IntroWhat Is Entrepreneurship?Entrepreneurship—the process where individuals or a group of individuals risk time and money in pursuit of opportunities to create value and grow through innovation regardless of the resources they currently control. Entrepreneurial ventures vs. small businesses. Entrepreneurial ventures—organizations that are pursuing opportunities, characterized by innovative practices, and have growth and profitability as their main goals. Small businesses—organization that is independently owned, operated, and financed; has fewer than 100 employees; doesn’t necessarily engage in any new or innovative practices, and has relatively little impact on its industry, usually remaining small by choice or by default.Main ContentWhy Is Entrepreneurship Important?Innovation—a process of changing, experimenting, transforming, revolutionizing, and a key aspect of entrepreneurial activity. Number of New Start-Ups. Job Creation. The latest figures show that virtually all new net jobs were generated by firms with fewer than 500 employees. The Entrepreneurial Process. Exploring the entrepreneurial context. Identifying opportunity and possible competitive advantages. Starting the venture. Managing the venture.What Do Entrepreneurs Do?Initially, an entrepreneur is engaged in assessing the potential for the venture and then dealing with start-up issues. Once the venture is up and running, the entrepreneur’s attention switches to managing it. Finally, the entrepreneur must manage the venture’s growth. Preparing to Operate a Small Business. Writing a Business Plan. A business plan is a document written by an entrepreneur or perspective owner that details the nature of business, the product or service, the customers, the competition, the production and marketing methods, the management, the financing and other significant aspects of proposed business venture.WHAT IS CHANGE?Organizational change is defined as any alteration in people, structure, or technology. Forces for Change. External and internal forces that create the need for change. External forces that create the need for change come from various sources. Internal forces tend to originate primarily from the internal operations of the organization or from the impact of external changes.STIMULATING INNOVATIONInnovation is important to organizational success in the marketplace. Creativity versus Innovation. There is a difference between creativity and innovation. How can managers foster innovation? Organic structures positively influence innovation. The easy availability of organizational resources provides a critical building block for innovation.