Introduction to entrepreneurship

What is entrepreneurship?

       Entrepreneurship is a dynamic process of vision, change, and creation that requires an applicaion of energy and passion towards the creation and implementation of new ideas and creative solutions. In other words, entrepreneurshipis having the passion, ideas and right mind-set to set up a business. As an entrepreneur, you should have the passion to be innovative and having bright ideas.
        Entrepreneurship is more than mere creation of business, although thats an important part of it, its not the complete picture. It invovles undertaking as it is gotten from the spanish word 'entreprendre' which means "to undertake."

Common mis-conceptions about entrepreneurship

• Entrepreneurs are doers not thinkers: Although its true that entrepreneurs act, they also think. They are mostly action takers but they also think before carryin out thier actions.
• Entrepreneurs are always inventors: Many inventors are entrepreneurs but not all entrepreneurs are inventors. Some entrepreneur jus pay inventors to do the job while they make the profit.
• All entrepreneurs need is luck: Entrepreneurs need much more than luck, they also need to be 'at the right place at the right time'.Prepared entrepreneurs who seize the opportunity when it arises are the ones considered 'lucky'.

What is the difference between a small business owner and an entrepreneur?

Objectives  & Views	Small Business Owner	Entrepreneur
1. Primary Motivation	To Make a Living	To Make a Change and Impact
2. Personal Financial Goal	Regular Income	Exit Value of Company
3. Career Objective	Self-Employment	Financial Freedom
4. Financing Strategy	SBA or Bank Loans	Investors
5. Business Strategy	Creating More Sales	Providing Value
6. View of Assets	Real Estate and Inventory	Employees & Customers
7. Risk Taking Profile	Stability	Willing To Fail
8. Employee Compensation	Market Rate or Below	Will Pay for Top Talent
9. Work Environment	Extension of Owner’s Home	Fast Paced and Growth Focused
10. Investment Profile	Main Investor/Owner of Company	Investor/Involvement in Different Businesses
11. Daily Actions	Day to Day Manager	Strategy, Growth and Collaboration
12. Work Style	Long-Term and Enjoys Repetitive Tasks	Short-Term and a Serial Innovator/Inventor