CHAPTER ONE Entrepreneurs And Entrepreneurship

Transcript:CHAPTER ONE Entrepreneurs And Entrepreneurship:
CHAPTER ONE Entrepreneurs And Entrepreneurship what is entrepreneur? -action-oriented, -highly motivated individuals -who take risks to achieve goals -have the ability to see and evaluate business opportunities . ability to gather the necessary resources to take advantage of them thinker and the doer. sees an opportunity for a new product or service, a new approach anew policy, or a new way of solving a historic problem Entrepreneurial Traits and Competences Need for achievement- childhood exp., born Self- Determination- reject influence of chance Desire for Independence- wish for autonomy Innovation- assess mkt dd & innovate to meet dd Willingness to Take Risks-invest money, assume financial risk, leave secured jobs Factors Starting a Business Desire for Independence Desire to Exploit an Opportunity Turning a Hobby or Work Experience into a Business Financial Incentive Redundancy Unemployment (or threat of) Disagreement With Previous Employer: 4. Importance of Entrepreneurship country’s economic development and technological advancement new jobs are generated by small business low-paying service foster innovation government’s income from tax is increased import substitution exportable products are produced CHAPTER TWO Entrepreneurship and Innovation Creativity: The ability to bring something new. It is ability not activity of bringing something new Innovation: is the process of doing new things. is the transformation of creative ideas into useful applications, and creativity is a prerequisite to innovation. 2.2. The Creative Process Germination-seeding Stage of a new idea Preparation-conscious search for knowledge Incubation- subconscious assimilation of infn. Illumination-Recognition of idea as feasible Verification- Application or test to prove ideas has value Conditions Required for Success in Innovation executive leadership position to support strategic decisions that encourage creativity operational leader to carry out the essential tasks A clear need for the application by sufficient potential consumers The realization of the product, process, or service as a useful innovation providing value to society. Good cooperation among the crucial player Availability of resources Cooperation and support from external sources 2.5. Windows and Corridors A window is a time horizon during which opportunities exist before something else happened to eliminate them. The corridor is opportunities evolve from entrepreneurs being positioned in similar work or having had experience 2.6. Success Factors for Entr. The Entrepreneurial Team Venture Products and Services Marketing and Timing Business ideology Chapter Three Creating and Developing the Business Sources of new ideas 1 internal source : -salesmen -production personnel -marketing executives 2 external source: -customers - competitors -middlemen - private research