Comm320-02-TheEntrepreneur-1

Comm320-02-TheEntrepreneur-1 - The Entrepreneur...

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    The Entrepreneur Understanding The Entrepreneur
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    Defining The Entrepreneur From our perspective: Any individual that sees and  acts  upon an opportunity This includes introducing a new product or service,  identifying new markets, or putting a twist on an existing  product, process or service  Also, includes the raising of capital, taking the risk and  controlling the new venture   Embodies creativity, aggressiveness, and determination By assembling various resources, s/he takes risks and  creates a venture from an idea, hobby, or simply a dream The underlying premise is that it is an individual  undertaking
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    The Role Of The Entrepreneur The two possible roles include:  Risk-taker/Innovator:  Source of creativity, unconventional in approach, trial  and error   rather than methodical  Manager/Coordinator:  Management of resources, strategy development and  implementation, focus on developing a structure to  exploit the opportunity  
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    Factors that Shape Future  Entrepreneurs   Traits Behavior Environment
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    The Entrepreneurial Process These factors are commonly grouped under 4  schools of thought… 1. Traits Approach : entrepreneurs are shaped by  their character – internal attributes 2. Environmental Approach : entrepreneurs are a  product of their environment – external factors  Behavioural/Managerial Approach  : it is neither  that lead to entrepreneurship 3. Contingency Approach
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    Entrepreneurial Traits Approach Entrepreneurs generally possess the following characteristics:  High need for achievement High need for achievement   need to always achieve new bold  goals Risk taking propensity Risk taking propensity   willingness to take financial risks Tolerance for ambiguity Tolerance for ambiguity   no fear of the unknown Innovation Innovation   ability to create new or modify existing business  concepts Intuition Intuition   make decisions based on ‘gut feelings’
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This note was uploaded on 04/14/2010 for the course COMM 320 taught by Professor Denisbeauschesne during the Winter '10 term at Concordia Canada.

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Comm320-02-TheEntrepreneur-1 - The Entrepreneur...

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