Hey, this intro is about the supply chain. Now we are going to dive into the challenge of the entrepreneurship chapter.
Creativity is the most important thing in entrepreneurship. Creativity refers to the formation of new values, ideas, or scientific theories. It is intangible.
The start-up company is to be unique and different to survive in the market.
1 person among every 8 persons starts business in the USA.
Entrepreneurial Activity across the Globe:
a. Factor-driven economy
b. Efficiency-driven economy
c. Innovation-driven economy
economy
a. Factor-driven economy: Unskilled labor and natural resources are engaged in a factor-driven economy. Specialized labor is rare in this economy. Price is the basis of the economy. No product quality or improvement is considered in the economy. Buying economical price and selling higher price is a major characteristic of the business.
b. Efficiency-driven economy: Production process and product quality are focused on an efficiency-driven economy.
c. Innovation-driven economy: Innovation-driven economy leads to invention and discovery.
Men are twice as likely to start a business as women.
Entrepreneurs are most likely to launch businesses when they are between 35 and 45.
Entrepreneur: A person who generates new business in the face of risk and uncertainty and has the purpose of earning profit and growth and identifies opportunities and assembles the necessary resources.
An Entrepreneur creates, does not start, does not buy, or does not purchase, does not take over, does not sign-up as a distributor. New business, not the existing one is counted as entrepreneurship.
Characteristics of Entrepreneurs:
a. The desire for taking responsibility for risk and uncertainty. This characteristic distinguishes an entrepreneur from a manager.
b. Preference for moderate levels of risk
c. Self-reliance
d. Self-confident
e. Determination
f. The desire for immediate feedback
g. High level of energy
h. Skilled at organizing
i. Giving preference to value achievement over money
j. Tending to exhibit
k. A high degree of commitment
l. have tolerance for ambiguity
m. Have creativity
n. Have flexibility
o. Have resourcefulness
p. Have a willingness to work hard
q. Have tenacity
r. Have diversity
Future Orientation:
a. Opportunity entrepreneurs
b. Necessity entrepreneurs
c. Serial entrepreneurs
a. Opportunity entrepreneurs: They start a business because they spot opportunities in the market place.
b. Necessity entrepreneurs: They have no scope for doing anything at other places in the market place.
c. Serial entrepreneurs: They start a business during existing another business. They practice repeated businesses and grow them to a sustainable size before striking out again.
Bootstrapping: It refers to saving money and cost reduction and investing the saved money into the business.
Tenacity: It means hanging on the pre-defined objective or role firmly.
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