MBAX 6100
Entrepreneurship &
Small Business Management
Frank Moyes
Leeds College of Business
University of Colorado
Boulder, Colorado
Introduction to Entrepreneurship
Today’s Agenda
 Introductions
 Course organization
 Nature of entrepreneurship
Role in society
Defining Entrepreneurship
 NREL visit 2/2 Friday 1:30pm
Introduction to Entrepreneurship
Objectives of the Course
 Learn how to recognize and evaluate business
opportunities
 Understand the issues faced by entrepreneurs who
want to start their own business.
 Acquire skills and tools required to start a business.
 Determine your own potential to be an entrepreneur
Introduction to Entrepreneurship
Really Understand
 What is a compelling Opportunity/Need
 How to determine the Value Proposition
Product/Service
Target market
Unique benefit
 What is a sustainable Competitive Advantage
Introduction to Entrepreneurship
Required Materials
 Bygrave & Zacharakis, The Portable MBA in
Entrepreneurship
 Mullins, The New Business Road Test
 Kawasaki, The Art of the Start
 Course Packet
 Hand-outs in class: various articles and reading
materials
Introduction to Entrepreneurship
Communications
 frank.moyes@colorado.edu
 Office Hours: Business Room 328A
Monday 4:00to 6:00pm
Wednesday 4:00 to 5:30
And by appointment
 Website: http://leeds-faculty.colorado.edu/moyes
 Communications: List Serve
Introduction to Entrepreneurship
Course Organization
 Readings: entrepreneurship concepts, practices and
tools
 Case studies
 Speakers
 Evaluation & grading
2 projects
 Entrepreneur interview
 Feasibility Plan
Mid-term exam
Class participation
Introduction
Expectations
to Entrepreneurship
Course Topics
 What is entrepreneurship
 Recognizing good opportunities
 Corporate entrepreneurship
 Funding entrepreneurial ventures
 Legal issues & term sheets
 Managing growth
 Harvesting
 Entrepreneurial ethics
Introduction to Entrepreneurship
What is Entrepreneurship?
Introduction to Entrepreneurship
Historical Definition
French term: people who provide men and materials to
feudal lords.
Introduction to Entrepreneurship
Timmons's Definition
“Entrepreneurship is creating and building something of
value from practically nothing. That is, entrepreneurship is
the process of creating or seizing an opportunity and
pursuing it , regardless of resources presently controlled.”
Jeffrey Timmons
Introduction to Entrepreneurship
Timmons's Definition
“Entrepreneurship is creating and building something of
value from practically nothing. That is, entrepreneurship is
the process of creating or seizing an opportunity and
pursuing it ,regardless of resources presently controlled.”
Jeffrey Timmons
Introduction to Entrepreneurship
Economist’s Definition
 “The entrepreneur is the innovator who implements
change within markets through the carrying out of new
combinations.”
Schumpeter(1934)
 Later he calls it “creative destruction”.
Introduction to Entrepreneurship
Poetic Definition
“Entrepreneurship is a state on mind, an artful,
insightful, and innovative mentality, not simply ‘business
administration’; it is a way of perceiving and exploiting
opportunities wherever they may be found.”
Unknown Source
Introduction to Entrepreneurship
Poetic Definition
“Entrepreneurship is a state on mind, an artful, insightful,
and innovative mentality, not simply ‘business
administration’; it is a way of perceiving and exploiting
opportunities wherever they may be found.”
Unknown Source
Introduction to Entrepreneurship
Corporate Entrepreneurship
 “Formal or informal activities aimed at creating new
businesses in established companies through product
and process innovations and market developments.”
Zahra
 “…centers on reenergizing and enhancing the firm’s
ability to acquire innovative skulls and capabilities.”
Morris & Kuratko
 “Cost-effective innovation or intrapreneurship” Pinchot
Introduction to Entrepreneurship
Who Are Entrepreneurs?
Introduction to Entrepreneurship
Entrepreneurial Characteristics
 Creativity
 Risk-taking
 Need for achievement
 Sense of independence
 Internal locus of control
 Tolerance for ambiguity
Introduction to Entrepreneurship
Who Are Entrepreneurs?
“ Some are eccentrics; some painfully correct
nonconformists; some are fat, some are lean; some are
warriors, some relaxed; some drink quite heavily, others
abstain; some have great charm or warmth; some have
no more personality than a frozen mackerel.”
Peter Drucker
Introduction to Entrepreneurship
Who Are Entrepreneurs?
“Entrepreneurs are societies rejects, instead of
becoming hobos, criminals or professors, the start their
own business.” Thereau
Introduction to Entrepreneurship
How Does Start-up Process
Really Work?
Introduction to Entrepreneurship
Entrepreneurial Process
Inspiration
Goals
Inspiration
Goals
Plan
Fooling
Around
Action
Plans
Mistakes
Doing
Failure
Inspiration
Pinchot & Pellman, Intrapreneurship in Action
Plan
Goals
Some Other
Action
Success
Entrepreneurship Conclusion
 Opportunity driven
 Entrepreneurial characteristics, but no E-gene
 Mindset
 Messy
Introduction to Entrepreneurship
Next Class Tuesday Section
 Entrepreneurial Manager
 Assignment:
Read B-Z Chapter 1 - The Entrepreneurial Process
Read M Chapter 6 – Mission, Personal Aspirations & Risk
Propensity
Read K-1 Chapter 1 – The Art of Starting
 Crunch case study – read & answer questions
 Questions for next week - Think of an entrepreneur that
you know personally. What makes him or her an
entrepreneur?
Introduction to Entrepreneurship