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

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Part 1: Introduction to EntrepreneurshipCHAPTER 1Innopreneurship: Entrepreneurship + InnovationThe Entrepreneur and The InnovatorBecause 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 thisdistinction as making things happen is not the same as making new things happen.Who is an Entrepreneur?
Exhibit 1-1: 5 Components of an Entrepreneur5ComponentsofanEntrepreneurWhat it involvesKey Factors for SuccessCommitment
Brings an idea to lifeThe idea may or may not becoming from the entrepreneur,but turning an idea intorevenue maximization entailsdefining the best options.CompetencySetting directionEntailsgettingqualityinformation and making choicesfromthesepiecesofinformation,mindfulofheuristics as well as biases indecision-making.CompetencyMaking things happenEntails the need to ensure allthe interdependent elementsare in harmony to attaindefined goals.CoordinationAdding valueEntails financial understandingthattherewardofentrepreneurship needs to bemuch higher than putting cashinhigh-yieldingfinancialinvestment, such as preferredshareswithguaranteeddividend.Commitment

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Term
Fall
Professor
Maxine

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