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BUSI 2800 (1)
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Department
Business
Course
BUSI 2800
Professor
All Professors
Semester
Winter

Description
Lecture 1What is entrepreneurshipEntrepreneurship is the process by which opportunities to create future goods and services are discovered evaluated and exploitedEntrepreneurial activity is enterprising human action in pursuit of the generation of value through the creation or expansion of economic activity by identifying and exploiting new products processes or marketsEntrepreneurship is the dynamic process of creating incremental wealth The wealth is created by individuals who assume the major risks in terms of equity time and career commitment or provide value for some product or service The product or service may or may not be new or unique but value must somehow be infused by the entrepreneur by receiving and locating the necessary skills and resourcesThe process of creating something new and assuming the risks and rewardsThe pursuit of opportunity without regard to resources currently controlledAn entrepreneur is someone who perceives an opportunity and creates an organization to pursue itThemes of EntrepreneurshipFocus on discovery of new opportunities pursuit and exploiting of these opportunities acquiringreorganizing resources not currently at hand ambiguous outcomes accepting risk of failure creating new organizationsFour Aspects creation of new value devotion of necessary time and effort assumption of necessary risk expectations of rewardsIntrapreneurs behave like entrepreneurs inside of existing organizations create new value and assume risk like entrepreneurs differences they answer to bosses work within org structures risk and rewards are limited to their job have access to corporate resources that reduce risk dont create corporate cultureLecture 2Intrapreneurs behave like entrepreneurs inside of existing organizations create new value and assume risk like entrepreneurs differences they answer to bosses work within org structures risk and rewards are limited to their job have access to corporate resources that reduce risk dont create corporate culture a form of corporate venturing when presented with an internal opportunityan alternative to joint ventures or spinoffsBig Five Personality Traits of successful entrepreneursPositively linked conscientiousness openness to experienceInconsistently linked agreeableness emotional stability extraversionBiases in decision making of entrepreneurs1OverconfidenceaFailure to know limits of knowledge2Illusion of controlaOveremphasis in ones ability to control and predict outcomes of uncontrollable events3RepresentativenessaWillingness to use small non random samples to generalize and draw firm conclusions4Planning fallacyaFailure to consider past experiences in predicting future outcomes leading to over optimism5Self servingaAttributions of positive outcomes to internal causes and negative outcomes to factors outside ones control
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