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Terms in this set (16)
What is Entrepreneurship? (Academic Definition)
Entrepreneurship is the process by which individuals pursue opportunities without regard to resources they currently control.
What is Entrepreneurship? (Venture Capitalist Definition)
Entrepreneurship is the art of turning an idea into a business
What Entrepreneurs Do
Entrepreneurs assemble and then integrate all the resources needed - the money, the people, the business model, the strategy - to transform an invention or an idea into a viable business.
Why become an entrepreneur?
Desire to be their own boss
Desire to pursue their own ideas
Characteristics of Successful Entrepreneurs
passion for the business, product/customer focus, tenacity despite failure, execution intelligence
Common Myths About Entrepreneurs
-Entrepreneurs Are Born, Not Made
-Entrepreneurs Are Gamblers
- Entrepreneurs Are Motivated Primarily by Money
- Entrepreneurs Should Be Young and Energetic
- Entrepreneurs Love the Spotlight
Types of Start-Up Firms
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
What is an opportunity?
An opportunity is a favorable
set of circumstances that
creates a need for a new
product, service, or business
Four Essential Qualities of an Opportunity
anchored in a product, service, or business that creates or adds value for its buyer or end user
Three Ways to Identify an Opportunity
observing trends, solving a problem, finding gaps in the marketplace
Gaps in the Marketplace
A gap in the marketplace is often created when a product or service is needed by a specific group of people but doesn't represent a large enough market to be of interest to mainstream retailers or manufacturers.
Five steps to generating creative ideas
preparation, incubation, insight, evaluation, elaboration
Opportunity recognition process
Environmental Trends/ Personal Characteristics of an Entrepreneur -> Business, product, or service opportunity gap -> New business product, and service ideas
Steps to assess Product/ Service Demand
Talk Face-to-Face with Potential Customers.
Use Online Tools
Characteristics of Attractive Industries
-Are young rather than old
-Are early rather than late in their life cycle
- Are fragmented rather than concentrated
-Are growing rather than shrinking
- Are selling products and services that customers "must have" rather than "want to have"
-Are not crowded
- Have high rather than low operating margins
- Are not highly dependent on the historically low price of key raw materials
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