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Chapter 1

Entrepreneurship Chapter 1.docx

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COMM 320
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THE NATURE AND IMPORTANCE OF ENTREPRENEURSDEFINITION OF ENTREPRENEUR TODAYEntrepreneurship is the process of creating something new innovation with value market driven by devoting the necessary time and effort passion energy action orientation assuming the accompanying financial psychic internal locus of control and social risks risk taking and receiving the resulting rewards of monetary profit motive and personal satisfaction and independence autonomy sense of achievementoThe creation process something newoTaking action devotion of significant time and effortoAssuming the necessary risks financial psychological and even socialoEnjoying the rewards note the primary ones independence and satisfaction also financialSocial entrepreneurshipoObjective is to benefit the society rather than making profitsoAmbitious individuals who are tackling major social issuesoMissiondrivenoStrategic because they act on opportunities others have not seenoResourceful because they have limited access to capitaloDriven to produce resultsADVANTAGES AND DISADVANTAGES OF ENTREPRENEURSHIPAdvantagesIndependence and FlexibilityFinancial RewardsEnjoymentChallengeDisadvantages
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