Nature and Development of Entrepreneurship.
An individual who takes initiative to bundle resources in innovative ways and is willing to bear the risk and/or uncertainty to act.
Being an entrepreneur today:
Involves creation process.
Requires devotion of time and effort.
Involves rewards of being an entrepreneur.
Requires assumption of necessary risks
Entrepreneurial action .
Behavior in response to a judgmental decision under uncertainty about a possible opportunity for profit.
Table 1.1 - Aspects of the Entrepreneurial Process
The Entrepreneurial Process .
- Opportunity identification - The process by which an entrepreneur comes up with the opportunity for a new venture.
- Market size and the length of the window of opportunity are the primary bases for determining risks and rewards.
- Window of opportunity - The time period available for creating the new venture.
- Business plan - The description of the future direction of the business.