Innovation.
Improving organizational capabilities.
People, operating expenses, and assets needed to start.
Timely adaptation of opportunities fit for the target market and combining resources to pursue identified market opportunities.
An entrepreneur.
Radical innovation.
Bygrave (1997) and Cornwall & Naughton (2003).
Human resources management, financial management, and technical skills.
It helps in making informed decisions that can lead to growth.
They influence the growth of the entrepreneurial process.
Small improvements on products or services without completely changing them.
Technical skills, problem solving, numeracy and literacy, communication skills, adaptability to change, learning abilities, decision-making skills, negotiating skills, financial management, human resources, and legal knowledge.
A strong team can better pursue opportunities and turn ideas into reality.
Demographic, economic, technological, legal, political, geographic, and cultural factors.
Getting the idea.
They take it personally and may believe success of others is due to luck.
It allows entrepreneurs to respond effectively to market shifts.
User-driven innovation.
The process of planning and executing conception, pricing, promotion, and distribution of ideas, goods, and services to create exchanges that satisfy individual and organizational objectives.
Opportunities, innovation, and new value creation.
How much capital is secured and where the rest will come from.
When a product is first introduced in developed countries and later in developing markets.
Screening and evaluating the product or service before taking risks.
A specific state of mind that orients human conduct toward seeking opportunities, taking risks to realize those opportunities, and having the tenacity to push an idea through to make it a reality.
1. Passionately seek new opportunities. 2. Pursue opportunities with enormous discipline. 3. Focus on the very best opportunities. 4. Focus on adaptive execution. 5. Engage the energies of everyone in their domain.
The initiation stage.
It refers to involving all stakeholders in the entrepreneurial process to maximize potential and effectiveness.
Product or service idea.
Experience and skills.
A situation that forces a person to pursue an entrepreneurial idea, such as changes in job status.
New products or services that start at the bottom of the marketplace and eventually remove competitors.
Incremental innovation.
How entrepreneurial the person is.
Whether the founder is committed to building a company and has relevant experience.
A process that starts with what one has and selects among possible outcomes, focusing on affordable loss rather than expected returns.
Innovation that occurs when companies rely solely on their internal research and development teams.
Innovation that occurs when a company taps into both internal and external ideas to improve their operations.
Environmental conditions like policies, competition, resources, and personal reasons.
To seek better ways of surviving existing competition.
Fixed mindset.
As an opportunity for growth and learning.
Environments that the company can't control but can be easily affected by.
Ownership and equity splits.
They can lead to the generation of ideas through relentless search and experiences.
Critical thinking.
All stages except stage 2.
Stage 1 and stage 4.
Resource management.
Technical skills, communication, problem solving, motivation, adaptability to change, time management, financial management, human resources, marketing, and networking.
It helps refine the ideas of an entrepreneur.
Description, differentiators, competitive advantages, customer care support, and production capabilities.
A habit that requires practice.
It fosters innovation and opportunity recognition.
Negotiating skills.
From stage 2 until stage 4.
Entrepreneurial thinking focuses on change and opportunity exploitation.
The belief that talents and abilities can be improved through dedication and effort.
Studying the micro environment that directly impacts the business.
Technical skills.
They are crucial for resolving operational problems.
It helps in managing resources effectively to achieve goals.
Opportunity evaluation.
Funding sources.
The activity of meeting people who might be useful to know, especially in your job.
To pursue and seize perceived opportunities.
Understanding the source of working capital and capital requirements.
New goods, new methods of production, new markets, new sources of inputs, new types of organizing.
A mental attitude or inclination.
Fixed mindset and growth-oriented mindset.
Market demand, target market, industry characteristics, expected market share, competition, and distribution channels.
Having enough financial capital.
The pursuit of opportunity and resourcefulness.
To identify where money can be made, acceptable returns on investment, and payback periods.
Value assessment.
Resource mobilization stage.
Identifying and evaluating perceived opportunities and bringing together resources necessary for the successful formation of a new firm.
Motivation (need for achievement).
Discovery, evaluation, and exploitation of opportunities.
It is crucial for initiating and furthering a business venture.
Stage 1 and stage 3.
Real and perceived risks, including industry-based risks.
Plans for surviving the death of the lead entrepreneur.
Entrepreneurial action.
Analyzing external and internal environments.
It involves awareness and focus on identifying opportunities through solving problems and a willingness to advance those ideas.
Market segmentation.
Opportunities can arise from personal experiences or research observations, while challenges are obstacles to overcome.
Growth-oriented mindset.
Communication, operations, and innovation skills.
Garnering resources.
The sum of your knowledge, including beliefs and thoughts about the world and yourself, acting as a filter for information.
To reform or revolutionize production patterns and act as change agents.
The customers' evaluation of the merits of a product or service and its ability to meet their needs and expectations.
Execution, specifically adaptive execution, is crucial for successfully pursuing opportunities.
Demographic, economic, technological, legal, political, geographic, and cultural factors.
A belief that talent and abilities are set traits, leading to avoidance of challenges and viewing failure as personal.
Various securities available to secure funding.
Motivation to become an entrepreneur, planning, and gathering resources.
Jean Baptiste Say.
A new product or service that has never been seen before.
Define mindset, entrepreneurship, entrepreneur, and entrepreneurial mindset; analyze the entrepreneurial process.
Development costs, funding sources, pricing strategies, and profitability margins.
Selling, management, and technical skills, along with competitive advantage.
Their relationship, commitment, and motivation are crucial for success.
Companies with excellent research and development teams usually deliver significant innovations.
Communication and negotiation skills.
