This document provides an overview of Chapter 1 from an entrepreneurship textbook. It covers several key topics:
1. The role of entrepreneurs in business and factors driving increased entrepreneurship globally.
2. Traits commonly associated with successful entrepreneurs such as a desire for responsibility, risk-taking, and future orientation.
3. Both the benefits of entrepreneurship, like independence and potential for high profits, and drawbacks like uncertainty of income and long hours.
4. Common mistakes that can lead startups to fail, like lack of experience, poor financial control, and failure to develop a strategic plan.
5. The importance of understanding failure as a learning experience and having a contingency plan rather than viewing
This document summarizes the key points from the first chapter of a textbook on entrepreneurship. It discusses the importance of entrepreneurship, characteristics of successful entrepreneurs, common myths about entrepreneurs, and changing demographics. It also outlines the entrepreneurial process in five steps - deciding to become an entrepreneur, developing business ideas, moving from idea to firm, managing and growing the firm, and exiting.
The document provides an overview of entrepreneurship and small businesses. It discusses key findings from studies such as:
- Over 550,000 new businesses are launched in the US each year.
- Men are twice as likely to start businesses as women, and most entrepreneurs get funding from family and friends.
- Entrepreneurs are most active between ages 25-44.
- 388 million people globally were actively engaged in entrepreneurship in 2011, creating jobs and innovations.
The document then covers definitions of entrepreneurship, reasons for becoming an entrepreneur, characteristics of successful entrepreneurs, myths about entrepreneurship, and the economic and social impacts of entrepreneurial firms and small businesses.
This document discusses technology entrepreneurship. It defines tech entrepreneurship as entrepreneurship focused on opportunities enabled by technology. Tech entrepreneurs have created entirely new industries through companies like Facebook, Google, and Snapchat. Countries have benefited economically from tech sectors through investment and jobs. The document outlines key lessons from tech entrepreneurship including defining and identifying opportunities, understanding impact, and critical success factors like creating unique value, adapting quickly, hiring the right talent, and targeting large markets.
This document provides an overview of entrepreneurship. It begins by defining entrepreneurship as taking on risk and responsibility to design and implement a business strategy. It notes that entrepreneurs create jobs for themselves and others. The document then outlines the objectives of the lesson, which are to explain entrepreneurship concepts, recognize the importance of entrepreneurs, describe successful entrepreneur qualities, identify entrepreneur functions, and explain aspects of starting a small business. It further defines entrepreneurs, discusses the importance of entrepreneurship for providing employment, research/development, and wealth creation. The document also lists qualities of successful entrepreneurs such as initiative, risk-taking, learning from experience, motivation, self-confidence, and decision-making ability. It concludes by outlining functions of entrepreneurs like
Get introduced to MaRS' lecture series for up-starts: CIBC Presents Entrepreneurship 101.
Speaker: Tony Redpath
More information: http://www.marsdd.com/ent101
This document is a report submitted by three students - Jayamani Shrivastava, Purvi Sharma, and Yamini Sapra - on entrepreneurial skills. It contains sections on defining an entrepreneur, characteristics of entrepreneurs, types of entrepreneurial skills needed, and developing entrepreneurial competencies. The students declare that the report was prepared under the supervision of their faculty guide, Prof. Abhay Dubey, to fulfill a course requirement for their MBA program.
Module 4 entrepreneurship for people in interface communitiescaniceconsulting
This module discusses entrepreneurship for marginalized and minority groups in interface communities. It explores why entrepreneurship is important, the benefits it can provide, and barriers groups may face. Case studies are presented on successful entrepreneurs, including a Syrian barber in Scotland and an Irish Traveller artist, to show how communities can support overcoming barriers. Best practices from EU projects on supporting migrant, ethnic, and marginalized entrepreneurs are also discussed.
The document defines key terms related to entrepreneurship such as entrepreneur, enterprise, and entrepreneurship. It describes an entrepreneur as someone who takes on the risk of starting a new business. The document outlines important characteristics of successful entrepreneurs such as the ability to take risks, self-confidence, determination, and a willingness to work hard. It also discusses factors that influence entrepreneurship like family background, education level, age, and professional contacts. Overall, the document provides definitions and discusses important concepts for understanding entrepreneurship.
This document summarizes the key points from the first chapter of a textbook on entrepreneurship. It discusses the importance of entrepreneurship, characteristics of successful entrepreneurs, common myths about entrepreneurs, and changing demographics. It also outlines the entrepreneurial process in five steps - deciding to become an entrepreneur, developing business ideas, moving from idea to firm, managing and growing the firm, and exiting.
The document provides an overview of entrepreneurship and small businesses. It discusses key findings from studies such as:
- Over 550,000 new businesses are launched in the US each year.
- Men are twice as likely to start businesses as women, and most entrepreneurs get funding from family and friends.
- Entrepreneurs are most active between ages 25-44.
- 388 million people globally were actively engaged in entrepreneurship in 2011, creating jobs and innovations.
The document then covers definitions of entrepreneurship, reasons for becoming an entrepreneur, characteristics of successful entrepreneurs, myths about entrepreneurship, and the economic and social impacts of entrepreneurial firms and small businesses.
This document discusses technology entrepreneurship. It defines tech entrepreneurship as entrepreneurship focused on opportunities enabled by technology. Tech entrepreneurs have created entirely new industries through companies like Facebook, Google, and Snapchat. Countries have benefited economically from tech sectors through investment and jobs. The document outlines key lessons from tech entrepreneurship including defining and identifying opportunities, understanding impact, and critical success factors like creating unique value, adapting quickly, hiring the right talent, and targeting large markets.
