Chapter 1 - Chapter 1 Introduction to Entrepreneurship...

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Chapter 1 Introduction to Entrepreneurship ***Highlighted = Notes on Exam 1 Study Guide**** 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. Characteristics of Entrepreneurial Organizations: 1. Risk-Taking – acceptance of calculated risks in the pursuit of market opportunities 2. Autonomy – freedom of employees to take actions free from organizational constraints 3. Proactive – first to market with 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. 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. 2.
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Chapter 1 - Chapter 1 Introduction to Entrepreneurship...

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