Entrepreneurship Midterm Review

Entrepreneurship Midterm Review - Chapter1 Entrepreneur: o o

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Entrepreneurship Midterm Review  Chapter 1 What is Entrepreneurship? - Entrepreneur: people who take on the risk between buyers and sellers or who undertake  a task in such as starting a new venture.   o An inventor creates something new. o An entrepreneur assembles and then integrates all the resources needed the  money, the people, the business model, the strategy, and the risk bearing ability  to transform an invention into a viable business. - Entrepreneurship: process by which individuals pursue opportunities without regard to  resources they currently control.   o Art of turning an idea into a business. o Corporate entrepreneurship= all firms fall along a conceptual continuum that  ranges from highly conservative to highly entrepreneurial. o Entrepreneurial intensity= the position of a firm on this continuum Why become an entrepreneur? - There are three reasons that people become entrepreneurs o To be their own boss They want to be their own boss because they have had a long time  ambition to their own firm They have become frustrated working in traditional jobs o Pursue their own ideas Some people have new ideas and want to pursue them o Finalize financial rewards The average entrepreneur does not make more money than someone  with similar amount of responsibility in a traditional job. Characteristics of successful entrepreneurs - Passion for the business o The number one characteristic shared by successful entrepreneurs  o Business will positively influence people’s lives.  o Passion is particularly important for entrepreneurs because the process of  starting and building a new firm is demanding  o People can’t think that just by having passion anything is possible. -
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Entrepreneurship Midterm Review - Chapter1 Entrepreneur: o o

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