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
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
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
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,
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.
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