1 Chapter Introduction to entrepreneurship PDF

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1 Chapter Introduction to Entrepreneurship Academic Definition of Entrepreneurship Entrepreneurship is the process which individuals pursue opportunities without regard to resources they currently control. What entrepreneurs do They assemble and integrate all the resources needed, the money, the peo...

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1 Chapter Introduction to Entrepreneurship Academic Definition of Entrepreneurship Entrepreneurship is the process by which individuals pursue opportunities without regard to resources they currently control. What entrepreneurs do - They assemble and integrate all the resources needed, the money, the people, the business model, the strategy Corporate Entrepreneurship is the conceptualization of entrepreneurship at the firm level. Entrepreneurial firms are, proactive, innovative and Risk taking. Why become an Entrepreneur 1. The desire to be their own boss. 2. The desire to pursue their own idea. 3. For financial rewards. Characteristics of a successful Entrepreneurs 1. Passion for the business.- This passion typically stems from the entrepreneurs belief that the business will positively influence people lives, 2. Product/ customer focus.- Their ken focus on products and customers typically stems from the fact that most of them are at heart craftspeople. 3. Tenacity despite failure.- This is the ability to persevere through setback and failures. 4. Execution Intelligence. The ability to fashion a solid business idea into a viable business is a key characteristic of successful people.

The five most common myths about entrepreneurship are as follows 1. 2. 3. 4. 5.

That Entrepreneurs are born not made. That Entrepreneurs are gamblers That Entrepreneurs are motivated primarily by money That they should be young and energetic. That they love the spotlight.

The issue with myths is that if unchecked, they can affect an individuals orientation towards and subsequent behavior as an entrepreneurs . There are three types of start-up firms 1. Entrepreneurial firm are firms that bring new products and services to market by recognizing and seizing opportunity regardless of the resources they currently control. 2. Salary -substitute firm are firms that basically provide their owner a similar level of income to what they would be able to earn in conventional job. 3. Lifestyle firm are firms that provide their owner with the opportunity to pursue a particular lifestyle and a make a living at it.

Changing Demographics of Entrepreneurs.

• • • •

Women Entrepreneurs Minority Entrepreneurs Senior Entrepreneurs Young Entrepreneurs

Economic Impact of Entrepreneurial firm. There is a strong evidence that entrepreneurship and the entrepreneurial behavior associated with it have significant positive impact on the stability and strength of economies around the world.

- Innovation and job creation, Products/ services that comes up as a result of entrepreneurship have really helped make life easier, made us more productive and healthy - They have also positively impact on effectiveness of larger firms.

The four distinct Element of Entrepreneurial Process. 1. Deciding to become an entrepreneur 2. Developing successful business idea 3. Moving from an idea to establishing an entrepreneurial firm 4. Managing and growing and entrepreneurial firm...