Chapter_01 - Chapter 1 Introduction to Entrepreneurism...

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Copyright Atomic Dog Publishing, 2006 Chapter 1 Introduction to Entrepreneurism
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Copyright Atomic Dog Publishing, 2006 1-1 Introduction Entrepreneurism refers to the study, understanding, and practice of business as a process from the perspective of the chief executive officer (CEO). It a potent area of study for people who seek to become entrepreneurs. Other career tracks also require knowledge of entrepreneurism; one such being that of the intrapreneur. - An intrapreneur is a person who works within a large corporation and who applies the principles of entrepreneurism to facilitate innovation and growth for the large enterprise.
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Copyright Atomic Dog Publishing, 2006 1-1 Introduction (cont.) An entrepreneur is defined as the chief executive officer of his or her organization. There is only one entrepreneur per organization. An understanding of the basic processes and systems of a business is the essence of entrepreneurism.
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Copyright Atomic Dog Publishing, 2006 1-2 Three Forms of Management In the history of business, three basic forms of management have evolved: Entrepreneurial management - Focused on growth and an exit strategy Traditional management - Focused on large company issues and challenges Small business management - Focused on stability and maintaining a reliable customer base Overlap occurs among the three forms of management.
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Copyright Atomic Dog Publishing, 2006 1-2a Entrepreneurial Management With the Agricultural Revolution came the opportunity to make a profit from managing the barter that arose. Risks were considerable to the person who was willing to undertake the purchase or consignment of agricultural products for barter or sale to geographic areas in which there was a shortage. But along with those risks was the potential for profit. Entrepreneurship was the first form of management. Entrepreneurship, or artisanship, remained the sole, or at least the dominant, form of management until the arrival of the Industrial Revolution and the attendant legal structure that permitted passive investment to thrive.
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Copyright Atomic Dog Publishing, 2006 1-2bTraditional Management The Industrial Revolution: Many people sold their labor instead of original products or services. It was the age of scientific management, assembly lines, and mass production. Management had become a formal profession, distinct from direct ownership of the means of production. Entrepreneurship as the dominant form of management gave way to the modern, corporate form of management.
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Copyright Atomic Dog Publishing, 2006 1-2bTraditional Management (cont.) Traditional Management - Approaches practiced: Multinational enterprises require disciplined and focused managers who restrict their attention to a small subset of the overall enterprise. Keeping track of the entire business is exactly what
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Chapter_01 - Chapter 1 Introduction to Entrepreneurism...

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