Intro to ent

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

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Intro to ent

by rajeev roy on Nov 19, 2010

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Intro to ent — Presentation Transcript