Introduction to Entrepreneurship
-
Definition
- Entrepreneurship is the process of identifying an opportunity, organizing resources, and creating a new venture to pursue it, typically involving risk and innovation.
-
Who Is an Entrepreneur?
- Someone who starts and runs a business, taking on financial risk in the hope of profit, and often driving innovation in the process.
-
Role of Entrepreneurship in the Economy
- Job creation, innovation, increased competition, and economic growth - especially significant in developing economies.
-
Key Entrepreneurial Traits
- Risk tolerance, resilience, creativity, opportunity recognition, and strong self-motivation.
-
Types of Ventures
- Small business ownership, scalable startups (aiming for rapid growth), social entrepreneurship (mission-driven), and corporate/intrapreneurship (innovation within existing firms).
-
The Entrepreneurial Process
- Idea generation, opportunity evaluation, resource mobilization, venture launch, and growth management.