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Ch 1 - Chapter 1 Introduction to Entrepreneurship CHAPTER 1...

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Chapter 1: Introduction to Entrepreneurship CHAPTER 1 INTRODUCTION TO ENTREPRENEURSHIP Entrepreneurship - is the process by which individuals pursue opportunities without regard to resources they currently control. Inventors and entrepreneurs differ from one another. - An inventor creates something new. - An entrepreneur assembles and then integrates all the resources needed to transform the invention into a viable business . Corporate entrepreneurship - established firms with an orientation to behave entrepreneurially . Char’s of Entrepreneurial Org’s: 1. risk-taking – acceptance of calculated risks in the pursuit of market opportunities 2. autonomy – freedom of empees to take actions free from org’l constraints 3. proactive – first to market w/ new products/services 4. competitive aggressiveness – propensity to actively take actions to outperform competitors 5. innovation – creation of commercial products/services Why Become an Entrepreneur? 1
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Chapter 1: Introduction to Entrepreneurship (1) be their own boss, (2) pursue their own ideas, and (3) realize financial goals. Characteristics of Successful Entrepreneurs 1. Passion for the Business - the number one characteristic shared by successful entrepreneurs is passion for their business.
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