BUS 139 - Chapter 1: Practicing Entrepreneurship

Compare and contrast the different forms of entrepreneurship in practice today

- Corporate entrepreneurship (intrapreneurship) - Entrepreneurship inside - Franchising - Buying a small business - Social entrepreneurship - Family enterprising - Serial Entrepreneurship (habitual entrepreneurs)

Illustrate the key components of the Entrepreneurship Method

- Identify your desired impact on the world - Start with means at hand - Describe the idea today - Calculate affordable loss - Take small action - Network and enroll others in your journey - Build on what you learn - Reflect and be honest with yourself

List the seven lesser-known truths about entrepreneurship

1 - Entrepreneurship is not reserved for startups 2 - Entrepreneurs do not have a special set of personality traits 3 - Entrepreneurship can be taught (it's a method that requires practice) 4 - Entrepreneurs are no extreme risk takers 5 - Entrepreneurs collaborate more than they compete 6 - Entrepreneurs act more than they plan 7 - Entrepreneurship is a life skill

Distinguish between entrepreneurship as a method and as a process

A process is step-by-step and guarantees results, but entrepreneurship is uncertain and a method gives the tools and practices to approach a task

Explain the importance of action and practice in entrepreneurship

By practicing the essentials you can act on opportunities, learn from them and build on what you learned to progress to the next step

Assess the role of deliberate practice in achieving mastery

Deliberate practice involves consistent, focused effort, feedback and self-reflection for meaningful improvement; repetition for lasting results

Compare and contrast the prediction and creation approaches to entrepreneurship

Entrepreneurship is uncertain and experimental, instead of trying to predict, plan and act, create the future by experimenting, making decisions, and learning from actions (prediction deduces from past, creation acts under extreme uncertainty)

Propose different ways in which this book can help you practice entrepreneurship

Thought and action exercises, testimonials, and case studies for real-world application