Dr. Mohammed Yunnus-founded the concept of micro enterprise and the Grameen Bank (Bank of the Poor) in Bangladesh in 1976. Practice of making small loans to the poor, predominately women-to help obtain economic self-sufficiency. No collateral required. Bank reports a 97% rate of repayment.Now worldwide. Micro program in US. 3 in Oswego County.Mimi Silbert - Delancey Street Foundation. Started with 4 residents, $1,000 loan, and a dream. Place where substance abusers, former felons and others who had hit bottom could turn their lives around through their own efforts. Grosses 20 million dollars a year with locations in New York, New Mexico, North Carolina and Los Angeles. Never accepted a single penny of government funds. Earn revenue by operating more than 20 businesses including the Delancey Street Restaurant and Café and the Delancey Street Moving Company.
“The role of the entrepreneur is to stand up to all…to stand up to ridicule.”
―The role of the entrepreneur is to
stand up to all…to stand up to ridicule.‖
The Entrepreneurial Task
• Capacity to perceive and act upon
opportunities in the environment
• Ability to create and build something from
• Successful pursuit of opportunity without
regard to resources currently controlled
• Favorable set of circumstances creating a
need or opening for a new business
• A situation where something can be
improved at a profit
• The existence of ―pain‖ that can be
removed—something is unsatisfactory
• But you can have opportunity without
something being wrong
Opportunity versus Concept/Idea
– Labor shortage in fast food industry
– High employee turnover in fast food restaurants
– Bad/inconsistent service
Hire and train high school students; act as outsourced
labor supply to local fast food franchisees
• Look for pattern of trends (in markets,
demographics, social behaviors, customer
buying behavior, competitive practices,
• Monitor changes in rules, laws, regulations
• Conduct ‗needs‘ research, focus on
• Look for under-utilized resources
• A social entrepreneur:
– Identifies and solves social problems on a
– They act as change agents for society,
seizing opportunities others miss in order to:
• Improve systems
• Invent and disseminate new approaches
• Advance sustainable solutions that create social
Some vexing questions
Are entrepreneurs born?
Is there a prototype of the entrepreneur?
Are all small business owners entrepreneurs?
Are entrepreneurs different from managers?
Can people be taught to be entrepreneurs?
Is there a right time to be an entrepreneur?
What makes for a successful entrepreneur?
Entrepreneurship as a Process
Identifying an Opportunity
Develop the Concept
Determine the Required Resources
Acquire the Necessary Resources
Implement and Manage
Harvest the Venture
So what is an entrepreneurial
Passionate pursuit of new opportunities
Enormous discipline and tenacity
Prioritizing opportunities and not exhausting
oneself or resources by pursuing every one
• Building a team of zealots
Small Business-10 Factors to
Prepare a business plan
Know the competition
Have an internet presence
Use the SBDC
• The reasonable man (or woman) adapts
himself (herself) to the world. The
unreasonable man (or woman) persists in
adapting the world to himself (herself).
Therefore, all progress depends on
unreasonable men (and women).
• George Bernard Shaw