- Entrepreneurship is the process by which individuals pursue opportunities without regard to resources they currently control.
- An Entrepreneur assembles and integrate all the resources needed, such as Money, People, Business Model and Resources
- Corporate Entrepreneurship
- Conceptualization of entrepreneurship at the firm level
- All firms fall along a conceptual continuum that ranges from highly conservative to highly entrepreneurial
- The position of a firm on this continuum is referred to as its entrepreneurial intensity.
- Entrepreneurial Firms
- Proactive
- Innovative
- Risk-taking
- Conservative Firms
- Wait and See
- Less Innovative
- Risk Averse
- Economic Impact of Entrepreneurial Firms
- Innovation
- Job Creation
- Impact on Society
- Impact on Larger Firms
- Helps larger firms become more efficient and effective
- Why Entrepreneurship
- Desire to be their own boss
- Desire to pursue their own ideas
- Financial Rewards
- An entrepreneur always searches for change, responds to it, and exploits it as an opportunity
- Characteristics of Entrepreneurs
- Passion for Business
- Product/Customer Focus
- Will positively influence people’s lives
- Tenacity Despite Failure
- Ability to preserve through setbacks and failures
- Execution Intelligence
- Ability to convert a business idea into a viable business
- Entrepreneurial Process
- Deciding to become an entrepreneur
- Develop successful business ideas
- Moving from an idea to an entrepreneurial venture
- Managing and growing the entrepreneurial firm
