Entrepen Midterm.docx - Entrepreneurship is defined as the process by which individuals pursue opportunities without regard to resources they currently

Entrepen Midterm.docx - Entrepreneurship is defined as the...

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Entrepreneurship is defined as the process by which individuals pursue opportunities without regard to resources they currently controlled for the purpose of exploiting future good and services. Corporate entrepreneurship is When established firm with an orientation toward acting entrepreneurially Intrapreneurship Implementation of start up business practices within a large organization that produces innovation value. Why become an entrepreneur be your own boss pursue your own ideas money. Successful entrepreneurs have passion, product/consumer focused, tenacity despite failure, execution intelligence Types of start up firms Salary substitute firms- small firms that you’ll be level of income for their owner that is similar to what they would earn when working for an employer Lifestyle firms– Businesses that provide their owners the opportunity to pursue a particular lifestyle and earn a living while doing it Entrepreneurial firm- companies that bring new products and services to the market by creating and seizing opportunities Changing demographics of entrepreneurs women minorities seniors millennials Opportunity gap is a difference between desired state and actual state Three ways to identify opportunities 1. observe trend 2. solve a problem 3. find gaps in the marketplace Personal characteristics of entrepreneurs Prior industry experience, brains, social networks, creativity Creative destruction is the process by which new products and technologies developed by entrepreneurs overtime make current products and technologies obsolete. Ex Block buster and Netflix Feasibility analysis is a Preliminary evaluation of a business idea to determine if it is worth pursuing. Timing of feasibility analysis The proper time to conduct a feasibility analysis is early in thinking through the prospects for new businesses the thought is to screen ideas before a lot of resources are spent. Components of a feasibility analysis 1.Product/service feasibility-assessment of the overall appeal of the product or service being proposed Product/service desirability product/service demand 2.Industry/target market feasibility analysis- And assessment of the overall appeal of the industry and the target market for the product or service being proposed. Industry attractiveness-Young industries ,early rather than late in the lifecycle, fragmented rather than concentrated. target market attractiveness- To find a market that’s large enough for the proposed business but yet is small enough to avoid attracting larger competitors at least until the venture can get off to a successful start 3.Organization feasibility analysis conducted to determine whether a proposed business has sufficient management expertise, organizational competence and resources to successfully launch.
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