...actions begin at the nexus of a lucrative opportunity and an enterprising individual. . B. An entrepreneurial opportunity could stem from introducing an existing technological product used in one market to create a new market or it could be creating a new technological product for an existing market or creating a new product for a new market. 1. Because opportunities exist in high uncertainty, entrepreneurs must use their judgment about whether or not to act. 2. The individual’s prior knowledge can decrease the amount of uncertainty. C. The McMullen-Shepherd model explains how knowledge and motivation influence two stages of entrepreneurial action. 1. Signals of changes in the environment that represent possible opportunities will be noticed by some individuals but not others. 2. Individuals with knowledge of markets and technology are more capable of detecting changes in the external environment, and if motivated will allocate further attention to processing this information. 3. The result of Stage 1 is an individual’s realization that an opportunity exists for someone. 4. The result of Stage 2 is the individual then needs to determine whether it represents an opportunity for him or her. D. To be an entrepreneur is to act on the possibility that one has identified an opportunity worth pursuing and it involves entrepreneurial thinking. II. HOW ENTREPRENEURS THINK A. Entrepreneurs think differently than nonentrepreneurs...
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...P A R T 1 Venture Opportunity, Concept, and Strategy Entrepreneurs have important roles in creating new businesses that fuel progress in societies worldwide. The entrepreneur uses innovation and technology to foster positive impact and activity in all facets of life. The capable entrepreneur learns to identify, select, describe, and communicate the essence of an opportunity that has attractive potential to become a successful venture. The entrepreneur is able to describe the valuable contributions of a venture and create the design of a business model that can be sustained by a competitive advantage. The venture team creates a road map (strategy) that can, with good chance, effectively lead to the commercialization of the new prod-uct or service in the marketplace with a sustainable competitive advantage. ■ C H A P T E R 1 Economic Growth and the Technology Entrepreneur There are risks and costs to a program of action. But they are far less than the long-range risks and costs of comfortable inaction. John F. Kennedy |||||What drives global entrepreneurship?|| |C H A P T E R O U T L I N E|||| ||||| |||||ntrepreneurs strive to make a difference in|| 1.1|The Entrepreneur’s Challenge|||| 1.2|The Entrepreneur||our world and to contribute to its better-|| ||Ement. They identify opportunities, mobi-|| 1.3|Economics and the Firm||| |||lize resources, and...
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... The last several decades have seen record numbers of entrepreneurs launching business. In 1969, entrepreneurs created 274,400 new corporations; today, the numbers of new incorporation exceeds 600,000 in a typical year! Another indicator of the popularity of the entrepreneurship is the keen interest expressed by students in creating their own businesses. Increasing number of young people are choosing entrepreneurship as a career rather than joining the ranks of the pinstriped masses in major corporations. In short, the probability that you will become an entrepreneur at some point in your life has never been higher! Research suggested that entrepreneurial activity remains vibrant not only in the United States but across the globe as well. According to the Global Entrepreneurship Monitor (GEM), a study of entrepreneurial activity across the globe, 10% of the U.S population aged 18 to 64 is engaged in entrepreneurial activity. The study also found out that 9.5% of people in the 42 GEM countries analyzed are involved in starting a new business. Even countries that traditionally are not know as hotbeds of entrepreneurial activity are home to promising start-up companies. 2. WHAT IS AN ENTREPRENEUR (Page 5 to Page 8) At any given time, an estimated 10.1 million adults in the United States are engaged in launching a business, traveling down the path of entrepreneurship. An entrepreneur is one who creates a new business in the face of risk and uncertainty...
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........................................................................................................................................... 2 1 General Characteristics of an Entrepreneur .......................................................................................... 3 1.1 1.2 1.3 1.4 1.5 1.6 2 Passion and Risk Taking ............................................................................................................... 4 Strong Leadership Qualities .......................................................................................................... 4 Strong sense of basic ethics and integrity ..................................................................................... 4 Self-motivated ............................................................................................................................... 5 Self-Confidence ............................................................................................................................ 5 Creativity, Self-Reliance, and Adaptability .................................................................................. 5 Entrepreneurial Skills............................................................................................................................. 5 2.1 2.2 2.3 2.4 2.5 2.6 2.7 2.8 2.9 2.10 Opportunity identification and Creative thinking ......................................................................... 6 Strategic Planning skills ..................................
