Chapter one evaluating your entrepreneurial potential
1. Chapter One
The Foundations of
Entrepreneurship
Entrepreneurs are simply those who
understand that there is a little difference
between obstacle and opportunity and are
able to turn both to their advantages.-
Niccolo Machiavelli
Entrepreneurs are the new rock stars.-
Cindy Boyd.
2. Chapter One
The Foundations of
Entrepreneurship
Entrepreneurship is more than simply “starting a
business.” The definition of entrepreneurship is a
process through which individuals identify
opportunities, allocate resources, and create
value. This creation of value is often through the
identification of unmet needs or through the
identification of opportunities for change .
http://www.gregwatson.com/entrepreneurship-
definition/
4. Evaluating your entrepreneurial
profile
• Profile of an entrepreneur.
http://www.youtube.com/watch?v=ZJ8kflo
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• Success and failure characteristic
http://www.youtube.com/watch?v=BrOE8
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5. • How to self assess whether you will
succeed.
• Objective guidelines and answer
guidelines.
• Appraising your personal skills.
• Creating an expertise worksheet.
• Consolidating your scores creating a
business charter.
6. Who is an Entrepreneur
Entrepreneur
One who creates a new business in the face of risk and
uncertainty for the purpose of achieving profit and growth
by identifying significant opportunities and assembling the
necessary resources to capitalize on them.
7. Entrepreneurial Profile
1. Desire for responsibility.
2. Preference for moderate risk.
3. Confidence in their ability to succeed.
4. Desire for immediate feedback
5. High level of energy
6. Future orientation.
7. Skill at organizing.
8. Value of achievement over money.
9. Type of Entrepreneurs
1. Opportunity entrepreneurs
Who start businesses because they spot an opportunity in
the marketplace.
2. Necessity entrepreneurs
Who start businesses because they cannot find work any
other way.
3. Serial entrepreneurs
Who repeatedly start businesses and grow them to a
sustainable size before striking out again.
10. The benefits of Entrepreneurship
1.Opportunity to create your own destiny.
2. Opportunity to make a difference.
3. Opportunity to reach your full potential.
4. Opportunity to reap impressive profits.
5. Opportunity to contribute to society and be recognized
for your efforts.
6. Opportunity to do what you enjoy and fun at it.
11. The potential drawbacks of
Entrepreneurship.
1. Uncertainty of income.
2. Risk of losing your entire investment.
3. Long hours and hard work.
4. Lower quality of life until the business gets established.
5. High levels of stress.
6. Complete responsibility.
7. Discouragement.
12. The forces that are driving the growth
of Entrepreneurship.
1. Entrepreneurs as heroes.
2. Entrepreneurial education.
3. Demographic and economy factors.
4. Shift to a service economy.
5. Technological advancements.
6. Independent lifestyle.
7. E-commerce and World Wide Web.WWW. The vast
network that link computers around the globe via the
Internet and opens up oceans of information to its users
and is a major business opportunity for entrepreneurs.
8. International opportunities.
13. The Cultural Diversity of
Entrepreneurship.
1. Young Entrepreneurs.
2. Women Entrepreneurs.
3. Minority Enterprises.
4. Immigrant Entrepreneurs.
5. Part time Entrepreneurs
6. Home-based Businesses.
7. Family Business
8. „Copreneurs‟-are entrepreneurial couples who work
together as co-owners of their businesses.
9. Corporate Castoffs.
10. Corporate Dropouts.
11. Social Entrepreneurs.
12. Retiring baby boomers.
14. Putting failure into perspective
Entrepreneurs recognize that failure is natural part of the
creative process. Successful entrepreneurs have the
attitude that failures are simply stepping stones along the
path to success, and they refuse to be paralyzed by a fear of
failure.
15. How to avoid the pitfalls
1. Know your business in depth.
2. Develop a solid business plan.
3. Manage financial resources.
4. Understand financial statements.
5. Learn to manage people effectively.
6. Set your business apart from the competition.
7. Maintain a positive attitude „can do attitude‟
