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Intro to ent

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Intro to ent Intro to ent Presentation Transcript

  • UNDERSTANDING ENTREPRENEURSHIP
  • The Entrepreneur
    • entreprende , which means – ‘to undertake’
    • Webster dictionary – one who organizes, manages and assumes the risks of a business or enterprise
    • Richard Cantillion – an entrepreneur is someone who takes the risk of running an enterprise by paying a certain price for securing and using resources to make a product and reselling the product for an uncertain price.
    • Joseph Schumpeter - an innovator playing the role of a dynamic businessman adding material growth to economic development
    • Timmons - Entrepreneurship is the process of creating or seizing an opportunity and pursuing it regardless of the resources currently controlled
  • Reasons for Growth of Entrepreneurship
    • Industry Structure
    • New technologies
    • Deregulation and privatization
    • Formation of new business communities
    • Increasing demand for variety
    • Government incentives and subsidies
    • Increasing flow of information
    • Easier access to resources
    • Entrepreneurial education
    • Return on innovation
    • Entrepreneur as a Hero
    • Self-employment is highly valued
    • Rising dissatisfaction at job
    • Acceptance of ex-entrepreneurs in the job market
  • Impact of Entrepreneurial Firms
    • Job Creation
    • Economic growth
    • New Technology
    • Serving small markets
  • Why Start a Business?
    • Control
    • The idea
    • Flexibility
    • Money
  • Pros & Cons
    • You are the boss
    • All profits are yours
    • There will be great variety in roles and tasks
    • Increases self confidence
    • Work can be very satisfying
    • Success will give you immense satisfaction
    • You are alone
    • All decisions are yours
    • All losses are yours
    • Work may not be satisfying
    • You will need to put in long hours
    • Lack of success will effect self esteem
    • Exiting the business is difficult
    • Pressures will affect social and family life
  • Entrepreneurial Characteristics
    • Timmons:
    • commitment and determination;
    • leadership;
    • opportunity obsession;
    • tolerance of risk, ambiguity and uncertainty;
    • creativity, self-reliance and ability to adapt; and
    • motivation to excel
    • Bianchi
    • being an offspring of self-employed parents;
    • being fired from more than one job;
    • being an immigrant or a child of immigrants;
    • previous employment in a firm with more than 100 people;
    • being the oldest child in the family
    • being a college graduate
  • Entrepreneurial Skills
    • Creativity and Opportunity Evaluation
    • Real-time Strategy and Decision Making
    • Comfort with Change and Chaos
    • Teamwork
    • Evangelism, Selling, Negotiation, and Motivation through Influence and Persuasion
    • Oral and Written Communication
    • Basics of Start-Up Finance, Accounting and Law
  • Entrepreneurial Attitudes
    • Comfortable with lifestyle changes
    • Willingness to break / bend / stretch laws
    • Patience to start small
    • Prepared to make enemies
    • Comfort with confrontations
    • Dealing with failure
    • Willingness to learn
  • Types of Entrepreneurs
    • Early starters
    • Experienced
    • Mature
    • 1st generation entrepreneurs
    • From Business families
    • Minority entrepreneurs
    • Women Entrepreneurs
    • Novice
    • Serial
    • Portfolio
  • Reasons for Entrepreneurial Failure
    • Lack of experienced management
    • Few trained or experienced manpower
    • Poor financial management
    • Rapid growth
    • Lack of business linkages
    • Weak marketing efforts
    • Lack of information
    • Incorrect pricing
    • Improper inventory control
    • Short term outlook