2. Unit Introduction http://en.wikipedia.org/wiki/Ent repreneur

3.  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

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

5.  Historically most enterprises or ventures fail. Why?

6.  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 http://www.entrepreneur.com/interstitial/defaul t.html http://www.entrepreneur.com/interstitial/defaul t.html

7.  Benefits Less risk Given business model More resources More funding http://www.3m.com/  Drawbacks Less profit Less control Less overall satisfaction