ADMS 3920 Lecture Notes - Lecture 1: Social Capital, Reduced Cost, Micro-Enterprise

195 views6 pages

Document Summary

Entrepreneurial opportunity an economically attractive and timely opportunity that creates value for buyers, distinguishes between opportunities and ideas. Some entrepreneurs are quite successful, some achieve more modest rewards and others fail. Learning to fail is part of the entrepreneurial process as it often takes repeated attempts to ultimately succeed in business. Entrepreneur a person who launches, builds, and/or operates a new or an existing business, to create value while assuming both the risk and the reward for his or her efforts. We do not limit the term entrepreneur to only founders, but also to the second. Generation operators of family owned firms, franchisees, and owner- Managers who have bought out the founders of existing firms. Our definition however does exclude salaried managers of larger corporations. To get an idea of the unlimited potential of entrepreneurial ventures, think of the achievements of entrepreneurs that developed into.