week one notes
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This 2 page Class Notes was uploaded by odette antabi on Sunday September 4, 2016. The Class Notes belongs to mgt253 at University of Miami taught by Dr. Vincent Daniels in Fall 2016. Since its upload, it has received 10 views. For similar materials see Intro to Entrepreneurship in Management at University of Miami.
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Date Created: 09/04/16
What is entrepreneurship? Venture capitalist: is the art of turning an idea into a business What entrepreneurs do?: assemble and then integrate all the resources needed: the money, the people, the business model, the strategy. To transform an invention or an idea into a viable business Entrepreneurial firms: Proactive Innovative Risk taking Conservative: take more “ wait and see posture” Risk averse Why become an entrepreneur: Be your own boss Peruse own ideas Financial reward Characteristics of a successful entrepreneur: Passion for the business Product/ customer focus Execution intelligence Tenancy despite failure Myths about entrepreneurs 1. Entrepreneurs are born, not made. No one is born to become an entrepreneur, everyone has the potential to become one. Whether someone becomes an entrepreneur is a function of the environment, lefe experiences and personal choices Common traits: Moderate risk taker Persuasive Resource assembler/ leverage Tolerant to ambiguity Optimistic Achievement motivated Self-confident Promoter Creative Self-starter Tenacious Networker 2. Entrepreneurs are gamblers 3. Motivated primarily by money. Really for something more persona; 4. Should be young and energetic. Not only young people. It is not age oriented 5. Love the spotlight. The vast majority of them do not attract public attention Types of start up firms Salary-substitute firm: provide the owner a similar level of income to what they would be earning in a conventional job Lifestyle firm: provide owners the opportunity to peruse a particular lifestyle Entrepreneurial firms Economic impact of entrepreneurial firms: Innovation: process of creating something new which is central to the entire entrepreneurial process Job creation: create substantial number of jobs Impact of society: think all about the new products and services that make our lives easier, enhance our productivity at work, health and entrainment Impact on larger firms Entrepreneurial process 4 steps
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