Principal Reasons Why People Start Businesses of Their Own
To achieve a sense of accomplishment 82% *
To be their own boss 73%
To have an element of variety and adventure 66%
To make better use of their training and skills 63%
To be able to adapt their own approach to their work 62%
To be challenged by new opportunities 61%
* sums to more than 100% due to multiple responses
An Entrepreneur Someone who perceives an opportunity and creates an organization to pursue it. Bygraves
Entrepreneurs Can Play a Number of Roles in the Economy
1. Create new product and/or service businesses.
2. Bring creative and innovative methods to developing or producing new products or services.
3. Provide employment opportunities and create new jobs as a result of growing their businesses consistently and rapidly.
4. Help contribute to regional and national economic growth.
5. Encourage greater industrial efficiency/productivity to enhance our international competitiveness.
The Components of Successful Entrepreneurial Ventures Business Plan The Entrepreneur Opportunity Resources Organization Strategy
Outline of the Entrepreneurial Process Decide to go into business for yourself Assess your potential Find an appropriate product or service idea Buy a business Start a new business Acquire a franchise Conduct a feasibility study Technical feasibility Market acceptability Financial viability Organize your business structure and legal requirements Protect your idea Arrange the necessary financing Develop a comprehensive business plan
Myth 8 Starting a business is risky and often ends in failure. Myth 9 Money is the most important ingredient for success. Myth 10 New business start-ups are for the young and energetic. Myth 11 Entrepreneurs are motivated solely by their quest for the almighty dollar. Myth 12 Entrepreneurs seek power and control over other people so that they can feel “in charge.”
Rules of the Road 1. Spot the opportunity around you 2. Bring in the experts 3. Keep your options open 4. Be prepared to work 5. Learn when to hand off to suppliers 6. Look for value-added deals 7. Expand strategically 8. Think BIG 9. Lever relationships 10. Have a fallback