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Have you ever wanted to start your own business? This unit will give you the...
Have you ever wanted to start your own business? This unit will give you the opportunity to consider and reflect on the personal aspects involved in transforming an innovative idea into an entrepreneurial product. You will also learn how to identify the requirements for building an appropriate entrepreneurial team.
After studying this unit you should:
- understand the nature of entrepreneurship;
- understand the function of the entrepreneur in the successful, commercial application of innovations;
- confirm your entrepreneurial business idea;
- identify personal attributes that enable best use of entrepreneurial opportunities;
- explore entrepreneurial leadership and management style;
- identify the requirements for building an appropriate entrepreneurial team.
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There are literally dozens and dozens of different definitions of ‘the entrepreneur’ and the concept of ‘entrepreneurship’. Researchers and writers often seem to pick the definition that best fits the area they are discussing. We have explicitly linked entrepreneurship to the capability for exploiting successfully innovative ideas in a commercially competitive market. Leaving to one side the fact that individuals working in the public and non-profit sectors can be very enterprising, in historic and policy making terms entrepreneurship refers to business behaviour related to innovation and growth. For our purposes, entrepreneurs may be broadly defined as people who manage a business with the intention of expanding that business by applying some form of innovation and with the leadership and managerial capacity for achieving their goals, generally in the face of strong competition from other firms, large and small. The overall aim of this unit, therefore, is to provide you with opportunities to consider and reflect on the personal aspects involved in transforming an innovative idea into an entrepreneurial product.
To get the most out of this unit you will need to make notes throughout.
This uit is an adapted extract relevant to The Open University course B332.
Copyright & revisions
Originally published: Monday, 11th July 2011
Last updated on: Tuesday, 10th December 2013
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