This document provides an overview of entrepreneurship. It begins by defining entrepreneurship as taking on risk and responsibility to design and implement a business strategy. It notes that entrepreneurs create jobs for themselves and others. The document then outlines the objectives of the lesson, which are to explain entrepreneurship concepts, recognize the importance of entrepreneurs, describe successful entrepreneur qualities, identify entrepreneur functions, and explain aspects of starting a small business. It further defines entrepreneurs, discusses the importance of entrepreneurship for providing employment, research/development, and wealth creation. The document also lists qualities of successful entrepreneurs such as initiative, risk-taking, learning from experience, motivation, self-confidence, and decision-making ability. It concludes by outlining functions of entrepreneurs like
Get introduced to MaRS' lecture series for up-starts: CIBC Presents Entrepreneurship 101.
Speaker: Tony Redpath
More information: http://www.marsdd.com/ent101
This document is a report submitted by three students - Jayamani Shrivastava, Purvi Sharma, and Yamini Sapra - on entrepreneurial skills. It contains sections on defining an entrepreneur, characteristics of entrepreneurs, types of entrepreneurial skills needed, and developing entrepreneurial competencies. The students declare that the report was prepared under the supervision of their faculty guide, Prof. Abhay Dubey, to fulfill a course requirement for their MBA program.
Module 4 entrepreneurship for people in interface communitiescaniceconsulting
This module discusses entrepreneurship for marginalized and minority groups in interface communities. It explores why entrepreneurship is important, the benefits it can provide, and barriers groups may face. Case studies are presented on successful entrepreneurs, including a Syrian barber in Scotland and an Irish Traveller artist, to show how communities can support overcoming barriers. Best practices from EU projects on supporting migrant, ethnic, and marginalized entrepreneurs are also discussed.
The document defines key terms related to entrepreneurship such as entrepreneur, enterprise, and entrepreneurship. It describes an entrepreneur as someone who takes on the risk of starting a new business. The document outlines important characteristics of successful entrepreneurs such as the ability to take risks, self-confidence, determination, and a willingness to work hard. It also discusses factors that influence entrepreneurship like family background, education level, age, and professional contacts. Overall, the document provides definitions and discusses important concepts for understanding entrepreneurship.
With a rapidly aging population, changes to lifetime employment practices, and continuing economic uncertainties, Japan needs to look to new sources of economic growth and a better use of productive resources. More entrepreneurial activity may hold the key. This article looks at the state of entrepreneurship in Japan today, and learns that a group of Japanese entrepreneurs in the UK may hold hope for the future.
This document is the first chapter of a textbook on entrepreneurship. It introduces entrepreneurship and discusses who entrepreneurs are, the benefits and drawbacks of entrepreneurship, factors that lead to entrepreneurship, and common mistakes entrepreneurs make. The chapter aims to help students understand entrepreneurship and how to avoid typical entrepreneurial mistakes.
The document summarizes key points from a talk given by Kenneth Morse at MIT on trends in entrepreneurship and venture capital investing. Some of the main topics discussed include the need for startups to focus on customers and revenue growth over flashy presentations, the shakeout of unsuccessful venture capital firms, and characteristics of successful entrepreneurs like leadership, bias toward action, and attracting top talent.
English Translation Of Go Forward Plan, Harvard Bus ReviewThomas Nastas
This document discusses strategies for scaling up innovation and supporting small and medium enterprises (SMEs) in attacking global technology markets. It presents a seven-point "GoForward" plan for building domestic technology platforms around a country's strategic assets and industries in order to catalyze more technology absorption and position SMEs for global markets. Emerging country governments are encouraged to support SMEs' innovation and venture capital investments to replicate the success of countries like Israel and Singapore in creating and exporting knowledge.
The document discusses several key aspects of entrepreneurship:
1. Cultural, familial, and educational influences can make entrepreneurship seem desirable by valuing independence and success.
2. Previous work experience and education provide skills necessary to start and manage a new business.
3. Sufficient market size and marketing expertise are needed to introduce a new product or service.
4. Readily available funding from personal savings, loans, investors is crucial for starting and growing a new venture.
Entrepreneurs are academic and social misfitDurga .A
This document discusses common myths and misconceptions around entrepreneurship. It notes that lack of research has led to many myths. It aims to teach students about true entrepreneurs through strategies to overcome barriers. Some myths are that entrepreneurs are ineffective academically or socially, but many successful business owners left school or jobs to start enterprises. The document advocates reading about both successful and failed entrepreneurs to learn from their mistakes and lessons. It provides examples of entrepreneurs who had major setbacks or wasted significant money but learned valuable lessons about focus, accountability, hiring expertise, and not taking on too many projects at once.
Entrepreneurship in India and challengesArmaan Anand
Entrepreneurship in india context to global. challenges faced by Indian entrepreneur, major hindrance for an Indian entrepreneur, position of Indian entrepreneur, entrepreneur, entrepreneurship, why entrepreneurship in India, is India the spot for entrepreneur & entrepreneurship. future for Indian entrepreneurship & entrepreneur.
The document discusses the history and types of entrepreneurship in China. It describes three types of entrepreneurs that emerged at different times: small-scale self-employed individuals before reforms, more educated entrepreneurs in the 1980s operating on a larger scale, and foreign-educated Chinese returning to China to start businesses. It focuses on the challenges faced by the second group, such as access to foreign contacts and funding, and how entrepreneurs develop "back-up plans" to mitigate risks.
The document discusses several theories related to entrepreneurship, including the economic theory of entrepreneurship, X-efficiency theory, and Harvard school theory.
The economic theory of entrepreneurship presented by Mark Casson defines the entrepreneur in relation to their work. It discusses reasons for the emergence of demand for entrepreneurship, including the need to adapt to social changes and the relative scarcity of entrepreneurs.
