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LECTURE NOTES ENTREPRENEURSHIP: AN EVOLVING CONCEPT I. Taken from the French “entre prendre,” means “to undertake.” B.
This particular chapter begins with the definition and the proper introduction to entrepreneurship.
The chapter stresses the importance historically of entrepreneurship.
They will have to find the cheapest way to produce and advertise their product.
This will take some research but it can be a lot of fun.
The approach is divided into the individual, the environment, the organization, and the process.
Before the chapter concludes with the summary, the key factors of entrepreneurship, entrepreneur, and entrepreneurial management are briefly discussed.Personal initiative, ability to consolidate resources, management skills, and risk taking are just a few of the important qualities needed to be a successful entrepreneur.The chapter continues to define and discuss ten specific myths associated with entrepreneurship.An individual’s understanding may be increased by many approaches.Two specific approaches are “macro” and “micro” views.Implementing innovation is the only way to increase the competitiveness of goods produced and support high rates of growth and profit.However, experts predict that we should not expect a significant progress in the development of innovative sphere in the near future.Their final profits will be affected if they do not know where to set up.It will take some effort on their part if they want to win and they will have to research their product to get a feel for supply and demand.Over the years various definitions have been used in an attempt to describe entrepreneurship.The twentieth century has linked the term with free enterprise and capitalism, while three specific activities have been recognized that entrepreneurs perform: serving as an agent for change; providing creative innovative ideas for the enterprise; and helping business grow and become profitable.