ENTREPRENEURSHIP THEORY & PRACTICE
HC 1 - CHAPTER 1: INTRODUCTION TO ENTREPRENEURSHIP
Entrepreneurship as a process: an activity that involves the discovery, evaluation and exploitation of
opportunities to introduce new goods and services, ways of organizing, markets, processes, and raw
materials through organizing efforts that previously did not exist.
HC 2 - CHAPTER 2: RECOGNIZING OPPORTUNITIES AND
GENERATING IDEAS
,An idea has the potential to become an opportunity → many entrepreneurial ventures fail because
there was no real opportunity to begin with.
Recognize: opportunities are out there you just need to find them → find a problem and
create a solution and business to fill the 'opportunity gap'.
Create: the entrepreneur creates a new need (a solution without a problem) and exploits it.
Opportunity: a favorable set of circumstances that identifies or creates a need for a new product or
service. Difficult to spot: something that is not already available, that people need and are willing to
pay for.
Sources and approaches:
1. Observing trends.
Economic trends; the sharing economy: a weak economy favors start-ups that help
consumers save money.
Social trends; an increasing focus on health and wellness favors start-ups that help
consumers get and stay fit or healthy.
Technological advances and trends; technological advances can create and drive trends that
favors start-ups that provide consumers with new value adding products and services.
Regulations and political trends; trends to increasingly protect the environment and improve
social conditions have created laws and regulations and opportunities for entrepreneurs to
start firms that help provide solutions.
2. Solving a problem.
3. Finding gaps in the marketplace.
, Opportunity recognitions process;
Prior experience can help;
Recognize niche markets that are underserved.
Recognize ideas from existing business that are not currently being exploited.
Cognitive factors; some are innate some are learned;
Being alert is a key attribute of entrepreneurs - "the ability to notice things without engaging
in deliberate search".
Alertness can also be linked to experience.
Network entrepreneurs:
Social contacts can be the source of ideas.
Networks with strong and weak tie relationships.
Weak ties help to add heterogeneity and can lead to new approaches, new ideas and novel
problem solution combinations.
The creative process;
HC 3 - CHAPTER 4: DEVELOPING AN EFFECTIVE BUSINESS
MODEL
HC 1 - CHAPTER 1: INTRODUCTION TO ENTREPRENEURSHIP
Entrepreneurship as a process: an activity that involves the discovery, evaluation and exploitation of
opportunities to introduce new goods and services, ways of organizing, markets, processes, and raw
materials through organizing efforts that previously did not exist.
HC 2 - CHAPTER 2: RECOGNIZING OPPORTUNITIES AND
GENERATING IDEAS
,An idea has the potential to become an opportunity → many entrepreneurial ventures fail because
there was no real opportunity to begin with.
Recognize: opportunities are out there you just need to find them → find a problem and
create a solution and business to fill the 'opportunity gap'.
Create: the entrepreneur creates a new need (a solution without a problem) and exploits it.
Opportunity: a favorable set of circumstances that identifies or creates a need for a new product or
service. Difficult to spot: something that is not already available, that people need and are willing to
pay for.
Sources and approaches:
1. Observing trends.
Economic trends; the sharing economy: a weak economy favors start-ups that help
consumers save money.
Social trends; an increasing focus on health and wellness favors start-ups that help
consumers get and stay fit or healthy.
Technological advances and trends; technological advances can create and drive trends that
favors start-ups that provide consumers with new value adding products and services.
Regulations and political trends; trends to increasingly protect the environment and improve
social conditions have created laws and regulations and opportunities for entrepreneurs to
start firms that help provide solutions.
2. Solving a problem.
3. Finding gaps in the marketplace.
, Opportunity recognitions process;
Prior experience can help;
Recognize niche markets that are underserved.
Recognize ideas from existing business that are not currently being exploited.
Cognitive factors; some are innate some are learned;
Being alert is a key attribute of entrepreneurs - "the ability to notice things without engaging
in deliberate search".
Alertness can also be linked to experience.
Network entrepreneurs:
Social contacts can be the source of ideas.
Networks with strong and weak tie relationships.
Weak ties help to add heterogeneity and can lead to new approaches, new ideas and novel
problem solution combinations.
The creative process;
HC 3 - CHAPTER 4: DEVELOPING AN EFFECTIVE BUSINESS
MODEL
