MGMT 1000 Chapter Notes - Chapter 4: Small Business, Research And Development, Personal Development
10 Dec 2017
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Document Summary
Entrepreneurship: the process of starting new organizations/ventures, generally in response to opportunities. Social enterprises/ventures: organizations that are started in response to needs within the community. How entrepreneurial ventures add value to the economy. Creative destruction: the process of transformation that accompanies radical innovation, where the way things were done before is destroyed. Entrepreneurially alert: the ability to perceive opportunities for entrepreneurial profits by being sensitive to signals in the marketplace. Entrepreneurial ventures: organizations that are pursuing opportunities, are characterized by innovative practices, and have growth and profitability as their main goals. Small business: an organization that is independently owned, operated and financed; has fewer than 100 employees, doesn"t engage in any new innovative practices. Entrepreneurship and innovation seen as cornerstones of a competitive national economy. Its importance can be shown in three areas: Creative destruction process leads to technological changes and employment growth small firms generate more innovations than fortune 500 organizations.
