Chapter_6_notes - Florida Institute of Technology - College...

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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. The process of entrepreneurship consists of : a. Perception:
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Chapter_6_notes - Florida Institute of Technology - College...

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