REVIEWER.docx - Part 1: Introduction to Entrepreneurship...

Part 1: Introduction to Entrepreneurship
CHAPTER 1
Innopreneurship: Entrepreneurship + Innovation
The Entrepreneur and The Innovator
Because of the capacity for challenging status quo or for changing rules of business,
entrepreneurs are often described as innovators, or creative minds that can make things happen.
While some entrepreneurs are also innovators, this is not always the case. It is important to make this
distinction as making things happen is not the same as making new things happen.
Who is an Entrepreneur?
Exhibit 1-1: 5 Components of an Entrepreneur
5 Components of an
Entrepreneur
What it involves Key Factors for Success
Commitment
Brings an idea to life The idea may or may not be
coming from the entrepreneur,
but turning an idea into
revenue maximization entails
defining the best options.
Competency
Setting direction Entails getting quality
information and making choices
from these pieces of
information, mindful of
heuristics as well as biases in
decision-making.
Competency
Making things happen Entails the need to ensure all
the interdependent elements
are in harmony to attain
defined goals.
Coordination
Adding value Entails financial understanding
that the reward of
entrepreneurship needs to be
much higher than putting cash
in high-yielding financial
investment, such as preferred
shares with guaranteed
dividend.
Commitment