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Entrepreneurship in Chicago

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Entrepreneurship in Chicago
A Lecture by Chicago 12th Ward Alderman George Cardenas

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Entrepreneurship in Chicago

  1. 1. A lecture by City of Chicago 12 th Ward Alderman George Cardenas
  2. 2. <ul><li>Entrepreneurship defined………………….……………5 </li></ul><ul><li>Principles of Entrepreneurship………….……………6 </li></ul><ul><li>Controlled Risks………………………………..……………7 </li></ul><ul><li>Common Traits…………………………………………………8 </li></ul><ul><li>Advantages……………………………………………………….9 </li></ul><ul><li>Key Factors……………………………………………………10 </li></ul><ul><li>Starting a Business……………………………..…………12 </li></ul>
  3. 3. <ul><li>Foundation……………………………………………………13 </li></ul><ul><li>Categories……………………………………………………..14 </li></ul><ul><li>Entry Strategies………………….…………………..……15 </li></ul><ul><li>Marketing………………………………….……….…………16 </li></ul><ul><li>Chicagoland Programs……………………………………18 </li></ul><ul><li>Resource Links……………………………………………….21 </li></ul>
  4. 4. Entrepreneurship
  5. 5. <ul><li>The act of creating a new enterprise </li></ul><ul><li>Stimulates economic growth and job opportunities </li></ul><ul><li>According to Webster’s online entrepreneurship is “the organization, management, and assumption of risks of a business or enterprise, usually implying an element of change or challenge and a new opportunity.” </li></ul>
  6. 6. <ul><li>To be successful you must work as if you are going to succeed-you may not succeed at first </li></ul><ul><li>Time matters </li></ul><ul><ul><li>Market readiness to when an idea is good </li></ul></ul><ul><ul><li>Make a timely entrance and exit into the market </li></ul></ul>
  7. 7. <ul><li>Entrepreneurship is a HIGH risk investment </li></ul><ul><ul><li>Take risks! </li></ul></ul><ul><ul><li>Focus on a few risks that are valuable </li></ul></ul><ul><ul><li>Solve the easiest problems rather than the more difficult problems </li></ul></ul><ul><ul><li>Pick something that NOT everyone else thinks </li></ul></ul>
  8. 8. <ul><li>Most entrepreneurs have several common personality traits including </li></ul><ul><ul><li>Creativity </li></ul></ul><ul><ul><li>Dedication </li></ul></ul><ul><ul><li>Determination </li></ul></ul><ul><ul><li>Passion </li></ul></ul><ul><ul><li>Flexibility </li></ul></ul><ul><ul><li>Leadership </li></ul></ul><ul><ul><li>Self-confidence </li></ul></ul><ul><ul><li>“ smarts” </li></ul></ul>
  9. 9. <ul><li>Entrepreneurs are their own bosses </li></ul><ul><ul><li>Make the decisions </li></ul></ul><ul><ul><li>Choose who to do business with </li></ul></ul><ul><ul><li>Total control </li></ul></ul><ul><li>Higher chance at achieving more significant rewards than working for someone else </li></ul><ul><li>Creates opportunity for a person to make a contribution </li></ul><ul><ul><li>Can help the economy </li></ul></ul>
  10. 10. <ul><li>Motivation </li></ul><ul><ul><li>Incentive to starting a business </li></ul></ul><ul><li>Strategy </li></ul><ul><ul><li>What is the strategy for starting a business? </li></ul></ul><ul><li>Realistic Vision </li></ul><ul><ul><li>Is the potential of the business realistic? </li></ul></ul>
  11. 12. <ul><li>Choose the form of business </li></ul><ul><ul><ul><li>Sole Proprietorship </li></ul></ul></ul><ul><ul><ul><li>Partnership </li></ul></ul></ul><ul><ul><ul><li>Corporation </li></ul></ul></ul><ul><li>Create a business </li></ul><ul><ul><ul><li>Write a business plan </li></ul></ul></ul><ul><li>Need capital-how can you find capital </li></ul><ul><ul><li>Personal savings </li></ul></ul><ul><ul><li>Friends and Family </li></ul></ul><ul><ul><li>Credit cards </li></ul></ul><ul><ul><li>Banks </li></ul></ul><ul><ul><li>Venture Investors </li></ul></ul><ul><li>Must know property rights </li></ul><ul><ul><li>Patents </li></ul></ul><ul><ul><li>Copyright </li></ul></ul><ul><ul><li>Trade Secrets </li></ul></ul><ul><ul><li>Trademarks </li></ul></ul><ul><li>Know government policies </li></ul><ul><ul><li>Tax policy </li></ul></ul><ul><ul><li>Regulatory policy </li></ul></ul><ul><ul><li>Access to Capital </li></ul></ul><ul><li>USE YOUR RESOURCES </li></ul>
