Introduction to entrepreneurship/IENT101/Nature/Define

Before we can start exploring entrepreneurship, let's define what an entrepreneur is. An entrepreneur can be defined as:

• A person who starts, organizes, and manages any enterprise, especially a business, usually with considerable initiative and risk.
• Someone who exercises initiative by organizing a venture to take benefit of an opportunity and, as the decision maker, decides what, how, and how much of a good or service will be produced.
• A person who sets up a business or businesses, taking on financial risks in the hope of profit.
• A person who is willing and able to convert a new idea or invention into a successful innovation.

In a nutshell, we can see that entrepreneurs

• start businesses
• take financial risks, and
• are innovative

Required reading

Readings should not be skipped. They are an integral part of the course. You need to do them.

1. Lumen Boundless Management. [1]. Lumen Boundless Management Boundless.
2. Saylor. Principles of Entrepreneurship: "What is Entrepreneurship?" Saylor, 20 May 2015.
3. Saylor. Getting Started as an Entrepreneur: "Entrepreneurship Is..." Saylor, 17 June 2015.

Quiz

• Many organizations now exist to support or utilize entrepreneurship. Which is best defined as a place where under-developed ideas can procure resources and attention to develop into useful innovation?
  • Business incubator
    • Correct: business incubators nurture new and small businesses by helping them to survive and grow through the difficult and vulnerable early stages of development.
  • Non-governmental organization (NGO)
    • Incorrect: try again
  • Specialized government agencies
    • Incorrect: try again
  • Science park
    • Incorrect: try again
• According to Joseph Schumpeter, what is the ideal definition of an entrepreneur?
  • Incremental improvements designed to ultimately generate meaningful impact.
    • Incorrect: try again
  • Utilizing business acumen to undertake innovations and finance to product economic goods.
    • Incorrect: try again
  • A person willing and able to convert a new idea or invention into a successful innovation.
    • Correct: great you did the reading :)
  • Risk-taking behavior in the name of a new idea.
    • Incorrect: try again

Quiz items proudly reused from "Boundless Management" licensed under CC-BY-SA 4.0

References