The X-efficiency theory by Harvey Leibenstein is used to analyze the role of the entrepreneur. It examines the level of inefficiency in a firm's production factors. The entrepreneur works to fully utilize production means and reduce inefficiencies.
The Harvard school theory by Arthur H. Cole defines entrepreneurship as an objective activity
Entrepreneurship short question and answerShyam Raj
1. A business plan outlines business goals, reasons for attainability, and plans for reaching goals. It provides background on the organization attempting to reach goals.
2. An opportunity analysis reviews prospects for a product in a potential market. For example, analyzing demand conditions to help decide launching a product.
3. A market survey collects information on business aspects like minimizing risks. It is an important requirement for any successful business.
The document discusses challenges and opportunities for innovation in businesses and emphasizes the importance of leadership support for research and development activities. It raises questions about how to better incorporate innovation into corporate strategies and decision making. The presentation also examines ideas for fostering a culture that promotes risk-taking, collaboration, and long-term thinking to support innovation.
The paper focus on entrepreneur skill through business education program to curb restiveness for
sustainable development. Need for entrepreneur skills acquisition were identified, business education program
and functions of entrepreneur were identified and sorted out as the types of entrepreneur in our present society.
Conclusion was drawn which include effort towards creating good initiatives in order to develop our dear
societies as it become the focus in 21st century. Therefore parents and business society should emulate a kind of
economy strategies like China, Germany, and America etc. in order to provide means of surviving strategies
among individuals in the entire nation.
This document provides background information on the book "Silicon Valley North" which examines the high-tech cluster of Ottawa-Gatineau, Canada. The book is edited by Larisa Shavinina and is divided into three parts. The first part introduces the Silicon Valley phenomenon and examines what makes it exceptional, including the role of entrepreneurs, business culture, organizational structure, communication networks, cooperation, and tolerance of failure. The second part looks at the formation of Ottawa's innovation cluster, tracing its roots to growth after World War II and the roles of universities and research institutions. The third part defines innovation and examines Ottawa's innovation system, identifying three strategic challenges around knowledge discovery, commercialization, and skills development and talent attraction.
Skills & Myths of an Innovative EntrepreneurLounge47
“Skills & Myths of an Innovative Entrepreneur” managed to educate and motivate. Innovation requires the
“intuitive mind” and the “rational mind” to work in tandem, bringing the forces of hard work, keen
observation, tedious research (reading & experiencing), understanding of trends and gaps to identify a problem and re-frame it into one worth solving. This becomes a viable Startup idea. The session also tackled Myths like “You are born innovative”, “Entrepreneurs are gamblers”, “Good ideas automatically
attract funding” and so on – commonly held beliefs. The most motivating message we were left with – everybody can be innovative, one just needs to develop the skills and behavior to be that – an innovative entrepreneur.
This document provides an overview of an entrepreneurial project studying a local entrepreneur, Mr. Rajib Saikia. It includes sections on the introduction to entrepreneurship, entrepreneurship in India, an entrepreneurial career, the objectives and methodology of the project, and a brief introduction to the entrepreneur. The objectives are to understand what an entrepreneur is, the current scenario for local entrepreneurs, how entrepreneurs develop new business ideas, and the motivational and supportive factors for new entrepreneurs. The methodology involves internet research, library resources, an interview with the entrepreneur, and a field study of his businesses - Computer World and Services and Green Valley Infra Project.
Entrepreneurship & challenges in emerging india @ SIIB PuneRishi Sachan
This document discusses entrepreneurship challenges in emerging India. It describes the characteristics of entrepreneurs as opportunists, visionaries, leaders, hard workers, and innovators. Some challenges to business growth in India include globalization, liberalization, modern technology, finance, social issues, production, political risks, terrorism, and economic reforms. Corruption is also discussed as a spiraling problem in India. Terrorism has caused over $13.5 billion to be pulled from Indian stocks in 2008 following the Mumbai attacks. While terrorism reduces foreign investment, the profit motive can still attract investors. Economic reforms began in 1991 to address economic difficulties and speed development, focusing on liberalization, privatization, and globalization, as well as fiscal,
The document discusses entrepreneurship in India, focusing on opportunities and challenges for different types of entrepreneurs. It outlines key factors that contribute to an entrepreneurial mindset and discusses definitions of entrepreneurship. Rural and women entrepreneurs face specific challenges like lack of access to capital, technical skills, and social barriers. However, the government is working to promote entrepreneurship through various programs and initiatives. Overall entrepreneurship is seen as an important driver of economic growth and development in India.
There is growing interest in entrepreneurship in the US and worldwide. Entrepreneurship involves identifying opportunities and assembling resources to transform ideas into businesses. Successful entrepreneurs are passionate about their businesses, focused on customers, able to withstand failures, and can execute ideas effectively. While entrepreneurship involves risk, most entrepreneurs are moderate risk-takers motivated more by independence and ideas than just money. The entrepreneurial process involves deciding to become an entrepreneur, developing business ideas, starting a firm, and managing growth.
This document provides an exhaustive list of different types of entrepreneurship categorized in various ways. Some of the key types discussed include: online entrepreneurship, wantrepreneurship, social entrepreneurship, webpreneurship, influencer entrepreneurship, solopreneurship, intrapreneurship, multipreneurship, entremanureship, contrepreneurship, dadpreneurship, mompreneurship, opportunistic entrepreneurship, acquisitive entrepreneurship, incubative entrepreneurship, mass entrepreneurship, cultural entrepreneurship, international entrepreneurship, ecopreneurship, transpreneurship, e-entrepreneurship, domestic entrepreneurship, state entrepreneurship, innovative entrepreneurship, imitative
This document outlines an entrepreneurship development course. It includes a list of reference books, expected course outcomes, and the course outline. The course outline details 5 units: introduction to entrepreneurship, entrepreneurship theories and innovation, entrepreneurship development, business plan and project development, and project implementation and control. It also provides definitions of entrepreneurship and discusses characteristics of successful entrepreneurs such as passion for business, product/customer focus, perseverance despite failure, and execution intelligence. Common myths about entrepreneurs are debunked.
