ENT 526 Chapter : ENT526.docx

• School: Ryerson University
• Department: Entrepreneurship and Strategy
• Course: ENT 526
• Professor: Sean Wise

Document Summary

Entrepreneurship is the nexus of two phenomenon: The presence of enterprising individuals i. e. entrepreneurs. Opportunities are generated by changes in technological, economic, or social conditions all the time. Example: expedia. ca: online travel service founded in 1995. Technology: access to internet for millions and software to integrate airlines and hotels. Economic: needed safe and reliable way of making payments over the internet and paying commissions to an internet company. Social: awareness, confidence and trust of consumers had to increase. The entrepreneur decides to exploit the attractive opportunity by developing a strategy which he/she implements successfully. Popular misconceptions about entrepreneurs: anyone who starts a business is an entrepreneur. Anyone can start a business; the difference between an idea and an opportunity is the key. It is much harder to survive, sustain and build a business than to simply start one: entrepreneurs are gamblers. Entrepreneurs take careful, calculated risks; typically they try to share risks.