Introduction to Entrepreneurship

We will cover the basics of Entrepreneurship. We explain what to expect in a startup, give you best practices to create your team, raise capital, and develop your startup. All this while making a product that customers are ready to pay for, so that those of you who are thinking about launching a business avoid making some common & time-consuming mistakes.

Let’s start this course with a silly question:

Can Entrepreneurship be taught ?

Let us say that the question of whether we can teach entrepreneurship or not can be a debate sometimes. The same thing stands for leadership, management and a few other areas of study of Business Administration programs. But of course, we do believe that there are many things to be taught in order to avoid “reinventing the wheel” and/or making common mistakes.

As an entrepreneur you WILL make mistakes, and our goal is to give you the keys to help minimize their impact and occurrence, thus saving you precious money & time.

The Entrepreneurship Module is about:

– Learning what entrepreneurship is
– Understanding the key qualities of a successful entrepreneur
– Finding out how to avoid common mistakes
– Understanding how to come up with ideas
– Doing market research and finding your customer
– Creating value for your customer
– Knowing how to capture and sustain value
– Selling and pitching
– Raising capital

In this course, you will learn how to think “out of the box”. Watch a short, motivational video of an interview of Steve Jobs that will hopefully inspire you to become a great leader.

Why this video? Because it describes fundamentally the goal of every business administration program: educate leaders who will make an impact. Steve Jobs encourages you here to be that leader by thinking out of the box and making a difference in a world mostly “made by people no smarter than you”.

Watch the 1-minute video below.

Let’s try to define Entrepreneurship!
What is Entrepreneurship to you?
The most widely accepted definition of entrepreneurship is:

“The pursuit of opportunity beyond resources controlled

– Professor Howard Stevenson, the “godfather” of Entrepreneurship Studies at Harvard Business School
“Pursuit” implies a singular, relentless focus: this term describes the attitudes, beliefs and actions of an entrepreneur.

“Opportunity” implies one of the 4 types of offerings that an entrepreneur provides:

1) innovative offering
2) new business model
3) better, cheaper or more efficient offering
4) targeting new customers

“Beyond resources controlled” implies resource constraints: manage risk to gain access to resources and leverage what you DO have.

Entrepreneur vs. Intrapreneur

Some of you may have heard of “intrapreneurship”. This is basically the act of behaving like an entrepreneur while working within a large organization.

The 3 pillars of entrepreneurship
The most important thing that you should remember about entrepreneurship is perhaps the following chart:
1) What You Can Be Paid To Do
By creating products or services customers are ready to pay for.

Unless you are creating a non-profit organization, you have the double task to create value for your customers and capture value by charging your clients (who might not be the same people as your “users”). For those who are familiar with it, the Lean Startup movement is all about this. We will elaborate on this point in the following lessons.

2) What You Want To Do
You may not be passionate and start a business out of an opportunity you’ve identified, but the sooner you become passionate about what you do, the better you will be.

Founding a startup without passion is not sustainable. Watch this 1-minute video of a famous interview of Steve Jobs:

3) What You Do Well
It sounds obvious, but you can be the best and still offer a bad service, which means that you will die sooner or later, or you might be good but just not good enough. Learn to know your strengths and weaknesses. Avoid launching a startup where you can’t become the best and keep learning.
Jim Rohn Sứ mệnh khởi nghiệp