1. Chapter 1 Understanding Entrepreneurship

2. Copyright © Houghton Mifflin Company1-2 Overview The new environment for entrepreneurship The nature of entrepreneurs The nature of start-ups History of entrepreneurship The research

3. Copyright © Houghton Mifflin Company1-3 The New Environment First mover with scalable concept is not essential to success with most ventures Knowledge is not a scarce resource in economic terms Temporary monopolies are essential to innovation Demand is for quality, speed, and lowest price

4. Copyright © Houghton Mifflin Company1-4 The Nature of Entrepreneurs Risk-taking Need for achievement Sense of independence Internal locus of control Tolerance for ambiguity

5. Copyright © Houghton Mifflin Company1-5 Entrepreneurial Behavior Committing resources to an opportunity Establishing procedures for the use of resources Identifying, assembling, and configuring resources Interacting with people Coordinating and establishing routines

6. Copyright © Houghton Mifflin Company1-6 Types of Entrepreneurs The home-based entrepreneur The cyber entrepreneur The serial entrepreneur The traditional entrepreneur The corporate venturer

7. Copyright © Houghton Mifflin Company1-7 The Nature of Start-ups

8. Copyright © Houghton Mifflin Company1-8 Environmental Variables

9. Copyright © Houghton Mifflin Company1-9 Entrepreneurial Ventures versus Small Businesses Entrepreneurial ventures –Innovative –Value-creating –Growth-oriented Small businesses –Generate an income for the owner –Relatively small –Geographically bound

10. Copyright © Houghton Mifflin Company1-10 History of Entrepreneurship

11. Copyright © Houghton Mifflin Company1-11 Entrepreneurial Research How entrepreneurs exploit opportunity and create wealth How entrepreneurs disrupt the economic equilibrium How entrepreneurs use experience to recognize opportunity How entrepreneurs use social networks

12. Copyright © Houghton Mifflin Company1-12 Take-Aways List what your students took away from the discussion here in real time