Entrepreneurship and Business Essay

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Pages: 31
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PRACTICE QUESTIONS

1) What is entrepreneurship?

Entrepreneurship is the act and art of being an entrepreneur or one who undertakes innovations or introducing new things, finance and business acumen (intelligence) in an effort to transform innovations into economic goods. This may result in new organizations or may be part of revitalizing (stimulating (interesting)) mature organizations in response to a perceived opportunity. The most obvious form of entrepreneurship is that of starting new businesses (referred as startup company); however, in recent years, the term has been extended to include social and political forms of entrepreneurial activity. When entrepreneurship is describing activities within a firm or large organization it is referred to as intra-preneurship and may include corporate venturing, when large entities spin-off organizations.

Entrepreneurs

An entrepreneur is an individual who accepts some sort of risk — usually financial — in the pursuit of new ventures. The word can apply to any person organizing a new project or opportunity, though it is most often used in a business context. A person in this role is often characterized as innovative, independent, optimistic, creative, and hard-working

According to Schumpeter:
Entrepreneurs change the pattern of production by combining elements in new way. They are, in this sense, Entrepreneurs.

Type of entrepreneurial

* The home base entrepreneur * The traditional entrepreneur * The Serial entrepreneur * The corporate entrepreneur * The opportunistic entrepreneur

2) Characteristics of entrepreneurs. (chapter 2)

1. Disciplined

These individuals are focused on making their businesses work, and eliminate any hindrances (interference/limitations) or distractions (interruption/interference) to their goals. They have overarching (comprehensive) strategies and outline the tactics (strategies) to accomplish them. Successful entrepreneurs are disciplined enough to take steps every day toward the achievement of their objectives.

2. Confidence

The entrepreneur does not ask questions about whether they can succeed or whether they are worthy of success. They are confident with the knowledge that they will make their businesses succeed. They exude (display) that confidence in everything they do.

3. Open Minded

Entrepreneurs realize that every event and situation is a business opportunity. Ideas are constantly being generated about workflows and efficiency, people skills and potential new businesses. They have the ability to look at everything around them and focus it toward their goals.

4. Self-Starter

Entrepreneurs know that if something needs to be done, they should start it themselves. They set the parameters (consideration/limits) and make sure that projects follow that path. They are proactive (positive), not waiting for someone to give them permission.

5. Competitive

Many companies are formed because an entrepreneur knows that they can do a job better than another. They need to win at the sports they play and need to win at the businesses that they create. An entrepreneur will highlight their own company’s track record of success.

6. Creativity

One facet of creativity is being able to make connections between seemingly unrelated events or situations. Entrepreneurs often come up with solutions which are the synthesis (mixture) of other items. They will repurpose products to market them to new industries.

7. Determination

Entrepreneurs are not thwarted (dissatisfied/upset) by their defeats. They look at defeat as an opportunity for success. They are determined to make all of their endeavors succeed, so will try and try again until it does. Successful entrepreneurs do not believe that something cannot be done.

8. Strong people skills

The entrepreneur has strong communication skills to sell the product and motivate employees. Most successful entrepreneurs know how to
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