![]() ![]() This constraint imposes a unique discipline on an entrepreneurial venture requiring great care in using resources efficiently.Īlthough it is not linear, it is helpful to think of the entrepreneurial journey as consisting of three “phases.” In simple terms, we discover an opportunity by engaging with a potential “customer” and finding a need or problem that we can solve, then we develop that solution including planning how we will distribute and serve the customer, etc., then we deliver by launching the product or service. However, the team faces a severe resource constraint. This requires alertness, insight, and creativity.Ī new venture implies that the team has complete freedom in crafting all aspects of the business. There is a process, a “logic,” meaning that what you do, how you do it, and when you do it all matter.Įntrepreneurship begins with the recognition of an opportunity not recognized by others, either seeing a need for the first time or coming up with a way to satisfy a known need in a novel, superior way. Who is on the team, getting the right mix of skills and backgrounds is critical to success. Our definition of entrepreneurship has important implications for entrepreneurial action.Įntrepreneurship is a team activity, not an individual activity. ![]() Many of the ideas described here are applicable to those ventures but the focus of this manual is ventures that fit the more classic notion of an innovation-based new venture realized as a team effort. Nor does it include so-called intrapreneurial projects within a larger firm, nor solo efforts to create, for example, a new consulting business. ![]() The definition does not include ventures that are purely imitative. The definition also encompasses what we think of as social ventures if their goal is to realize an innovation designed to create a social good. This definition includes the types of start-ups that we normally associate with innovation-based entrepreneurship whether they are medical device, technology, consumer-oriented, or energy ventures. We define entrepreneurship as the social process of realizing an innovation by means of a new venture. ![]()
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