Entrepreneurship: A Way of Thinking

By Matthew Pauley

ENTREPRENEURSHIP IS the process of taking your knowledge (education; life experiences; etc.) and using the best available resources (financial; human and social capital) to create a business. Starting a new business is not just about creating a new-to-the-world product or service (Schumpeter, 1934); it can mean building on something that already exists and making it better (think @BOOMBurger or @NextLevelCookie) (Kirzner, 1973). You may be familiar with the “unicorn” entrepreneurs of our time—Oprah Winfrey (OWN), Bill Gates (Microsoft), J. K. Rowling (Harry Potter), Jack Ma (Alibaba), or Jessica Alba (The Honest Company)—but it is the local baker, cabinet maker, or drone videography company, such as PEI’s Odyssey Virtual, that account for nearly 96 per cent of businesses in the world (OECD, 2016).

Why should you care? The global economy is mostly made up of these micro, small, and medium-sized businesses in a range of industries such as tourism, agriculture, manufacturing, and technology. Not many students realize that there is a lot of opportunity for job creation within these types of ventures. The entrepreneurship courses offered within the Faculty of Business can help you practice the material learned in the foundational business courses and prepare you to go out on your own as an entrepreneur. Essentially a practice run is provided; you can create something new or tailor an existing business model to gain an advantage in the marketplace in a very supportive environment. What do you need to know? The entrepreneurship program in the Faculty of Business is structured to reflect the overall entrepreneurship process (starting, operating, triggering, exiting, and post-exiting). The BUS 3710 course focuses on nascent entrepreneurs (no experience and sometimes no idea yet either) and builds the skills and knowledge necessary to start a business. We explore idea generation and product and service development through to an in-depth understanding of prospective target markets and launch strategies. The BUS 3650 course builds on starting a business and then managing and growing the venture, including how to make a positive impact on your local community. The BUS 4680 course is our signature entrepreneurship course where students continue to develop management skills through the use of a computer simulation game throughout the semester. Students also develop exit strategies and map workable post-exit activities.