Introduction to Entrepreneurial Management: Basics and History

Corporate Entrepreneurship = Referred to as intrapreneurship or corporate venturing Public Sector Entrepreneurship = Focuses more on internal developments and processes Social Entrepreneurship = Application of business expertise in for-profit, non-profit, or public sector Entrepreneur versus Manager = Management involves achieving organization objectives; Entrepreneur focuses on future opportunities

Identification opportunity and evaluation = First phase of the entrepreneurial process Development of the business plan = Second phase of the entrepreneurial process Determination and evaluation of resource requirements = Third phase of the entrepreneurial process Implementation and management of the resulting enterprise = Fourth phase of the entrepreneurial process

Business = Initiating and leading business activities Managerial = Allocating employees’ duties Personal = Initiative thinking Economist = One who brings resources into combinations that increase value

<p>A strong drive and energy = Characteristic of effective entrepreneurial management A motivation to change = Characteristic of effective entrepreneurial management A desire to achieve = Characteristic of effective entrepreneurial management Challenge the past way of doing things = Characteristic of effective entrepreneurial management</p> Signup and view all the answers

<p>Forecasting business changes = Business Create performance standard = Managerial Organizing economic mechanisms = Personal Introduce and implement change = Economist</p> Signup and view all the answers

<p>Entrepreneurship = Translating a vision into a successful business enterprise Wealth creation = Focus on ownership and value increase Resource management = Improve resource allocation Acceptance of risk = Personal initiative thinking</p> Signup and view all the answers

<p>Need to attain something = Drive to experiment Drive to accomplish = Drive to escape authority Experimentation = Need for accomplishment Escaping authority = Need for attainment</p> Signup and view all the answers

<p>Entrepreneur = In the Middle Ages, used to describe both an actor and a person who managed large production projects. Businessman = In the late nineteenth and early twentieth centuries, frequently not distinguished from managers and viewed mostly from an economic perspective. Innovation = In the middle of the twentieth century, establishing the notion of an entrepreneur as an innovator. Risk Bearing = Some believed that this was the key factor in distinguishing a manager from an entrepreneur.</p> Signup and view all the answers

<p>Seventeenth century = Entrepreneur described as a person who entered into contractual arrangement with the government. Eighteenth century = Entrepreneur distinguished from the capital provider. Mid-twentieth century = Establishing entrepreneur as an innovator along with a more refined definition. Late nineteenth and early twentieth centuries = Entrepreneurs frequently not distinguished from managers and viewed mostly from an economic perspective.</p> Signup and view all the answers

<p>Entrepreneurship = The act of introducing something new and relevant, one of the most difficult tasks for the entrepreneur. Innovation = Concept of innovation and newness becoming an integral part of entrepreneurship in the mid-twentieth century. Capital Provider = Distinguished from the entrepreneur in the eighteenth century. Manager = Frequently not distinguished from entrepreneurs in the late nineteenth and early twentieth centuries.</p> Signup and view all the answers