ADM 1300 Chapter Notes - Chapter 5: Creative Destruction, Disruptive Innovation, Ebay

• School: University of Ottawa
• Department: Administration
• Course: ADM 1300
• Professor: Archibald

Document Summary

The process of starting new organizations, usually in response to opportunities. These new organizations may be for traditionally for profit purposes, but mre now they"re starting in response to needs within the community and are known as social enterprises/ventures. Entrepreneurs pursue opportunities by changing, revolutionizing, transforming, or introducing new products or services. Entrepreneurial applies to individuals who embrace one or more of these skills: commitment, determination, leadership, opportunity obsession, motivation to excel, tolerance of risk and uncertainty, creativity, self reliance, and ability to adapt. Eg when apple launched the iphone, other cell companies didn"t think they needed to. How entrepreneurial ventures add value to the economy. One view: entrepreneurs create opportunity through innovation, and then takes advantage of it worry because it had no market share (schumpeter"s theory) Process of transformation, the way things were done before it is destroyed .