1.) Describe the definition of "entrepreneurship."
Entrepreneurship is the act of bearing risk of buying goods and services at a given price and selling them at uncertain prices. In addition, the factors of production, innovation, and creation of new enterprises are included in entrepreneurship. Thus, an entrepreneur is someone who manages and organizes enterprise like a business that involves risk and initiative. This person can be a contractor, and an employer of productive labor. Most entrepreneur characteristics include; locus of control, need for achievement, and orientation towards intuitive. Therefore, a self employed individual, a franchise, and a small business owner can be considered as an entrepreneur. These are people who have undertaken the risk of starting a business.
2.) Is an entrepreneur the same as a small business owner? Why or why not?
A small business owner and an entrepreneur have some significant similarities and differences. The difference in is the amount of wealth created, risk involved, innovation, and speed of the wealth creation (Barton, 2000). Entrepreneurs normally generate substantial wealth; take bigger risks, rapid in wealth creation, and is involved, in considerable innovation, to give them competitive advantage in crating wealth. This is substantial compared to the small business owners who have small risks in all these aspects. Both small business owners and entrepreneur have the capacity and are willing to manage and organize a productive venture. They can do this by taking into account the risks involved as they seek profit for their wealth.
3.) Briefly explain the "Entrepreneurial Process Phases?"
Entrepreneurship involves some process phases. The entrepreneurship needs some planning, management, and creation of ideas in the market place. The stages for creating a successful entrepreneurial endeavor involve; the stage of concept formation, where the ideas of the business are created. The opportunities and innovation identified, for the business, to take shape in the following stage. The next stage is resource gathering, where the required resources are collected to launch the business. Lastly, the business is created in the final stage.
4.) Do you believe non-entrepreneurs think and act differently than entrepreneurs? Explain?
Entrepreneurs have some personalities that are different from non-entrepreneurs. The entrepreneurs are self motivated, have courage, communication abilities, self confidence, committed, and technical skills. In addition, they have business knowledge skills like; asset management, marketing strategies, business planning, among others traits. Becoming an entrepreneur requires finding some context to start and every person can be an entrepreneur. The contexts require gathering of entrepreneurial skills. The skills of entrepreneur are what are needed to make a person a successful entrepreneur. They include; desire for control, risk tolerance, initiative, vision, optimism, resilience, drive and persistence. In addition, an entrepreneur should develop some interpersonal skills so as to increase their chances of success. The skills are significant in developing and building strong relationships with the customers, consumers, teams, investors, shareholders, suppliers, among others.
5.) Name five successful entrepreneurs that have become rich and famous?
The interpersonal skills needed include; listening, ethics, negotiation, personal relations, communication skills, motivation and leadership. These skills are what have made entrepreneurs like; Mark Zuckerberg, Oprah Winfrey, Sergey Brin, Bill Gates, Warren Buffet, Richard Branson, and Steve Jobs be successful and to become famous and success.
7.) At what chronological age do most entrepreneurs start their careers?
Most of these entrepreneurs started their careers at the chronological age of 22 and 55 years old. Those who start out in the early 20’s are few and mostly include innovators like Mark Zuckerberg. However, most entrepreneurs build their wealth over time through well calculated investments and risks.
6.) In your opinion, what are five actions that entrepreneurs can take to increase their chances of success?
Moreover, these entrepreneurs took some actions so as to increase their chances of success. An entrepreneur needs to start small, think big, and stay focused, while listening to the right data so as increase chances of success. In addition, an entrepreneur should develop a strong backbone; choose customers with care; keep things uncluttered, agile, small, and up to date, while working hard along the journey.
8.) Why is a moral-support network important for entrepreneurs?
The moral support network is essential to entrepreneurs as they keep them motivate in being successful and creating wealth. Entrepreneurship does not only require a strong economic base but also strong emotions. A moral-support network is essential for creating this emotional confidence in the entrepreneur.
9.) Why is a professional support network important?
In addition, the professional support networks are significant as they help in influencing the entrepreneur’s career choices (Bob & Jeff, 2000). The networks give support and can act as advisory system for entrepreneur. Moreover, the networks give and provides advice, information, and guidance on marketing, organizational structure, market segments, and financial resources.
10.) What is corporate entrepreneurship?
The networks are what give rise to corporate entrepreneurship. Thus, corporate entrepreneurship is the process in which teams of established businesses foster, conceives, manage, and launch new business that are distinct from the parent organizations, but, leverage the original capabilities, market position, assets, and other resources. The corporate entrepreneurship involves the development of new products and services, innovations in brands, channels and many others.
Bob, H. & Jeff, D. (2000). Knowledge, Context, and Learning in the Small Business.
International Small Business Journal, 12-15.