Chapter # 1

The Nature and Importance of

Entrepreneurship
 Who is an Entrepreneur ??

The word “entrepreneur” stems from French,

means “between-taker” or “go between.”
Our definition involves four aspects:
The creation process.
The devotion of time and effort.
The assumption of risk.
Rewards of independence, satisfaction,
money.

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 Definition..

Entrepreneurship is the process of creating

something new with value by devoting the

necessary time and effort, assuming the

accompanying financial, psychic, and social risks,

and receiving the resulting rewards of monetary

and personal satisfaction and independence

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Entrepreneurial Decision Process

Refers to the decision to leave a present

career or lifestyle (to pursue that ‘big idea’)
due to:
Unpleasant work environment
Disruption
Completion of educational degree.

How will the completion of your educational

program influence your entrepreneurial decision
process? Got any ‘big ideas’?

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 3 Types Of Start-up Ventures

1 A LIFESTYLE FIRM exists primarily to support

the owners and usually has little growth
opportunity
2 FOUNDATION COMPANIES are firms created
from research and development that lay the
foundation for a new industry
3 HIGH POTENTIAL VENTURES are new
companies that receive the greatest interest
and publicity

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The future of entrepreneurship??

Universities are offering courses.

Societal support is strong

“Intrapreneurship” (entrepreneurship
within an existing company) helps large
companies respond to hyper-competition.

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 Technical Business Personal
Management

Writing Planning Inner Control

Oral Decision Making Risk Taking

Communication

Monitoring the Human Relations Innovative

Environment

Using Technology Marketing Change-oriented

(Selling) visionary
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 …..Ethical & Social
Responsibilities of
Entrepreneurs….

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