Chapter_6_notes - Florida Institute of Technology College...

Florida Institute of Technology - College of Business
Management Principles, BUS 3501-01 Fall 2010
Instructor: Ravi K. Sundararaman
Chapter Notes - Chapter 6: Entrepreneurship
1.
3 main topics in this chapter – 1) Entrepreneurship as a process; 2) how can existing
companies promote entrepreneurial thinking amongst its employees? 3) A glimpse at
some aspects of a start-up
2. Entrepreneurship is the pursuit of new or innovative opportunities. It is the practice of
starting new organizations in response to identified opportunities.
3.
Innovation – is the process of taking a creative idea and turning it into a useful product or
service (aka “Commercialization”).
4. Factors that lead people to become entrepreneurs:
a.
Personality – high need for achievement, high self-confidence, propensity to take
risk, ‘out-of-the-box’ thinkers
b.
Career/Life-path circumstances – current career path, sense of security,
exposure and proximity to positive role models, opportunities to try out
5.