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Lecture

Entrepreneurship For Posting.docx

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Department
Economics
Course
ECON 220
Professor
Owen Gallupe
Semester
Winter

Description
ARBUS 200 – Entrepreneurship For Posting CIE  Creativity - idea an individual imagines or the potential solution to a problem  Innovation - when a creative idea becomes tangible. Translating an idea into reality is the process of innovating  Entrepreneurship - bringing innovations to markets for a variety of different reasons including financial award o Extrinsic goals like money are not good motivators Creativity happens in three stages:  Individual  Firm  Supportive Culture Qualities of an Entrepreneur  Visionary  Determination  Self-starter  Motivated positively  Ambitious  Passion  Ability to work with others  Self-marketing  Perseverance  Eccentric  Organized to achieve your goals and have to know if you are not  Listen and be listened  Project Management Orientation  4 main qualities of an Entrepreneur o Disruptive o Irrational o Unreasonable o Curiosity - profound insights  Entrepreneurs aspire to greatness in terms of having impact  Empire Building entrepreneurs set their sights beyond borders  High Creativity and innovation (Inventor)  High General Management skills, business know-how and networks (Manager) Attitudes and Values  Self confidence  Opportunity recognition  Challenging conventional wisdom o Success is the good fortune that comes from aspiration, desperation, perspiration and inspiration - Esar  regular act encouraged within an organization.  We may make mistakes that we live from Skills  Human relations  Communications  Critical/creative thinking  Decision making - intuition is powerful when we allow it to work.  Problem solving  Management and organizational skills - allow people through allocate efficiency to do what they do.  Venture education - forecast outcomes Knowledge  Economic principles  Business world  Marketing  Production  Finance  Legal  Technology  Change The Entrepreneurial Process (check Powerpoint)  Innovation to Triggering event to Implementation to Growth o Triggering - daring leap to become the entrepreneur Entrepreneurship Myths  Entrepreneurs are born, not made  Anyone can start a business  Entrepreneurs are gamblers - when you don’t have enough money, you have to be daring and adventurous.  Entrepreneurs want the whole show to themselves  Entrepreneurs are motivated solely by the quest for the almighty dollar  If an entrepreneur has enough start-up capital, he/she can’t miss Paradoxes of Entrepreneurship  Those who believe the idea has no merit or market potential are wrong - an opportunity with no on very low potential can be an enormously big opportunity o Xerox did not first see a market for a personal computer but Steve Jobs saw a lot of potential and it is now big.  In order to make money you have to first lose money.  In o
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