Entrepreneurship

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