Entrpreneurship- a mindset or way of thinking that is opportunity focused, innovative, and growth oriented. It can be a set of behaviors.Entrepreneurs- recognize the opportunity, gather the resources to execute the opportunity, drive opportunity towards completion. What is it all about? It is about novel entry into new or established markets, and about exploiting new or existing products or services.1960s- ginantic companies were the norm. the companies lacked competition from Europe and Japan at the time. 1970s- We saw the macroeconomic turmoil, internation competition, technological revolution. 1980s- inflated rates because of Vietnam, creative financing, no job security. Smallerbusinesses became prominent. Civil service was a secure job. solo entrpernuership (small businesses)1990s- high tech entrepreneurial era, the information age, commercial internet allowed people to compete on higher levels. Team based entrepernuship 2000s- the internet and beyond, y2k, dot com era, interest in “non internet” ways was wanning. Use tools as opposed to physical labor. Low cost competitionintristic- passion is one of the only characteristics that you must havecharacteristics of an entrepreneur for a new venture- entry strategy, business modelconcept, start up resources, risks and rewards, founding team, location, processthe enviornement of an entrepreneur- markets, customers, competition, industry opinion leaders, real estate availability, laws and regulations, investment capital, professional service providers, labor supply, value chain partnersimportant characteristics of outcome- economic growth, industry formation, and jobcreationeconomic growth- technology is the leading force behind economic growth. It also comes about through investment, trade, interactionsTechnological change- occurs when an entrpernuer identifies new customer segments that appear to be emerging, new customer needs, existing customer needsthat have not yet been satisfied, new ways to manufacture or distribute.2 play a huge role- Innovation and inventionnew industry formation- new industries are born when technological change produces a novel opportunity that an enterprising entreperenur seizes. The Industry life cycle phases- formation, consolidation, mature, declineThe Industry life cycle- shows the life cycle of an industry relative to gross domestic product and the number of firms entering and remaining in the industry at any given point and time. Read Graph- When GDP declines the number of firms don’t decline, infact they become more productive. Job creation- entrepreneurial ventures are responsible for significant job creation. Intrapreneur- someone who starts something within a business, corportate venturerEntrpreneur- starts something out of the adult populationWhen a company starts- it can grow at a higher rate than normal, persist to survive to move into the adolecent stage, abandoned by its foundersGlobalization- helps because people can now compete with wholesalers and retailors but also a flaw because they are competing with such high things.The home based entrprenuer- home based businesses, many are hobby businesses, consulting, and freelance type. US tax laws make it easier to run a business because you can take a home deduction. Low over head, reduced riskThe internet entrepreneur- conduct all business on the internet. Companies like GAPuse it for the distrbuion aspect. Low cost, a good place to test the waters.The serial entrpreneur- people who enjoy the prelaunch so much, become impatientand start the next one. Portfolio entrprenuer- a person who owns a minority or majority stake in several venturesTraditional Entrepneur- starts bricks and mortar businesses and builds it to a point where wealth can be harvested. Retail, manufacturing, health care, etc. Non-profit Entrepernur- socially responsible, focus on educational, religious, charitable goals. They can make a profit. Corporate venturer- chose a start up with low barriers, environment is uncertain, breakthrough, high failure risk, new
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