The Mind Of The Entrepreneur: Cohérence Partenaires Pour Le Développement
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L'entrepreneur aujourd'hui: évolution, défis et opportunités ~~~~~~ Session 1
The Mind of the Entrepreneur October 24, 2009 R a n d y M . A ta id e Pro fe sso r o f E n tre p re n e u rsh ip R a n d yA ta id e @ p o in tlo m a . e d u Cohérence partenaires pour le développement
The Mind of the Entrepreneur Overview 1. Historical Development and Definitions 2. Contemporary Definitions 3. Entrepreneurial Insight 4. Practical Applications 5. Conclusion 6. 7.
The Mind of the Entrepreneur Historical Development The word "entrepreneur" (f. entrepreneuse) is a loanword from French. In French the verb "entreprendre" means "to undertake," with "entre" coming from the Latin word meaning "between," and "prendre" meaning "to take.“ It is believed that the economist Richard Cantillon (1680-1734) was the first to use the term entrepreneur to apply to economic theory.
The Mind of the Entrepreneur Historical Development Cantillon's entire reputation rests on his one remarkable treatise, Essai Sur la Nature du Commerce en Général, which was written in French around 1730 and published anonymously in England in 1755. Although Cantillon fell into obscurity, Adam Smith later quoted from Cantillon in his Wealth of Nations.
The Mind of the Entrepreneur Historical Definitions Say: One who shifts resources out of an area of low yield & productivity to a higher one. Cantillon: One who bears risks by buying at certain prices and selling at uncertain prices. Schumpeter: Converting a new idea or invention into a successful innovation.
The Mind of the Entrepreneur Contemporary Definitions
Drucker: Creation of a new organization regardless of its ability to sustain itself. University of Texas: “Think first, interact, and do later.” Kuratko & Hodges: A dynamic and passionate process of vision, change and creation
The Mind of the Entrepreneur Contemporary Definitions 2008 Kauffman Report : “Entrepreneurship is a process of fundamental transformation: from innovative idea to enterprise and from enterprise to value. Thus, entrepreneurship is more than a business practice. As a distinct mode of thought and action, it derives from business but can operate in any realm of human endeavor .”
The Mind of the Entrepreneur Contemporary Definitions The definitions demonstrate that the fundamental understandings of entrepreneurship continue to evolve just as the applications and practices are evolving. It involves not only economics but relationships; thought and action; individual and enterprise activities. It is beyond boundaries .
The Mind of the Entrepreneur Entrepreneurial Insight Authors Rita Gunther-McGrath and Ian McMillin recently released a book on the Mindset of the Entrepreneur where they define “habitual entrepreneurs” as those who have spent their careers starting new businesses and bringing new products to market.”
The Mind of the Entrepreneur Entrepreneurial Insight They continue: “The guiding philosophy is to take charge. If no-one knows what the future may hold, your vision of how to navigate is as good as anyone’s. The future may as well belong to you .”
The Mind of the Entrepreneur Entrepreneurial Insight McGrath and McMillin state that there is an essential element behind entrepreneurial performance, and they call it “entrepreneurial insight.” What is this?
The Mind of the Entrepreneur Contemporary Definitions Entrepreneurial insight is “seeing something about a market or industry that others miss or fail to understand.” It is this “seeing something that others don’t” that really affirms my own entrepreneurial instincts, drive and experience.
The Mind of the Entrepreneur Practical Application # 1
Curiosity + observation leads to innovation.
The Mind of the Entrepreneur Practical Application # 2
Good ideas come from any source.
The Mind of the Entrepreneur Practical Application # 3
it!
Sleep on
The Mind of the Entrepreneur Practical Application # 4
expected.
Setbacks are to be
The Mind of the Entrepreneur Practical Application # 5
people.
Hang around smart
The Mind of the Entrepreneur Practical Application # 6
stuff.
Sweat the small
The Mind of the Entrepreneur Conclusion Aspiring entrepreneurs are well served by not only observing the past but also understanding the present. This sets the stage for our next section, the challenges of being an entrepreneur and how the entrepreneur can overcome these challenges.
