Entrepreneurship Class Notes
Chapter 1
The Entrepreneurial Process Consists of Four Steps
Step 1: Deciding to become an entrepreneur.
Step 2: Developing successful business ideas.
Step 3: Moving from an idea to an entrepreneurial firm.
Step 4: Managing and growing the entrepreneurial firm.
What is an entrepreneur???
Entrepreneurship is the art of turning an idea into a business, BASICALLY.
Entrepreneurs turn ideas into reality regardless of the resources they
possess.
Corporate Entrepreneurship???
Is the creation of new businesses, products, or services from inside an
organization to generate new revenue growth through entrepreneurial
action.
All firms fall along a conceptual continuum that ranges from Highly
conservative to highly entrepreneurial.
The position of a firm on this continuum is referred to as its
entrepreneurial intensity.
Corporate Entrepreneurship
There are two different Firms on the scale of continuum.
Entrepreneurial Firm Conversative
Firms
Proactive Take a more “wait and see”
posture
Innovative Less Innovative
Risk Taking Risk averse
, Reasons for becoming Entrepreneur?
Desire to be their own boss.
Realization that to achieve an important personal or professional
goal is to start your own business and become your own boss.
Desire to pursue their own ideas.
Established firms often resist innovation, leading to a lot of
employees with good ideas left unfilled, due to commitment and
passion they leave the company to start their own business as a
mean to develop their own ideas.
Financial rewards
Financial reward is typically secondary to the first two reasons and
often fails to live up to its hype. Some might also say money is a
distraction when it comes to entrepreneurship.
Characteristics of a successful Entrepreneurs
Four Primary Characteristics
Passion for the business
Number 1 Characteristics shared by All entrepreneurs is passion for
the business. Stemming from the belief that their business will
positively influence people’s lives.
Product/customer focus
Most of them are Product/customer focused. Typically stems from
the fact that most of them are craftsman at heart.
Tenacity despite failure
Since entrepreneurs are typically trying something new, the
Failure rate is very high naturally. They need to have the ability to
persevere through setbacks and failures.
Execution Intelligence
The ability to fashion a solid business idea into a viable business.
Common Myths about Entrepreneurs
Myth 1: Entrepreneurs are born, Not Made
Anyone can become an entrepreneur depends on their environment,
life experiences and personal choices.
Myth 2: Entrepreneurs are gamblers.
Most of them are moderate risk takers.
Chapter 1
The Entrepreneurial Process Consists of Four Steps
Step 1: Deciding to become an entrepreneur.
Step 2: Developing successful business ideas.
Step 3: Moving from an idea to an entrepreneurial firm.
Step 4: Managing and growing the entrepreneurial firm.
What is an entrepreneur???
Entrepreneurship is the art of turning an idea into a business, BASICALLY.
Entrepreneurs turn ideas into reality regardless of the resources they
possess.
Corporate Entrepreneurship???
Is the creation of new businesses, products, or services from inside an
organization to generate new revenue growth through entrepreneurial
action.
All firms fall along a conceptual continuum that ranges from Highly
conservative to highly entrepreneurial.
The position of a firm on this continuum is referred to as its
entrepreneurial intensity.
Corporate Entrepreneurship
There are two different Firms on the scale of continuum.
Entrepreneurial Firm Conversative
Firms
Proactive Take a more “wait and see”
posture
Innovative Less Innovative
Risk Taking Risk averse
, Reasons for becoming Entrepreneur?
Desire to be their own boss.
Realization that to achieve an important personal or professional
goal is to start your own business and become your own boss.
Desire to pursue their own ideas.
Established firms often resist innovation, leading to a lot of
employees with good ideas left unfilled, due to commitment and
passion they leave the company to start their own business as a
mean to develop their own ideas.
Financial rewards
Financial reward is typically secondary to the first two reasons and
often fails to live up to its hype. Some might also say money is a
distraction when it comes to entrepreneurship.
Characteristics of a successful Entrepreneurs
Four Primary Characteristics
Passion for the business
Number 1 Characteristics shared by All entrepreneurs is passion for
the business. Stemming from the belief that their business will
positively influence people’s lives.
Product/customer focus
Most of them are Product/customer focused. Typically stems from
the fact that most of them are craftsman at heart.
Tenacity despite failure
Since entrepreneurs are typically trying something new, the
Failure rate is very high naturally. They need to have the ability to
persevere through setbacks and failures.
Execution Intelligence
The ability to fashion a solid business idea into a viable business.
Common Myths about Entrepreneurs
Myth 1: Entrepreneurs are born, Not Made
Anyone can become an entrepreneur depends on their environment,
life experiences and personal choices.
Myth 2: Entrepreneurs are gamblers.
Most of them are moderate risk takers.
