrepreneurial firms on economies and societies.
8. Identify ways in which large firms benefit from the presence of smaller
entrepreneurial firms.
9. Explain the entrepreneurial process.
 What is Entrepreneurship?

• Academic Definition (Stevenson & Jarillo)

Entrepreneurship is defined as the process by which individuals pursue
opportunities without regard to resources they currently control.
• Venture Capitalist* (Fred Wilson)
Is the art of turning an idea into a business. In essence, an entrepreneur’s behavior
finds him or her trying to identify opportunities and putting useful ideas into
practice and willingness to take risks.
• Explanation of What Entrepreneurs Do “Entrepreneurial Behavior”
Entrepreneurs assemble (gather) and then integrate (mix) all the resources needed
–the money, the people, the business model, the strategy—needed to transform an
invention or an idea into a viable business.
For example, Apple and FaceBook.
Steve Jobs Success Story | Entrepreneurship Lessons

An Article for students

 Corporate Entrepreneurship
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• Corporate Entrepreneurship
Is the conceptualization (building of an idea) of entrepreneurship at the firm
level.
All firms fall along a conceptual continuum (scale or variety of an idea) that
ranges from highly conservative to highly entrepreneurial.
The position of a firm on this continuum is referred to as its entrepreneurial
intensity (how much entrepship can be seen in the organization).
Highly conservative corporate firms are take a more “wait and see” posture,
are less innovative, and are risk averse.
Highly entrepreneurial firms are typically proactive innovators and are risk
takers.
 Corporate Entrepreneurship
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Entrepreneurial Firms Conservative Firms

•That bring new products •That does not bring new

and services to market by products and services to
creating opportunities market by creating
•Proactive opportunities
•Non-active
• Innovative •Take a more “wait and see”
• Risk taking posture
•Google, e-Bay and Apple • Less innovative
• Risk adverse
•Best Example N...a?
 Why Become an Entrepreneur?
The three primary reasons that people become
entrepreneurs and start their own firms
Many entrepreneurs want to be their own boss because
Desire to be their own boss either they have had a longtime ambition to own their
own firm or because they have become frustrated
working in traditional jobs.

Some people are naturally alert, and when they recognize

Desire to follow their ideas for new products or services, they have a desire to
own ideas see those ideas to be followed by others in the market.

Making a profit and increasing the value of a company is

Appreciate Financial rewardsa solidifying goal that people can rally around.
 Characteristics of Successful Entrepreneurs
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Four primary
characteristics/behaviors have been
ascribed to entrepreneurs, several
are common to those who are
successful. Those in new ventures
and those who are
already part of an entrepreneurial
firm share these qualities.
 Characteristics of Successful Entrepreneurs
2 of 3

1. Passion for the Business

• The number one characteristic shared by successful entrepreneurs is a passion for
the business.
• This passion typically stems from the entrepreneur’s belief that the business will
positively influence people’s lives. (See Case 1.2 Self study)
2. Product/Customer Focus
• A second defining characteristic of successful entrepreneurs is a product/customer
focus. An entrepreneur’s keen focus on products and customers development.
• This quality is exemplified by Steven Jobs, the cofounder of Apple Inc., who
wrote, “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”.
• Products MUST satisfy the customers.
 Characteristics of Successful Entrepreneurs
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3. Stay Stand Despite Failure

• Because entrepreneurs are typically trying something new, the failure rate associated with
their efforts is naturally high. Have a stamina to accept failure and keep trying.
• A defining characteristic for successful entrepreneurs’ is their ability to keep it up
through setbacks and failures.
• For example if entrepreneur have an idea to launch a company but banks or financing
agencies decline the funding request, KEEP TRYING!
4. Execution Intelligence
• An ancient Chinese saying warns, “To open a business is very easy; to keep it open is
very difficult.”
• In many cases, execution intelligence is the factor that determines whether a start-up is
successful or fails.
• How? developing a business model, putting together a new venture team, raising money,
establishing partnerships, managing finances, leading and motivating employees, and so
on.
 Common Myths (Traditional Stories) About
Entrepreneurs
1 of 5

