Entrepreneurship Basics

Entrepreneurship originates from the French word entreprende which means "to undertake", in business context- to start a business - "Entrepreneurship is more than a word. It is a mission. We must perceive opportunities inherent in change; we must create a desire for pursuing the opportunities that arise; and we must create an environment in which success is possible and the consequences of failure are tolerable." –Professor Hisrich - is the practice of starting new businesses or developing new products or services - Is the utilization of both material and manpower resources with the end purpose of generating income or profit - Is a ______ through which individuals identify opportunities, allocate resources and create value

EVOLUTION OF ______ DEVELOPMENT OF ENTREPRENEURSHIP THEORY AND TERM ENTREPRENEUR SCHUMPETER’S VIEW OF ENTREPRENEURSHIP Austrian economist Joseph Schumpeter’s definition of entrepreneurship placed an emphasis on innovation, such as - New products - New production methods - New markets - New forms of organization ______ IS A PROCCESS AND APPROACH Entrepreneurship is also described as a dynamic process and an approach. As an approach, the entrepreneur considers the business opportunity as a chance how to solve the problem rather than solving the problem itself.

Entrepreneurship originates from the French word entreprende which means "to undertake", in business context- to start a business - "Entrepreneurship is more than a word. It is a mission. We must perceive opportunities inherent in change; we must create a desire for pursuing the opportunities that arise; and we must create an environment in which success is possible and the consequences of failure are tolerable." –Professor Hisrich - is the practice of starting new businesses or developing new products or services - Is the utilization of both material and manpower resources with the end purpose of generating income or profit - Is a process through which individuals identify ______, allocate resources and create value

Entrepreneurship originates from the French word entreprende which means "to undertake", in business context- to start a business - "Entrepreneurship is more than a word. It is a mission. We must perceive opportunities inherent in change; we must create a desire for pursuing the opportunities that arise; and we must create an environment in which success is possible and the consequences of failure are tolerable." –Professor Hisrich - is the practice of starting new businesses or developing new products or services - Is the utilization of both material and manpower resources with the end purpose of generating income or profit - Is a process through which individuals identify opportunities, allocate ______ and create value

Entrepreneurship originates from the French word entreprende which means "to undertake", in business context- to start a business - "Entrepreneurship is more than a word. It is a mission. We must perceive opportunities inherent in change; we must create a desire for pursuing the opportunities that arise; and we must create an environment in which success is possible and the consequences of failure are tolerable." –Professor Hisrich - is the practice of starting new businesses or developing new products or services - Is the utilization of both material and manpower resources with the end purpose of generating income or profit - Is a process through which individuals identify opportunities, ______ resources and create value

Entrepreneurship originates from the French word entreprende which means "to undertake", in business context- to start a business - "Entrepreneurship is more than a word. It is a mission. We must perceive opportunities inherent in change; we must create a desire for pursuing the opportunities that arise; and we must create an environment in which success is possible and the consequences of failure are tolerable." –Professor Hisrich - is the practice of starting new businesses or developing new products or services - Is the utilization of both material and manpower resources with the end purpose of generating income or profit - Is a process through which individuals ______ opportunities, allocate resources and create value