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Chapter 4
The Entrepreneurial
Environment
4.1 Introduction
“Open the curtains and behind any major innovation and you will
nd an entrepreneur.”
An entrepreneur is one who envisions, organizes, directs, funds, and
manages a new business. A successful business is one that will build lasting
value for the founder as well as for all stakeholders. Figure4.1 presents, in
graphical format, what the entrepreneurial animal looks like.
As the gure shows, many skills have been identied as crucial to
entrepreneurs, including initiative, problem solving, perseverance, inde-
pendent thinking, stamina, commitment, self-condence, and, above
all, an insti