The word “entrepreneur” derives from the French words entre, meaning between,” and prendre, meaning “to take.” The word was originally used to describe people who “take on the risk” between buyers and sellers or who “undertake” a task such as starting a new venture.
• Explanation of What Entrepreneurs Do
Entrepreneurs assemble and then integrate all the resources needed –the money, the people, the business model, the strategy—needed to transform an invention or an idea into a viable business.
• The three primary reasons that people become entrepreneurs and start their own firms
1. Desire to be their own boss
2. Desire to pursue their own ideas
3. Financial rewards
Characteristics of Successful Entrepreneurs
• Passion for the Business
• Product/Customer Focus
• Tenacity/Determined Despite Failure
• Execution Intelligence
Types of Start-Up Firms
The Entrepreneurial Process
Step 1: Deciding to become an entrepreneur.
Step 2: Developing successful business ideas.
Step 3: Moving from an idea to an entrepreneurial firm.
Step 4: Managing and growing the entrepreneurial firm.
Step 5: Exiting the venture.
2. Blue Ocean Strategy
Two Oceans
3. Creativity
is a mental and social process involving the discovery of new ideas or concepts, or new associations of the creative mind between existing ideas or concepts.
Components of creativity
• Knowledge – all the relevant understanding an individual bring to bear on a creative effort.
• Creative thinking – related to how people approach problem and depends on personality and thinking or work style.
• Motivation – generally accepted as a key to creative production, and the most important are intrinsic passion and interest in the work itself.
Barriers to Creativity
• Self-constraining beliefs – the participant makes the problem more difficult by assuming certain constraining conditions that do not exist.
• Fears, beliefs, and stresses – people that fear criticism or have strong beliefs may have limited ability to be “free” and creative.
• Routines and rigidity – this may inhibit the information gathering, interactions, and incubation of thought that leads to creativity.
Being creative is the ability to think outside the box.
4. How to choose a good company name?
• a name which are connected to your nature of business
• a name which is meaningful
• a name which is easy to pronounce or remember
• a name which is very unique / different / extraordinary
• a name which is connected to future
