Lec.04.Thinkingprocessrole Models - FA23.Afshan

Lecture # 4
ENTREPRENEURSHIP
DR AFSHAN NASEEM
DEPARTMENT OF ENGINEERING MANAGEMENT

NUST COLLEGE OF E&ME
ASPECTS OF THE ENTREPRENEURIAL
PROCESS
THE ENTREPRENEURIAL PROCESS
• Opportunity identification
• Market size
• Length of the window of opportunity
• Business plan
HOW ENTREPRENEURS THINK
• Causal process
• Starts with a desired outcome.
• Focuses on the means to generate that outcome.
• Effectuation process
• Starts with what one has (who they are, what
they know, and whom they know).
• Selects among possible outcomes.
• Entrepreneurial mind-set involves the ability to
rapidly sense, act, and mobilize, even under
uncertain conditions.
• Achieving cognitive adaptability

• Comprehension questions
• Connection tasks
• Strategic tasks
• Reflection tasks
• Learning from Business Failure

• Uncertainty, changing conditions, and
insufficient experience can contribute to failure
among entrepreneurial firms.
• An entrepreneur’s motivation is not simply from
personal profit but from:
• Loyalty to a product.
• Loyalty to a market and customers.
• Personal growth.
• The need to prove oneself.
• Recovery and Learning Process
• Emotional recovery from failure happens when

thoughts about the events surrounding, and
leading up to the loss of the business, no longer
generate a negative emotional response.
ETHICS AND SOCIAL RESPONSIBILITY
OF ENTREPRENEURS
• Entrepreneurs usually develop an internal
ethical code.
• Personal value systems tend to be influenced by:
• Peer pressure
• General social norms in the community
• Pressures from their competitors
• Business ethics - The study of behavior and
morals in a business situation.
ROLE OF ENTREPRENEURSHIP IN
ECONOMIC DEVELOPMENT
• Innovation is depicted as a key to economic
development.
• Product-evolution process - Process through
which innovation is developed and
commercialized.
• Iterative synthesis - The intersection of
knowledge and social need that starts the
product development process.
ROLE OF ENTREPRENEURSHIP IN
ECONOMIC DEVELOPMENT
• Three types of innovation:
• Ordinary - New products with little
technological change.
• Technological – New products with significant
technological advancement.
• Breakthrough – New products with some new
technological change.
ENTREPRENEURSHIP
&
ROLE MODELS
ROLE MODELS AND SUPPORT SYSTEMS
• Role models - Individuals influencing an entrepreneur’s
career choice and style
• Can be parents, family members, or other
entrepreneurs.
• Successful entrepreneurs are viewed as catalysts by
potential entrepreneurs.
• Role models can serve in a supportive capacity as
mentors by providing information, advice and
guidance.
• Entrepreneurs need to establish connections and
networks in the venture formation process.
ROLE MODELS AND SUPPORT
SYSTEM
• Moral-Support Network
• It is important for entrepreneurs to have a
cheering squad—individuals who provide
psychological support.
• Friends can provide honest advice,
encouragement, understanding, and assistance.
• Relatives can be strong sources of moral support,
particularly if they are also entrepreneurs.
Role Models and Support System
• Professional-Support Network
• Entrepreneurs need advice and counsel
throughout the establishment of the new venture
which can be obtained from:
• Mentors
• Business associates
• Suppliers
• Trade associations
• Personal affiliations
• Entrepreneurial activity is embedded in networks
of interpersonal relationships.
THE INTENTION TO ACT
ENTREPRENEURIALLY
• Entrepreneurial intentions - Motivational factors
that influence individuals to pursue
entrepreneurial outcomes.
• Intention is stronger when an action is perceived
to be feasible and desirable.
• Entrepreneurial self-efficacy - Belief that one can
successfully execute the entrepreneurial process.
• Perceived desirability - The degree to which an
individual has a favorable or unfavorable evaluation
of the potential outcomes.
TECHNICAL PROFICIENCY
• Many entrepreneurs demonstrate strong technical

skills, typically bringing some related experience
to their business ventures
• For example, successful car dealers usually have
lots of technical knowledge about selling and
servicing automobiles before opening their
dealerships
• Especially important in the computer industry
• NOT ALWAYS NECESSARY
Question you should ask yourself
• What is your personal mission statement in life?
• Are you self-motivated?
• Are you persistent?
• Are you financially responsible?
• Are you hungry for success?
• Are you a leader?
• What is your exit strategy?
• And many more you can imagine……..
Other Ingredients
• Getting the product or service RIGHT

• Marketing and promotion
• Understanding customer demographic
• Financial control
• Passion
• And many more……….
DISCUSSION

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Lecture # 4

DEPARTMENT OF ENGINEERING MANAGEMENT

• Achieving cognitive adaptability

• Learning from Business Failure

• Recovery and Learning Process

• Emotional recovery from failure happens when

• Many entrepreneurs demonstrate strong technical

• Getting the product or service RIGHT

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