...

sometimes ok
-allows you to look at as a learning experience
Failure is.... -"everyone experiences some sort of failure, its how
you deal with your failure."

How can you put yourself in a better -Trial run

-Determine best target market/location in order to
position? (when starting a new type of maximize profit/chance of success
business) -Follow the trends of society

being innovative (innovation)

What are some resources/attributes ambition

creativity
risk tolerance
of entrepreneurs? intuition
personality

personal satisfaction
What are some rewards of being an
no boss
entrepreneur? financial rewards

process of creating value by:

What are the 3 components of 1) devoting necessary resources
Entrepreneurship? 2)Assuming accompanying risks
3)Receiving the rewards

1)Financial
What are the 3 types of risk? 2)Psychological
3)Social

1)Idea Stage
*What are the 4 stages of the 2)Concept Stage
innovation process?* 3)Product Development Stage
4)Test/Market Stage

CONS:
What are the CONS of creating -uncertainty/risk
-Trial and Error process
something new? (new type of business) -Flaws potentially exposed
-Generally, people are resistant to change

PROS:
What are the PROS of creating -No competition
something new? (new type of business) -Gain more experience than a future competitor
-Engage in the first supplier relationship

1)Identify the Opportunity (identify want/need)

What are the steps for starting a new 2)Evaluate the opportunity (evaluate market/financial evaluation))
3)Develop a business plan
venture/ "The 5 factors of 4)Evaluate/Gather Resources (create inv of resources)
5) Execute the plan (manage and lead)

entrepreneurship"?(5) Identify, Evaluate, Plan, Gather resources, Execute plan

 money
what constitutes as Profit?
personal satisfaction

V.R.I.N.
What creates Competitive
valuable, rare, in-imitable, non-
advantage? substitutable

can be anything.
What is a resource?
or anything that can be utilized to achieve your goal

process that starts with a desired outcome and focuses on the

means to generate that outcome (book def)
What is Causation? (causal process)
When you just have the idea, and still need to gather resources

A process that starts with what one has (who they are, what they know,
What is Effectuation? (effectuation and whom they know) and selects among possible outcomes. (book
def)
process) The process you go through of taking inventory of your resources

(1) Process of creating something new and assuming

What is Entrepreneurship? the risks and rewards (2) is the process of creating
something new with value by devoting

taking everything and anything and

What is resource bundling? combining it to be worth more than their
individual parts

What is Risk? the idea of uncertainty

Involves the ability to rapidly sense, act, and mobilize, even under uncertain

What is the "entrepreneurial mind- conditions. (book def)

mindset of, "I'm in the business of one (self)".

set" ?
Ability to gather resources in hopes of achieving a set goal

Individual who takes risks and starts something new.

Individual who takes initiative to bundle resources in
Who is an entrepreneur? innovative ways and is willing to bear the risk and/or
uncertainty to act