Week 2

Lecture Notes

Entrepreneurship

Entrepreneurs are people that challenge the unknown and create the future. They are able to recognize opportunities when others don't. They are aggressive starters of change within the marketplace.

Entrepreneurs can turn rubbish to gold. In this world that is accumulating a lot of waste, we as designers need to be aware of how to address them

Essentials of Entrepreneurship:

Willing to take calculated risks (time, capital, career, etc) Ability to formulate an effective venture team and gather the resources to succeed Fundamental skills of building a solid business plan Vision to recognize the business opportunity where others see chaos, contradiction, and confusion

Entrepreneur

Focus their efforts on innovation, profitability & sustainable growth

Small Business Owners

Manage their businesses by expecting stable sales, profits & growth

Reason for starting: Need for approval Need for independence Need for personal development Welfare considerations Wealth Indirect benefits Following role models

Entrepreneurs are not doers, they need to think ahead. They are not born as they are. They cannot rely solely on luck and are not gamblers.

Entrepreneurship in Singapore started in 2003

Entrepreneurship Mindset

Characteristics:

Commitment, determination, preservation. Drive to achieve Opportunity orientation Initiative & Responsible Persistent problem solving Tolerance for ambiguity Calculated risk taker Integrity & reliable High energy level Creative and Innovative Vision Team buildings

Type A Personalities:

Always on the move and urgency in time. Focus on work

Positive Ego: Personal Characteristics, Personal Environment, Business Environment & Personal Goal

Negative Ego: Self destructive, overbearing need for control, distrustful, overriding desire for success & unrealistic optimistic

Dark side of Entrepreneurship:

Finacial risk, Family & Social Risk, Carreer Risk & Psychological Risk of failure.

Stress of Entrepreneurs

People Problems, loneliness, need to achieve, immersed in the business

Dealing with stress

Networking, communication, delegating, getting away, finding satisfaction elsewhere and exercise.

Corporate Entrepreneurship

Corporate Entrepreneurs are people working in companies but with an entrepreneurial minset. It is meant to re-energies the company. Leads to new development and help company maintain an advantage

Stategic Renewal, Innovation, Corporate Ventures

Social Entrepreneurship

It is an enterprise that uses innovation to solve problem from an entrepreneurs perspective, It involves a lot of risk-taking and large scale transformation

Designing a new approach to business in which every day acts of work and life accumulate into a better world.

There is a heighten sense of responsibility for the people you are helping.

Reflection & Tutorial

What is your Definition of Entrepreneurship?

My definition of entrepreneurship is the process of creating new opportunity that no one has tried out yet. It is to be risk takers and pursue the non-conventional path to life. Innovation is the key to this process

Is Entrepreneurship scary?

I think for the longest time I actually entrepreneurship scary because I didn't like the fact that there seems to be no one that would support me during it. And I think if you fall under the thought pattern of you are someone special then you will likely fail due to pride. But I think as I understand more about it, I see how everyone can be an entrepreneur as long as they have the idea and the courage to take the first step. And because of that I am not truly alone in this journey of entrepreneur even if only I am the one running it. There are others on that same journey and most importantly there are people supporting me through this journey. I think the most important thing to take note of when you are an entrepreneur is to be aware of your fallacy and see how through this gap in yourself can be supported by others. Stabilization

Assuming you have a chance to start a business, what business will you do? Why?

I think the business that I would set up is likely a dance studio. Funnily enough I think my dance teacher and a few of my dancing friends have discussed the possibility of doing an overseas dance company in a less developed country. Something more akin to a social entrepreneurship. I think I have often said that I will help with the design aspect of it, be it the website which I am current helping with for my teacher's current studio, or the costume. I have always been interested in dance and have been doing it for almost 10 years. Because of that I am very close to my teacher and I even am currently also working on a separate diploma to teach dance. I have an associate teaching certificate for line dance and am working my way through the different Latin dances starting with Cha Cha. It is sort of my back up career plan. Hence why it is most likely the business I would start.