Chap 1_Recap Imp questions.pdf - Summary of Chapter 1...

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Summary of Chapter 1
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Learning objective 1: E ntrepreneurship, corporate entrepreneurship, and characteristics of entrepreneurial firms Entrepreneurship is the process by which individuals pursue opportunities without regard to resources they currently control. A specific application of entrepreneurship called corporate entrepreneurship is the conceptualization of entrepreneurship at the organizational level. Entrepreneurial firms are proactive, innovative, and risk taking. In contrast, conservative firms take a more “wait and see” posture, are less innovative, and are risk averse.
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Learning objective 2 The main reasons for people deciding to become entrepreneurs The three primary reasons that people decide to become entrepreneurs and start their own firms are as follows: a. to be their own boss b. to pursue their own ideas, and c. to realize financial rewards Of these reasons, the desire to be one’s own boss or manager is the driving force of most individuals’ decision to become an entrepreneur. While important, the desire to reap financial rewards from one’s entrepreneurial endeavors is secondary to the other two reasons people decide to launch their own firm.
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Learning objective 3 Major characteristics of successful entrepreneurs a. Passion for the business b. Product/customer focus c. Tenacity despite failure and d. Execution intelligence are the four primary characteristics of successful entrepreneurs. Of these
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