Week 1 · Phase 1: Self-Discovery · Reading

Introduction to Entrepreneurship

Course Reading — Intro to Entrepreneurship

Many people define entrepreneurship as the act of starting a business. But it is so much more than this one act; at its essence, entrepreneurship is about value creation.

Value that can be created or added:

What does "entrepreneur" mean to you?

The etymology of entrepreneur comes from the French, entreprendre, a verb meaning to undertake (Merriam-Webster). When we think of a person undertaking something, then we have someone who does something and takes action.

Definitions

entrepreneur — one who organizes, manages, and assumes risks, mostly the risks of an enterprise (an enterprise can be for-profit or nonprofit)
entrepreneurial — having to do with, relating to, characteristic of, or suited to an entrepreneur
entrepreneurial mindset — "a set of skills that enable people to identify and make the most of opportunities, overcome and learn from setbacks, and succeed in a variety of settings. Research shows that an entrepreneurial mindset is valued by employers, boosts educational attainment and performance, and is crucial for creating new businesses."
intrapreneurial — Intrapreneurship is the act of behaving like an entrepreneur while working within a large organization

What does "entrepreneurship" mean to you?

entrepreneurship — the process by which one organizes, manages, and assumes risks
innovation — improving, changing, and making something work better or creating something totally new

Entrepreneurship is a process that involves innovation. Many innovative processes, products, and ideas come from entrepreneurial people who are looking to act and to do something — to improve and make the world better.

What does "enterprise" mean to you?

An enterprise can be any of the following outcomes:

for-profit — a business or enterprise created for the purpose of making profit and creating wealth
nonprofit — not conducted or maintained for the purpose of making a profit, but instead organized to achieve specific goals and/or provide services; usually community focused or based in specific areas. These entities are usually tax exempt.
microbusiness — a small business
intrapreneurial — Intrapreneurship is the act of behaving like an entrepreneur while working within a large organization

How are entrepreneurs different than small business managers?

Our focus for this class will be on the entrepreneur side of the process, not the manager side — so think of the creation, innovation side of an enterprise.

The Entrepreneurial Mindset

Entrepreneurs use an entrepreneurial mindset to solve problems.

Curiosity
Initiative
Flexibility
Creativity
Critical Thinking
Problem Solving
Collaboration
Communication
Resilience
Comfort with Risk

Problems & Solutions

Problems

Entrepreneurs solve problems. They provide solutions to meet people's needs and wants. Solutions help ease the "pain" someone is experiencing. The way in which that pain is solved creates value. When someone's problem (or need) is met, they find value in this and may be willing to pay money — although it does not always have to be a monetary exchange.

Solutions

Solutions are what fix the problem or meet the need. Solutions start as ideas. Ideas can come and go. As Richard Branson, founder of Virgin Records, says: "Ideas are like buses — there is another one coming down the street."

Key Insight A solution isn't just an idea. A solution is an idea developed over time that brings enough value to people to become an opportunity.
← Back to Course