The Mind of the Entrepreneur October 24, 2009 R a n d y M . A ta id e Pro fe sso r o f E n tre p re n e u rsh ip R a n d yA ta id e @ p o in tlo m a . e d u Cohérence partenaires pour le développement
The Mind of the Entrepreneur Overview 1. Historical Development and Definitions 2. Contemporary Definitions 3. Entrepreneurial Insight 4. Practical Applications 5. Conclusion 6. 7.
The Mind of the Entrepreneur Historical Development The word "entrepreneur" (f. entrepreneuse) is a loanword from French. In French the verb "entreprendre" means "to undertake," with "entre" coming from the Latin word meaning "between," and "prendre" meaning "to take.“ It is believed that the economist Richard Cantillon (1680-1734) was the first to use the term entrepreneur to apply to economic theory.
The Mind of the Entrepreneur Historical Development Cantillon's entire reputation rests on his one remarkable treatise, Essai Sur la Nature du Commerce en Général, which was written in French around 1730 and published anonymously in England in 1755. Although Cantillon fell into obscurity, Adam Smith later quoted from Cantillon in his Wealth of Nations.
The Mind of the Entrepreneur Historical Definitions Say: One who shifts resources out of an area of low yield & productivity to a higher one. Cantillon: One who bears risks by buying at certain prices and selling at uncertain prices. Schumpeter: Converting a new idea or invention into a successful innovation.
The Mind of the Entrepreneur Contemporary Definitions
Drucker: Creation of a new organization regardless of its ability to sustain itself. University of Texas: “Think first, interact, and do later.” Kuratko & Hodges: A dynamic and passionate process of vision, change and creation
The Mind of the Entrepreneur Contemporary Definitions 2008 Kauffman Report : “Entrepreneurship is a process of fundamental transformation: from innovative idea to enterprise and from enterprise to value. Thus, entrepreneurship is more than a business practice. As a distinct mode of thought and action, it derives from business but can operate in any realm of human endeavor .”
The Mind of the Entrepreneur Contemporary Definitions The definitions demonstrate that the fundamental understandings of entrepreneurship continue to evolve just as the applications and practices are evolving. It involves not only economics but relationships; thought and action; individual and enterprise activities. It is beyond boundaries .
The Mind of the Entrepreneur Entrepreneurial Insight Authors Rita Gunther-McGrath and Ian McMillin recently released a book on the Mindset of the Entrepreneur where they define “habitual entrepreneurs” as those who have spent their careers starting new businesses and bringing new products to market.”
The Mind of the Entrepreneur Entrepreneurial Insight They continue: “The guiding philosophy is to take charge. If no-one knows what the future may hold, your vision of how to navigate is as good as anyone’s. The future may as well belong to you .”
The Mind of the Entrepreneur Entrepreneurial Insight McGrath and McMillin state that there is an essential element behind entrepreneurial performance, and they call it “entrepreneurial insight.” What is this?
The Mind of the Entrepreneur Contemporary Definitions Entrepreneurial insight is “seeing something about a market or industry that others miss or fail to understand.” It is this “seeing something that others don’t” that really affirms my own entrepreneurial instincts, drive and experience.
The Mind of the Entrepreneur Practical Application # 1
Curiosity + observation leads to innovation.
The Mind of the Entrepreneur Practical Application # 2
Good ideas come from any source.
The Mind of the Entrepreneur Practical Application # 3
it!
Sleep on
The Mind of the Entrepreneur Practical Application # 4
expected.
Setbacks are to be
The Mind of the Entrepreneur Practical Application # 5
people.
Hang around smart
The Mind of the Entrepreneur Practical Application # 6
stuff.
Sweat the small
The Mind of the Entrepreneur Conclusion Aspiring entrepreneurs are well served by not only observing the past but also understanding the present. This sets the stage for our next section, the challenges of being an entrepreneur and how the entrepreneur can overcome these challenges.
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