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http://blog.guykawasaki.com/2007/03/2007_digital_ou.html

Entrepreneurship

Entrepreneurship is the practice of starting new businesses. An entrepreneur is a person who converts ideas into a successful business. Entrepreneurs are typically unrealistically optimistic about their abilities and the possibilities of their business ideas. The successful ones are usually charismatic, knowledgeable about their business areas, determined and persistent.

This being said, entrepreneurs are playing an increasingly important role in society. Major businesses, being increasingly automated, employ relatively smaller numbers of people. New businesses must spring up up to create jobs to replace those lost to automation. More and more people are becoming entrepreneurs to create these new businesses. Furthermore, as world markets become more accessible, new types of businesses can be built that previously were not able to be self-supporting. In addition, high-tech entrepreneurship, especially involving the Internet, can attract large sums of investment capital.

Investment capital can come from angel funding, seed funding, venture funding, private equity funding, and finally public funding through IPOs. Silicon Valley companies has more sources of funding than any other region in the world. This ready availability of capital is one of the reasons that Silicon Valley continues to produce the world's most successful and glamorous startups.

Successful entrepreneurs are able to identify the key sources of technology, services and materials to create products; they are also able to identify customers, markets, and marketing channels; they are able to set forth their ideas and business plans; they can explain the competitive landscape; and finally they are able to assemble a management team to execute the plan.

Venture capitalists, when evaluating business plans, base most of their decision on the management team identified in the plan. After making certain that the business model for making money is reasonable, the venture capitalists will look closely at the management team already identified or reserve the right to appoint their own CEO.

1. Entrepreneurship is discussed in the last portion of the talk delivered in Brisbane, Australia.
2. Description of leadership, innovation and entrepreneurial activities
3. Richard Florida's views on regional advantage and creativity
4. More Richard Florida: the Rise of the Creative Class

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