Ent_1 - MNG00314 Entrepreneurship Top 1: Entrepreneurship...

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Entrepreneurship: Theory, Process, Entrepreneurship: Theory, Process, Practice, Asia Pacific Edition Practice, Asia Pacific Edition Frederick, H, Kuratko, D & Hodgetts, R (2006) MNG00314 Entrepreneurship Top 1: Entrepreneurship
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Learning Objectives On completion of this topic, you should be able to: 1. To explain the importance of entrepreneurs for economic growth 2. To introduce the concept of an entrepreneurial perspective within individuals 3. To examine the entrepreneurial revolution taking place today 4. To illustrate the entrepreneurial environment 5. To highlight some of the latest trends in entrepreneurial research 6. To examine the emerging trends of e-commerce and the Internet in relation to entrepreneurship
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Entrepreneurship The word Entrepreneur comes from the French word entreprendre ’ meaning to undertake. Entrepreneurship is a process of innovation , new- venture creation and building something of value from practically nothing. It is the process of creating or seizing an opportunity and pursuing it regardless of the resources currently controlled. It involves the definition, creation and distribution of value and benefits to individuals, groups, organizations and society . Entrepreneur is a catalyst for economic change who uses purposeful searching, careful planning, and sound judgment when carrying out the entrepreneurial process.
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Definitions of Entrepreneurship
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Characteristics of an Entrepreneur Creation of business Seeking opportunities Tenacity to push an idea through to reality Resources are brought together in organizational form to accomplish some objective Initiative, autonomy and risk taking
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Who is the Entrepreneur? Inventor Entrepreneur Promoter Manager/ administrator Creativity and Innovation High Low High General management skills, business know-how and networks
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Entrepreneurial Management The theme or discipline that suggests entrepreneurship is based on the same principles , whether the entrepreneur is an existing large institution or an individual starting his or her new venture single-handedly.
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Entrepreneurs versus Small Business Owners: A Distinction Small Businesses Owners Manage their businesses by expecting stable sales, profits, and growth Entrepreneurs Focus their efforts on innovation, profitability and sustainable growth
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Entrepreneurs & Small Business Owners They are sometimes used inter-changeably . Small businesses are independently owned and operated, are not dominant in their fields and the owners are usually viewed as managers, and the owners may prefer a more stable and less aggressive approach to running these businesses. Entrepreneurial ventures are innovative, profitable and growth.
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Some Facts about Small Businesses A small firm in the manufacturing sector is defined as fewer than 100 employees, and a small firm in the non-manufacturing sector is fewer than 50 (HKSME) SME is an important driving force in Hong Kong’s
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Ent_1 - MNG00314 Entrepreneurship Top 1: Entrepreneurship...

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