Launching New Ventures: What is Entrepreneurship

This lecture introduces the concept of entrepreneurship as the act of bringing together resources to create value, originating from the French word 'entreprendre'. It explores three perspectives on entrepreneurship: the entrepreneurial mindset, the entrepreneurial event, and the entrepreneurial process. The macroeconomics of entrepreneurship is also discussed, analyzing early-stage entrepreneurial activity rates across different age groups and geographic regions. A comparison between self-employment businesses and high-tech ventures is presented, highlighting differences in competition, time perspective, and growth potential. The origins of technology-driven startups are explored, including technology transfer programs at universities, spin-offs from corporations and research labs, and individual inventors in their 'garages'.