Essentials of Entrepreneurship: A Practical Approach

Home > Essentials of Entrepreneurship: A Practical Approach > Chapter 1: Introduction

Summary and Conclusions

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More people than ever before are deciding to pursue entrepreneurial careers. Important characteristics and attributes common to many entrepreneurs include opportunity recognition, perseverance, passion, contributing to society, curiosity, work ethic, energy, flexibility, balance, mental toughness, some ego, and a little greed. Some of the skills needed by entrepreneurs include creativity, communication skills, salesmanship, and the ability to make decisions. Also, people choose to become entrepreneurs for a number of reasons.

There is an entrepreneurial life cycle through which entrepreneurs typically move. Individuals must prepare to be entrepreneurs, gain experience, understand the competition and consider various alternative paths for becoming successful. Life cycle constraints and significant risks are faced by entrepreneurs.

There are several stages in the entrepreneurial process. The first stage is recognizing and evaluating opportunities. Next, the new company must be launched. During this stage the entrepreneur must attract stakeholders, prepare a business plan, decide on the legal form of the business and raise money. Once the company is launched, the entrepreneur must grow and operate the company. Finally, the entrepreneur will harvest (exit) the company and (hopefully) gain a reward for the efforts put forth in building the enterprise.

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