BA 304-Entrepreneurship Outline

BA 304-Entrepreneurship Outline - Entrepreneurship A...

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Entrepreneurship A. Original Definition 1. Buying, Selling, and bringing together of the factors of production B. Modern Definition 1. Entrepreneuership is a propensity to identify business opportunities and to take action to exploit those opportunities 2. Modern entrepreneur is creatively future-oriented toward market opportunities, and willing to take chances when others view opportunities as threats, to exploit those market opportunities 3. Dynamic, risk-taking, creative, growth-oriented behavior Property and Process A. Property 1.Traits and characteristics of the entrepreneur 2. Types of behavior B. Process 1. Series of steps and procedures, an approach Entrepreneurial Personality A. Internal Locus of Control 1. Believe they are in control of their own destiny; self directing and like autonomy 2. Socialy learned behavior that you can change(not eye color, through experience/time) B. Tolerance for Ambiguity/Vagueness 1. Risk-Takers who tolerate situations with high degrees of uncertainty 2. Deals with Content C. Tolerance for Uncertainty 1. Probability of Failure D Motivation to Excel E. Opportunity obsession F. High energy level 1. Persistent, Hard Working, Willing to Exert Extraordinary efforts to succeed G. High need for Achievemant 1. Motivated to accomplish challenging goals 2. Thrive on Feedback H. Self Confidence I. Passoin and Action Orientations 1. Try to act ahead of problems 2. Want to get thigns done, not waste time J. Self reliance and desire for independeance K. Flexibility 1.Willing to admit problems and errors 2. Change course of action when plants aren’t working
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Locus of Control A. Construct which deals with how individuals attribute responsibility for
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