Chapter 7:

*Entrepreneur:

 -The pursuit of lucrative opportunities by enterprising individuals.

The entrepreneur:

*The Entrepreneur's idea:

-A great product, a viable market, and good timing are essential ingredients in any recipe for success.

*What it takes personally:

1.Commitment and determination

2.Leadership

3.Opportunity obsession

4.Tolerance of risk, ambiguity, and uncertainty

5.Creativity, self-reliance, and ability to adapt

6.Motivation to excel

Entrepreneurial Strategy Matrix:

 

Management Challenges:

-You might not enjoy it

-Survival is difficult

-Growth creates new challenges

-It’s hard to delegate

-Misuse of funds

-Poor controls

-Mortality

*Business incubators

-Protected environments for new, small businesses.

Chances of Success:

*Opportunity analysis

-A description of the good or service, an assessment of the opportunity, an assessment of the entrepreneur, specification of activities and resources needed to translate your idea into a viable business, and your source(s) of capital.

Oppourtunity:

Outline of a business plan:

 Key Factors:

-The people

-The opportunity

-The competition

-The context

-Risk and reward

*Non-capital Resources:

 -Legitimacy

-Networks

-Top-Management Teams

-Advisory Boards

-Partners

*Entrepreneurial orientation

-The tendency of an organization to identify and capitalize successfully on opportunities to launch new ventures by entering new or established markets with new or existing goods or services