Chapter 1 - Chapter 1 Entrepreneurship Fundamentals...

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Chapter 1 – Entrepreneurship Fundamentals Successful E’s recognize and develop a viable business opportunity, have confidence in the market potential for their new products and services, and are committed to running the race. They keep success in sight even when others may have difficulty focusing. E is a way of thinking, reasoning and acting that is opportunity obsessed, holistic in approach, and leadership balanced. E is the process of changing ideas into commercial opportunities and creating value. An E is an individual who thinks, reasons, and acts to convert ideas into commercial opportunities and to create value. Traits First, successful E recognizes and seizes commercial opportunities, frequently before others even have inkling. Second, they tend to be doggedly optimistic. Third, they are not consumed entirely with the present. Success is unlikely if you: Are seldom able to see an opportunity until it ceases to be one View the glass as being half empty instead of half-full Are paralyzed by a fear of failure Opportunities exist but not without risks Firms with fewer than 500 employees represent over 99% of all employers and employ over half of the private workforce. They are responsible for about half of the GDP. Nearly half of business failures are due to economic factors such as inadequate sales, insufficient profits, and industry weakness. Other reasons include insufficient managerial experience, business conflicts, family problems, fraud and disasters. Sources of E opportunities E’s are the primary engine of commercial change in the global economy. E opportunities are ideas that have the potential to create value through new, repackaged, or repositioned products, markets, processes, or services. Megatrends are large societal, demographic, or technological trends or changes that are slow in forming but once in place continue for many years. In contrast, fads are not predictable, have short lives and do not involve macro changes. Societal changes Many e endeavors are commercial reflections of broader societal changes. Naisbitt recognized that the US economy, by the early 1980s, centered on the creation and distribution of information. He argued that successful new technologies would center on the human response to information. He also recognized that the US was increasingly affected by a global economy and that Americans were rekindling the e spirit. It is now clear that almost all businesses face international competition and that the pace of e innovation is increasing throughout the world. An anticipation of social change is the genesis of many e opportunities as innovators of social change is the genesis of many e opportunities as innovators position themselves to satisfy the demand for the
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related new products and services. Economic shifts – the rise of two-career families, higher disposable income, changing savings patterns – also suggest e opportunities. Changes in legal environment can introduce important economic opportunities. Demographic changes
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This note was uploaded on 06/22/2011 for the course FINS 3641 taught by Professor Xx during the One '11 term at University of Sydney.

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Chapter 1 - Chapter 1 Entrepreneurship Fundamentals...

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