Unit Introduction repreneur

 The undertaking of a new enterprise or venture.  An entrepreneur creates value by offering a product or service, by carving out a niche in the market that may not exist currently Identify market opportunity Take advantage of opportunity

 Skills Leadership Creative thinking Team building Stress management Calculating risk  Characteristics Risk takers Healthy amount of self- confidence Optimistic

 Historically most enterprises or ventures fail. Why?

 Entrepreneurship within an established business. Specific project within a larger firm. Example – 3M  Why? Adds to the potential of a static business Generates new ideas t.html t.html

 Benefits Less risk Given business model More resources More funding  Drawbacks Less profit Less control Less overall satisfaction