So what is entrepreneurship? The consensus definition meaning, the definition I put on my Powerpoint >> [LAUGH] >> Was, [LAUGH] >> With input from everyone. >> With input from everyone, but I had the power of the keyboard. Was the creation of a new enterprise to achieve some objective. >> Creation and management. >> Creation and management of a new enterprise. >> Mm-hm. >> To achieve some objective. >> Mm-hm. >> Isn't the objective to make money though? >> Not always. >> No. >> It's to create value, and the value could be based on money, or it could be based on service or some sort of a mission. So I think value, if you create value and the value happens to be financial, then you're making money. >> Well, it could also act as a bridge though, right? People can choose to go into entrepreneurship as a way of, either because they're forced to do it between other things or because they want to try and engage in something new themselves that fulfills some personal goal or value as well. >> So that's value, personal value. [LAUGH] >> So I think this notion of creating and managing an enterprise is probably appropriate for this course. But, I think entrepreneurship in general could be much broader than that. I mean, we're talking about corporate entrepreneurship, it's not necessarily creating a new enterprise, per se. There's also entrepreneurship at the individual levels. I think to me it's about taking initiative and thinking out of the box and starting something new. And so it means different things for different people, but I suspect for- >> Mm-hm. It's something that people do, but they can do it for themselves or in service of a greater good or for a particular corporation. >> How is that different from innovation, more broadly? Is it the same as innovation? I mean that sounds like a definition of innovation so I'm just, yeah? >> So in our tedious world of academic debate over this, there is an ongoing many page, many journal article debate over whether it's about opportunity, a discovery of opportunity, it doesn't need to be an innovation. Right, it can be an existing market that you're going into, and the debate is now whether the opportunities are discovered or created. Right, so innovation is about creating some new opportunity. But you could discover that there is no coffee shop in your neighborhood, right? You don't have to innovate to necessarily do that and find an opportunity to act. >> Okay, so my taking the Uber concept to Pakistan, would be entrepreneurship and not necessarily innovation in that definition. >> Yes, I like that. >> Mm-hm. >> Something has to be new though, right? >> Yeah. >> And I think it also would be grounded on an enterprise focus. You wouldn't, your argument is that it need not necessarily result in a new enterprise. >> Yeah, I mean, I don't think entrepreneurship has to result in an enterprise. It often does, but it doesn't have to be. It can be individuals taking initiative for certain projects of their own or you talked about social purposes. >> But there is something new. There's a new tangible product, there's a new business model, there's a new market. So something will be changing in order to take advantage of the opportunity. So even the coffee shop, it's on a new block. >> But I think the focus of our course nonetheless, is about creating new enterprise. So we aren't getting into other notions of entrepreneurship, so maybe it's appropriate for this course for it to be about enterprise creation. >> An enterprise writ large right? Like we're not talking about C corp versus LLC and that's not the debate, right? I mean, entrepreneurship is creating a new enterprise inside an existing company is in our wold of things we're discussing. Creating even an art project on Kickstarter would be something that would fit into this sort of world that we're talking about here. So, an enterprise being not necessarily a profit making, formal business, but something new that is engaging an entity that sort of exists beyond yourself. >> There is lots of different types of enterprises which we talk about in the course, right? That there is venture backed enterprises, small businesses. All of those are different enterprises that fit into that definition of entrepreneurship. >> So I think maybe the question is what is our definition of enterprise because once you say a Kickstarter project- >> There's a class on that. >> Is an enterprise, for me then it's like, then I'm satisfied with that definition. Because once you say I have a Kickstarter project where I'm going to send birthday notes and gifts to you or whatever it is. You know people do as a personal project. >> Mm-hm. >> But once you include those kinds of things. Then if that's an enterprise, then yeah, sure I think this definition is perfect. >> But I would also say that even if we think entrepreneurship is about the creation of a new enterprise. At least half of the content of this course would apply to almost any innovation project in an established enterprise as well. I mean notions of who is our customer, what is the need? >> Exactly. >> What are their solution concepts? How do you work? How do teams work together? I mean all that content would apply to what we might more consider entrepreneurial management as opposed to entrepreneurship. >> Yeah, I mean, entrepreneurship why it's so fun to teach, right? It's a very large thing that contains multitudes, right? So we are looking at part, there's going to be parts of this class that reflect different aspects of entrepreneurship. We're not imposing a definition in the sort of teaching of it as much, as there's pieces you can pick out that would be useful for everything from running an established business, because that's part of entrepreneurship. Picking a team, hiring the right people, building an organization, to just prototyping an idea, right, and innovating. So I think that that wide range makes it engaging, but also makes it so that's sort of a big tent approach that we have, even with this definition at the heart.