Company assignment summar endterm. Includes chapters: 1,2,3,4,5,6,8,10 and even additional notes from guest lectures from academic year 2020/2021. Before every summary chapter there is list of terms + their corresponding definitions. ISBNth edition is the summary based on
Chapter 1: Introduction to entrepreneurship
business model = is its plan or recipe for how it creates, delivers, and captures value for its
stakeholders.
business plan = is a written document that describes all the aspects of a business venture
in a concise manner.
corporate entrepreneurship = established firms with an orientation toward acting
entrepreneurially practice
creative destruction = develop new products and technologies that over time make current
products and technologies obsolete.
entrepreneurial firms = bring new products and services to market. As we noted earlier,
the essence of entrepreneurship is creating value and then disseminating that value to
customers.
entrepreneurial intensity = 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
entrepreneurship = is defined as the process by which individuals pursue opportunities
without regard to resources they currently control for the purpose of exploiting future goods
and services.
execution intelligence = The ability to fashion a solid idea into a viable business is a key
characteristic of successful entrepreneurs.
innovation = is the process of creating something new, which is central to the
entrepreneurial process.
lifestyle firms = provide their owner or owners the opportunity to pursue a particular lifestyle
and earn a living while doing so. Lifestyle firms include personal trainers, golf and tennis
pros, owners of bed & breakfasts, and tour guides. These firms are not innovative, nor do
they grow quickly.
moderate risk takers = -
passion for their business = it’s the passion for an idea that gets a business going and
keeps it going when times are tough.
Key Terms product/customer focus = -
salary-substitute firms = are small firms that yield a level of income for their owner or
owners that is similar to what they would earn when working for an employer. Dry cleaners,
convenience stores, restaurants
,triggering event = -
value = refers to worth, importance or utility. Entrepreneurial firms bring new products and
services to market by creating and then seizing opportunities.
LEARNING OBJECTIVES
1. Describe entrepreneurship, corporate entrepreneurship, and the characteristics of
entrepreneurial firms.
2. Discuss three main reasons people decide to become entrepreneurs.
3. Identify four main characteristics of successful entrepreneurs.
4. Explain five common myths regarding entrepreneurship.
5. Describe the three types of start-up firms.
6. Discuss the changing demographics of entrepreneurs in the United States.
7. Discuss the positive effects of entrepreneurship and entrepreneurial firms on economies
and societies.
8. Explain the entrepreneurial process.
9. Learn how understanding entrepreneurship and the entrepreneurial process can facilitate
your career success.
One criticism of entrepreneurship, which is often repeated in the press, is that the majority of
new businesses fail. It simply isn’t true.
1. What is entrepreneurship and why is it important?
Inventors and entrepreneurs differ from each other. An inventor creates something new. An
entrepreneur assembles and then integrates all the resources needed to transform the
invention into a viable business.
Entrepreneurship = is defined as the process by which individuals pursue opportunities
without regard to resources they currently control for the purpose of exploiting future goods
and services.
corporate entrepreneurship = established firms with an orientation toward acting
entrepreneurially practice
entrepreneurial intensity = 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.
entrepreneurial firms are typically proactive innovators and are not averse to taking
calculated risks. In contrast, conservative firms take more of a “wait and see” posture, are
less innovative, and are risk averse.
2. Why do people become their own boss?
The three primary reasons that people become entrepreneurs and start their own firms are:
- to be their own boss
- pursue their own ideas
- and pursue financial rewards.
,3. Characteristics of successful entrepreneurs
Four Primary Characteristics of Successful Entrepreneurs:
- Passion for the business
- Product/customer focus
- Tenacity despite failure
- Execution intelligence
passion for their business = it’s the passion for an idea that gets a business going and
keeps it going when times are tough.
Passion is particularly important for both for-profit and not-for-profit entrepreneurial
organizations.
There are five primary reasons passion is important:
1. The ability to learn and iterate: Founders don’t have all the answers. It takes passion
and drive to solicit feedback, make necessary changes, and move forward. Needed changes
won’t always be obvious. Passion makes the search for the right answers invigorating and
fun.
2. A willingness to work hard for an extended period of time: Commonly, entrepreneurs
work longer hours than people with traditional jobs. You can only do that on a sustained
basis if you’re passionate about what you’re doing.
3. Ability to overcome setbacks and “no’s”: It’s rare that an entrepreneur doesn’t
experience setbacks and hear many “no’s” from potential customers, investors, and others
while building an entrepreneurial business or a social enterprise. The energy to continue
comes from passion for an idea.
4. The ability to listen to feedback on the limitations of your organization and yourself:
You’ll meet plenty of people along the way—some with good intentions and some without—
who will tell you how to improve your organization and how to improve yourself. You have to
be willing to listen to the people with good intentions and make changes if it helps. But you
also have to be able to brush aside feedback from people with bad intentions without letting
them get you down.
, 5. Perseverance and persistence when the going gets tough: Perseverance and
persistence come from passion. As an entrepreneur, you’ll have down days. Building an
entrepreneurial organization is fraught with challenges. Passion is what provides an
entrepreneur the motivation to get through tough times.
Five primary reasons passion is important for the launch of a successful entrepreneurial
Organization.
Product/Customer focus
the two most important elements in any business—products and customers.
A product/customer focus also involves the diligence to spot product opportunities and to
see them through to completion.
Tenacity despite failure
developing a new business idea may require a certain degree of experimentation before
success is attained. Setbacks and failures inevitably occur during this process. The litmus
test for entrepreneurs is their ability to persevere through setbacks and failures.
Execution Intelligence
execution intelligence = The ability to fashion a solid idea into a viable business is a key
characteristic of successful entrepreneurs.
Execution intelligence is the factor that determines whether a start-up is successful or fails.
One way early-stage companies learn execution intelligence is by participating in start-up
incubator and accelerator programs.
4. Common myths about entrepreneurs
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