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Entreprende
Origin of the word entrepreneur meaning to begin something.
Entrepreneur
A person or group who creates something new.
The Skill of Reflection
Examining how you observe, think, react, and self-realize.
The Skill of Experimentation
Trying out a new approach and learning from it.
The Skill of Creativity
Being open to new perspectives and allowing innovation.
The Skill of Empathy
The ability to put yourself in the shoes of others.
The Skill of Play
Involves injecting some fun into the process.
Design Thinking
A thinking process commonly used by designers to solve problems.
Repeat Purchases
Customers making a comeback to buy again.
Empathize
Viewing your potential product from the perspective of consumers.
Define
Your business should inspire you.
Ideate
Generating and developing new ideas through collaborative discussion.
Prototype
Creating a sample product.
Test
Trying out and selling sample products to gather feedback.
Commercial Entrepreneurship
Income-generating business focused on profit.
Social Entrepreneurship
Income-generating business emphasizing social impact for the poor.
Corporate Entrepreneurship
Generating new products and ventures within large organizations (intrapreneurship).
Start-up Entrepreneurship
Creation or setting up of a new small business.
Buying a Franchise
A license purchased allowing trade under an established business name.
Buying a Small Business
A way to secure a good location in a desired area.
Identify and develop business opportunity, develop business plan, determine resources, manage/implement the enterprise.
Phases in the Entrepreneurial Process
Finding Approach
Scanning the environment for business opportunities that exist outside the entrepreneur.
Building Approach
Creating a business opportunity that does not exist in the environment.
Macro Environmental Factors
Factors involving political, sociocultural, economic, technology, and industry.
Micro Environmental Factors
Factors involving competitor moves, suppliers, and substitutes.
Leadership
The core of every entrepreneur.
The Self-employed
Individuals not comfortable with routines, preferring to do things their own way.
The Manager
Entrepreneurs who delegate and hire potential employees for help.
The Leader
Entrepreneurs who enjoy seeing their people flourish with minimal supervision.
The Investor
Seeks more opportunities and delegates a suitable manager as director.
The True Entrepreneur
The last level of entrepreneurial development.
Technopreneur
An entrepreneur who integrates technology into business.
Extrapreneur
An individual who hops from one company to another.
Proactive
Addressing issues before they arise through proper research.
Agents of Change
Innovation champions who see opportunities in complex situations.
Risk Takers
Entrepreneurs who take risks to seize opportunities.
Sharp Eye for Opportunities
Talent for recognizing opportunities using macro-level data.
Sociable
Importance of soft skills and relationship management.
Networkers
Individuals who know the right people to connect with.
Decisive
Always making decisions.
Balanced
Maintaining a balance between analytical and creative thinking.
Innovative
Adding value to existing businesses or becoming a game changer.
Leaders, communicators, specialists, and problem solvers.
Core Traits in Managing Business
