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Entrepreneurship in Chicago
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Entrepreneurship in Chicago


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A lecture given by City of Chicago 12th Ward Alderman George Cardenas before the College of Business and Management at Northeastern Illinois University on Wednesday, October 12, 2011. …

A lecture given by City of Chicago 12th Ward Alderman George Cardenas before the College of Business and Management at Northeastern Illinois University on Wednesday, October 12, 2011.

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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.
      • 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.”
    • 3.
      • 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
    • 4.
      • 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
    • 5.
      • Most entrepreneurs have several common personality traits including
        • Creativity
        • Dedication
        • Determination
        • Passion
        • Flexibility
        • Leadership
        • Self-confidence
        • “ smarts”
    • 6.
      • 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
    • 7.
      • Motivation
        • Incentive to starting a business
      • Strategy
        • What is the strategy for starting a business?
      • Realistic Vision
        • Is the potential of the business realistic?
    • 8.
      • 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?
    • 9.
      • 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
    • 10.
      • Differentiation
      • Niche
      • Specification
      • Innovation
    • 11.
      • Marketing is selling!
        • Advertising and promotions are the best tools in marketing
    • 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
    • 13.
      • 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
    • 14.
      • 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
    • 15.