Any enterprise or effort that adds value to the lives of people
Entrepreneurship particularly drives the modern global economy, is the primary source of job creation
Everything all around has its roots in entrepreneurship in some way
Entrepreneurship is the innermost component in the economic growth, the opening of new markets, and serves as a critical spur for the money-making, introduction of new goods and services, innovations, and inventions
Entrepreneurship
The philosophy in which an individual is an imaginative and innovative agent with an aspiration for ownership and the right to make proprietary decisions, a body of knowledge, and create wealth for the individual and value to the society
Innovation
New or different ways of doing things which include technology, marketing management, HR management among others
Innovation can be observed when a creative individual creates a new product or when he sells his product considering a different approach
Innovation distinguishes entrepreneurship from other activities
Entrepreneurship is capable of generating or creating jobs, goods, services, and even wealth
Because of entrepreneurship, there is a better economy for a country and a higher standard of living
The real contributions of entrepreneurship can be measured in terms of the welfare of the people
Entrepreneurs
Risk-takers in new-venture creations who are uniquely optimistic, hard-driving committed individuals who derive great satisfaction from being independent
Corridorprinciple
Once an entrepreneur starts a firm and becomes immersed in an industry, "corridors" leading to new venture opportunities become more apparent to the entrepreneur than to someone looking in from the outside
Entrepreneur
An individual who creates a new business, bearing most of the risks and enjoying most of the rewards
Entrepreneurship
The process of setting up a business, it serves to generate economic wealth, growth, and innovation
Externallocusofcontrol
Tendency to believe that they are not able to affect a personal outcome and that luck or destiny are responsible for their actions
Ethicaldilemmas
A situation in which a difficult choice has to be made between two courses of action, either of which entails transgressing a moral principle
Entrepreneurialcognition
Concerned with the 'knowledgestructures' that people use to make assessments, judgments, or decisions involving opportunity evaluation, creation, and growth
Internal locus of control
Individuals generally hold themselves responsible for actions and consequences
Intrapreneur
An employee who is tasked with developing an innovative idea within a company and can draw on its resources to do so
Macroviewof entrepreneurship
Presents a broad array of factors that relate to success or failure in contemporary entrepreneurial ventures
Micro view of entrepreneurship
Examines the factors that are specific to entrepreneurship and are part of the internal locus of control
Mountaingap analysis
Entails identifying major market segments as well as interstice (in-between) markets that arise from larger markets
Social entrepreneurship
To create a benefit to society and humankind, focusing on helping communities or the environment through their products and services. They are not driven by profits but rather by helping the world around them
Strategic entrepreneurship
Actions are planned for seeking competitive advantage, which accelerates entering into new products, processes, technological advancements, and markets by new ventures and incumbents
Triplebottomline
Maintains that companies should commit to focusing as much on social and environmental concerns as they do on profits
Waterwellstrategies
The ability to gather or harness special resources (land, labor, capital, raw materials) over the long term
Entrepreneurialskills
Technical skills
Leadership and business management skills
Creative thinking
Entrepreneurial skills can be applied to many different job roles and industries, developing your entrepreneurial skills can mean developing several types of skill sets
Entrepreneurial skills
Inner control
Planning and goal setting
Risk-taking
Innovation
Reality perception
Use of feedback
Decision-making
Human relations
Independence
Successful entrepreneurs are individuals who are not afraid to fail
Types of risk faced by entrepreneurs
Financial risk
Career risk
Family and social risk
Psychic risk
Financialrisk
Entrepreneurs must have a solid understanding of financial management and put that knowledge to use in business every day
Careerrisk
Whether they will be able to find a job or go back to their old job, should their venture fail
Family and social risk
Starting a new venture requires much of the entrepreneur's energy and time, which can, in turn, create a family and social risk
Psychic risk
This may be the greatest risk to the well-being of the entrepreneurs. Some entrepreneurs who have suffered financial catastrophes have been unable to bounce back, at least not immediately
Characteristics of successful entrepreneurs
Determination and perseverance
Drive to achieve
Opportunity orientation
Persistent problem solving
Seeking feedback
Internal locus of control
Tolerance for ambiguity
Calculated risk taking
High energy level
Creativity and innovativeness
Vision
Passion
Determination and perseverance
A total dedication to success as an entrepreneur can overcome obstacles and setbacks
Drive to achieve
Entrepreneurs are self-starters who appear to others to be internally driven by a strong desire to compete, to excel against self-imposed standards, and to pursue and attain challenging goals
Opportunity orientation
The constant awareness of opportunities that exist in everyday life