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...will you adopt for your venture? According to Krueger (2005) entrepreneurs are those who seeking opportunities based on economic value only but also have to think about social and environmental dimensions. As the society mature, customers demand more than just the products or services, but the impact to the social and environmental. Krueger (2005) argue that consumers as we look as an organisation members channelled their intention to consume through their environment and this intention will be converted action. As an entrepreneur we can convert this environmental and social impact issue to opportunities. We like the idea of sustainable entrepreneurship can be seen as the process of sustaining a level of entrepreneurial development as to create a paradigm shift in economic activity such that national GDP, job growth, capital investment, technology advancement, and quality of life is unmatched, unsurpassed and unequalled. In my venture, sustainability values that I will adopt is social entrepreneur, as I try to match my value as philanthropist and giving back to the society is the image and branding of my ventures. As an entrepreneurship centre among the agenda is to train new and existing entrepreneur by using all knowledge that the expertise in this centre have. Our intention is to create knowledgeable entrepreneurs that have alertness on global issues. This is because traditional or conventional entrepreneurs only see the dollar and cents as the bottom line of every business...
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...Entrepreneur: Entrepreneurs built and create the future and that they are to be found in every walk of life and in every group of people.”A person who habitually creates and innovation built something of recognised value around perceived opportunities”. In this definition there is some key word s to define. ‘A person’ can be a group of a people, a organization. ‘Habitually’ is an important characteristic of entrepreneurs. The true entrepreneurs just cannot stop being an entrepreneur habitually. ‘Creates’ is used to describe that an entrepreneurs are start from the scratch and develop new thing. Entrepreneurs are creator first and builders second. ‘Innovate’ means to build something new. For entrepreneurs every problem is aa new opportunities. ‘To build something’ describe the outcome. ‘Perceived opportunities’ is important to provide direction and focus. (Bill Bolton and Jhon Thompson) Characteristics of an entrepreneur: According to the Bill Bolton and Jhon Thompson entrepreneurs has some key Characteristics. Ability to take the calculated risk Need to achieve Initiative and taking responsibility Orientation to clear goals Creativity Honesty and integrity Independency Entrepreneurial attributes: Attributes are being considered as the best predictors of an intention to a particular behavioral act. The model is based on psychologists Fishbein & Ajzen (1980) to explain human action is a part of behavior. 1) Clarity of vision and...
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...------------------------------------------------- ------------------------------------------------- ------------------------------------------------- ------------------------------------------------- ------------------------------------------------- Date: 07.11.2015 Maria Nicoleta Guțui ------------------------------------------------- Chapter 1 ------------------------------------------------- Enterprise Chapter explains: * What the term ‘’ Enterprise’’ means and the important contribution it makes to the development of a growing economy. * Considers motives for becoming an ‘’Entrepreneur’’ * The Characteristics of an entrepreneur and their importance of their role in establishing new business * The importance of risk and rewards (E.g profit is examined and opportunity cost is explained). * Government and other support explained for enterprise and entrepreneurs. Enterprise and Entrepreneurs Enterprise is an important concept that is being actively promoted by the UK government (VIA its support for start-up businesses and its curriculum requirements in schools) Key Terms: * Enterprise-Any business and/or organization can...
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...writer will discuss about entrepreneurship, define concepts and sum up the discussion through a conclusion. Definition of key terms Entrepreneurship Timmons (2000), believes entrepreneurship is the process of creating or seizing an opportunity and pursuing it, regardless of the resources currently controlled. Wennekers and Thurik (2001) argued that entrepreneurship is the ability and willingness of individuals, on their own, in teams within and outside existing organizations, to perceive and create new economic opportunities (new products, new production methods, new organizational schemes and new product-market combinations) and to introduce their ideas in the market, in the face of uncertainty and other obstacles, by making decisions on location, form and the use of resources and institutions. Unlike Timmons (ibid), Wennekers and Thurik believe that entrepreneurship is not limited to creating or seizing a business opportunity, there has to be willingness and ability to perceive new economic opportunities(new products, new production methods, new organizational schemes and new product-market combinations). Entrepreneurship can thus be seen as the activity of an entrepreneur. Entrepreneur Hisrich and Peters (1998) ,see an entrepreneur as someone creating something new with value by devoting time and effort, assuming the accompanying financial, physical and social risks, and receiving the resulting rewards of monetary and personal satisfaction and independence....
