Weekly Idea for Entrepreneurs Chapter 1

Capitalism and enterprise are about haing a dynamic economy and innovation, but ultimately, they rest on the actions of businesspeople who assume and accept the benefits and risks of an initiative. It is people acting as leanders, organizers, and motivators who are the central figures of modenn economic activity. Most entrepreneurs strive to make a productive, useful contribution to their society while creating wealth for shareholders and themselves. Profit maximization, however, is not the only goal of these creaive business people, who else value independence and leadership challenges.
There are four types of entrepreneurship.
1. incremental venture. The founding and management of a routine business exhibiting modest novelty.
2.innovative venture. The initiation and operation of a business based on an innovation
3.inmitative venture. the indentification and imitation of a novel business or venture
4.rent-seeking venture. the founding of a business that utilizes standards, regulations, and laws to share in some of the value of an existing enterprise.
Four steps to starting a business.
1.The funding team or individual has the necessary skills or acquires them.
2.The team members identify the opporunity that attracts them and matches their skills. They create a solution to match the opportunity.
3.They acquire (or possess) the financial and physical resources necessary to launch the business by locating investors and partners.
4.They complete an arrangement or contract with their partners, with investors, and within the founder team to launch the business and share the ownership and wealth created.