Page 11 - UPthEM_Program_Final_December 2020

Leaders also are willing to trust their instincts and pursue their idea even when the conventional
wisdom says that you are getting it wrong.

Quiz/research project idea

During the Dotcom boom, there were many startups with great ideas and teams. However, the fact
that they failed in their businesses was mainly due to the gap between ideas and execution. Identify
such cases and provide analysis on the process of execution.

Entrepreneurs must be self actualizing visionaries

Entrepreneurship is not primarily about profit making; even more important is the creation of value
– job, opportunities and societal wealth creation. The entrepreneur is the agent of change and
progress in our societies. Essential for the successful entrepreneurship is that individuals are able
to find their passions and to follow and chase their dreams. Finally, entrepreneurship must be seen
as a starting point to transform oneself and, in the process, become a change agent. For this to
happen, the entrepreneurs must be able to fulfill environmental, social, and economic expectations
from the larger system and to pursue their dreams. They have to be able to strike a balance between
inner aspirations and external expectations.

Two important points are added here. First, the entrepreneur is not necessarily owner of a firm.
The employees can also be “entrepreneurial” by taking responsibility and being creative and
innovative. These activities are the focus in studies of entrepreneurship. Terms such as intra-
preneurship have been coined to describe some of these notions. Second, self-employed are
considered to be entrepreneurs, even if they are working without employees. The technology and
new business models give the self-employed further means to innovate, products and processes.
Furthermore, studies of entrepreneurship seek to establish a precise definition/ threshold of „new‟.

1.3. Implication for the curriculum and programs in Entrepreneurship

The established framework defines Entrepreneurship as the phenomenon, associated with
entrepreneurial business activity of identifying and/ or expanding products, processes or markets
in pursuit of generation of value by entrepreneurs-innovators.

An important consideration in studying the phenomenon is that Entrepreneurship is embedded in
its social milieu – societies, economies and technological development. It is inextricably linked to

the business processes, at the same time reflects the societal goals and processes in science and
technology, education, politics, economy and market. It is linked to values and motives that are

Project 2019-1-BG01-KA204_062299
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