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  • Given before the College of Business and Management at Northeastern Illinois University on Wednesday, October 12, 2011.

Transcript

  • 1. A lecture by City of Chicago 12 th Ward Alderman George Cardenas
  • 2.
    • Entrepreneurship defined………………….……………5
    • Principles of Entrepreneurship………….……………6
    • Controlled Risks………………………………..……………7
    • Common Traits…………………………………………………8
    • Advantages……………………………………………………….9
    • Key Factors……………………………………………………10
    • Starting a Business……………………………..…………12
  • 3.
    • Foundation……………………………………………………13
    • Categories……………………………………………………..14
    • Entry Strategies………………….…………………..……15
    • Marketing………………………………….……….…………16
    • Chicagoland Programs……………………………………18
    • Resource Links……………………………………………….21
  • 4. Entrepreneurship
  • 5.
    • The act of creating a new enterprise
    • Stimulates economic growth and job opportunities
    • According to Webster’s online entrepreneurship is “the organization, management, and assumption of risks of a business or enterprise, usually implying an element of change or challenge and a new opportunity.”
  • 6.
    • To be successful you must work as if you are going to succeed-you may not succeed at first
    • Time matters
      • Market readiness to when an idea is good
      • Make a timely entrance and exit into the market
  • 7.
    • Entrepreneurship is a HIGH risk investment
      • Take risks!
      • Focus on a few risks that are valuable
      • Solve the easiest problems rather than the more difficult problems
      • Pick something that NOT everyone else thinks
  • 8.
    • Most entrepreneurs have several common personality traits including
      • Creativity
      • Dedication
      • Determination
      • Passion
      • Flexibility
      • Leadership
      • Self-confidence
      • “ smarts”
  • 9.
    • Entrepreneurs are their own bosses
      • Make the decisions
      • Choose who to do business with
      • Total control
    • Higher chance at achieving more significant rewards than working for someone else
    • Creates opportunity for a person to make a contribution
      • Can help the economy
  • 10.
    • Motivation
      • Incentive to starting a business
    • Strategy
      • What is the strategy for starting a business?
    • Realistic Vision
      • Is the potential of the business realistic?
  • 11.  
  • 12.
    • Choose the form of business
        • Sole Proprietorship
        • Partnership
        • Corporation
    • Create a business
        • Write a business plan
    • Need capital-how can you find capital
      • Personal savings
      • Friends and Family
      • Credit cards
      • Banks
      • Venture Investors
    • Must know property rights
      • Patents
      • Copyright
      • Trade Secrets
      • Trademarks
    • Know government policies
      • Tax policy
      • Regulatory policy
      • Access to Capital
    • USE YOUR RESOURCES
  • 13.
    • How to choose a product and a market
      • One must come up with a good idea
    • Ways to look for ideas
      • Read
      • Talk to people
      • Think of questions:
        • “ What would you like that is not available?”
        • “ Are there any new uses for technology?
  • 14.
    • Businesses usually fit into four categories
      • Existing good or service for an existing market
      • New good or service for a new market
      • New good or service for an existing market
      • Existing good or service for a new market
  • 15.
    • Differentiation
    • Niche
    • Specification
    • Innovation
  • 16.
    • Marketing is selling!
      • Advertising and promotions are the best tools in marketing
  • 17.  
  • 18.
    • Polsky Center for Entrepreneurship at Chicago Booth
      • Teaches the practice of entrepreneurship through academics, research competitions, conferences, and global and community outreach
      • Started offering courses in entrepreneurship in the 1970’s and was supported by the Ewing Marion Kauffman Foundation
    • Chicago Innovation Mentors
      • Organization that supports entrepreneurial activity of technology at Northwestern University, University Chicago, and University of Illinois at Chicago
      • Founded in 2010
    • Chicagoland Entrepreneurial Center
      • Promotes and grows the startup community in Chicago
      • Helps entrepreneurs build high-growth sustainable businesses
      • Formed by the Chicagoland Chamber of Commerce in 1999
      • Funded through private entities and corporations
  • 19.
    • Chicagoland Chamber of Commerce
      • Provides programs in advocacy, member benefits, and services to make members successful
      • Founded in 1904
      • Private, non-profit business assistance and economic development organization
      • Help businesses grow
    • The Chicago Innovation Chase
      • Intercollegiate Entrepreneurship and Innovation Program
      • Designed to mentor students to become entrepreneurs and inventors
      • Provides resources, mentorship, training and guidance to students at universities across the country
      • Created in 2008 by a group of students at the Illinois Institute of Technology
  • 20.
    • Technori
      • Free Entrepreneurial Technology Social Network
      • Invites entrepreneurs to share and vet their ideas within the community
    • Illinois Technology Association
      • Membership driven Association emphasizing peer-to-peer collaboration and one-on-one mentoring with leaders from the technology industry to drive companies forward. In addition, ITA’s education, events, networking,
      • Specializes in Education, Events, and Networking
  • 21.
    • http://academicearth.org/lectures/entrepreneurship-a-high-risk-investment
    • http://www.america.gov/publications/books/principles-of-entrepreneurship.html
    • http://www.chicagolandec.org/
    • http://www.chicagobooth.edu/entrepreneurship/about/index.aspx
    • http://invo.northwestern.edu/news/2011/partners-local-institutions-form-chicago-innovation-mentors
    • http://www.leadthechase.com/#!about
    • http://www.chicagolandchamber.org/wdk_cc/about/about_us_landing_page.jsp