FOUNDATIONS OF ENTREPRENEURSHIP An entrepreneur is an individual that takes the risk of investing his or her money into an idea, product and/or service. These individuals usually have “do or die” attitudes. The typical characteristics of an entrepreneur are viewing rules as mere guidelines, low threshold on frustration; they can be very manipulative of others. Another facet they exhibit impulsive behaviors and they are prone to take action. The primary motivation for the entrepreneur is the ability to master his/her destiny and to the have to ability to do something they really enjoy.They can also be very impatient with discussions and theories. The following illustrates the typical entrepreneurial profile:Desire for responsibility for their actions.Preference for moderate risk.Confidence in their ability to succeed.Desire for immediate feedback.High level of energy and enthusiasm.Future orientation – searching for possible opportunities.Skilled at organizing and running a successful company.Value of achievement over money - since of control over their lives.STRATEGIC MANAGEMENT AND THE ENTREPRENEURStrategic ManagementProcess:The process of developing a game plan to guide the company as it strives to accomplish its mission, goals, and objectives, and to keep it on its desired course:1 Develop a clear vision, and translate into a meaningful mission statement2 Define the firm’s core competencies, market segment, and position the business3 Asses the company’s strengths and weakness4 Scan the environment for opportunities and threats facing the business5 Identify the key factors for success in the businessCompetitive AdvantageThe aggression of factors that sets a company apart from its competitors and gives it a unique position in the market.GoalsThe broad, long-range attributes that a business seeks to accomplish, they tend to be general and sometimes even abstract.ObjectivesMore specific targets of pe...
