GENN001 Spring 2013 Session #7 Entreprenuership
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GENN001 Spring 2013 Session #7 Entreprenuership

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GENN001 Spring 2013 Session #7 Entreprenuership Presentation Transcript

  • 1. Entrepreneurs: The DrivingForce Behind Small Business Lecture: 7 1-1
  • 2. The World of the Entrepreneur  In the U.S., entrepreneurs start more than 6 million businesses a year!  Global Entrepreneurship Monitor (GEM)  Approximately 8% of the U.S. population is actively involved in entrepreneurial activity  Nearly 11% of people in 49 GEM countries studied are involved in starting a new business
  • 3. What is an Entrepreneur? One who creates a new business in the face of risk and uncertainty for the purpose of achieving profit and growth by identifying opportunities and assembling the necessary resources to capitalize on them
  • 4. An entrepreneur is someone who is willingto work 16 hours a day to keep from working8 hours a day for someone else!
  • 5. Characteristics of Entrepreneurs Survey: 61% of adults in the U.S. would like to start their own business  Willingness to take initiative  Preference for moderate risk  Confidence in their ability to succeed  Self-reliance  Perseverance1  Desire for immediate feedback1Perseverance is commitment, hard work, patience, endurance
  • 6. Characteristics of Entrepreneurs  High level of energy  Competitiveness  Future orientation  Serial entrepreneurs  Skilled at organizing  Value achievement over money
  • 7. Entrepreneurship One characteristic of entrepreneurs stands out: Diversity! Anyone – regardless of age, race, gender, color, national origin, or any other characteristic – can become an entrepreneur (although not everyone should)
  • 8. How to Spot Entrepreneurial Opportunities  Creativity vs. Innovation  Creativity – the ability to develop new ideas and to discover new ways of looking at problems and opportunities  Innovation – the ability to apply creative solutions to problems and opportunities to enhance or to enrich people’s lives
  • 9. How to Spot Entrepreneurial Opportunities  Monitor trends and exploit them early on  Take a different approach to an existing market  Put a new twist on an old idea
  • 10. How to Spot Entrepreneurial Opportunities  Look for creative ways to use existing resources  Realize that others have the same problem that you do  Notice what is missing
  • 11. Benefits of Small Business Ownership The opportunity to:  Control your own destiny  Make a difference  Reach your full potential  Reap impressive profits  Contribute to society and to be recognized for your efforts  Do what you enjoy and to have fun at it
  • 12. Drawbacks of Small Business Ownership  Uncertainty of income  Risk of losing your entire investment  Long hours and hard work
  • 13. Small Business Owners Work Week Number of Hours Worked per Week 1 to 39 hours 10% More than 70 hours 20% 40 to 49 hours 29%60 to 69 hours 19% 50 to 59 hours 22% Average workweek = 54 hours
  • 14. Drawbacks of Small Business Ownership  Uncertainty of income  Risk of losing your entire investment  Long hours and hard work  Lower quality of life until the business gets established
  • 15. Drawbacks of Small Business Ownership  Uncertainty of income  Risk of losing your entire investment  Long hours and hard work  Lower quality of life until the business gets established  High levels of stress  Complete responsibility  Discouragement
  • 16. The Cultural Diversity of Entrepreneurship Young entrepreneurs
  • 17. Entrepreneurial Activity by Age Group
  • 18. The Cultural Diversity of Entrepreneurship Young entrepreneurs Women entrepreneurs
  • 19. Entrepreneurial Activity by Gender
  • 20. The Cultural Diversity of Entrepreneurship Young entrepreneurs Women entrepreneurs Minority-owned enterprises
  • 21. Minority Business Ownership in the United States9080706050 East40 West30 North20100 1st Qtr 2nd Qtr 3rd Qtr 4th Qtr
  • 22. The Cultural Diversity of Entrepreneurship Young entrepreneurs Women entrepreneurs Minority-owned enterprises Immigrant entrepreneurs Part-time entrepreneurs
  • 23. Small Business by Industry
  • 24. Small Businesses...  Employ 50.2% of the nation’s private sector workforce  Pay 45% of total private payroll  Create more jobs than big businesses  SBA estimates they create 79% of all net new jobs in the U.S.
  • 25. Small Businesses...  Are leaders in offering training and advancement opportunities to workers  Provide 67% of workers with their first jobs  Account for 47% of business sales  Key role in innovation:  Produce 13 times more patents per employees than large companies
  • 26. Putting Failure into Perspective About 54% of new companies fail within 4 years Entrepreneurs are not affected by the prospect of failure Failure – a natural part of the creative process Successful entrepreneurs learn to fail intelligently
  • 27. Avoiding the Pitfalls of Small BusinessFailure  Know your business in depth  Prepare a business plan  Manage financial resources  Understand financial statements
  • 28. Avoiding the Pitfalls of Small BusinessFailure  Learn to manage people effectively  Set your business apart from the competition  Maintain a positive attitude