ENTREPRENEURSHIP THEORY PROCESS AND PRACTICE BY DONALD F.KURATKO EPUB

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The work of these eco-revolutionaries, along with countless others across all disciplines andsectors, means that we now have much of the technology and know-how needed to achieve sustainabledevelopment.

However, many lament that applying this know-how to secure a sustainable future is nothappening fast enough, and ask: why is that?

The reason I am so excited about thisbook is that it presents tools to overcome both challenges. Istrongly believe that if teams around the world harness the tools of an entrepreneurial approach wecan truly accelerate efforts and avoid the looming crisis. It may in fact be the case thatentrepreneurship is the missing link that will unlock the available potential through a focus onsustainable development.

And then comes the big secondquestion: How do we sustain it? Most people would agree that we want to sustain and share ongoingprosperity, clean water and air, an educated and engaged workforce, and strong and vibrantcommunities. That question is pretty easy to answer. The tricky part comes when we ask: how we willactually sustain it? Simply put, given that most of the world operates in a market-based system the projects, products and infrastructure of the future need to deliver acceptable economic returns.

On face value this may seem like a pretty simple task — a few green buildings here and a few solar panels there — however, the complexity of transitioning our societies to operate in a way that has a high likelihood of being sustained is enormous. Calling for new innovative approaches, it is truly the time of the entrepreneur. However, the world will not be saved by individual entrepreneurs alone. Yes, we need those people who can drive innovation and deliver revolutionary technology, like engineer and futurist Nicola Tesla or eco-entrepreneur Elon Musk.

In order for entrepreneurs to navigate the uncertainty of the future, they will need to have a solid understanding of how sustainable development-related issues — such as climate change, resource shortages, poverty, population changes and biodiversity — will impact the economy. Entrepreneurs need to identify viable areas for investment that can deliver medium-to-long-term returns. But it is worse than that. The growing level of industrial pollution is not only impacting the planet, it is now directly impacting the economy.

This book provides a valuable overview and training manual for entrepreneurs in a range of issues related to sustainable development that will enhance the understanding of the future conditions in the economy; a valuable resource indeed. The book lays out a clear framework for considering opportunities across many complex areas of sustainable development and I look forward to seeing the efforts of the students of this work as our species undertakes a mid-course correction.

As Interface CEO Ray Anderson once put it: towards a way of life that can be sustained for all on this amazing little planet.

This in turn elevates the expectations of teachers and students of entrepreneurship. Entrepreneurship teachers are expected to engage with more disciplines, developing skills among all those who may potentially have good ideas to start new businesses. The ultimate aim is to provide the human capital foundations of a new or renewed economy.

In current times we also face the looming crisis of human-induced climate change. The question this scenario raises for readers and users of this book is; are you ready to take on a career that calls for leadership, demands that you grow as an individual and be independent?

Are you ready at the same time to rely on the support of others in order to create social and economic good for our world? Your authors, and entrepreneurship academics generally, are often asked two questions. First off, does education matter for an entrepreneur? Well, yes and no. There is a goodly portion of entrepreneurs maybe as high as 15 per cent who never had patience with education. Nor did their teachers have much patience with them! There also seems to be a higher incidence of dyslexia in young entrepreneurs than in the general population.

But the fact is that education and entrepreneurship are highly correlated — the more education you have, the more likely you are to engage successfully in entrepreneurship. Even if you have just one class in entrepreneurship, you are more likely to become an entrepreneur, more likely be self-employed, have potentially higher annual incomes, and set up your own business after graduation, compared to your peers.

The next confronting question for any entrepreneurship academic is, can we actually teach entrepreneurship? Again, yes and no. Yes, students can learn it and it takes two forms. The second is that teaching facilitates learning the skills, both in mind and in practice that characterises your own personal form of entrepreneurship.

But the answer is also no, when you think of most classrooms. In those precious minutes together with learners, an entrepreneurship educator needs to provide content that is both enabling and experiential, where you can sit at the elbow of real entrepreneurs, be challenged by the real problems of an entrepreneur, be given access to tools and techniques to work through those problems and ultimately, where you can learn the craft of entrepreneurship.

PREFACE xxiii The leitmotif of this book is personal enterprise; wherever it exists, whenever it exists, andwhatever it is — social, environmental, business; the list is endless.

It is about being the sole proprietorof the rest of your life. It is that spirit of true creativity and inventiveness, of curiosityand daring, of calculated risk against great gain. Sadly, this burning spirit can be extinguished byparents, by the church or an oppressive society, by the conformism of the school system, by crime orcivil war, or by cultural proscriptions.