This document provides an overview of entrepreneurship and small business management. It discusses why people become entrepreneurs and different types of entrepreneurs. Successful entrepreneurs often have characteristics like ambition, risk-taking ability, and vision. Small businesses significantly contribute to the US economy through job creation and economic activity. The document outlines the initial steps to starting a business, including developing a business plan and securing financing. Managing a small business comes with advantages and challenges.
With a rapidly aging population, changes to lifetime employment practices, and continuing economic uncertainties, Japan needs to look to new sources of economic growth and a better use of productive resources. More entrepreneurial activity may hold the key. This article looks at the state of entrepreneurship in Japan today, and learns that a group of Japanese entrepreneurs in the UK may hold hope for the future.
This document is the first chapter of a textbook on entrepreneurship. It introduces entrepreneurship and discusses who entrepreneurs are, the benefits and drawbacks of entrepreneurship, factors that lead to entrepreneurship, and common mistakes entrepreneurs make. The chapter aims to help students understand entrepreneurship and how to avoid typical entrepreneurial mistakes.
The document summarizes key points from a talk given by Kenneth Morse at MIT on trends in entrepreneurship and venture capital investing. Some of the main topics discussed include the need for startups to focus on customers and revenue growth over flashy presentations, the shakeout of unsuccessful venture capital firms, and characteristics of successful entrepreneurs like leadership, bias toward action, and attracting top talent.
English Translation Of Go Forward Plan, Harvard Bus ReviewThomas Nastas
This document discusses strategies for scaling up innovation and supporting small and medium enterprises (SMEs) in attacking global technology markets. It presents a seven-point "GoForward" plan for building domestic technology platforms around a country's strategic assets and industries in order to catalyze more technology absorption and position SMEs for global markets. Emerging country governments are encouraged to support SMEs' innovation and venture capital investments to replicate the success of countries like Israel and Singapore in creating and exporting knowledge.
The document discusses several key aspects of entrepreneurship:
1. Cultural, familial, and educational influences can make entrepreneurship seem desirable by valuing independence and success.
2. Previous work experience and education provide skills necessary to start and manage a new business.
3. Sufficient market size and marketing expertise are needed to introduce a new product or service.
4. Readily available funding from personal savings, loans, investors is crucial for starting and growing a new venture.
Entrepreneurs are academic and social misfitDurga .A
This document discusses common myths and misconceptions around entrepreneurship. It notes that lack of research has led to many myths. It aims to teach students about true entrepreneurs through strategies to overcome barriers. Some myths are that entrepreneurs are ineffective academically or socially, but many successful business owners left school or jobs to start enterprises. The document advocates reading about both successful and failed entrepreneurs to learn from their mistakes and lessons. It provides examples of entrepreneurs who had major setbacks or wasted significant money but learned valuable lessons about focus, accountability, hiring expertise, and not taking on too many projects at once.
Entrepreneurship in India and challengesArmaan Anand
Entrepreneurship in india context to global. challenges faced by Indian entrepreneur, major hindrance for an Indian entrepreneur, position of Indian entrepreneur, entrepreneur, entrepreneurship, why entrepreneurship in India, is India the spot for entrepreneur & entrepreneurship. future for Indian entrepreneurship & entrepreneur.
The document discusses the history and types of entrepreneurship in China. It describes three types of entrepreneurs that emerged at different times: small-scale self-employed individuals before reforms, more educated entrepreneurs in the 1980s operating on a larger scale, and foreign-educated Chinese returning to China to start businesses. It focuses on the challenges faced by the second group, such as access to foreign contacts and funding, and how entrepreneurs develop "back-up plans" to mitigate risks.
The document discusses several theories related to entrepreneurship, including the economic theory of entrepreneurship, X-efficiency theory, and Harvard school theory.
The economic theory of entrepreneurship presented by Mark Casson defines the entrepreneur in relation to their work. It discusses reasons for the emergence of demand for entrepreneurship, including the need to adapt to social changes and the relative scarcity of entrepreneurs.
The X-efficiency theory by Harvey Leibenstein is used to analyze the role of the entrepreneur. It examines the level of inefficiency in a firm's production factors. The entrepreneur works to fully utilize production means and reduce inefficiencies.
The Harvard school theory by Arthur H. Cole defines entrepreneurship as an objective activity
Entrepreneurship short question and answerShyam Raj
1. A business plan outlines business goals, reasons for attainability, and plans for reaching goals. It provides background on the organization attempting to reach goals.
2. An opportunity analysis reviews prospects for a product in a potential market. For example, analyzing demand conditions to help decide launching a product.
3. A market survey collects information on business aspects like minimizing risks. It is an important requirement for any successful business.
The document discusses challenges and opportunities for innovation in businesses and emphasizes the importance of leadership support for research and development activities. It raises questions about how to better incorporate innovation into corporate strategies and decision making. The presentation also examines ideas for fostering a culture that promotes risk-taking, collaboration, and long-term thinking to support innovation.
The paper focus on entrepreneur skill through business education program to curb restiveness for
sustainable development. Need for entrepreneur skills acquisition were identified, business education program
and functions of entrepreneur were identified and sorted out as the types of entrepreneur in our present society.