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...Points of Contents | 1.Every opportunity starts with an idea and the ideas that most often lead to successful business first must be something the entrepreneur is truly passionate about. Idea multiplication and its exemplification of IDEO is one of the most useful processes that helps entrepreneur moving from the seed of an idea to something that is robust, exciting and powerful. There are four basic steps in this process: (1) gather stimuli, (2) multiply stimuli, (3) create customer concept and (4) optimize practicality2. Second, the idea is a strong opportunity as measured on the opportunity checklist. To be sure of having strong opportunity, entrepreneurs need a deep understanding of their customer, preferably knowing the customer by name. Better opportunities will have bigger market size and potentially growth in the future. Furthermore, these customers will buy the product frequently and pay a premium price for it (strong margins). Thus entrepreneurs need to be students of the marketplace, learning what trends are converging, and how do these shape customer demand today and into the future3.In order to prevent customers from shifting their attention to competitors, entrepreneurs need understanding competitive dynamics so that entrepreneurs can shape their opportunities to each the customer better than the competition can. This trend results in the attributes of holistic and fluid for entrepreneurial environment. Besides, it is necessary for entrepreneurs to know the way they source...
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...eWhat it takes to be a successful Entrepreneur 1st year / 3rd Trimester Course: Industrial Management and Technology Teacher: Elisabete Lopes Student: Fernando Miranda Nº 1202750 0 Contents Abstract ............................................................................................................................... 2 Introduction ......................................................................................................................... 3 What is an entrepreneur? .................................................................................................... 4 Do You Have What It Takes To Be An Entrepreneur? ...................................................... 4 A True Entrepreneur ........................................................................................................... 5 8 traits of successful entrepreneurs – Do You have what it takes? ..................................... 6 Example Of How An Entrepreneur Responds To An Opportunity .................................... 9 Conclusion ........................................................................................................................ 10 Bibliography ..................................................................................................................... 11 1 Abstract A successful Entrepreneur must have strong leadership qualities, highly self-motivated, strong sense of basic ethics and integrity, willingness to fail, serial innovators...
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...devoting the necessary time and effort, assuming the accompanying financial and social risks, and receiving the resulting rewards or monetary and (/or) personal satisfaction” (Hisrich, 1990). This definition is sufficiently broad encompassing the many paths an entrepreneur may take, be it Schumpeterian profit maximisation or the social entrepreneurial desire to create social wealth (Zahra, 2009). The aim of this essay is to analyse some of the personal traits academics believe to be common to established entrepreneurs, in turn discussing how these strengths and weaknesses are applicable to myself. STRENGTH 1: “Innovativeness with the ability to combine resources effectively” Kirzner’s (2008) view of the entrepreneur is that they are “not creators, merely alert” to opportunities which arise around them. This somewhat contradicts the Schumpeter (ian) (1961) ideology that the entrepreneur is a “heroic… daring… captain of industry”. Forming a hybrid between these views, Casson (1982), states that the “entrepreneurs task (is) to discover and exploit opportunities… where products or services can be sold at a greater cost than their cost of production”. Combining the views of Kirzner and Casson describes the entrepreneur as someone who can spot a solution to a problem by using an existing product in a different application to that which it was originally designed. During my studies of engineering at college we were set a “design – make – evaluate” project. The task was to find...
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...Introduction a. b. The Continuing and Evolving Research on Entrepreneurs The Importance of Successful Entrepreneurship Today and Tomorrow 3 4 4 5 2. Literature Review a. Introduction i. Definition of Entrepreneurs Previous Areas of Entrepreneurship Research i. Personality Traits • Motivation • Risk Propensity and Uncertainty ii. Cognition • Intention and Opportunity Seeking • Innovation iii. Population Ecology c. Topic for this Study/Theoretical Framework i. The Broad Research Problem 5 5 7 9 9 10 10 10 11 12 13 13 13 14 14 15 16 16 16 16 18 18 19 22 24 27 27 29 30 b. 3. Hypothesis for Research a. Hypothesis Statements 4. Methodology 5. Analysis of Survey Data a. b. Data Compilation Analysis & Findings i. Background Data of Respondents ii. Findings 1. 2. 3. 4. 5. Cognition in Basic Business Areas Do Emotions Figure? Preferences for Source of Funds Preferences in Knowledge Acquisition More Specific Business Aspects i. Holding Company Together ii. Growth Factors iii. Continual Growth . HELP University College, 28 October 2009 Page 1 of 43 Entrepreneurship Research, April 2008 KC Lim 6. Limitations 7. Recommendations 8. Conclusion 9. Appendix 10. References 32 32 33 35 36 . HELP University College, 28 October 2009 Page 2 of 43 Entrepreneurship Research, April 2008 KC Lim Abstract This paper presents the findings of a general opinion survey on successful small entrepreneurs in Malaysia and some of the factors (both psychological and...