But it is always there in every person, even later in life, if onlythe right conditions should emerge and should they elect to take the journey. It is what marks us as human beings. For hundreds of years now, The EntrepreneurialRevolution has captured the imagination and now permeates society, culture, business and education. The process oftransforming creative ideas into commercially viable, socially just and environmentally sustainableenterprises continues to be a major force in the world economy.

From artists to zoologists, the enterprising spirit can emerge from any person.

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This is not just a matter that is talked about, but something we all can do something about. Think of it this way: virtually every phase of the production of this book contributed to globalwarming, from harvesting trees to production of pulp and paper, transportation, waste managementand eventual disposal.

Despite the ever-present lack of clarity and direction in ethics, however, ethics will continue to be a major issue for entrepreneurs during the new century. To establish ethical strategies, some corporations create codes of conduct.

A code of conduct is a statement of ethical practices or guidelines to which an enterprise adheres. Codes are becoming more prevalent in organizations today, and they are proving to be more meaningful in their implementation. This chapter concludes with a model of entrepreneurial motivation, which depicts the important factors of expectation and outcome.

The Entrepreneurial Mind-Set Every person has the potential and free choice to pursue a career as an entrepreneur.

Entrepreneurship Theory, Process, Practice, 4th Edition

What motivates people to make this choice is not fully understood. Entrepreneurial Cognition Cognition is used to refer to the mental functions, mental processes thoughts , and mental states of intelligent humans.

Entrepreneurial cognition is about understanding how entrepreneurs use simplifying mental models to piece together previously unconnected information that helps them to identify and invent new products or services, and to assemble the necessary resources to start and grow businesses. Metacognitive Perspective Metacognitive model of the entrepreneurial mind-set integrates the combined effects of entrepreneurial motivation and context, toward the development of metacognitive strategies applied to information processing within an entrepreneurial environment.

Starting a new business requires more than just an idea; it requires a special person, an entrepreneur, who combines sound judgment and planning with risk taking to ensure the success of his or her own business. It can also compensate for personal shortcomings. Simple problems bore them, unsolvable ones do not warrant their time.

They believe that their accomplishments and setbacks are within their own control and influence and that they can affect the outcome of their actions. When they decide to participate in a venture, they do so in a very calculated, carefully thought out manner.

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In many cases this vision develops over time as the individual begins to learn what the firm is and what it can become. Most successful entrepreneurs have highly qualified, well-motivated teams that help handle the growth and development of the venture. Dealing with Failure Entrepreneurs use failure as a learning experience. They have a tolerance for failure. The most effective entrepreneurs are realistic enough to expect difficulties and failures.

In adverse and difficult times, they will continue to look for opportunity. The Grief Recovery Process Grief is a negative emotional response to the loss of something important triggering behavioral, psychological, and physiological symptoms. The emotions generated by failure i.

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However, avoiding negative emotions is unlikely to be successful in the long-run Research indicates that entrepreneurs may recover more quickly from a failure if they oscillates between a loss and a restoration orientation. The Entrepreneurial Experience The prevalent view of entrepreneurship in the literature is that entrepreneurs create ventures.

Its narrow framing, however, neglects the complete process of entrepreneurship. The creation of sustainable enterprises involves three parallel, interactive phenomena: emergence of the opportunity, emergence of the venture, and emergence of the entrepreneur.

None are predetermined or fixed—they define and are defined by one another. The Dark Side of Entrepreneurship Certain negative factors that may envelop entrepreneurs and dominate their behavior. Although each of these factors has a positive aspect, it is important for entrepreneurs to understand their potential destructive side as well. A typology of entrepreneurial styles helps describe the risk-taking activity of entrepreneurs. In this model, financial risk is measured against the level of profit motive the desire for monetary gain or return from the venture.

Stress and the Entrepreneur To achieve their goals, entrepreneurs are willing to tolerate the effects of stress: back problems, indigestion, insomnia, or headaches. Lacking the depth of resources, entrepreneurs must bear the cost of their mistakes while playing a multitude of roles, such as salesperson, recruiter, spokesperson, and negotiator.

Simultaneous demands can lead to role overload. Entrepreneurs often work alone or with a small number of employees and therefore lack the support from colleagues.

A basic personality structure, common to entrepreneurs and referred to as type A personality structure , describes people who are impatient, demanding, and overstrung. Loneliness—Entrepreneurs are isolated from persons in whom they can confide. They tend not to participate in social activities unless there is some business benefit. Immersion in Business—Most entrepreneurs are married to their business.

They work long hours, leaving them with little or no time for civic recreation. People Problems—Most entrepreneurs experience frustration, disappointment, and aggravation in their experience with people.

However, many entrepreneurs are never satisfied with their work no matter how well it is done. Networking—One way to relieve the loneliness of running a business is to share experiences by networking with other business owners. Getting Away from It All—The best antidote could be a well-planned vacation.

