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Understanding entrepreneurship

1. Understanding entrepreneurship. Definition of Entrepreneurship … ( a review). “The process by which individuals — either on their own or in organizations — pursue opportunities without regard to the resources they currently control.” ~ H. H. Stevenson

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Understanding entrepreneurship

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  1. 1 Understanding entrepreneurship

  2. Definition of Entrepreneurship… (a review) “The process by which individuals—either on their own or in organizations—pursue opportunities without regard to the resources they currently control.” ~ H. H. Stevenson • Entrepreneurship is a mindset that is: • Opportunity-focused • Risk taking • Innovative • Growth-oriented An Entrepreneur…

  3. The Role of Entrepreneurship • Three schools of thought: • An integrated input/output model • The career assessment approach • The new venture creation process • Affected by three categories of variables: • The entrepreneur and what he/she brings to process • The environment (external variables) • The organization (strategic aspects of the new venture)

  4. New Venture Creation Process Figure 1.1

  5. The Role of Entrepreneurship (cont’d) • Entrepreneurial process provides many benefits to society: • Economic Growth • New Industry Formation • Job Creation

  6. The Industry Life Cycle Figure 1.3 Source: Adapted from M. R. Darby and L. G. Zucker, “Growing by Leaps and Inches: Creative Destruction, Real Cost Reduction, and Inching Up,” Economic Inquiry (January 2003), pp. 1-19.

  7. The Nature of Entrepreneurial Startups • An entrepreneurial venture brings something new to the marketplace. • Three primary characteristics: • Innovative • Value-creating • Growth-oriented The Entrepreneurial Revolution… • United States founded on the principle free market economics (The Wealth of Nations-Adam Smith). • The term entrepreneur didn’t come into popular use until the 1980s.

  8. New Venture Action Plan • Read broadly about entrepreneurs and new ventures. • Interview an entrepreneur. • Become more aware of new trends, particularly in an industry/market in which you’re interested. End of Chapter 1… Understanding Entrepreneurship

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