  12. 13. <ul><li>How to choose a product and a market </li></ul><ul><ul><li>One must come up with a good idea </li></ul></ul><ul><li>Ways to look for ideas </li></ul><ul><ul><li>Read </li></ul></ul><ul><ul><li>Talk to people </li></ul></ul><ul><ul><li>Think of questions: </li></ul></ul><ul><ul><ul><li>“ What would you like that is not available?” </li></ul></ul></ul><ul><ul><ul><li>“ Are there any new uses for technology? </li></ul></ul></ul>
  13. 14. <ul><li>Businesses usually fit into four categories </li></ul><ul><ul><li>Existing good or service for an existing market </li></ul></ul><ul><ul><li>New good or service for a new market </li></ul></ul><ul><ul><li>New good or service for an existing market </li></ul></ul><ul><ul><li>Existing good or service for a new market </li></ul></ul>
  14. 15. <ul><li>Differentiation </li></ul><ul><li>Niche </li></ul><ul><li>Specification </li></ul><ul><li>Innovation </li></ul>
  15. 16. <ul><li>Marketing is selling! </li></ul><ul><ul><li>Advertising and promotions are the best tools in marketing </li></ul></ul>
  16. 18. <ul><li>Polsky Center for Entrepreneurship at Chicago Booth </li></ul><ul><ul><li>Teaches the practice of entrepreneurship through academics, research competitions, conferences, and global and community outreach </li></ul></ul><ul><ul><li>Started offering courses in entrepreneurship in the 1970’s and was supported by the Ewing Marion Kauffman Foundation </li></ul></ul><ul><li>Chicago Innovation Mentors </li></ul><ul><ul><li>Organization that supports entrepreneurial activity of technology at Northwestern University, University Chicago, and University of Illinois at Chicago </li></ul></ul><ul><ul><li>Founded in 2010 </li></ul></ul><ul><li>Chicagoland Entrepreneurial Center </li></ul><ul><ul><li>Promotes and grows the startup community in Chicago </li></ul></ul><ul><ul><li>Helps entrepreneurs build high-growth sustainable businesses </li></ul></ul><ul><ul><li>Formed by the Chicagoland Chamber of Commerce in 1999 </li></ul></ul><ul><ul><li>Funded through private entities and corporations </li></ul></ul>
  17. 19. <ul><li>Chicagoland Chamber of Commerce </li></ul><ul><ul><li>Provides programs in advocacy, member benefits, and services to make members successful </li></ul></ul><ul><ul><li>Founded in 1904 </li></ul></ul><ul><ul><li>Private, non-profit business assistance and economic development organization </li></ul></ul><ul><ul><li>Help businesses grow </li></ul></ul><ul><li>The Chicago Innovation Chase </li></ul><ul><ul><li>Intercollegiate Entrepreneurship and Innovation Program </li></ul></ul><ul><ul><li>Designed to mentor students to become entrepreneurs and inventors </li></ul></ul><ul><ul><li>Provides resources, mentorship, training and guidance to students at universities across the country </li></ul></ul><ul><ul><li>Created in 2008 by a group of students at the Illinois Institute of Technology </li></ul></ul>
  18. 20. <ul><li>Technori </li></ul><ul><ul><li>Free Entrepreneurial Technology Social Network </li></ul></ul><ul><ul><li>Invites entrepreneurs to share and vet their ideas within the community </li></ul></ul><ul><li>Illinois Technology Association </li></ul><ul><ul><li>Membership driven Association emphasizing peer-to-peer collaboration and one-on-one mentoring with leaders from the technology industry to drive companies forward. In addition, ITA’s education, events, networking, </li></ul></ul><ul><ul><li>Specializes in Education, Events, and Networking </li></ul></ul>
  19. 21. <ul><li>http://academicearth.org/lectures/entrepreneurship-a-high-risk-investment </li></ul><ul><li>http://www.america.gov/publications/books/principles-of-entrepreneurship.html </li></ul><ul><li>http://www.chicagolandec.org/ </li></ul><ul><li>http://www.chicagobooth.edu/entrepreneurship/about/index.aspx </li></ul><ul><li>http://invo.northwestern.edu/news/2011/partners-local-institutions-form-chicago-innovation-mentors </li></ul><ul><li>http://www.leadthechase.com/#!about </li></ul><ul><li>http://www.chicagolandchamber.org/wdk_cc/about/about_us_landing_page.jsp </li></ul>

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