Lecture 1: What is Entrepreneurship?
Simply put, entrepreneurship is turning ideas into ventures. In the entrepreneurial trade, we like to say that new ideas are a dime a dozen (see above Dilbert comic). However, as Peter Drucker, a business management author, once said, “Most ideas are not businesses.”
In reality, Drucker said something more like “Most ideas are complete bullshit”…meaning that people who have new ideas often ignore the need to have them applicable to the real world. The “business opportunity” requires more than just an idea; it results from when technological ideas meet market ‘needs’ and business design. Entrepreneurs must learn to address all three of these factors in new ventures.