Chapter Objectives
            1. To examine the historical development of 
                     entrepreneurship
            2. To explore and debunk the myths of 
                     entrepreneurship
            3. To define and explore the major schools of 
                     entrepreneurial thought
            4. To explain the process approaches to the study 
                     of entrepreneurship
            5. To set forth a comprehensive definition of 
                     entrepreneurship
            6. To examine the entrepreneurial revolution taking 
                     place today
            7. To illustrate today’s entrepreneurial environment
          © 2014 Cengage Learning. All rights reserved. May not be copied, scanned, or duplicated, in whole or in part, except for use as 
          permitted in a license distributed with a certain product or service or otherwise on a password-protected website for classroom use.                                  1–2
             Entrepreneurs—Breakthrough Innovators
            • Entrepreneurs
                    Recognize opportunities where 
                          others see chaos or confusion
                    Are aggressive catalysts for 
                          change within the marketplace
                    Challenge the unknown and 
                          continuously create the future 
          © 2014 Cengage Learning. All rights reserved. May not be copied, scanned, or duplicated, in whole or in part, except for use as 
          permitted in a license distributed with a certain product or service or otherwise on a password-protected website for classroom use.                                  1–3
             Entrepreneurs versus 
             Small Business Owners: A Distinction
            • Small Businesses Owners
                    Manage their businesses by expecting 
                          stable sales, profits, and growth
            • Entrepreneurs
                    Focus their efforts on innovation, 
                          profitability and sustainable growth
          © 2014 Cengage Learning. All rights reserved. May not be copied, scanned, or duplicated, in whole or in part, except for use as 
          permitted in a license distributed with a certain product or service or otherwise on a password-protected website for classroom use.                                  1–4
             Entrepreneurship: A Mind-Set
            • Entrepreneurship is more than 
                the mere creation of business: 
                    Seeking opportunities
                    Taking risks beyond security
                    Having the tenacity to push 
                          an idea through to reality 
            • Entrepreneurship is an integrated 
                concept that permeates an 
                individual’s business in an 
                innovative manner.
          © 2014 Cengage Learning. All rights reserved. May not be copied, scanned, or duplicated, in whole or in part, except for use as 
          permitted in a license distributed with a certain product or service or otherwise on a password-protected website for classroom use.                                  1–5
             The Evolution of Entrepreneurship
            • Entrepreneur is derived from the French 
                entreprendre, meaning “to undertake.”
                    The entrepreneur is one who undertakes to organize, 
                          manage, and assume the risks of a business. 
                    Although no single definition of entrepreneur exists 
                          and no one profile can represent all of today’s 
                          entrepreneurs, research is providing an increasingly 
                          sharper focus on the subject.
          © 2014 Cengage Learning. All rights reserved. May not be copied, scanned, or duplicated, in whole or in part, except for use as 
          permitted in a license distributed with a certain product or service or otherwise on a password-protected website for classroom use.                                  1–6