entrepreneurship and its functional aspects

entrepreneurship

1. Week 2

2. 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

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

4. Entrepreneurial Management Entrepreneurial management is  the practice of giving the innovation inherent in entrepreneurship a more solid management structure . Many new entrepreneurs have ideas for businesses they want to start, or products they want to create, but don't know how to manage a small business effectively . The study of entrepreneurial approach is used: to acquiring and managing resources; develop team-building skills; participate in experiential learning opportunities; network with successful entrepreneurs and business leaders.

5. E ntrepreneurial management importance Entrepreneurs must prioritize time management. That's because  entrepreneurs have to own every part of their business . An entrepreneur must understand: which tasks should come first , how much time to allocate to each task, how and what to delegate to others in the business to efficiently move it forward.

6. The entrepreneurial business An entrepreneur is  an individual who creates a new business, bearing most of the risks and enjoying most of the rewards . The process of setting up a business is known as entrepreneurship. The entrepreneur is commonly seen as an innovator, a source of new ideas, goods, services, and business/or procedures . Examples of such entrepreneurial businesses are: Microsoft. Google. Apple. Exxon Mobile.

7. Entrepreneurship in service institutions Institutional entrepreneurship  occurs when a person or group of people work to drastically change an institution, and in the process form a new institution . Institutional entrepreneurs think and act strategically by doing things like presenting research, gathering resources and people, and thinking outside of the box .

8. Entrepreneurship in service institutions Examples of Entrepreneurs Bill Gates, founder of Microsoft. ... Steve Jobs, co-founder of Apple computers, which produces Macs, iPods and iPhones, as well as Apple TV. Mark Zuckerberg , the founder of Facebook. Pierre Omidyar , founder of eBay.

9. T he new venture in entrepreneurship 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. A venture is  a project or activity which is new, exciting, and difficult because it involves the risk of failure . 

10. Importance of new venture Entrepreneurship  Accelerates Economic Growth Entrepreneurs are important to market economies because they can act as the wheels of the economic growth of the country. By creating new products and services, they stimulate new employment, which ultimately results in the acceleration of economic development.