Communicating with Employees—Entrepreneurs are in close contact with employees and can readily assess the concerns of their staff. Finding Satisfaction Outside the Company—Entrepreneurs need to get away from the business occasionally and become more passionate about life itself; they need to gain some new perspectives.

Delegating—Entrepreneurs find delegation difficult because they think they have to be at the business all the time and be involved in all aspects of the operation. Exercising Rigorously—Research demonstrates the value of exercise regimens on relieving the stress associated with entrepreneurs. The Entrepreneurial Ego Certain characteristics that usually propel entrepreneurs into success also, if exhibited in the extreme have destructive implications for entrepreneurs.

As there is no simple universal formula for solving ethical problems, entrepreneurs have to choose their own codes of conduct; the outcome of their choices makes them who they are. Ethics represents a set of principles prescribing a behavioral code that explains what is good and right or bad and wrong. Ethics may outline moral duty and obligations. Legality provides societal standards but not definitive answers to ethical questions.

Because deciding what is good or right or bad and wrong is situational, instead of relying on a set of fixed ethical principles, entrepreneurs should an ethical process for making decisions.

The Matter of Morality Requirements of law may overlap at times but do not duplicate the moral standards of society. Some laws have no moral content whatsoever. Some laws are morally unjust. Some moral standards have no legal basis. Legal requirements tend to be negative, morality tends to be positive.

Business decisions, in the context of entrepreneurial ethics are complex. Most ethical business decisions have personal implications. Establishing a Strategy for Ethical Enterprise Entrepreneurs need to commit to an established strategy for ethical enterprise. Ethical Codes of Conduct A code of content is a statement of ethical practices or guidelines to which an enterprise adheres.

Ethical Responsibility A strategy for ethical responsibility should encompass three major elements: ethical consciousness, ethical process and structure, and institutionalization. Ethical Considerations of Corporate Entrepreneurs Recognize the fine line between resourcefulness and rule breaking.

Recognize that unethical consequences that can result in organizations where there are barriers to innovation. Caring is a feminine alternative to the more traditional and masculine ethics based on rules and regulations. In attempting better to understand the driving forces within entrepreneurs, we can gain a more complete perspective if we take a psychological look at entrepreneurs and consider the entrepreneurial mind-set.

Part of that mind-set includes the package of mental processes that entrepreneurs possess, which include attention, remembering, producing and understanding language, solving problems, and making decisions. Entrepreneurial cognition refers to the knowledge structures that people use to make assessments, judgments, or decisions involving opportunity evaluation, venture creation, and growth. This process is metacognitive. The process responsible for ultimately selecting a response i.

Entrepreneurs have a tolerance for ambiguity, are calculated risk takers. What do these characteristics mean for any potential entrepreneur? Entrepreneurs face uncertainty compounded by constant changes that introduce ambiguity and stress into every aspect of the enterprise. A tolerance for ambiguity exists when the entrepreneur can deal with the various setbacks and changes that constantly confront him or her.

Successful entrepreneurs are not gamblers—they are calculated risk takers. They do everything possible to get the odds in their favor, and they often avoid taking unnecessary risks.

These strategies include getting others to share inherent financial and business risks with them—for example, by persuading partners and investors to put up money, creditors to offer special terms, and suppliers to advance merchandise. Entrepreneurial passion is a fundamental emotional experience for entrepreneurs. It is a discrete emotion that is quite intense being described as an underlying force that fuels our strongest emotions, or the intensity felt when engaging in activities that are of deep interest, or the energy that enables entrepreneurs to achieve peak performance.

Is it true that most successful entrepreneurs have failed at some point in their business careers? Entrepreneurs use failure as a learning experience; hence, they have a tolerance for failure.

How should failure be dealt with by entrepreneurs? As noted above, the most effective entrepreneurs are realistic enough to expect difficulties and failures. If they can deal effectively with any grief that emanates from the failure then they will not become disappointed, discouraged, or depressed by a setback or failure. In this way entrepreneurs will believe that they learn more from their early failures to form the foundation of later successes. Research shows that an entrepreneur recovers more quickly from a failure if he or she oscillates between a loss and a restoration orientation.

This oscillation means that the entrepreneur can gain the benefits of both orientations while minimize the costs of maintaining either for an extended period.

Be complete in your answer. The dark side of entrepreneurship is a destructive course that exists within the energetic drive of a successful entrepreneur. There are three major traits that are associated with the dark side of entrepreneurship: risk, stress, and the entrepreneurial ego.

All potential entrepreneurs need to be aware that the dark side of entrepreneurship exists. What are the four specific areas of risk that entrepreneurs face. Please click button to get entrepreneurship theory process practice book now.

Kuratko Language : en.. Please click button to get entrepreneurship theory process and practice book now.

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