Chapter 7: Entrepreneurship

What is entrepreneurship?

The process of creating new ventures or improving existing ones by taking risks to pursue opportunities.

What percentage of U.S. businesses are small businesses?

Approximately 99.6% of U.S. businesses have fewer than 100 employees.

Why is the number of employees commonly used to measure organizational size?

It is a simple, widely available indicator of organizational scale.

What is the difference between a small business owner and an entrepreneur?

Small business owners focus on stability and income, while entrepreneurs focus on innovation and growth.

What are the three types of entrepreneurs?

Classic entrepreneurs, multipreneurs, and intrapreneurs.

What are characteristics of successful entrepreneurs?

Ambitious, independent, self-confident, risk-taking, visionary, creative, energetic, passionate, and committed.

What is an example of an intrapreneur?

An employee who develops a new product or process within an existing organization.