Entrepreneurship is the strategic thinking and risk taking behavior that results in the
creation of new opportunities for individuals and or organizations.
Entrepreneurs are Risk taking individuals who take actions to pursue opportunities and
situations others may fail to recognize or may view as problems or threats
Entrepreneurs are founders of business that become large scale enterprises
Buy local franchise outlet
Open small retail shop
Operate a self employed service business
Intraprenuers -People who introduce a new product or operational change in an existing
Types of entrepreneurial opportunities:
New Production Processes
Types of characteristics of entrepreneurs:
High energy level
High need for achievement
Tolerance for ambiguity
Passion and action orientation
Self reliance and desire for independence
Typical entrepreneurial backgrounds and experiences:
Parents were entrepreneurs or self employed
Families encouraged responsibility, initiative, and independence
Have tried more than one business venture
Have relevant personal or career experience
Become entrepreneurs between 22 and 45 years of age.
Have strong interest in creative production and enterprise control
Seek independence and sense of mastery.
What are small and medium sized businesses?
o For goofs producing firms with 100 or fewer employees
o For service firms, with 50 or fewer employees
o Micro enterprises – fewer than 5 employees
o Medium businesses – from 101 to 499 employees
o 50% of the private labor force works in small businesses.