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ENTR 3P96 (4)
Chapter 1

Chapter 1

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Department
Entrepreneurship
Course
ENTR 3P96
Professor
Dirk De Clercq
Semester
Winter

Description
CHAPTER 1Learning Objectives characterize the entrepreneurial processdescribe entrepreneurship and some characteristics of entrepreneursindicate three megatrends providing waves of entrepreneurial opportunitieslist and describe the seven principles of entrepreneurial financediscuss entrepreneurial finance and the role of the financial managerdescribe the various stages of a successful ventures life cycleidentify by life cycle the relevant types of financing and investorsunderstand the life cycle approach used in the textbookThe Entrepreneurial Process Processdeveloping opportunitiesgathering resourcesmanaging and building operations Goalcreating valueEntrepreneurshipprocess of changing ideas into commercial opportunities and creating value Entrepreneurindividual who thinks reasons and acts to convert ideas into commercial opportunities and to create valueEntrepreneurial Traits or Characteristics A successful entrepreneursees and seizes a commercial opportunitytends to be doggedly optimistic perhaps even to a faultplans to obtain the physical financial and human resources needed for the venture to succeedNonEntrepreneurial Traits or Characteristics Success is unlikely if youare seldom able to see an opportunity until it ceases to be one Mark Twainview the glass as being half empty instead of halffull unknownare paralyzed by a fear of failureSources of Entrepreneurial Opportunities Research J Case Suggests 12 Inc 500 success is due to extraordinary idea 88 due to exceptional execution of ordinary idea Trends suggesting entrepreneurial innovations societal changes demographic changes technological changes crises and bubbles
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