Chapter1: Introduction to Entrepreneurship

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Chapter1: Introduction to Entrepreneurship by Mind Map: Chapter1: Introduction to Entrepreneurship

1. Entrepreneurship

1.1. Definitions

1.1.1. Academic Definition Is the process by which individuals pursue opportunities without regard to resources they currently control.

1.1.2. Alternative View Is the art of tuning an idea into a business

1.2. Corporate Entrepreneurship

1.2.1. Is the conceptualization of Entrepreneurship at the firm level

1.2.2. Entrepreneurial Firms: Proactive, Innovative, Risk taking

1.2.3. Conservative Firms: Take a more "wait & see"posture, Less innovative, Risk averse

2. Entrepreneurial

2.1. Economic Impact of Entrepreneurial Firms

2.1.1. Innovation: process of creating something new, which is central to the entrepreneurial process.

2.1.2. Job Creation: Small businesses create a substantial number of net new jobs in the United States.

2.2. Entrepreneurial Firms' Impact on Society and Large Firms

2.2.1. Impact on Society: Have a dramatic impact on society.

2.2.2. Impact on Large Firms: have built their entire business models around producing products and services that help larger firms become more efficient and effective.

2.3. Entrepreneurial process consists of four STEPS

2.3.1. Deciding to become an entrepreneur.

2.3.2. Developing successful business ideas.

2.3.3. Moving from an idea to an entrepreneurial firm.

2.3.4. Managing and growing the entrepreneurial firm.

3. Entrepreneurs

3.1. Why people become entrepreneurs?

3.1.1. Desire to be their own boss

3.1.2. Desire to pursue their own ideas

3.1.3. Financial rewards

3.2. Characteristics

3.2.1. Passion for the business

3.2.2. Product/Customer Focus

3.2.3. Tenacity Despite Failure

3.2.4. Execution Intelligence

3.3. Common Myths

3.3.1. Entrepreneurs are BORN, not made

3.3.2. Entrepreneurs are GAMBLERS

3.3.3. Entrepreneurs are motivated primarily by MONEY

3.3.4. Entrepreneurs should be YOUNG and ENERGTIC

3.3.5. Entrepreneurs LOVE the spotlight

3.4. Chaning Demographics

3.4.1. Women Entrepreneurs: While men are more likely to start business than women, the number of women-owned businesses is INCREASING.

3.4.2. Minority Entrepreneurs: There has been a substantial INCREASE in minority entrepreneurs in the United States.

3.4.3. Senior Entrepreneurs: The numbers of seniors staring businesses is SUBSTANTIAL and GROWING.

3.4.4. Millennial Entrepreneurs: A desire to pursue an entrepreneurial career is high among millennials.