What is an Entrepreneur?
     Word coined by French economist J.B. Say around 
     1800
     His definition: “The entrepreneur shifts resources out 
     of an area of lower and into an area of higher 
     productivity and greater yield”
     Opening another restaurant is not entrepreneurship, 
     but McDonald’s was
     Though McDonald’s did not invent anything new, it 
     applied management concepts, standardized the 
     product, designed tools and processes, created 
     customer value
           Introduction
    Several hundred thousand business ventures 
     get started worldwide every year
    Many never get off the ground, many fail after 
     sometimes spectacular starts
    What business do you want to be in?
    What capabilities would you like to develop?
    Why bother?
          On the Other Hand
      Every large business started off as a small business
      Most made their founders very rich
      The richest man in the world, Bill Gates, was unheard 
      of until 1980, and started a small company
      Every great entrepreneur has a great story to tell
      Without new businesses starting, no wealth and no 
      jobs will be created and progress will be limited
       Questions to Ask Yourself
    Are my goals well defined (both personal and 
     professional)?
    Can I handle the risk?
    Do I have the right strategy?
    Am I starting the right business?
    Can I execute the strategy?
    Do I have the resources, the strength and the 
     stamina to execute my strategy?
           Personal Goals
      An entrepreneur has closely linked personal and 
      business goals (this may not be the case with a 
      professional manager in a large firm)
      Most entrepreneurs list independence and control of 
      their destiny, apart from getting rich, as their main 
      reasons for starting a business
      However, you will need to be more specific