Leapfroggers, People Who Start A Company, Manage Its Growth Until They Get Bored, and Then Sell

An entrepreneur is one who creates a new business in the face of risk and uncertainty for the
purpose of achieving profit and growth by identifying significant opportunities and assembling
the necessary resources to capitalize on them.
opportunity entrepreneurs entrepreneurs who start businesses because they spot an

opportunity in the marketplace.
necessity entrepreneurs entrepreneurs who start businesses because they cannot find work
any other way.
serial entrepreneurs entrepreneurs who repeatedly start businesses and grow them to a
sustainable size before striking out again. . The majority of serial entrepreneurs are
leapfroggers, people who start a company, manage its growth until they get bored, and then sell
it to start another. A few are jugglers (or parallel entrepreneurs), people who start and manage
several companies at once.
bootstrapping, a strategy that involves conserving money and cutting costs during start-up so
that entrepreneurs can pour every available dollar into their businesses.
social entrepreneurs entrepreneurs who use their skills not only to create profitable
businesses but also to achieve economic, social, and environmental goals for the common good
Cloud computing, Internet-based subscription or pay-per-use software services that allow

business owners to use a variety of business applications, from database management and
inventory control to customer relationship management and accounting
micromultinationals small companies that operate globally from their inception.
. .
Creativity is the ability to develop new ideas and to discover new ways of looking at problems
and opportunities.
Innovation is the ability to apply creative solutions to those problems and opportunities to
enhance or enrich people’s lives.
small businesses create innovations reactively in response to customer feedback or changing

market conditions
others create innovations proactively, spotting opportunities on which to capitalize.
innovation is revolutionary, creating market-changing, disruptive breakthroughs that are the

result of generating something from nothing.
innovation is evolutionary, developing market-sustaining ideas that elaborate on existing

products, processes, and services that result from putting old things together in new ways or
from taking something away to create something simpler or better.
(Apple did not invent the digital music player, but Steve Jobs’s company created a player
that was easier to use and offered a “cool” factor that existing MP3 players did not
have. )
(a simple, creative question: What can you do with a glue when you take away most of
its stickiness? The answer led to the invention of one of the most popular office products
of all time: the Post-It note, a product that now includes more than 4,000 variations.)
The left brain is guided by linear, vertical thinking (from one logical conclusion to the next). The
left brain handles language, logic, and symbols. The left brain processes information in a step-
by-step fashion.
Left-brain vertical thinking is narrowly focused and systematic, proceeding in a highly logical
fashion from one point to the next.
the right brain relies on kaleidoscopic, lateral thinking (considering a problem from all sides
and jumping into it at different points). the right brain takes care of the body’s emotional,
intuitive, and spatial functions. the right brain processes itintuitively—all at once, relying heavily
on images.
Right-brain lateral thinking, on the other hand, is somewhat unconventional, unsystematic, and
unstructured, much like the image of a kaleidoscope, whirling around to form one pattern after
another. It is this right brain–driven, lateral thinking that lies at the heart of the creative process.
myopic thinking a type of thinking that destroys creativity because it is narrowly focused and
limited by the status quo.
These intrapreneurs, entrepreneurs who operate within the framework of an existing business.
brainstorming a process in which a small group of people interact with very little structure with
the goal of producing a large quantity of novel and imaginative ideas.
mind mapping a graphical technique that encourages thinking on both sides of the brain,
visually displays the various relationships among ideas, and improves the ability to view a
problem from many sides.
rapid prototyping the process of creating a model of an idea, enabling an entrepreneur to

discover flaws in the idea and to make improvements in the design.
patent a grant from the federal government’s Patent and Trademark Office to the inventor of a
product, giving the exclusive right to make, use, or sell the invention in this country for 20 years
from the date of filing the patent application.
Most patents are granted for new product inventions (called utility patents), but design patents,
extending for 14 years beyond the date the patent is issued, are given to inventors who make
new, original, and ornamental changes in the design of existing products that enhance their
sales. The purpose of giving an inventor a 20-year monopoly over a product is to stimulate
creativity and innovation. After 20 years, the patent expires and cannot be renewed, and the
invention becomes part of the public domain.
Most patents are granted for new product inventions (called utility patents)
design patents, extending for 14 years beyond the date the patent is issued, are given to
inventors who make new, original, and ornamental changes in the design of existing products
that enhance their sales
Inventors who develop a new plant can obtain a plant patent, provided that they can reproduce
the plant asexually (e.g., by grafting or crossbreeding rather than planting seeds).
trademark any distinctive word, phrase, symbol, design, name, logo, slogan, or trade dress that
a company uses to identify the origin of a product or to distinguish it from other goods on the
market.
service mark offers the same protection as a trademark but identifies and distinguishes the
source of a service rather than a product.
Trademark infringement involves using another company’s trademark without permission or

using a mark that is so similar to another’s trademark that it is likely to create confusion about
the origin of the goods.
trade dress the unique combination of elements that a company uses to create a product’s
image and to promote it.
copyright an exclusive right that protects the creators of original works of authorship, such as
literary, dramatic, musical, and artistic works. (e.g., art, sculptures, literature, software, music,
videos, video games, choreography, motion pictures, recordings, and others)

Leapfroggers, People Who Start A Company, Manage Its Growth Until They Get Bored, and Then Sell

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An entrepreneur is one who creates a new business in the face of risk and uncertainty for the

opportunity entrepreneurs entrepreneurs who start businesses because they spot an

Cloud computing, Internet-based subscription or pay-per-use software services that allow

micromultinationals small companies that operate globally from their inception.

small businesses create innovations reactively in response to customer feedback or changing

others create innovations proactively, spotting opportunities on which to capitalize.

innovation is revolutionary, creating market-changing, disruptive breakthroughs that are the

innovation is evolutionary, developing market-sustaining ideas that elaborate on existing

rapid prototyping the process of creating a model of an idea, enabling an entrepreneur to

Trademark infringement involves using another company’s trademark without permission or

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