This chapter’s objectives are to: Define the process of entrepreneurship and the role of managers as entrepreneurs, describe the opportunities and challenges that affect the growth of new ventures, compare and contrast different types of ventures that entrepreneurs create,. | Chapter 18 Entrepreneurship and Innovation Define the process of entrepreneurship and the role of managers as entrepreneurs Describe the opportunities and challenges that affect the growth of new ventures Compare and contrast different types of ventures that entrepreneurs create Explain how managers lead a creative process with individuals and teams Outline how entrepreneurs use innovation to grow global opportunities Learning Objectives Entrepreneur Individual that plans, organizes, and leads high-risk business opportunities with new market value Entrepreneurial skills – capacities, activities, and strengths that enable individuals to manage successfully in high-risk business environments Entrepreneurs encourage customers to accept new innovation How Entrepreneurship Makes a Difference (p. 440) Innovation (p. 440) Process that results in new market value through the creation of a product or service Innovation adoption curve – staged model that describes the evolution of an . | Chapter 18 Entrepreneurship and Innovation Define the process of entrepreneurship and the role of managers as entrepreneurs Describe the opportunities and challenges that affect the growth of new ventures Compare and contrast different types of ventures that entrepreneurs create Explain how managers lead a creative process with individuals and teams Outline how entrepreneurs use innovation to grow global opportunities Learning Objectives Entrepreneur Individual that plans, organizes, and leads high-risk business opportunities with new market value Entrepreneurial skills – capacities, activities, and strengths that enable individuals to manage successfully in high-risk business environments Entrepreneurs encourage customers to accept new innovation How Entrepreneurship Makes a Difference (p. 440) Innovation (p. 440) Process that results in new market value through the creation of a product or service Innovation adoption curve – staged model that describes the evolution of an innovation’s acceptance with three types of customers Innovators Early adopters Early majority (p. 442) Late majority Laggards How Entrepreneurship Makes a Difference (cont.) Start-up company (p. 442) Newly formed organization with limited or no operational history Entrepreneurship Activities associated with seeking new opportunities that generate new value, with an array of unknown forces Business model Proposed method for creating and sustaining market value Venture capital Funding that supports the starting and growing of high-risk business ventures How Entrepreneurship Makes a Difference (cont.) People, processes, and the ecosystem (p. 442-443) Entrepreneurial ecosystem – set of stakeholders that are necessary to support the innovation and creation of new market value Must embrace creativity Creativity – process through which individuals and groups transform ideas into reality How Entrepreneurship Makes a Difference (cont.) Growth accelerants Market opportunity/customers/competitors Identify
