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Entrepreneurship

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Since you go through life, you have two career decisions. One is called security, or a job, going to work – become employee. The other choice is freedom, or to become an entrepreneur and start your own business. Which part you consider in to?

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Entrepreneurship

  1. 1. entrepreneurship
  2. 2. You can download this presentation at: http:// freepresentation.org Please visit F reePresentation. org for more presentations on marketing, strategy and case solution
  3. 3. Entrepreneurial Imagination and Creativity <ul><li>How Entrepreneurs Do What They Do: </li></ul><ul><ul><li>Creative thinking + systematic analysis = success </li></ul></ul><ul><ul><li>Seek out unique opportunities to fill needs and wants </li></ul></ul><ul><ul><li>Turn problems into opportunities </li></ul></ul><ul><ul><li>Recognize that problems are to solutions what demand is to supply </li></ul></ul>
  4. 4. Impediments to Creativity <ul><li>Eliminating Muddling Mind-Sets </li></ul><ul><ul><li>Either/or thinking (concern for certainty) </li></ul></ul><ul><ul><li>Security hunting ( concern for risk) </li></ul></ul><ul><ul><li>Stereotyping (abstracting reality) </li></ul></ul><ul><ul><li>Probability thinking (seeking predictable results) </li></ul></ul>
  5. 6. Developing Your Creativity <ul><li>Recognizing Relationships </li></ul><ul><ul><li>Looking for different or unorthodox relationships among the elements and people around you. </li></ul></ul><ul><li>Developing a Functional Perspective </li></ul><ul><ul><li>Viewing things and people in terms of how they can satisfy his or her needs and help complete a project. </li></ul></ul><ul><li>Using Your Brains </li></ul><ul><ul><li>The right brain helps us understand analogies, imagine things, and synthesize information. </li></ul></ul><ul><ul><li>The left brain helps us analyze, verbalize, and use rational approaches to problem solving. </li></ul></ul>
  6. 8. <ul><li>Key Personal Attributes </li></ul>
  7. 9. Key Personal Attributes <ul><li>Entrepreneurs are Made, Not Born! </li></ul><ul><ul><li>Many of these key attributes are developed early in life, with the family environment playing an important role </li></ul></ul><ul><ul><li>Entrepreneurs tend to have had self employed parents who tend to support and encourage independence, achievement, and responsibility </li></ul></ul><ul><ul><li>Firstborns tend to have more entrepreneurial attributes because they receive more attention, have to forge their own way, thus creating higher self-confidence </li></ul></ul>
  8. 10. <ul><li>Entrepreneurial Careers </li></ul><ul><ul><li>The idea that entrepreneurial success leads to more entrepreneurial activity may explain why many entrepreneurs start multiple companies over the course of their career </li></ul></ul><ul><ul><li>Corridor Principle - Using one business to start or acquire others and then repeating the process </li></ul></ul><ul><ul><li>Serial Entrepreneurs - A person who founds and operates multiple companies during one career </li></ul></ul>(cont.)
  9. 11. <ul><li>Need for Achievement </li></ul><ul><ul><li>A person’s desire either for excellence or to succeed in competitive situations </li></ul></ul><ul><ul><li>High achievers take responsibility for attaining their goals, set moderately difficult goals, and want immediate feedback on their performance </li></ul></ul><ul><ul><li>Success is measured in terms of what those efforts have accomplished </li></ul></ul><ul><ul><li>McClelland’s research </li></ul></ul>(cont.)
  10. 12. <ul><li>Desire for Independence </li></ul><ul><ul><li>Entrepreneurs often seek independence from others </li></ul></ul><ul><ul><li>As a result, they generally aren’t motivated to perform well in large, bureaucratic organizations </li></ul></ul><ul><ul><li>Entrepreneurs have internal drive, are confident in their own abilities, and possess a great deal of self-respect </li></ul></ul>(cont.)
  11. 13. <ul><li>Self-Confidence </li></ul><ul><ul><li>Because of the high risks involved in running an entrepreneurial organization, having an “upbeat” and self-confident attitude is essential </li></ul></ul><ul><ul><li>A successful track record leads to improved self-confidence and self-esteem </li></ul></ul><ul><ul><li>Self-confidence enables that person to be optimistic in representing the firm to employees and customers alike </li></ul></ul>(cont.)
  12. 14. <ul><li>Self-Sacrifice </li></ul><ul><ul><li>Essential </li></ul></ul><ul><ul><li>Nothing worth having is free </li></ul></ul><ul><ul><li>Success has a high price, and entrepreneurs have to be willing to sacrifice certain things </li></ul></ul>(cont.)
  13. 15. Entrepreneurship: Growth Pressures Formal Organization Entrepreneurial Organization Business Dimension Short-term driven; limited by investors Unlimited; based on team’s accomplishments Compensation policy Clearly defined authority and responsibility Flat Many informal networks Management Structure Power, status, financial rewards for maintaining status quo Lack of commitment to permanent ventures Control of resources Systematic planning systems Lack of stable needs and resource bases Commitment to resources (capital, people, and equipment) Evolutionary Long duration Revolutionary Short duration Commitment to opportunity Controls resources Seeks opportunity Strategic orientation
  14. 16. <ul><li>Source of Reference: </li></ul><ul><li>Donald F. Kuratko , Entrepreneurship: Theory, Process, and Practice, SOUTH –WESTERN CENGAGE Learning. </li></ul>Credits http://www.metrobits.org

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