Lecture Entrepreneurship: Chapter 2 - The entrepreneurial process. Chapter 2 is an overview of the factors critical for starting a new enterprise and building it into a successful business. | THE ENTREPRENEURIAL PROCESS Chapter 2 1 The Entrepreneurial Process 2 INNOVATION TRIGGERING EVENT IMPLEMENTATION GROWTH PERSONAL Achievement Locus of control Ambiguity tolerance Risk taking Personal values Education Experience Opportunity recognition PERSONAL Risk taking Job dissatisfaction Job loss Education Age Gender Commitment Resources SOCIOLOGICAL Networks Teams Parents Family Role models Advisors PERSONAL Entrepreneur Leader Manager Commitment Vision ORGANIZATIONAL Team Strategy Structure Culture Products ENVIRONMENTAL Competitors Customers Suppliers Investors Bankers Lawyers Resources Governmental Policy Economy ENVIRONMENTAL Economy Competition Resources Incubator Government policy ENVIRONMENTAL Opportunities Role models Creativity Zacharakis, Bygrave & Corbett, Entrepreneurship, New York: Wiley, 2017© Entrepreneurship Defined Entrepreneur: someone who perceives an opportunity and creates an organization to pursue that opportunity. Entrepreneurship involves all the functions, activities, and actions associated with perceiving opportunities and creating organizations to pursue them. These include: Market and customer research Service and product innovation Team building Finding & managing resources Leadership 3 Zacharakis, Bygrave & Corbett, Entrepreneurship, New York: Wiley, 2017© Factors Influencing an Entrepreneur Higher internal locus of control Desire for financial success Desire to achieve self-realization Desire for recognition Joy of innovation Risk tolerance Personal Attributes Environmental Factors Local, regional, or national attitudes Social and cultural pressures for or against risk taking Access to entrepreneurial role models Responsibilities to family and community Remember: No single type of person is best suited for entrepreneurship. Entrepreneurs come from all walks of life! 4 Zacharakis, Bygrave & Corbett, Entrepreneurship, New York: Wiley, 2017© Ten D’s of Entrepreneurship Dream Decisiveness Doers Determination Dedication Devotion . | THE ENTREPRENEURIAL PROCESS Chapter 2 1 The Entrepreneurial Process 2 INNOVATION TRIGGERING EVENT IMPLEMENTATION GROWTH PERSONAL Achievement Locus of control Ambiguity tolerance Risk taking Personal values Education Experience Opportunity recognition PERSONAL Risk taking Job dissatisfaction Job loss Education Age Gender Commitment Resources SOCIOLOGICAL Networks Teams Parents Family Role models Advisors PERSONAL Entrepreneur Leader Manager Commitment Vision ORGANIZATIONAL Team Strategy Structure Culture Products ENVIRONMENTAL Competitors Customers Suppliers Investors Bankers Lawyers Resources Governmental Policy Economy ENVIRONMENTAL Economy Competition Resources Incubator Government policy ENVIRONMENTAL Opportunities Role models Creativity Zacharakis, Bygrave & Corbett, Entrepreneurship, New York: Wiley, 2017© Entrepreneurship Defined Entrepreneur: someone who perceives an opportunity and creates an organization to pursue that opportunity. Entrepreneurship involves all the functions,
