ELECTIVE

Ethical Standards to Entrepreneurial Ventures

Reputation
Customer Loyalty
Sustainability

Entrepreneurial Mindset

describes the most common characteristics associated with successful entrepreneurs as well as elements associated with the dark side of entrepreneurship

Entrepreneurs

indepedendent individuals, intensely commited and determined to persevere, who work very hard

Four Aspects of Being an Entrepreneur

involves the creation process
requires devotion of time and effort
requires assumption of some risk
involves the rewards of being an entrepreneur

Manager

an individual who takes responsibility of controlling and administering the organization

Entrepreneur

refers to a person who creates an enterprise, by taking financial risk in order to get profit

Five Characteristics of Entrepreneurs

Decisiveness
Confidence
Accountability
Resilience
Humility

Corporate Entrepreneurship

is the process by which teams within an established company conceive, foster, launch and manage a new business

Radical Innovation

requires new competencies, skills, and expertise

Incremental Innovation

utilizing existing competencies, skills, and expertise

Corporate venturing

creates a new business within an existing business

Four Key Elements of Corporate Venturing

Proactiveness
New business venturing
Innovation
Self-renewal

Intrapreneurs

dependent on organization's resources and brings new ideas to an established organization

success

creative thinking + system analysis

Unexpected Occurences

opportunities and innovation happens when these events arise

Incongruities

discrepancies vs. what is expected inspired innovative solutions

Industry and Market Changes

wherein changes may result from emerging technologies, new regulations and changing competitive landscape

Demographic changes

variations in population characteristics

Perceptual changes

sees opportunity on how customers perceived brands, products, or industries

Knowledge-based concepts

innovation that comes from research and scientific discoveries

Creativity

the generation of ideas that result in the improved efficiency and effectiveness of a system

Process

goal oriented; it is designed to attain a solution to a problem

People

the resources that determine the solution

Adaptor

employs a disciplined, precise, and methodical approach

Innovator

approaches task from unusual angles

Innovation

key function in the entrepreneurial process

Invention

the creation of a new product, service, or process that did not previously exist

Extension

enhancing an existing product or service by adding new features or improving its performance

Duplication

replicating an existing idea or product, often with minor modifications or improvements

Synthesis

combining elements from different ideas, products, or processes to create something new and innovative

Ethical and Social Standards

Corporate Social Responsibility
Community Engagement
Ethical Decision-Making
Transparency in financial reporting and operations
Fair labor practices