Conclusion was drawn which include effort towards creating good initiatives in order to develop our dear
societies as it become the focus in 21st century. Therefore parents and business society should emulate a kind of
economy strategies like China, Germany, and America etc. in order to provide means of surviving strategies
among individuals in the entire nation.
This document provides background information on the book "Silicon Valley North" which examines the high-tech cluster of Ottawa-Gatineau, Canada. The book is edited by Larisa Shavinina and is divided into three parts. The first part introduces the Silicon Valley phenomenon and examines what makes it exceptional, including the role of entrepreneurs, business culture, organizational structure, communication networks, cooperation, and tolerance of failure. The second part looks at the formation of Ottawa's innovation cluster, tracing its roots to growth after World War II and the roles of universities and research institutions. The third part defines innovation and examines Ottawa's innovation system, identifying three strategic challenges around knowledge discovery, commercialization, and skills development and talent attraction.
Skills & Myths of an Innovative EntrepreneurLounge47
“Skills & Myths of an Innovative Entrepreneur” managed to educate and motivate. Innovation requires the
“intuitive mind” and the “rational mind” to work in tandem, bringing the forces of hard work, keen
observation, tedious research (reading & experiencing), understanding of trends and gaps to identify a problem and re-frame it into one worth solving. This becomes a viable Startup idea. The session also tackled Myths like “You are born innovative”, “Entrepreneurs are gamblers”, “Good ideas automatically
attract funding” and so on – commonly held beliefs. The most motivating message we were left with – everybody can be innovative, one just needs to develop the skills and behavior to be that – an innovative entrepreneur.
This document provides an overview of an entrepreneurial project studying a local entrepreneur, Mr. Rajib Saikia. It includes sections on the introduction to entrepreneurship, entrepreneurship in India, an entrepreneurial career, the objectives and methodology of the project, and a brief introduction to the entrepreneur. The objectives are to understand what an entrepreneur is, the current scenario for local entrepreneurs, how entrepreneurs develop new business ideas, and the motivational and supportive factors for new entrepreneurs. The methodology involves internet research, library resources, an interview with the entrepreneur, and a field study of his businesses - Computer World and Services and Green Valley Infra Project.
Entrepreneurship & challenges in emerging india @ SIIB PuneRishi Sachan
This document discusses entrepreneurship challenges in emerging India. It describes the characteristics of entrepreneurs as opportunists, visionaries, leaders, hard workers, and innovators. Some challenges to business growth in India include globalization, liberalization, modern technology, finance, social issues, production, political risks, terrorism, and economic reforms. Corruption is also discussed as a spiraling problem in India. Terrorism has caused over $13.5 billion to be pulled from Indian stocks in 2008 following the Mumbai attacks. While terrorism reduces foreign investment, the profit motive can still attract investors. Economic reforms began in 1991 to address economic difficulties and speed development, focusing on liberalization, privatization, and globalization, as well as fiscal,
The document discusses entrepreneurship in India, focusing on opportunities and challenges for different types of entrepreneurs. It outlines key factors that contribute to an entrepreneurial mindset and discusses definitions of entrepreneurship. Rural and women entrepreneurs face specific challenges like lack of access to capital, technical skills, and social barriers. However, the government is working to promote entrepreneurship through various programs and initiatives. Overall entrepreneurship is seen as an important driver of economic growth and development in India.
There is growing interest in entrepreneurship in the US and worldwide. Entrepreneurship involves identifying opportunities and assembling resources to transform ideas into businesses. Successful entrepreneurs are passionate about their businesses, focused on customers, able to withstand failures, and can execute ideas effectively. While entrepreneurship involves risk, most entrepreneurs are moderate risk-takers motivated more by independence and ideas than just money. The entrepreneurial process involves deciding to become an entrepreneur, developing business ideas, starting a firm, and managing growth.
This document provides an exhaustive list of different types of entrepreneurship categorized in various ways. Some of the key types discussed include: online entrepreneurship, wantrepreneurship, social entrepreneurship, webpreneurship, influencer entrepreneurship, solopreneurship, intrapreneurship, multipreneurship, entremanureship, contrepreneurship, dadpreneurship, mompreneurship, opportunistic entrepreneurship, acquisitive entrepreneurship, incubative entrepreneurship, mass entrepreneurship, cultural entrepreneurship, international entrepreneurship, ecopreneurship, transpreneurship, e-entrepreneurship, domestic entrepreneurship, state entrepreneurship, innovative entrepreneurship, imitative
This document outlines an entrepreneurship development course. It includes a list of reference books, expected course outcomes, and the course outline. The course outline details 5 units: introduction to entrepreneurship, entrepreneurship theories and innovation, entrepreneurship development, business plan and project development, and project implementation and control. It also provides definitions of entrepreneurship and discusses characteristics of successful entrepreneurs such as passion for business, product/customer focus, perseverance despite failure, and execution intelligence. Common myths about entrepreneurs are debunked.
This document provides an overview of entrepreneurship and small business management. It discusses why people become entrepreneurs and different types of entrepreneurs. Successful entrepreneurs often have characteristics like ambition, risk-taking ability, and vision. Small businesses significantly contribute to the US economy through job creation and economic activity. The document outlines the initial steps to starting a business, including developing a business plan and securing financing. Managing a small business comes with advantages and challenges.
This document provides an overview of entrepreneurship and small business ownership. It discusses several key topics:
1. The different types of entrepreneurs and what motivates people to become entrepreneurs. It also covers the characteristics of successful entrepreneurs.
2. How small businesses contribute significantly to the US economy by driving growth, job creation, and innovation. Small businesses make up a major portion of all businesses and employ around half of all private sector workers.
