MGT 3111 Chapter Notes - Chapter 1: Takers
Document Summary
Entrepreneurship - is the process by which individuals pursue opportunities without regard to resources they currently control. The three primary reasons that people decide to become entrepreneurs and start their own firm: to be their own boss, to pursue their own ideas, to realize financial awards. Passion for your business: product/customer focus (ex. Steve jobs w/ apple inc. : tenacity despite failure, execution intelligence (ability to fashion a solid idea into a viable business) 5 most common myths regarding entrepreneurs: entrepreneurs are born, not made, entrepreneurs are gamblers, entrepreneurs are motivated primarily by 14988, entrepreneurs should be found and energetic, entrepreneurs love the spotlight. Three types of start-up firms: salary-substitute firms, lifestyle firms, entrepreneurial firms. Start-up firm #1: salary-substitute - in this case, entrepreneurs seeks to earn an amount of income that is similar or identical to what he/she can earn if working as an employee for another company.
