ENTREP

• Entrepreneurship, first established in the 1700s, is the ability and readiness to develop, organize, and run a business enterprise a long with any uncertainties, to make a profit.
• The most prominent example is the starting of new businesses.
• Joseph Schumpeter (1883-1950)

  *An Austrian-born political economist who viewed entrepreneurship as a force of "creative destruction).
• Joseph Schumpeter

  *He focused on how the entrepreneur's drive for innovation and improvement creates upheaval and change.
• Joseph Schumpeter

  *Creative destruction is the process of destroying established ways of doing business by creating new and better ways to do them.
• Peter Drucker (1909-2005)

  *An Austrian-American business expert who describes an entrepreneur as someone who always searches for change, responds to it, and exploits it as an opportunity.
• Howard H. Stevenson (1941)

  *The Sarofim-Rock Baker Foundation Professor Emeritus at Harvard University who defined entrepreneurship as the pursuit of opportunities without regard for the resources controlled.
• Rick Goossen has quoted Stevenson as saying "At Hardvard, we define entrepreneurship as the pursuit of opportunities without regard for the resources controlled."
• Tenets Of Entrepreneurship

  *Entrepreneurship flourishes in communities where resources are mobile.
• Tenets Of Entrepreneurship

  *Entrepreneurship is greater when successful community members reinvest excess capital in the projects of other community members.
• Tenets Of Entrepreneurship

  *Entrepreneurship flourishes in communities in which the success of other community members is celebrated rather than derided.
• Tenets Of Entrepreneurship

  *Entrepreneurship is greater in communities that see change as positive rather than negative.
• An entrepreneur is someone who exercises initiative by organizing a venture to take benefit of an opportunity and, as the decision maker, decides what, how, and how much of a good or service will be produced.
• Entrepreneur

  They are commonly seen as a business leader and innovator of new ideas and business processes.
• Entrepreneurs are not necessarily motivated by profit but possess a deep passion that drives them to overcome all difficulties and challenges when running a business.
• Ambiguity

  *Entrepreneurs can handle uncertainty and e decisions even when things aren't clear. For example, an entrepreneur might start a business in a new and untested market.
• Beachhead Strategies

  *Entrepreneurs start small to gain a foothold in the market before expanding. For instance, a restaurant owner might first open one successful location before opening more.
• Commitment

  *Entrepreneurs are fully dedicated in their business. For example, an entrepreneur might work long hours to ensure their startup's success.
• Destiny

  *Entrepreneurs believe they're in control of their future. For instance, an entrepreneur might leave a secure job to start their own business, believing it's their calling.
• Effectual Reasoning

  *Entrepreneurs start with what they have and then set goals. For example, someone with baking skills might start a bakery business.
• Focus

  Entrepreneurs stay focused on their goals despite distractions. For instance, an entrepreneur might keep developing their product despite challenges.
• Global

  *Entrepreneurs aim to make a worldwide impact. For example, a tech entrepreneur might aim to ceeate an app used globally.
• Health

  *Entrepreneurs understand that a healthy mind leads to a healthy body. For example, an entrepreneur might maintain a regular exercise routine to stay healthy.
• Innovation

  *Entrepreneurs create value by improving products. For instance, an entrepreneur might invent a more efficient renewable energy technology.
• Just do it

  *Entrepreneurs take action. For example, an entrepreneur might launch a product quickly, learn from the market feedback, and then refine it.
• Keep it real

  *Entrepreneurs value honesty and reality. For instance, an entrepreneur might be transparent about their business's challenges with their team.
• Leadership

  *Entrepreneurs lead by fulfilling other's needs. For example, an entrepreneur might inspire their team by aligning the business goals with the team members personal goals.
• Meaning

  *Entrepreneurs want to make a difference. For instance, an entrepreneur might start a social enterprise to address a social issue.
• Never giving up

  *Entrepreneurs persist despite setbacks. For example, an entrepreneur might keep trying to secure funding for their startup despite multiple rejections.
• Opportunistic

  *Entrepreneurs look for opportunities that match their unique resources and abilities. For instance, a software engineer might see an opportunity to create a new app that solves a problem they've encountered.
• People

  *Entrepreneurs build strong relationships that inspire cooperation and loyalty. For example, an entrepreneur might foster a positive work environment that encourages teamwork and mutual respect.
• Quirky

  *Entrepreneurs embrace uniqueness in their products and marketing. For instance, an entrepreneur might sell unusual products that stand out in the market or use creative marketing strategies.
• Risk

  *Entrepreneurs are willing to take risks for high returns. For example, an entrepreneur might invest in a new and unproven technology that has the potential to revolutionize an industry.
• Subjective Advantages

  *Entrepreneurs create value beyond just price. For instance, an entrepreneur might offer exceptional customer service or a unique shopping experience that makes customers willing to pay more.
• Timing

  *Entrepreneurs understand the importance of launching at the right time. For example, an entrepreneur might launch a new outdoor product just before the simmer season starts.
• Under the Radar

  *Entrepreneurs often start small to avoid attracting too much attention. For instance, an entrepreneur might test a new product in a small market before launching it widely.
• Value-Added

  *Entrepreneurs aim to add value with their products or services. For example, an entrepreneur might develop a new app that makes people's lives easier or more enjoyable.
• Work and Play

  *Entrepreneurs blend work and play. For instance, an entrepreneur might run a business in a field they are passionate about, making work feel like play.
• X-Factor

  *Entrepreneurs have a unique quality that sets them apart. This could be their passion, their innovative spirit, or their ability to inspire others.
• You

  *Entrepreneurs understand the importance of their personal reputation. For example z an entrepreneur might strive to be trustworthy and reliable, knowing that these qualities will help them build strong relationships with partners and customers.