3. The initial steps involved in starting a business, including developing a business plan, choosing an organization structure, and identifying potential sources of financing. A strong business plan is critical for attracting investment and laying the foundation for a new venture.
This document provides an overview of entrepreneurship for cooperatives. It defines entrepreneurial mindset and discusses developing an entrepreneurial mindset through tools like leveraging your assets and aspirations, planning to adapt, building professional networks, and evaluating new product and service ideas. It also covers common drawbacks entrepreneurs face like risk of losing capital and high stress levels. The document concludes by defining cooperatives as people-centered enterprises owned and controlled by members to meet common economic and social needs through democratic management.
This document provides an overview of entrepreneurship and the entrepreneurial process. It discusses that while certain traits like risk-taking and vision are common among successful entrepreneurs, anyone can develop entrepreneurial skills through practice. It identifies three key types of competencies needed for entrepreneurship: personal competencies focused on self-assurance, interpersonal competencies for leading others, and business competencies for setting a company apart. The entrepreneurial process involves developing a strategy and implementing a business plan in a step-by-step manner.
The document provides an overview of entrepreneurship including:
- Definitions of entrepreneurship as the process of creating something new while assuming risks and rewards.
- Potential outcomes of entrepreneurship such as innovation, organizing resources, creating new products/services, generating wealth, and job creation.
- The role of government in supporting entrepreneurship through creating a business-friendly environment and providing resources and support to entrepreneurs.
- Characteristics of entrepreneurs such as being innovative, risk-taking, and goal-oriented.
Entrepreneurship and Business Planning Lecture CompilationAMS Malicse-Somoray
The document provides an outline for lectures on entrepreneurship and business planning. It covers topics such as the definition and types of entrepreneurship, characteristics of entrepreneurs, advantages of entrepreneurship, micro, small and medium enterprises, developing business ideas, business ownership options, business plans, financing, risk management, and rules for business success. The overall focus is on providing an overview of concepts relevant to starting and managing a small business enterprise.
Understanding Business Learner Activities | Julius ZanoniJulius Zanoni
Julius Zanoni | Business Management Learning and Teaching Approaches – Advice and Guidance for Practitioners. easy and smart way to manage small and medium size business.
An entrepreneur is defined as someone who starts a business and takes on the risk of loss in order to make a profit. They combine various resources to produce goods or services and sell them in the market. Entrepreneurship involves innovation, risk-taking, vision, and organizational skills. There are various types of entrepreneurs like doers, dreamers, and dawdlers. Successful entrepreneurs tend to be risk-takers, curious, imaginative, persistent, goal-oriented, and hard-working. Developing entrepreneurship is important for increasing production, balanced development, dispersing economic power, and reinvesting profits locally. However, entrepreneurship programs face issues like short durations, lack of infrastructure, and improper methodology
Chapter 1 Introduction to Entrepreneurship.pptSaidAbdirahman2
This chapter introduces entrepreneurship and discusses key concepts. It describes entrepreneurs and their characteristics, including a passion for their business and tenacity despite failures. Common myths are addressed, such as the idea that entrepreneurs are born rather than made. The chapter outlines the positive economic and social impacts of entrepreneurial firms, such as job creation and innovation. It also summarizes the entrepreneurial process in four steps from deciding to become an entrepreneur to managing a growing firm.
The document traces the development of entrepreneurship from early periods through modern times. It discusses how entrepreneurs have evolved from signing contracts to taking on risks and rewards of new ventures. The key aspects of entrepreneurship discussed include identifying opportunities, developing business plans, obtaining resources, and managing new enterprises. Different types of startups like lifestyle firms and high-potential ventures are also outlined. Finally, the document examines the role of entrepreneurship in economic development and innovation.
The document outlines the key objectives and content covered in Chapter 1 of the textbook "Introduction to Entrepreneurship". It discusses the growing interest in entrepreneurship globally and in the US. It defines entrepreneurship and describes characteristics of successful entrepreneurs such as passion, focus on customers, perseverance through failure, and strong execution skills. The chapter also examines corporate entrepreneurship and reasons individuals pursue entrepreneurial opportunities.
This chapter introduces entrepreneurship and discusses key concepts. It describes entrepreneurs and their characteristics, including a passion for their business and tenacity despite failures. Common myths about entrepreneurs are debunked. Entrepreneurial firms drive innovation and job creation, positively impacting societies and larger firms. The chapter outlines the entrepreneurial process and various types of start-up firms.
This chapter introduces entrepreneurship and discusses key concepts. It describes entrepreneurs and their characteristics, including a passion for their business and tenacity despite failures. Common myths about entrepreneurs are debunked. Entrepreneurial firms drive innovation and job creation, positively impacting societies and larger firms. The chapter outlines the entrepreneurial process and various types of start-up firms.
This document provides an overview of entrepreneurship and new venture creation. It discusses key findings from the Global Entrepreneurship Monitor that over 300 million adults worldwide are involved in entrepreneurship. New businesses are responsible for significant job growth. The document defines entrepreneurship as pursuing opportunities without regard to current resources with the goal of creating new value. Successful entrepreneurs have passion for their business, focus on customers, are tenacious despite failures, and can execute their ideas. Entrepreneurship involves identifying problems and solutions and transforming inventions into viable businesses.
The document discusses various aspects of entrepreneurship including the differences between employees and entrepreneurs, characteristics of successful entrepreneurs, common myths about entrepreneurs, and the changing demographics and economic impact of entrepreneurial firms. Specifically, it notes that entrepreneurs take on greater risk than employees but also have the potential for greater rewards. It also discusses that successful entrepreneurs share traits like passion for their business and a focus on customers and products.
