ENTREPRENEURSHIP AND ITS BASIC INFORMATION

ENTREPRENEURSHIP, market

1. What is entrepreneurship? ``Entrepreneurship as the social process of realizing an innovation by means of a new venture .`` This definition includes the types of start-ups that we normally associate with innovation-based entrepreneurship whether they are medical device, technology, consumer-oriented, or energy ventures. 

2. What is entrepreneurship? The definition also encompasses what we think of as social ventures if their goal is to realize an innovation designed to create a social good. https://sites.fuqua.duke.edu/dukeven/new-venture-guidelines/#:~: text=A%20new%20venture%20implies%20that,care%20in%20using%20resources%20efficiently .

3. Entrepreneurship implications   Implications Social Entrepreneurship is a team activity, not an individual activity. Who is on the team, getting the right mix of skills and backgrounds is critical to success. Process of realizing here is a process, a “logic,” meaning that what you do, how you do it, and when you do it all matter. An innovation Entrepreneurship begins with the recognition of an opportunity not recognized by others, either seeing a need for the first time or coming up with a way to satisfy a known need in a novel, superior way. This requires alertness, insight, and creativity. By means of a new organization A new venture implies that the team has complete freedom in crafting all aspects of the business. However, the team faces a severe resource constraint. This constraint imposes a unique discipline on an entrepreneurial venture requiring great care in using resources efficiently.

4. Model of entrepreneurial action In simple terms, entrepreneur discover an opportunity by engaging with a potential “customer” and finding a need or problem that we can solve, then they develop that solution including planning how they will distribute and serve the customer, etc., then they deliver by launching the product or service.

5. model of entrepreneurial action

6. WHERE DOES ENTREPRENEURSHIP EXIST ? Two conditions must exist for entrepreneurship to flourish. First , there must be freedom—freedom to establish an economic venture, and freedom to be creative and innovative with that enterprise. Second , there must be prosperity—favorable economic conditions that give an entrepreneurial organization the opportunity to gain and grow .

7. Economic Growth and Freedom Entrepreneurship is a global phenomenon. Therefore, it is vital that the prospective entrepreneur understand the relationship between the country in which the business will Be located and the climate for business success .

8. Economic Growth and Freedom The Heritage Foundation and The Wall Street Journal publish an annual “Index of Economic Freedom.” The index examines the trade policies, taxation levels, government intervention and regulation, monetary policies, and six other categories of over 150 countries.

9. Data collected by the index support several conclusions that are important for entrepreneurs and the study of entrepreneurship . First , the study indicates the strong correlation between a high level of economic and political freedom and a high standard of living .

10. Second , a comparison of data over several years indicates that as wealthy countries become richer, they often impose fiscal restrictions that reduce economic freedom, such as higher taxation and social welfare programs. This is why the relatively well-off countries in Scandinavia and Western Europe are mostly missing from the top 10 list .

11. Example from formerly communist economies illustrate how important economic freedom can be to entrepreneurship. After years of exile in France, Anoa Dussol-Perran returned to her native Vietnam to open a passenger-helicopter service in Hanoin To avoid a possible three-year wait for government approval, Ms. Dussol-Perran attempted to smuggle her first helicopter into Vietnam without filing the proper paperwork. The helicopter was discovered and impounded by the Vietnamese government. It was released to Ms. Dussol-Perran only after a long wait, followed by a grueling six-hour interview . When the time came to add a second helicopter to her service, Ms. Dussol - Perran elected to fly the new equipment from Paris to Hanoi herself rather than risk importing another machine.

12. WHO IS THE NEW ENTREPRENEUR? Fifteen years ago, an entrepreneur might have been described as a business version of a John Wayne cowboy (tough, gutsy, and male), who steered his business through the rodeo of commerce without the help of training or education and without the assistance of bankers or other experts.

13. WHO IS THE NEW ENTREPRENEUR? Entrepreneurs were once seen as small business founders with a strong independent streak and perhaps a flair for the dramatic. Entrepreneurs were thus born, not made.

14. The new entrepreneurs come from different backgrounds too. Many of them are: corporate- track dropouts, pushed out by downsizing tempted out by the quest for status, Dream for big money, Wants to control their personal lives .

15. Globalization has promoted an entrepreneurial spirit in both big and small companies, while information technology now enables many small start-ups to compete against big business .

16. Academia has also contributed to the creation of this new professional entrepreneur class . Harvard Business School, which once had three or four professors teaching courses about small business, now has full-time faculty members in its entrepreneurial studies program . Staffing at other colleges and universities reflects the same trend .

17. The sociologist view of entrepreneurship In terms of modern sociological theories of entrepreneurship, this theory suggests that  the identification of collection of entrepreneurial qualities act as a motivation that influences an individual to accomplish these credibility goals so that they can become a successful entrepreneur .

18. Entrepreneurship and management Entrepreneurship originates from having an idea and activities to make those ideas into a reality bearing the risk of business and ownership whereas management is an ongoing process of getting things done given the circumstances and challenges while making dynamic changes in the organization while not bearing the risk at the same time.

19. The Practice of Entrepreneurship: The process of entrepreneurship It is useful to break the entrepreneurial process into five phases :   idea generation , opportunity evaluation, planning , company formation/launch and growth . These phases are summarized as the Opportunity Evaluation and Planning steps are expanded

20. Stages of entrepreneurial process https ://venturebeat.com/2019/11/07/the-4-entrepreneurial-stages-their-challenges-and-the-solutions /

21. DIMENSIONS OF ENTREPRENEURSHIP New Venture Creation entrepreneurship as the formation of a new business enterprise—most often called simply new venture creation . It contains theory and research about , and descriptions of, practice and techniques of entrepreneurship.

22. DIMENSIONS OF ENTREPRENEURSHIP New Venture Creation A n economic and managerial approach to entrepreneurship and new venture creation, although at times borrow important material from other disciplines. Much has been written about the phenomenon of entrepreneurship and new venture creation from the economic and managerial perspectives. There have been numerous descriptive studies and some valuable empirical research, but no textbook, including this one, can offer prospective entrepreneurs advice that will ensure their success.

23. Opportunity Analysis A second dimension of entrepreneurship focuses on opportunity analysis . ``Opportunity is the convergence of personal preparation, external circumstances, and sensitivity to change`.

24. Opportunity Analysis Different people may have different opportunity analyses. Some may feel the time window of opportunity is open and that they are ready to begin the new venture creation process. Others may feel they are not yet personally well prepared or that the external circumstance is not yet right or has passed them by. People might well agree on both preparation and circumstances, but have different levels of sensitivity. Some people are first-movers and others are, more cautiously, later movers.

25. The Unexpected. When current businesses are surprised by an unanticipated event, they are often unable to adapt quickly enough to take advantage of that event. The event can be an unexpected success (good news) or an unexpected failure (bad news). For example , if war breaks out where it is unexpected, it changes the economics and demand structure of the warring parties and their populations. The war can provide opportunity if it is ethically pursued. Similarly , a breakthrough in a peace negotiation can also provide opportunity , because it can change the economies of the former combatants.

26. The Unexpected. For example , if the Israeli and Palestinian conflict can be resolved, the beachfront property A Framework for Entrepreneurship in the Gaza strip (now a dormant resource) would become one of the premier vacation resorts in the world.