“The role of the entrepreneur is to stand up to all…to stand up to ridicule.”
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This document discusses key aspects of entrepreneurship including defining entrepreneurs, identifying opportunities, and factors for success. It provides that entrepreneurs have the capacity to perceive and act on opportunities, create something from little, and pursue opportunities regardless of current resources. Opportunities exist when there is an unmet need or room for improvement that can be addressed profitably. Social entrepreneurs identify large-scale social problems and act as change agents to improve systems and disseminate new approaches. While some debate if entrepreneurs are born or made, the document outlines that success depends on having an entrepreneurial mindset including being dissatisfied with the status quo and passionately pursuing new opportunities with discipline and focus.
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“The role of the entrepreneur is to stand up to all…to stand up to ridicule.”
- 1. Entrepreneurship ―The role of the entrepreneur is to stand up to all…to stand up to ridicule.‖ Tom Peters
- 2. The Entrepreneurial Task • Capacity to perceive and act upon opportunities in the environment • Ability to create and build something from practically nothing • Successful pursuit of opportunity without regard to resources currently controlled
- 4. Opportunity • Favorable set of circumstances creating a need or opening for a new business concept • 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
- 5. Opportunity versus Concept/Idea • Opportunity: – Labor shortage in fast food industry – High employee turnover in fast food restaurants – Bad/inconsistent service Business Concept: Hire and train high school students; act as outsourced labor supply to local fast food franchisees
- 6. Finding Opportunity • Look for pattern of trends (in markets, demographics, social behaviors, customer buying behavior, competitive practices, etc. • Monitor changes in rules, laws, regulations • Conduct ‗needs‘ research, focus on problems • Look for under-utilized resources
- 7. Social Entrepreneurship • A social entrepreneur: – Identifies and solves social problems on a large scale – 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 value
- 8. 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?
- 9. Entrepreneurship as a Process Identifying an Opportunity Develop the Concept Determine the Required Resources Acquire the Necessary Resources Implement and Manage Harvest the Venture
- 10. So what is an entrepreneurial mindset? • • • • Healthy dissatisfaction Passionate pursuit of new opportunities Enormous discipline and tenacity Prioritizing opportunities and not exhausting oneself or resources by pursuing every one • Focus • Building a team of zealots
- 11. Small Business-10 Factors to Success • • • • • • • • • • Prepare a business plan Gain experience Know the competition Master marketing Location Family support Tenacity Be entertaining Have an internet presence Use the SBDC
- 12. Entrepreneurship • 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
- 13. Resources • Youngentrepreneurfoundation.wordpress.com • www.sba.gov • www.nyssbdc.org
Editor's Notes
- 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.