This document provides an introduction to entrepreneurship. It discusses the importance and increased interest in entrepreneurship. Corporate entrepreneurship and its use in established firms is described. Reasons people decide to become entrepreneurs include being their own boss, financial rewards, and pursuing their own ideas. Characteristics of successful entrepreneurs include passion for business, product/customer focus, tenacity despite failure, and execution intelligence. Common myths about entrepreneurs are also discussed, along with changing demographics and the economic impact of entrepreneurial firms. The entrepreneurial process consists of four steps - deciding to become an entrepreneur, developing business ideas, moving from idea to firm, and managing/growing the firm.
1. The document discusses entrepreneurship and small business management. It covers why people become entrepreneurs, the types of entrepreneurs, characteristics of successful entrepreneurs, and the contribution of small businesses to the US economy.
2. The document also discusses the steps to starting a business, including developing a business plan, financing options, and challenges of managing a small business. It examines the advantages and disadvantages small businesses face.
3. Additionally, the document outlines the ways the Small Business Administration (SBA) supports small businesses through various programs and financial assistance. It analyzes trends shaping entrepreneurship and small business ownership.
Chapter wise All Notes of First year Basic Civil Engineering.pptxDenish Jangid
Chapter wise All Notes of First year Basic Civil Engineering
Syllabus
Chapter-1
Introduction to objective, scope and outcome the subject
Chapter 2
Introduction: Scope and Specialization of Civil Engineering, Role of civil Engineer in Society, Impact of infrastructural development on economy of country.
Chapter 3
Surveying: Object Principles & Types of Surveying; Site Plans, Plans & Maps; Scales & Unit of different Measurements.
Linear Measurements: Instruments used. Linear Measurement by Tape, Ranging out Survey Lines and overcoming Obstructions; Measurements on sloping ground; Tape corrections, conventional symbols. Angular Measurements: Instruments used; Introduction to Compass Surveying, Bearings and Longitude & Latitude of a Line, Introduction to total station.
Levelling: Instrument used Object of levelling, Methods of levelling in brief, and Contour maps.
Chapter 4
Buildings: Selection of site for Buildings, Layout of Building Plan, Types of buildings, Plinth area, carpet area, floor space index, Introduction to building byelaws, concept of sun light & ventilation. Components of Buildings & their functions, Basic concept of R.C.C., Introduction to types of foundation
Chapter 5
Transportation: Introduction to Transportation Engineering; Traffic and Road Safety: Types and Characteristics of Various Modes of Transportation; Various Road Traffic Signs, Causes of Accidents and Road Safety Measures.
Chapter 6
Environmental Engineering: Environmental Pollution, Environmental Acts and Regulations, Functional Concepts of Ecology, Basics of Species, Biodiversity, Ecosystem, Hydrological Cycle; Chemical Cycles: Carbon, Nitrogen & Phosphorus; Energy Flow in Ecosystems.
Water Pollution: Water Quality standards, Introduction to Treatment & Disposal of Waste Water. Reuse and Saving of Water, Rain Water Harvesting. Solid Waste Management: Classification of Solid Waste, Collection, Transportation and Disposal of Solid. Recycling of Solid Waste: Energy Recovery, Sanitary Landfill, On-Site Sanitation. Air & Noise Pollution: Primary and Secondary air pollutants, Harmful effects of Air Pollution, Control of Air Pollution. . Noise Pollution Harmful Effects of noise pollution, control of noise pollution, Global warming & Climate Change, Ozone depletion, Greenhouse effect
Text Books:
1. Palancharmy, Basic Civil Engineering, McGraw Hill publishers.
2. Satheesh Gopi, Basic Civil Engineering, Pearson Publishers.
3. Ketki Rangwala Dalal, Essentials of Civil Engineering, Charotar Publishing House.
4. BCP, Surveying volume 1
Main Java[All of the Base Concepts}.docxadhitya5119
This is part 1 of my Java Learning Journey. This Contains Custom methods, classes, constructors, packages, multithreading , try- catch block, finally block and more.
Beyond Degrees - Empowering the Workforce in the Context of Skills-First.pptxEduSkills OECD
Iván Bornacelly, Policy Analyst at the OECD Centre for Skills, OECD, presents at the webinar 'Tackling job market gaps with a skills-first approach' on 12 June 2024
How to Make a Field Mandatory in Odoo 17Celine George
In Odoo, making a field required can be done through both Python code and XML views. When you set the required attribute to True in Python code, it makes the field required across all views where it's used. Conversely, when you set the required attribute in XML views, it makes the field required only in the context of that particular view.
বাংলাদেশের অর্থনৈতিক সমীক্ষা ২০২৪ [Bangladesh Economic Review 2024 Bangla.pdf] কম্পিউটার , ট্যাব ও স্মার্ট ফোন ভার্সন সহ সম্পূর্ণ বাংলা ই-বুক বা pdf বই " সুচিপত্র ...বুকমার্ক মেনু 🔖 ও হাইপার লিংক মেনু 📝👆 যুক্ত ..
আমাদের সবার জন্য খুব খুব গুরুত্বপূর্ণ একটি বই ..বিসিএস, ব্যাংক, ইউনিভার্সিটি ভর্তি ও যে কোন প্রতিযোগিতা মূলক পরীক্ষার জন্য এর খুব ইম্পরট্যান্ট একটি বিষয় ...তাছাড়া বাংলাদেশের সাম্প্রতিক যে কোন ডাটা বা তথ্য এই বইতে পাবেন ...
তাই একজন নাগরিক হিসাবে এই তথ্য গুলো আপনার জানা প্রয়োজন ...।
বিসিএস ও ব্যাংক এর লিখিত পরীক্ষা ...+এছাড়া মাধ্যমিক ও উচ্চমাধ্যমিকের স্টুডেন্টদের জন্য অনেক কাজে আসবে ...
