Entrep Ch.1

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Terms in this set (31)
Tenacity Despite Failure?-Failure is high -Ability to persevere through setback and failuresExecution Intelligence?The ability to fashion a solid business idea into a viable businessMyth:Entrepreneurs are born, not made?-No one is "born" to be an entrepreneur, everyone has the potential to become one -Whether someone does or does not become an entrepreneur is based on the environment, life experiences, and personal choicesSome successful characteristics of entrepreneurs?-Risk taker -Net worker -Creative -Energetic -Work ethic -Persuasive -Promoter -TenaciousMyth:Entrepreneurs are gamblers?-Risk takers -Less structured jobs so they face uncertain set of possibilities -Strong need to achieve and set challenging goalsMyth:Entrepreneurs are motivated primarily by money?-Money is rarely the reason entrepreneurs start new firms -Money can be distractingMyth:Entrepreneurs should be young and energetic?-Fairly spread out over age ranges -Investors often cite the strength of the entrepreneur as their most important criteria in making investment decisions"Strong Entrepreneur?"Experience Maturity Solid reputation Track record of success *Favorable for older entrepreneursTypes of start-up firms?1.Salary-substitute firms 2.Lifestyle firms 3.Entrepreneurial firmsSalary-substitute firms?Provide their owner or owners a similar level of income to what they would be able to earn in a conventional jobLifestyle firms?Provide their owner or owners the opportunity to pursue a particular lifestyle and make a living at itEntrepreneurial firms (start-up)?Bring new products and services to the mkt. by creating and seizing opportunities regardless of the resources they currently controlWomen Entrepreneurs?There are a growing number of organizations that support and advocate for women-owned businessesMinority Entrepreneurs?-Increased -Latino entrepreneurs was the biggest jumpSenior Entrepreneurs?-Increased -The increase is due to corporate downsizing, a desire among older workers for more fulfillment in their lives, a need for additional income and similar factorsYoung Entrepreneurs?-High interest -Want to start their own business, or know someone who started their own businessinnovation?-Process of creating something new, which is central to the entrepreneurial process -Studies found small businesses outperform their larger counterparts in terms of obtaining patentsJob Creation?-Small businesses are the creators of most new jobs in the U.S. -92% of Americans say entrepreneurs are critically important to job creationImpact on society?-Dramatic impacts -All new products/services that make our lives easierImpact on Larger Firms?Built entire business models around producing products and services that help larger firms become more efficient and effectiveFour Step Entrepreneurial Process?1.Deciding to become an entrepreneur 2.Developing successful business ideas 3.Moving from an idea to an entrepreneurial firm 4.Managing and growing the entrepreneurial firm