'Entrepreneurship' Meaning An entrepreneur is someone who organizes, manages, and assumes the risks of a business or enterprise. An entrepreneur is an agent of change. Concept Entrepreneurship can be defined as the process of using private initiative to transform a business concept into a new venture or to grow and diversify an existing venture or enterprise with high growth potential. Entrepreneurs identify an innovation to seize an opportunity, mobilize money and management skills, and take
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Introduction to Entrepreneurship Session 1 Olivier Witmeur September 2011 2 Desired outcomes of the session • • • • Introduce the course Tour de table What is entrepreneurship, what are the key constructs Who is the entrepreneur • AGENDA 1. Introduction 2. Course design and organisation 3. About entrepreneurs 4. What entrepreneurship is GEST-S547 - 2011-2012 © Olivier Witmeur 3 1. INTRODUCTION 4 What have these companies in common? • • • • • • •
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Characteristics of Entrepreneurs Introduction The entrepreneurs’ are a key element for enterprises developing, and also play the decisive factors role to decide the company’s success or failure. According to the view of Say(1834) whom French economist, that “entrepreneurs can be seen as adventurers, they are fourth factors of production to organize, manage and operate other three elements which are land, workforce and capital, but they has duty to bear the possible risk of bankruptcy.”(Kuratko&Hodgetts
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Case Studies in Entrepreneurship 3M 3M has been known for decades as an entrepreneurial company that pursues growth through innovation. It generates a quarter of its annual revenues from products less than five years old. 3M started life as the Minnesota Mining and Manufacturing Company back in 1902. Its most successful product - flexible sandpaper - still forms an important part of its product line but this now comprises of over 60000 products that range from adhesive tapes to office supplies
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What is entrepreneurship? Entrepreneurship is the process of starting a business. An entrepreneur develops a business plan and is fully responsible for the company’s survival. He or she is in charge of resources or manpower, if any. What are the qualities of an entrepreneur? They are leadership, innovation in business and willing to take risks. They are willing to take on additional risks despite dealing with uncertainty. A risk taker, I would say. A good example of a successful entrepreneur would
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Chapter-2 Discussion points and “Entrepreneur in Action” Discussion point: How many of you (in the classroom) intend to be entrepreneurs at some point in their life. How confident you are that they will succeed – use a scale of 1 to 10. Why? For those with lower scores, ask what they might do to be able to increase their confidence. Entrepreneur in Action: Beth Cross took on the established cowboy boot market and in just more than 10 years has sales of $80 million and owes nearly 17%
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The University of Nottingham Faculty of Social Sciences Nottingham University Business School Student Name : Yousef Alawi Yaaqob Al-kaf Student ID : 008290 Module Name : Entrepreneurship and Business Module Code : N11440 Lecturer : Dr Kenny Wong Meng Seng Due Date : December 6, 2012 The word entrepreneur originates from the French word, entreprendre, which means "to undertake.” The entrepreneur is the one who organizes, manages, and assumes the risks of a business or
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In the business world, entrepreneurship has two meanings. It can be defined as the act of being an entrepreneur, an individual who starts and owns a business and is in charge of managing its smooth running by coordinating activities. Secondly, it can be seen as a key component to the economy who discovers problem areas and sees them as creative opportunities to innovate. A successful innovative entrepreneur should be motivated by nature to produce the right product, in the right market, at the
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primary/main means or instruments a company uses to make profit. In essence it mainly refers to the cultural values and beliefs that a company/person subscribes to that enable their business to be successful. Meyer and Hepard (2000) describe entrepreneurship as the dominant logic that emerges when one seeks competitive advantage in the market. This view I feel is supported by Drucker (1984) who theorises that businesses (especially large) cannot survive in a competitive market unless they harbour
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1 LESSON- 1 ENTREPRENEUR AND ENTREPRENEURSHIP Dr. Jyotsna Sethi STRUCTURE 1.0 Introduction 1.1 Objectives 1.2 Entrepreneurship as a Career Option 1.3 Concepts and Definitions 1.3.1 Entrepreneur 1.3.2 Entrepreneurship 1.3.3 Enterprise 1.3.4 Difference between Entrepreneur and Entrepreneurship 1.4 Role of Entrepreneurship in Economic Development 1.4.1 Entrepreneurship and Economic Development 1.4.2Entrepreneurship and Education 1.5 Functions
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