Business   <ul><li>Filipinas turn rags to riches </li></ul>From:  www.newsflash.org/2004/02/tl/tl013267.htm   … is the  An...
Small Business <ul><li>… is  financed  by one person or small group </li></ul><ul><li>… has  localized operations </li></u...
Small Business in the USA <ul><li>637,100  small businesses started in 2007 </li></ul><ul><li>Represent  99.7   percent  o...
Create new jobs
Create new technology http://www.brookstone.com/cinemin-slice-micro-projector?bkiid=World_Landing_Page_Electronics_Travel_...
Create New Products and Services http://www.babytravelcompany.com/
Open New Markets
Opportunity <ul><li>Some innovative product or service with market potential. Must create value, be timely, and  PEOPLE  m...
Who Are Entrepreneurs? <ul><li>Founders </li></ul><ul><li>Owners </li></ul><ul><li>Managers </li></ul><ul><li>Franchisees ...
So, You Want To Be an Entrepreneur… Are you willing and able to bear great financial risk? Are you willing to sacrifice yo...
So, You Want To Be an Entrepreneur… What’s your track record of executing your ideas? How persuasive and well-spoken are y...
Ana Laura
Common Personality Traits  <ul><li>Risk taker </li></ul><ul><li>Confident </li></ul><ul><li>Energetic </li></ul><ul><li>Re...
Benefits of Entrepreneurship <ul><li>Profit/ Wealth </li></ul><ul><li>Enterprise </li></ul><ul><li>Independence </li></ul>...
Drawbacks of Entrepreneurship <ul><li>Uncertainty of income </li></ul><ul><li>Risk </li></ul><ul><li>Long hours </li></ul>...
Failure Happens!
“ Lacked imagination and had no good ideas.”
$4,313,000,000 2010 Net Income from Google finance 08/24/11
Competitive Advantages of Entrepreneurial Firms <ul><li>Customer Focus </li></ul><ul><li>Quality Performance </li></ul><ul...
“ To me business isn’t about wearing suits or pleasing stockholders. It’s about being true to yourself, your ideas and foc...
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Lec entrepreneur 12

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Lecture One: The Entrepreneur

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Lec entrepreneur 12

  1. 3. Business <ul><li>Filipinas turn rags to riches </li></ul>From: www.newsflash.org/2004/02/tl/tl013267.htm … is the Answer The single largest generator of wealth in the world is the entrepreneurial venture.
  2. 4. Small Business <ul><li>… is financed by one person or small group </li></ul><ul><li>… has localized operations </li></ul><ul><li>… is small in size relative to competitors </li></ul><ul><li>… has fewer than 150 employees </li></ul>
  3. 5. Small Business in the USA <ul><li>637,100 small businesses started in 2007 </li></ul><ul><li>Represent 99.7 percent of all employers </li></ul><ul><li>Generate 60-80 percent of new jobs annually </li></ul><ul><li>Pay almost half of all private payrolls </li></ul><ul><li>Produce 13 percent more patents per employee </li></ul><ul><li>Source: SBA Advocacy Office </li></ul>
  4. 6. Create new jobs
  5. 7. Create new technology http://www.brookstone.com/cinemin-slice-micro-projector?bkiid=World_Landing_Page_Electronics_Travel_Electronics|CategoryWidget|716241p&catId=L2_TravelElectcs1|L1_Electronics
  6. 8. Create New Products and Services http://www.babytravelcompany.com/
  7. 9. Open New Markets
  8. 10. Opportunity <ul><li>Some innovative product or service with market potential. Must create value, be timely, and PEOPLE must WANT it. </li></ul>
  9. 11. Who Are Entrepreneurs? <ul><li>Founders </li></ul><ul><li>Owners </li></ul><ul><li>Managers </li></ul><ul><li>Franchisees </li></ul><ul><li>Business buyer </li></ul><ul><li>Someone in the family business </li></ul>
  10. 12. So, You Want To Be an Entrepreneur… Are you willing and able to bear great financial risk? Are you willing to sacrifice your lifestyle for potentially many years? Is your significant other on board? Do you like all aspects of running a business? Are you comfortable making decisions on the fly with no playbook?
  11. 13. So, You Want To Be an Entrepreneur… What’s your track record of executing your ideas? How persuasive and well-spoken are you? Do you have a concept your passionate about? Are you a self-starter? Do you have a business partner?
  12. 14. Ana Laura
  13. 15. Common Personality Traits <ul><li>Risk taker </li></ul><ul><li>Confident </li></ul><ul><li>Energetic </li></ul><ul><li>Responsible </li></ul><ul><li>Future-oriented </li></ul><ul><li>Good organizational skills </li></ul><ul><li>High achiever </li></ul><ul><li>Willing to commit </li></ul><ul><li>Flexible </li></ul><ul><li>Tenacious </li></ul><ul><li>Tolerance for ambiguity </li></ul>
  14. 16. Benefits of Entrepreneurship <ul><li>Profit/ Wealth </li></ul><ul><li>Enterprise </li></ul><ul><li>Independence </li></ul><ul><li>Freedom </li></ul><ul><li>Personal Satisfaction </li></ul><ul><li>Personal Fulfillment </li></ul><ul><li>Providing Opportunities </li></ul>
  15. 17. Drawbacks of Entrepreneurship <ul><li>Uncertainty of income </li></ul><ul><li>Risk </li></ul><ul><li>Long hours </li></ul><ul><li>Lower quality of life </li></ul><ul><li>Stress </li></ul><ul><li>Responsibility </li></ul><ul><li>Discouragement </li></ul>
  16. 18. Failure Happens!
  17. 19. “ Lacked imagination and had no good ideas.”
  18. 20. $4,313,000,000 2010 Net Income from Google finance 08/24/11
  19. 21. Competitive Advantages of Entrepreneurial Firms <ul><li>Customer Focus </li></ul><ul><li>Quality Performance </li></ul><ul><li>Integrity and Responsibility </li></ul><ul><li>Innovation </li></ul><ul><li>Special Niche </li></ul>
  20. 22. “ To me business isn’t about wearing suits or pleasing stockholders. It’s about being true to yourself, your ideas and focusing on the essentials.” —Richard Branson

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