By Davies Zhai - Jetek Staff
1. Academic Definition
Entrepreneurship is the process by which individuals pursue opportunities without regard to resources they currently control.
2. Alternative View
Entrepreneurship is the art of turning an idea into a business.
3. Explanation of What Entrepreneurs Do
Entrepreneurs 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
What Is Corporate Entrepreneurship?
Corporate Entrepreneurship is the conceptualization of entrepreneurship at the firm level.
All firms fall along a conceptual continuum that ranges from highly conservative to highly entrepreneurial.
The position of a firm on this continuum is referred to as its entrepreneurial intensity.
Entrepreneurial Firms Vs Conservative Firms
• Take a more “wait and see” posture
• Less innovative
• Risk averse
Why Become an Entrepreneur?
The three primary reasons that people become entrepreneurs and start their own firms.
Desire to be their own boss
Desire to pursue their own ideas
Characteristics of Successful Entrepreneurs
1. Passion for the Business
The number one characteristic shared by successful entrepreneurs is a passion for the business. This passion typically stems from the entrepreneur’s belief that the business will positively influence people’s lives.
2. Product/Customer Focus
A second defining characteristic of successful entrepreneurs is a product/customer focus. An entrepreneur’s keen focus on products and customers typically stems from the fact that most entrepreneurs are, at heart, craftspeople.
3. Tenacity Despite Failure
Because entrepreneurs are typically trying something new, the failure rate is naturally high. A defining characteristic of successful entrepreneurs is their ability to persevere through setbacks and failures.
4. Execution Intelligence
The ability to fashion a solid business idea into a viable business is a key characteristic of successful entrepreneurs.
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