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Department
Entrepreneurship and Strategy
Course
ENT 526
Professor
Sean Wise
Semester
Fall

Description
ENT526: Intro 9/8/2012 2:25:00 PM Week 1 What is Entrepreneurship?  Entrepreneurship is the nexus of two phenomenon:  The presence of lucrative opportunities  The presence of enterprising individuals i.e. entrepreneurs  Entrepreneurship is a process:  Opportunities are generated by changes in technological, economic, or social conditions all the time. Example: Expedia.ca: Online travel service founded in 1995. Could it have been launched prior to 1990? No, changes needed to realize opportunity:  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 assesses the value of an opportunity i.e. given the industry conditions, does it appear profitable? The entrepreneur decides to exploit the attractive opportunity by developing a strategy which he/she implements successfully. Popular Misconceptions about Entrepreneurs 1. 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. 2. Entrepreneurs are gamblers  Entrepreneurs
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