Chapter 1 - Summary
1.1 Entrepreneurship Today
An entrepreneur is someone who takes on an entrepreneurial venture to create something new that solves a problem; small business ownership and franchising are also entrepreneurial options. The venture could be for profit or not for profit, depending on the problem it intends to solve. Entrepreneurs can remain in a full-time job while pursuing their ideas on the side, in order to mitigate risk. On the opposite end of the spectrum, entrepreneurs can take on lifestyle ventures and become serial entrepreneurs. There are many factors driving the growth of entrepreneurship, including employment instability, motivation to create something new, financial factors and free time associated with retirement, and the greater acceptance of entrepreneurship as a career choice. The cultures of nations around the world affect the ability for entrepreneurs to start a venture, making the United States a leader in entrepreneurial innovation. Entrepreneurs often find inspiration in social, environmental, and economic issues.
1.2 Entrepreneurial Vision and Goals
Establishing an entrepreneurial vision helps you describe what you want your venture to become in the future. For most entrepreneurial ventures, the vision also includes the harvesting or selling of the venture. There are creative ways, such as brainstorming and divergent thinking, as well as investigative ways to define an entrepreneurial vision. Once you have established your vision, it is important to write goals to help you realize the steps toward making your vision a reality.
1.3 The Entrepreneurial Mindset
Identifying new possibilities, solving problems, and improving the quality of life on our planet are all important aspects of entrepreneurship. The entrepreneurial mindset allows an entrepreneur to view the world as full of possibilities. Entrepreneurial passion and spirit help entrepreneurs overcome obstacles to achieve their goals. Disruptive technologies involve using existing technology in new ways and can provide new opportunities as well as new challenges. Entrepreneurship is transforming some industries and potentially creating others, though many entrepreneurs create value by starting small businesses, buying franchises, or introducing new services in mature industries. The key thing to remember is that anyone can be an entrepreneur and that new technologies are making the cost of starting a new business less costly, but still risky at some level.
1.1 Entrepreneurship Today
https://www.entrepreneurship-campus.org
https://youtu.be/zV2vi8FilLM
1.2 Entrepreneurial Vision and Goals
The following links might provide you with more ideas about creating a vision statement.
https://website-designs.com/business/the-importance-of-a-vision-statement-for-entrepreneurs/
https://www.businessnewsdaily.com/3882-vision-statement.html
Check out this website’s ideas for developing your vision: https://www.executestrategy.net/blog/write-good-vision-statement
Eleven Free Goal Setting Software & Tools You Can Use: http://www.goal-setting-college.com/goal-setting-software/11-goal-setting-software-tools-you-can-use-for-free/
YouTube: Achieve More by Setting Smart Goals: https://www.youtube.com/watch?v=yA53yhiOe04
Twenty-four Essential Mind Mapping and Brainstorming Tools: http://mashable.com/2013/09/25/mind-mapping-tools/#jP47h7Q818qM
Read more about the challenges of work-life balance and what brings satisfaction to entrepreneurs in this article: https://www.wsj.com/articles/why-some-entrepreneurs-feel-fulfilledbut-others-dont-1432610236
Learn about applying a SWOT analysis (strengths, weaknesses, obstacles, threats) to your personal life: https://www.forbes.com/sites/lisaquast/2013/04/15/how-to-conduct-a-personal-s-w-o-t-analysis/
1.3 The Entrepreneurial Mindset
M. M. Baluku, J. F. Kikooma, and K. Otto, “Positive mindset and entrepreneurial outcomes: The magical contributions of psychological resources and autonomy.” Journal of Small Business & Entrepreneurship 30, no. 6 (2018): 473–498.
E. Fleck, “Needed: Entrepreneurial mindset.” Central Penn Business Journal 34, no. 12 (2018): 10.
M. Israr and M. Saleem, “Entrepreneurial intentions among university students in Italy.” Journal of Global Entrepreneurship Research 8, no. 1 (2018): 1.
https://www.christenseninstitute.org/results/?_sft_topics=disruptive-innovation