Entrepreneurship Basics

Study Notes

Entrepreneurship is the process of designing, launching, and running a new business or venture
It involves taking on financial, operational, and market risks to pursue an opportunity

Innovative thinking: ability to identify opportunities and create new products or services
Risk-taking: willingness to take calculated risks to achieve business goals
Adaptability: ability to pivot and adjust to changing market conditions
Passion: strong drive and motivation to succeed
Resilience: ability to bounce back from failures and setbacks

Small business entrepreneurs: start and run small businesses, often with a local focus
Scalable entrepreneurs: aim to build high-growth businesses with global potential
Social entrepreneurs: focus on solving social or environmental problems through their business
Intrapreneurs: work within an existing organization to develop new products or services

Access to funding: securing sufficient capital to start and grow the business
Market competition: competing with established businesses and new entrants
Regulatory compliance: navigating complex laws and regulations
Talent acquisition and management: attracting and retaining skilled employees
Adapting to change: responding to changes in the market, industry, or economy

Entrepreneurship is a process that involves designing, launching, and running a new business or venture, taking on financial, operational, and market risks to pursue an opportunity.

Innovative thinking allows entrepreneurs to identify opportunities and create new products or services.
Risk-taking is essential, as entrepreneurs need to take calculated risks to achieve business goals.
Adaptability enables entrepreneurs to pivot and adjust to changing market conditions.
Passion drives entrepreneurs to succeed, and resilience helps them bounce back from failures and setbacks.

Small business entrepreneurs start and run small businesses, often with a local focus.
Scalable entrepreneurs aim to build high-growth businesses with global potential.
Social entrepreneurs focus on solving social or environmental problems through their business.
Intrapreneurs work within an existing organization to develop new products or services.

Idea generation involves identifying opportunities and generating business ideas.
Feasibility analysis evaluates the potential of an idea.
Business planning creates a detailed plan for the business.
Launch and operation involve launching and running the business.
Growth and scaling expand the business and increase revenue.

Access to funding is a major challenge, as entrepreneurs need to secure sufficient capital to start and grow their business.
Market competition is intense, with entrepreneurs competing with established businesses and new entrants.
Regulatory compliance is complex, requiring entrepreneurs to navigate laws and regulations.
Talent acquisition and management are crucial, as entrepreneurs need to attract and retain skilled employees.
Adapting to change is essential, as entrepreneurs respond to changes in the market, industry, or economy.