M1

• Entrepreneur - Someone who identifies and acts on an idea or problem that no one else has identified or acted on.
• entrepreneur is someone who creates something new. This new creation can be a new process or product, a business that identifies a new or unique target market, or a combination of ideas that creates a new approach or method, for example.
• Innovators - Find new approaches, methods, or products that add value through solving a problem in a unique manner
• Creators-Make something new or see a problem that other people have not noticed
• Market makers - innovate or reinvent their market from a future perspective by asking what the market could evolve into
• Expanders and scalers - seek out opportunities to expand upon previously created method, processes, or products
• lifestyle venture has evolved to mean a business in which the founders' primary focus is the lifestyle they will attain through becoming entrepreneurs, rather than a primary interest in financial rewards through the selling of the business
• An entrepreneur is someone who takes on financial risks with the hope of making a profit by creating something new or improving an existing product or service.
• The difference between risk and calculated risk is due diligence, or conducting the necessary research and investigation to make informed decisions that minimize risk.
• lifestyle venture vs. harvesting:

  lifestyle venture - Their goal isn't to establish a business that they can grow and/or harvest, but one that will be low maintenance and enjoyable to own/operate.

  harvest - point at which the investors and entrepreneurial team receiver their return on creating and building the venture
• The Entrepreneur as a Problem Solver

  •What are some challenges you face in your life?

  •Have you ever actively thought about how you could solve those problems?

  •Or have you actively identified exactly what the problem is from an analytical perspective?
• Multiple cause of problems:

  •The need for something to be better, faster, or easier

  •The effects of changes in world on your industry, product, or service

  •Market trends based on geography, demographics, or the psychology of the customers
• Entrepreneurship around the Globe

  
• Entrepreneurship around the Globe

  
• social entrepreneur - has an interest in solving a social, environmental, or economic problem.
• A vision statement is the picture you have for what the venture will become in the future: what it will grow into.
• The mission statement is a formal declaration about what the venture will do, what value it will provide to the end customer, and how it will accomplish this action.
• The value proposition is a summary statement that conveys the benefits your product, service, or unique business process/model provides to customers.
• Benefits of Mentorship:

  Coaching and training

  Motivation and support

  Goals and achievements

  Advice and direction
• An entrepreneurial vision considers what you want your venture to become, what this venture will look like, what the driving forces are, and what values and culture should surround it.
• Four steps of creative thinking process or Creative Approaches to developing your vision:

  Preparation - Plan and gather information

  Incubation - Let subconscious work through information

  Illumination - Identify "aha" moment solutions

  Verification - Test and implement
• Creative Approaches to Developing Your Vision

  •Design thinking

  • Brainstorming

  • Mind mapping
• •A career entrepreneur is someone who takes on the daily management as the owner of the venture, accepting, and perhaps enjoying, the daily risks and rewards of managing and building the venture
• S- specific

  M - Measurable

  A - Achievable

  R - Relevant

  T - Timely
• Types of Entrepreneurs:

  Innovators

  Creators

  Market makers

  Expanders and Scalers
• Entrepreneurial Mindset

  An awareness and focus on identifying an opportunity through solving a problem, and a willingness to move forward to advance that idea. The entrepreneurial mindset is the lens through which the entrepreneur views the world, where everything is considered in light of the entrepreneurial business.

  
  

  often asks: "what if"
• An entrepreneurial venture is the creation of any business, organization, project, or operation of interest that includes a level of risk in acting on an opportunity that has not previously been established.