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It discusses the roles of entrepreneurs as initiators, innovators, coordinators, leaders, and social workers. It also covers the characteristics of entrepreneurship such as being an economic activity, involving creativity and innovation, profit-seeking, and risk-bearing.
This document provides an introduction to entrepreneurship, including definitions and concepts. It discusses key topics such as: - The definition of an entrepreneur and entrepreneurship from various perspectives. - Entrepreneurial traits like innovation, risk-bearing, and passion.
It describes three approaches entrepreneurs use to identify opportunities: observing trends, solving problems, and finding gaps in the marketplace. Personal characteristics like prior experience, social networks, cognitive factors, and creativity can help entrepreneurs recognize opportunities.
1-1 Chapter 1 Introduction to Entrepreneurship Bruce R. Barringer R. Duane Ireland
Entrepreneur is the middleman who buys at a lower price and sells higher (Blaug, 2000). Adam Smith (1776) widened the scope of entrepreneurship to include the task of forming an organization for commercial purposes.
Entrepreneurship: The process of recognizing an opportunity, testing it in the market, and gathering resources necessary to go into business. Entrepreneurial: Acting like an entrepreneur or having an entrepreneurial mind set.
Chapter Objectives Explain entrepreneurship and discuss its importance. Describe corporate entrepreneurship and its use in established firms. Discuss three main reasons people decide to become entrepreneurs. Identify four main characteristics of successful entrepreneurs. Explain five common myths regarding entrepreneurship.