BAEB510 Chapter 1: Introduction to Entrepreneurship

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BAEB510 Chapter 1: Introduction to Entrepreneurship

  1. 1. BAEB501 : ENTREPRENEURSHIPCHAPTER 1:INTRODUCTION TOENTREPRENEURSHIP © 2010 Cosmopoint
  2. 2. Chapter 1: Introduction to EntrepreneurshipTopic Outlines 1.1 Introduction to Entrepreneurship 1.1.1 Who is an entrepreneur? 1.1.2 Entrepreneurial Profile 1.2 Benefits of Entrepreneurship 1.2.1 Advantages 1.3 Drawback of Entrepreneurship 1.3.1 Drawback of Entrepreneurship 1.3.2 Factors that lead to entrepreneurship 1.3.3 10 mistakes of entrepreneurship 1.4 How to avoid the mistakes? 1.5 Discussion © 2010 Cosmopoint Slide 2 of [11]
  3. 3. Chapter 1: Introduction to EntrepreneurshipLearning Outcomes At the end of this chapter, students should be able to:  Understand what is Entrepreneurship  The advantages and drawbacks of Entrepreneurship  Factors that lead Entrepreneurship © 2010 Cosmopoint Slide 3 of [11] Topics
  4. 4. Chapter 1: Introduction to Entrepreneurship1.1 Introduction to Entrepreneurship1.1.1 Who is an Entrepreneur? One who creates a new business in the face of risk on uncertainty for the purpose of achieving profit and growth by identifying opportunities and assembling the resources to capitalize on those opportunities. © 2010 Cosmopoint Slide 4 of [11] Topics
  5. 5. Chapter 1: Introduction to Entrepreneurship1.1 Introduction to Entrepreneurship Desire for responsibility Honest Preference for moderate risk Confidence for their Desire for immediate ability to succeed feedback Entrepreneurial Profile Tolerance High degree of / Characteristics commitment Highly Motivated High level of energy Future orientation Flexibility Skill at organizing Value of achievement over money © 2010 Cosmopoint Slide 5 of [11]
  6. 6. Chapter 1: Introduction to Entrepreneurship1.2 Benefit of Entrepreneurship1.2.1 Advantages Opportunity to make a difference Opportunity to reach your full potential Benefit of Entrepreneurship Opportunity to get unlimited profits Opportunity to do what you enjoy doing Opportunity to gain control Opportunity to contribute to over your own destiny society and be recognized for your efforts © 2010 Cosmopoint Slide 6 of [11] Topics
  7. 7. Chapter 1: Introduction to Entrepreneurship1.3 Drawback of Entrepreneurship1.3.1 Drawback of Entrepreneurship High levels of stress Complete responsibility Discouragement Long hours and Drawback of Uncertainty of hard work Entrepreneurship income Risk of losing your Lower quality of life entire invested until the business capital gets established © 2010 Cosmopoint Slide 7 of [11] Topics
  8. 8. Chapter 1: Introduction to Entrepreneurship1.3 Factors that lead to entrepreneurship1.3.2 Factors that lead to entrepreneurship • Entrepreneur as Heroes • Entrepreneurial Education • Economic and demographic factors • Shift to a service economy • Technological advancements • Independent Lifestyle • E-commerce and www • International opportunities © 2010 Cosmopoint Slide 8 of [11] Topics
  9. 9. Chapter 1: Introduction to Entrepreneurship1.3 10 mistakes of entrepreneurship1.3.3 10 mistakes of entrepreneurship • Management incompetence • Lack of experience • Undercapitalization • Poor cash management • Lack of strategic management • Weak marketing effort • Uncontrolled growth • Poor location • Lack of inventory control • Inability to make the ‘entrepreneurial transition’ © 2010 Cosmopoint Slide 9 of [11] Topics
  10. 10. Chapter 1: Introduction to Entrepreneurship1.4 How to avoid the mistakes?1.4.1 How to avoid the mistake? • Know your business in depth • Prepare a business plan • Manage financial resources • Understand financial statements • Learn to manage people effectively • Set your business apart from the competition • Keep in tune with yourself © 2010 Cosmopoint Slide 10 of [11] Topics
  11. 11. Chapter 1: Introduction to Entrepreneurship1.5 Activity: [Discussion]  How can Entrepreneur energize the economics growth? List and discuss it in a group of 4. © 2010 Cosmopoint Slide 11 of [11] Topics

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