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2. Entrepreneur Person EntrepreneurshipProcess of ActionEnterpriseObject CONCEPT OF ENTREPRENEURSHIP Operating Definition of Policy Entrepreneurship: 1. Policy Innovations - Availability of equity - Efforts to assemble public and/or private equity - Willingness of local developers to risk some of their resources on small or new firms - Creation of incubator facilities - Availability of technical assistance 2. Policy Commitment - Support of local governmental bodies for economic development. 3. 3. Small Business Targeting - Presence of explicit small business component inlocal development. - Amount of staff resources devoted to small firms concerns. - Percentage of capital funds channeled throughdevelopment organizations into young ventures. 4. Characteristics of Public Support - Level of funding - Cooperation of national and local municipalofficials on economic development. - Working relations between economic developers and elected officials. Entrepreneurship: A. H. Cole :Entrepreneurship is the purposeful activity ofan individual or a group undertaken to initiate, maintain or organize a profit-oriented business unit. 4.
5. CHARACTERISTICS OFENTERPRENEURSHIP ACCEPTING CHALLENGES DECISIOIN- MAKING ORGANIZATION RISK-TAKING SKILLFUL MANAGEMENT INNOVATION MAKING THE ENTERPRISE A SUCCESS ENTREPRENEURSHIP