Summary MGMT 3850 MIDTERM STUDY GUIDE | VERIFIED GUIDE

MGMT 3850 MIDTERM STUDY GUIDE | VERIFIED GUIDE CH. 1 The world of Entrepreneur • Every year U.S. entrepreneurs launch more than 6.6 million new businesses • Entrepreneurial spirit - the most significant economic development in recent history. • Globally, nearly one in eight adults is actively engaged in launching a business • Global Entrepreneurship Monitor (GEM) study: 12.6% of the U.S. population aged 18 to 64 is engaged in entrepreneurial activity 68% of working adults around the world perceive entrepreneurs as having high status. What is an Entrepreneur? • One who creates a new business in the face of risk and uncertainty for the purpose of achieving profit and growth by identifying opportunities and assembling the necessary resources to capitalize on them. • Diversity • Anyone – regardless of age, race, gender, color, national origin, or any other characteristic – can become an entrepreneur (although not everyone should). Characteristics of Entrepreneurs • Desire for responsibility • Preference for moderate levels of risk: risk eliminators • Self-reliance • Confidence in their ability to succeed • Determination • Desire for immediate feedback • High level of energy • Future orientation Opportunity Entrepreneur Necessity Entrepreneurs Serial Entrepreneur • Skilled at organizing • Value achievement over money Entrepreneurs tend to exhibit: • A high degree of commitment • Tolerance for ambiguity • Creativity • Flexibility • Resourcefulness • A willingness to work hard •