Entrepreneurship can be defined as the
identification, evaluation and exploitation of
previously unexploited opportunities.
Key Dimension
Risk
Creativity & innovation
Opportunity exploitation
Pro-activeness
Entrepreneurial Process
encompasses all the cognitive (thinking) and
behavioral (action) steps from the initial
emergence of a rough business idea until the
creation of a new business venture or the
process is terminated.
Key Phases
The idea generation or
idea discovery phase
The idea evaluation and
development phase
The idea exploitation phase
The Role of Entrepreneurship
The Economic Inputs
Natural capital
Financial capital
Intellectual capital
Human capital
Organizational capital
Social capital
The Economic Outputs
The beneficial outputs
undesired inefficiencies and waste outputs
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