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16 terms

Mgmt 303 - Entrepreneurship

STUDY
PLAY
Entrepreneurship
The process of initiating a business venture, organizing the necessary resources, and assuming the associate risks and rewards.
Idealists
Like working on new and creative problems
Optimizers
Like owning their own business
Hard Workers
Like growing businesses (Size and Profits)
Jugglers
Like controlling all aspects of business
Sustainers
Like balancing work and personal life
Likely Entrepreneurs
Immigrants and their children, Women and minorities, Internal locus of control, High Energy, Need to achieve, self-confidence, awareness of passing time, tolerance for ambiguity
Drivers of Entrepreneurship
-Economic Changes -Globalization & Increased Competition -Technology -New Opportunities (Sustainability, Social Responsibility)
Social Entrepreneurship
Combines the creativity, business smarts, passion, and hard work of the traditional entrepreneur with a mission to change the world for the better.
Primary Goal of Social Entrepreneurship
Improving society
Secondary Goals of Social Entrepreneurship
Solid business results, High performance, ad Accountability for results
Stages of Growth: Start-Up
Challenges: Product/Service, Customers
Stages of Growth: Survival
Challenges: Finances, Cash Flow, Controlled Growth
Stages of Growth: Success
Challenges: Level of Control
Stages of Growth: Takeoff
Challenges: Growth, Delegation, and Management
Stages of Growth: Resource Maturity
Challenges: Loss of flexibility & Entrepreneurial Spirit