Kap.1

person with specific personal traits, starting an organization on an identified opportunity, accepting risk

Schumpeter: Creation Theory, Entrepreneur has to transform innovation into business model, high/radical innovation

Kirzner: Discovery Theory, Entrepreneur can copy other things, low innovation

• Dream

• Decisiveness

• Doers

• Determination

• Dedication

• Devotion

• Details

• Destiny

• Dollars

• Distribute

identifying the next best step by assessing available resources

predetermined goal with planned process to achieve it,

not suited for entrepreneurship

• Bird-in-hand - create solutions with available resources

• Affordable loss - invest as much as you’re willing to lose

• Lemonade principle - use mistakes as opportunities

• Crazy Quilt - Enterning new partnerships can bring new directions

• Pilot-in-the-plane - you can create your own opportunities

1. Causes: Changes

1. Existence of new products,

2. Judgement about value of opportunity

3. Exploration of opportunity

4. Outcome of the exploration of the opportunity

firm aiming to grow overproportionally in terms of enterprise value

recapture entrepreneurial spirit in big, slow firms

Policy,

Finance,

Culture,

Support,

Human Capital,

Markets

stake in the company on balance sheet, owner

sum of money borrowed due to be paid back, not an owner

hybrid of equity and debt,

convertible loan

financing of entrepreneurial firms that inclued reconstruction of the ownership structure

Financing of private companies from large institutional investors

financing to small startups with a potential to breakout