What is Entrepreneurship - Introduction

Entrepreneurship refers to the process of identifying, and then setting up a business to leverage a business opportunity. The entrepreneurial process involves some type of innovation, this may be product innovation or process innovation. Product innovation is the development of a new product category or improvements in an existing product. Understanding this is key for a number of reasons, including the positive effects that entrepreneurs can have.

This chapter begins by introducing the idea of entrepreneurship, as well as defining the concept and those key theories to the area. After this, consideration is given to the presence of entrepreneurs in an economy and the effects thereof. Next, those traits found in entrepreneurs are discussed in light of theories such as locus of control. Nature and nurture are briefly considered with regard to how entrepreneurs are formed. Finally, practical advice is offered before funding and support are examined as the final phase.

Goals and objectives for this section

  • To be able to define recruitment and selection.
  • To be able to understand the key business processes are applied.
  • To appreciate the importance of considering diversity in recruitment and selection
  • To outline the different application, screening and selection methods that can be applied.

Begin the Lecture