• Myth 1: Entrepreneurs Are Born Not Made

This myth is based on the mistaken belief that some people are genetically to
be entrepreneurs.
Family genetics of entrepreneurs. Either Mother or Father is entrepreneur.
The consensus of many studies is that no one is “born” to be an entrepreneur;
everyone has the potential to become one.
Whether someone does or doesn’t become an entrepreneur, is a function of the
environment, life experiences, available resources, and personal choices.
 Common Myths About Entrepreneurs
2 of 5

Although no one is “born” to be an entrepreneur, there are common traits

and characteristics of successful entrepreneurs
• Achievement motivated
• Alert to opportunities •Believable
• Creative • Organizer
• Decisive •Self-confident
• Energetic • Self-starter
• Has a strong work ethic • Determined
• Is a moderate risk taker •Visionary
• Is a networker
 Common Myths About Entrepreneurs
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• Myth 2: Entrepreneurs Are Gamblers and take Big Risks!

Most entrepreneurs are reasonable (at some point) risk takers.
The idea that entrepreneurs are gamblers originates from two sources:
• Entrepreneurs typically have jobs that are less structured, and so they face a more unclear
set of possibilities (situation) than managers or managerial employees. For example, an
37

entrepreneur who starts a social network consulting service has a less stable job than one
working for a state governmental agency..
• Many entrepreneurs have a strong need to achieve and set challenging goals, a behavior
that is often equated with risk taking.
 Common Myths About Entrepreneurs
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• Myth 3: Entrepreneurs Are Motivated Primarily by Money.

• While it is naïve to think that entrepreneurs don’t seek financial rewards,
money is rarely the reason entrepreneurs start new firms.
• In fact, some entrepreneurs warn that the chase of money can be distracting.
• Irobotic CEO explained:
“Our goal was to have fun and make money. Most importantly, it reminded us
that our mission was not only to make money, but to change the world”.
 Common Myths About Entrepreneurs
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• Myth 4: Entrepreneurs Should Be Young and Energetic.

The most active age for business ownership is 35 to 45 years old.
While it is important to be energetic, investors often cite the strength of the
entrepreneur as their most important criteria in making investment decisions.
• 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.
 Types of Start-Up Firms for Entrepreneurs

Dry cleaners, convenience Google, Facebook, are well-known,

stores, restaurants, Lifestyle firms include highly successful examples of
accounting firms, retail golf and tennis pros, entrepreneurial firms. Having
stores, and hairstyling salons wine bars, and tour recognized an opportunity, the
are examples of salary- guides. entrepreneurs leading companies
substitute firms. Best example: Tigor of this type create products and
The vast majority of small Woods! services that have worth, that are
businesses fit into this important to their customers.
category.
Economic Impact of Entrepreneurial Firms

• Innovation
Is the process of creating something new, which is central to
the entrepreneurial process.
Small firms are twice as innovative as large firms.
Small businesses outperform their larger counterparts in
terms of patent activity.
• Job Creation
In the past two decades, economic activity has moved in the
direction of smaller entrepreneurial firms, which may be due
to their unique ability to innovate and focus on specialized
tasks.
For example, SMEs.
 Entrepreneurial Firms’ Impact on Society
and Larger Firms

• 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.
For example, careem and Uber.
• Impact on Larger Firms
Many entrepreneurial firms have built their entire business models around
producing products and services that help larger firms become more efficient
and effective.
For example companies supplying parts to Toyota and Honda.
The Entrepreneurial Process

The Entrepreneurial Process Consists of Four Steps

Step 1: Deciding to become an entrepreneur.
Step 2: Developing successful business ideas.
Step 3: Moving from an idea to an entrepreneurial firm.
Step 4: Managing and growing the entrepreneurial firm.
Steps in the Entrepreneurial Process
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Step 1 Step 2

Developing Successful Business Ideas

Steps in the Entrepreneurial Process
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Step 3 Step 4