Entrepreneurial Fire and Cultural Diversity

1. ENTREPRENEURSHIP
Lecture No: 3
Resource Person:
Malik Jawad Saboor
Assistant Professor
Department of Management Sciences
COMSATS Institute of Information Technology
Islamabad.
1

2. Previous Lecture Review
• Define the term entrepreneur
• Describe the entrepreneurial profile.
• Describe the benefits of entrepreneurship.
• Describe the drawbacks of entrepreneurship.
2

3. Objectives
• Explain the forces that are driving the growth of
entrepreneurship.
• Explain the cultural diversity of entrepreneurship.
• Put failure into proper perspective.
• Avoiding the Pitfalls of Small Business Failure.
3

4. 4
Feeding the
Entrepreneurial Fire
• Entrepreneurs as heroes
• Entrepreneurial education
• Demographic and economic factors
• Shift to a service economy

5. 5
Feeding the
Entrepreneurial Fire
• Technological advancements
• Independent lifestyles
• E-commerce and the World Wide Web
• International opportunities

6. 6
The Cultural Diversity of
Entrepreneurship
• Young entrepreneurs
• Women entrepreneurs
• Minority-owned enterprises
• Immigrant entrepreneurs
• Part-time entrepreneurs

7. 7
The Cultural Diversity of
Entrepreneurship
• Home-based businesses
• Family businesses
• Copreneurs
• Corporate castoffs
• Corporate dropouts

8. 8
Deadly Mistakes of Entrepreneurship
• Management mistakes
• Lack of experience
• Poor financial control
• Weak marketing efforts
• Failure to develop a strategic plan

9. 9
Ten Deadly Mistakes of
Entrepreneurship
• Uncontrolled growth
• Poor location
• Improper inventory control
• Incorrect pricing
• Inability to make the “entrepreneurial
transition”

10. 10
Putting Failure into Perspective
• Entrepreneurs are not paralyzed by the
prospect of failure.
• Failure – a natural part of the creative
process.
• Successful entrepreneurs learn to fail
intelligently.

11. 11
Avoiding the Pitfalls of
Small Business Failure
• Know your business in depth
• Develop a solid business plan
• Manage financial resources
• Understand financial statements
• Learn to manage people effectively
• Keep in tune with yourself

12. Lecture Review
• Explain the forces that are driving the growth of
entrepreneurship.
• Explain the cultural diversity of entrepreneurship.
• Put failure into proper perspective.
• Avoiding the Pitfalls of Small Business Failure.
12
Reference: Essentials of Entrepreneurship & Small Business Management,
Zimmer, Scarborough &Wilson, 5th Edition