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CHAPTER 1: INTRODUCTION TO ENTREPRENEURSHIP - Coggle Diagram
CHAPTER 1: INTRODUCTION TO ENTREPRENEURSHIP
ENTREPRENEUR
Founder of the business / someone who start the business
Business man
Buy the business / Take over the business
Academic Definition
Entrepreneurship is the strategy of pursuing chances depending of the resources one has controls.
Venture Capitalist
Entrepreneurship is the art of turning an idea into a business.
Corporate Entrepreneurship
is a firm-level understanding of entrepreneurship
Entrepreneurial Firms
:check: Proactive
:check:Risk Taking
:check:Innovative
Conservative Firms
:check:Take a more "wait and see" posture
:check: Less innovative
:check: Risk averse
Characteristics of Successful Entrepreneurs
passion for the busienss
product / focus
Tenacity despite faliure
Execution intelligence
Common Myths About Entrepreneurs
Myth 1: Entrepreneurs Are Born, Not Made
Entrepreneurs Are Gamblers
Myth 3: Entrepreneurs Are Motivated Primarily by Money
Myth 4: Entrepreneurs Should Be Young and Energetic
Types of Start-Up Firms
salary-substitute firms
Lifestyle Firms
Entrepreneurial Firms
The Entrepreneurial Process
Step 1: Deciding to become an entrepreneur.
Step 2: Developing successful business ideas.
Step 3: Moving from an idea to an entrepreneurial firm.
Step 4: Managing and growing the entrepreneurial firm.