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Entrepreneurship and TQM

Lecture 2 Instructor : Ms. Kalsoom Ali


• Introduction to Entrepreneurship
Definition and concept.

• Roles of Entrepreneurship in
economy

• Difference between leadership


Summary from Lecture 1
and Entrepreneurship

• What is TQM

• Basic concept of TQM

• Objective of TQM
Entrepreneurship is all about
“Opportunity to Action”

▪ Decision making
▪ Accepting Challenges
▪ Risk Taking
Characteristics of ▪ Building Organization
Entrepreneurship ▪ Skillful management
▪ Innovation
▪ Mobilization of resources
▪ Why Entrepreneurs Are Important for the
Economy. ... Entrepreneurs can change the
way we live and work. If successful, their
innovations may improve our standard of
Importance of living, and in addition to creating wealth with
Entrepreneurship their entrepreneurial ventures, they also
create jobs and the conditions for a
prosperous society.
▪ Entrepreneurship is a key driver of our
Importance of economy, Wealth and a high majority of jobs
teaching are created by small businesses started by
Entrepreneurship in entrepreneurially minded individuals, many
of whom go on to create big businesses.
education
▪ Innovators in economic growth
▪ Employment opportunities
▪ Complimenting and supplementing economic
Entrepreneurs as a growth
whole ▪ Social stability and balanced regional
development of industries
▪ Export and import
▪ A few companies such as IBM, Motorola
and Cargill pursue corporate
entrepreneurship by establishing and
supporting formal organizations with
significant dedicated funds or active
Problems faced by influence over business-unit funding. As
Companies with the enabler and advocate models, an
objective is to encourage latent of an
entrepreneurs
An Entrepreneur
Perspective

In form of law,
Regulations,
financial and
non financial
help
▪ Innovation…. Is the means by which the
entrepreneur either create new wealth
Entrepreneurship and producing resources or endows existing
innovation resources with enhanced potential for
creating wealth.

The Transformation of Result is new


an Idea or Resources product,
Innovation
into useful service or
applications Processes
• Born in 1950
Shahid Khan
Profiles of • Pakistani American billionaire and
successful business tycoon.

Entrepreneurs • Automobile parts manufacturer Flex-


N-Gate in Urbana, Illinois.

• Flex-N-gate he was hired as the


Engineering Director for the
company
$50,000 loan and $16,000 saving.
• Car bumpers for customized bumper
trucks
The End

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