The Nature & Importance of Entrepreneurship. Chapter 1. “ Being an entrepreneur and creating a new business venture is analogous to raising children-it takes more time and effort than you ever imagine and it is extremely difficult and painful to get out of the situation.”
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“Being an entrepreneur and creating a new business venture is analogous to raising children-it takes more time and effort than you ever imagine and it is extremely difficult and painful to get out of the situation.”
“ is the process of creating something new with value by devoting the necessary time and effort, assuming the accompanying financial, psychic and social risks, and receiving the resulting rewards of monetary and personal satisfaction and independence.”
“ is the process of pursuing a new venture, whether it be new products into existing markets, existing products into new markets and/or the creation of a new organization.”
“ Opportunity identification is the process by which an entrepreneur comes up with the opportunity for a new venture.”
- What market need does it fill?
- What personal observations have you experienced or recorded with regards to that market need?
- What social conditions underlies this market need?
- What market research data can be assembled to describe this market need?
- What patents might be available to fulfill this need?
- What competition exists in this market? How would you describe the behavior of this competition?
- Where is the money to be made in this activity?