| Entrepreneurship What exactly is entrepreneurship, and does it mean the same thing in different situations? Five elements emerged from our research: Creativity is at the heart of entrepreneurship, enabling entirely new ways of thinking and working. Entrepreneurs identify opportunities, large or small, that no one else has noticed. Good entrepreneurs have the ability to apply that creativity, effectively marshaling resources to a single end. They have drive, a fervent belief in their ability to change the way things are done and the force of will and the passion to achieve success. They have a focus on creating value by working to do things better, faster, cheaper. And they take risks by changing rules, cutting across accepted boundaries, and going against the status quo. One myth, blown apart by this study, is that entrepreneurship is a single, heroic individual. In fact, collaboration is the key, as groups of entrepreneurs work together to a common end. The five core elements of entrepreneurship are most likely to be shared across a team or indeed an entire organization. Our Definition... Entrepreneurship - the creation of value by people and organizations working together, through the application of creativity, drive and willingness to take what might commonly be seen as risks. Why we are here to help you In Central and Southeastern Kentucky, the Kentucky Small Business Development Center (SBDC) at Eastern Kentucky University is helping entrepreneurs' dreams of owning a small business come true. The Innovation and Commercialization Center (ICC) network deploys a best-in-class commercialization model that provides a clearly defined roadmap for moving entrepreneurs from idea to commercial success-Assessment, Business Planning and Capitalization (ABC). At its core, the model divides the company’s lifecycle into three phases: Concept, Development and Commercial. Each phase is built upon three main activities: technical, marketing and business (or finance).
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