Chapter Summary by Learning Outcome

  1. 7-1 Define entrepreneurship and explain why it’s important.

Entrepreneurship is the process of capitalizing on opportunities by starting new businesses for the purposes of changing, revolutionizing, transforming, or introducing new products or services. It’s important because it affects innovation, which is important for economic vitality; the number of new startups, which are important because they contribute to economic development; and job creation, which is important to the overall long-term economic health of communities, regions, and nations.

  1. 7-2 Explain what entrepreneurs do in the planning process for new ventures.

The first thing that entrepreneurs must do is identify opportunities and possible ...

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