1. Wuhan University of Science and Technology
Entrepreneurship
Michael Stoica
Washburn University
Wuhan University of Science and Technology

2. Course Schedule Part I – Skype Interaction Part II – WUST
March 31 – May 7, 2010
Part II – WUST
May 20 – May 27, 2010

3. Business is a game, the greatest game in the world if you know how to play it.
(Thomas Watson Sr.)

4. Flow of the E-Program Flow of the course Idea  Offering  Business 
Market Share 
Profit 
Harvest
Start something else
Flow of the course

5.    An Entrepreneurship course is about:
A. Teaching how to start a business
B. Teaching how to become proactive
Look for opportunities
Design an offering
Design (plan) the market entry
Execute the plan   
Add value to the company
Be proactive

6. Corporate Entrepreneurship Social Entrepreneurship
Change Agent
Corporate Entrepreneurship
Social Entrepreneurship

7. Defining Entrepreneurship
Process by which individuals pursue opportunities without regard to resources they currently control.
Creative destruction
Ex: Charlie Trotter
Creating value and dissemination of value to customers
E  Identify opportunities and putting useful ideas into practice
Pierre Omidyar saw an opportunity to create a marketplace where buyers and sellers could find each other online, he risked his career by quitting his job to work on his new company full time. He worked hard (had the drive) to build a profitable company that delivers a creative and useful service.

8. Why become entrepreneur?
Be your own boss
Pursue your own ideas
Realize financial rewards

9. Characteristics of successful entrepreneurs
Passion for their business
Product/customer focus
Execution intelligence
(the ability to fashion a solid business idea into a viable business)
Tenacity despite failure
Curiosity and alertness
(the ability to identify an opportunity)
 Change Agent

10. Entrepreneurial Profile
Desire for responsibility
High degree of commitment
Preference for moderate risk
Tolerance for ambiguity
Confidence in their ability to succeed
Tenacity
Desire for immediate feed-back
High level of energy
Future orientation
Skill of organizing
Value of achievement over money
 Opportunities and benefits

11. Benefits of Entrepreneurship
To create your own destiny
To make a difference
To reach your full potential
Opportunity
To reap impressive profits
To contribute to society
To be recognized for your efforts
To do what you enjoy and to have fun

12. Potential Drawbacks of Entrepreneurship
Uncertainty of income
Risk of loosing the entire investment
Long hours and hard work
Lower quality of life until the business gets established
High levels of stress
Complete responsibility
Discouragement

13. Myths about entrepreneurs
Entrepreneurs are born, not made
Entrepreneurs are gamblers
Entrepreneurs are motivated primarily by money
Entrepreneurs should be young and energetic

14. Type of start-up firms Salary substitute firms Lifestyle firms
Entrepreneurial
firms
Provide their owner(s) a similar level of income to what they would be able to earn in a conventional job
Provide owner(s) the opportunity to pursue a particular lifestyle and make a living at it
Bring new products/services to the market by creating/seizing opportunities without regard to resources they currently control
new, value (worth), growth

15. Innovation vs. Entrepreneurship
Innovation = Process of creating something new
Small and mid-sized entrepreneurial firms are responsible for 67 percent of innovation in the USA
Innovator vs. Entrepreneur

16. Project Be curious Look for opportunities Look for business ideas
Come to class and present your business idea