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...Chapter 1 Discussion Questions 1. The three stories discussed shown that entrepreneurial opportunity can be done in different ways. For example, Alex Calderwood uses his creativity in developing Ace Hotel. Also, through providing a low range of price and a different design of the hotel, it provides customer a sense of uniqueness on the hotel. In Shannon Guderian’s story, Guderian saw the need for the parts of latest model cars. With his interest in Ford Mustang, and the support of his friends, he started Late Model Restoration Supply. Jerry Murrell’s Five Guys Burgers and Fries discussed about the product quality control and also its consistency of the product and services. With these stories, it help to gives us a guide to start up a business, therefore the three stories are not misleading. 2. In general, an entrepreneur is a person who starts a business; he is the owner of a business. According to the textbook, an entrepreneur is one who seeks for an opportunity to start off a business while assuming the risks and the rewards of his or her effort, and then executes the opportunity given. 3. The most significant reason for my father to follow an independent business career is that he wanted to be the boss of the business. According to my father, it also gives him the control of operating the business; leading the business towards the path he had envisioned. 4. Individual who works towards a set target to gain the rewards being offered could help in improving...
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...“Entrepreneurs are born not made.” Critically analyse this statement with reference to the literature and to your experience of entrepreneurship. This essay aims to evaluate the various traits identified with entrepreneurs, and then establish whether entrepreneurs are born with these traits, or whether, they are shaped and developed through their life experiences. Put simply the purpose of this essay is to establish whether entrepreneurs are ‘born or made’. This essay focuses on two distinct schools of researchers in the field of entrepreneurship: The more traditional group of researchers has focused on the personality characteristics of the individual, the internal factors, whilst a second group of researchers have taken a social cognitive approach. They look at the relationship between an individual and his or her environment. The external factors include culture, role models, work experience, education, and environment. This essay looks at the early definitions of an entrepreneur, evaluates the literature which supports the theory that entrepreneurs are ‘born’, and also evaluates the proposal that there is a relationship between the individual entrepreneur and their social environment, that is, entrepreneurs are ‘made’. Cantillon (1756) defined the entrepreneur as engaging in business without an assurance of profits; thus the bearing of risk being the distinguishing feature of an entrepreneur. Jean Baptiste Say expanded on this by making the entrepreneur the pivot of the...
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...ENTREPRENEUR Our economy has developed many views about an entrepreneur. It can be referred to as one of the factors of production or someone who has opened a new venture in an existing industry. Commonly, an entrepreneur is regarded as the owner of a big company or firm. However, such views portray a narrow and restricted activity of an entrepreneur. In the real world, an entrepreneur does much more than just setting up a firm. It plays a vital role in the flourishing of a country. Joseph Schumpeter believed that “everyone is an entrepreneur only when he actually carries out the new combinations and loses that character as soon as he has built up his business.” (The Theory of Development, 1934). His belief holds true to a large extent and modifies the way we commonly think of an entrepreneur. He describes entrepreneurship to be process or activity that is carried out by a person. Thus the quality of this entrepreneurial spirit is possessed for only a certain period of time and doesn’t last forever. It’s the ability of an entrepreneur to identify what the market is devoid of, reacting creatively to the opportunity with new ideas and acting upon these ideas through a process of innovation to produce new goods, creating demand for it and giving it market value. Such a process leads to correction of market failures and deficiencies (Leibenstein, 1995, Schumpeter 1942). It causes changes in the market by creating disequilibrium of market forces. These changes act as sources...
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