Below are the lessons that have been covered during the lectured session.
1. Explain entrepreneurship and discuss its importance.
2. Discuss three main reasons people decide to become entrepreneurs.
3. Identify four main characteristics of successful entrepreneurs.
4. Explain five common myths regarding entrepreneurship.
5. Explain how entrepreneurial firms differ from salary-substitute and lifestyle firms.
6. Discuss the changing demographics of entrepreneurs in the United States.
7. Discuss the impact of entrepreneurial firms on economies and societies.
8. Identify ways in which large firms benefit from the presence of smaller entrepreneurial firms.
9. Explain the entrepreneurial process.
What is entrepreneurship?
• Academic Definition (Stevenson & Jarillo)
– Entrepreneurship is the process by which individuals pursue opportunities without regard to resources they currently control.
• Venture Capitalist (Fred Wilson)
– Entrepreneurship is the art of turning an idea into a business.
• Explanation of What Entrepreneurs Do
Entrepreneurs assemble and then integrate all the resources needed –the money, the people, the business model, the strategy—needed to transform an invention or an idea into a viable business
3 main reason of becoming an entrepreneur
1. Explain entrepreneurship and discuss its importance.
2. Discuss three main reasons people decide to become entrepreneurs.
3. Identify four main characteristics of successful entrepreneurs.
4. Explain five common myths regarding entrepreneurship.
5. Explain how entrepreneurial firms differ from salary-substitute and lifestyle firms.
6. Discuss the changing demographics of entrepreneurs in the United States.
7. Discuss the impact of entrepreneurial firms on economies and societies.
8. Identify ways in which large firms benefit from the presence of smaller entrepreneurial firms.
9. Explain the entrepreneurial process.
What is entrepreneurship?
• Academic Definition (Stevenson & Jarillo)
– Entrepreneurship is the process by which individuals pursue opportunities without regard to resources they currently control.
• Venture Capitalist (Fred Wilson)
– Entrepreneurship is the art of turning an idea into a business.
• Explanation of What Entrepreneurs Do
Entrepreneurs assemble and then integrate all the resources needed –the money, the people, the business model, the strategy—needed to transform an invention or an idea into a viable business
3 main reason of becoming an entrepreneur
4 main characteristics of successful entrepreneurs
The Entrepreneurial Process Consists of Five Steps
Step 1: Deciding to become an entrepreneur.
Step 2: Developing successful business ideas.
Step 3: Moving from an idea to an entrepreneurial firm.
Step 4: Managing and growing the entrepreneurial firm.
Step 5: Exiting the venture.