How to Fix the Import Error in the Odoo 17Celine George
An import error occurs when a program fails to import a module or library, disrupting its execution. In languages like Python, this issue arises when the specified module cannot be found or accessed, hindering the program's functionality. Resolving import errors is crucial for maintaining smooth software operation and uninterrupted development processes.
This presentation includes basic of PCOS their pathology and treatment and also Ayurveda correlation of PCOS and Ayurvedic line of treatment mentioned in classics.
This document provides an overview of wound healing, its functions, stages, mechanisms, factors affecting it, and complications.
A wound is a break in the integrity of the skin or tissues, which may be associated with disruption of the structure and function.
Healing is the body’s response to injury in an attempt to restore normal structure and functions.
Healing can occur in two ways: Regeneration and Repair
There are 4 phases of wound healing: hemostasis, inflammation, proliferation, and remodeling. This document also describes the mechanism of wound healing. Factors that affect healing include infection, uncontrolled diabetes, poor nutrition, age, anemia, the presence of foreign bodies, etc.
Complications of wound healing like infection, hyperpigmentation of scar, contractures, and keloid formation.
ISO/IEC 27001, ISO/IEC 42001, and GDPR: Best Practices for Implementation and...PECB
Denis is a dynamic and results-driven Chief Information Officer (CIO) with a distinguished career spanning information systems analysis and technical project management. With a proven track record of spearheading the design and delivery of cutting-edge Information Management solutions, he has consistently elevated business operations, streamlined reporting functions, and maximized process efficiency.
Certified as an ISO/IEC 27001: Information Security Management Systems (ISMS) Lead Implementer, Data Protection Officer, and Cyber Risks Analyst, Denis brings a heightened focus on data security, privacy, and cyber resilience to every endeavor.
His expertise extends across a diverse spectrum of reporting, database, and web development applications, underpinned by an exceptional grasp of data storage and virtualization technologies. His proficiency in application testing, database administration, and data cleansing ensures seamless execution of complex projects.
What sets Denis apart is his comprehensive understanding of Business and Systems Analysis technologies, honed through involvement in all phases of the Software Development Lifecycle (SDLC). From meticulous requirements gathering to precise analysis, innovative design, rigorous development, thorough testing, and successful implementation, he has consistently delivered exceptional results.
Throughout his career, he has taken on multifaceted roles, from leading technical project management teams to owning solutions that drive operational excellence. His conscientious and proactive approach is unwavering, whether he is working independently or collaboratively within a team. His ability to connect with colleagues on a personal level underscores his commitment to fostering a harmonious and productive workplace environment.
Date: May 29, 2024
Tags: Information Security, ISO/IEC 27001, ISO/IEC 42001, Artificial Intelligence, GDPR
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Article: https://pecb.com/article
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Website: https://pecb.com/
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Slideshare: http://www.slideshare.net/PECBCERTIFICATION
This presentation was provided by Steph Pollock of The American Psychological Association’s Journals Program, and Damita Snow, of The American Society of Civil Engineers (ASCE), for the initial session of NISO's 2024 Training Series "DEIA in the Scholarly Landscape." Session One: 'Setting Expectations: a DEIA Primer,' was held June 6, 2024.
A review of the growth of the Israel Genealogy Research Association Database Collection for the last 12 months. Our collection is now passed the 3 million mark and still growing. See which archives have contributed the most. See the different types of records we have, and which years have had records added. You can also see what we have for the future.
1. SECTION I. THE CHALLENGE OF ENTREPRENEURSHIP
———————————————————————————————————————————————————————————————————————
Chapter 1 The Foundations of Entrepreneurship
Part One: Learning Objectives
1. Define the role of the entrepreneur in business in the United States and around the
world.
2. Describe the entrepreneurial profile and evaluate your potential as an
entrepreneur.
3. Describe the benefits and drawbacks of entrepreneurship.
4. Explain the forces that drive the growth in entrepreneurship.
5. Explain the cultural diversity of entrepreneurship.
6. Describe the important role small business plays in our nation’s economy.
7. Describe the ten deadly mistakes of entrepreneurship and how to avoid them.
8. Put failure into the proper perspective.
9. Explain how entrepreneurs can avoid becoming another failure statistic.
Part Two: Chapter Outline – At a glance
PowerPoint Slides: 1.1 – 1.28
The PowerPoint slides that accompany the text correspond with key presentation points.
For example, Chapter 1 as PPT 1.1, 1.2 … and Chapter 2 as PPT, 2.1, 2.2, etc.
Introduction PPT 1.1
I. The World of the Entrepreneur PPT 1.2–1.4
II. What is an Entrepreneur? PPT 1.5–1.7
III. The Benefits of Entrepreneurship PPT 1.8
IV. The Potential Drawbacks of Entrepreneurship PPT 1.9–1.13
V. Behind the Boom: What’s Feeding the Entrepreneurial Fire? PPT 1.14–1.16
VI. The Cultural Diversity in Entrepreneurship PPT 1.17–1.20
VII. The Power of “Small” Business PPT 1.21–1.23
VIII. The Ten Deadly Mistakes of Entrepreneurship PPT 1.24–1.26
IX. Putting Failure into Perspective PPT 1.27
X. How to Avoid the Pitfalls PPT 1.28
Chapter 1 —1—
2. Part Three: Lesson Plan
Introduction
This is the era of the entrepreneur! Through the world, growing numbers of people
are realizing their dreams of owning and operating their own business.
Entrepreneurship is thriving. The past two decades have seen record numbers of
entrepreneurs launching new businesses and each year. American entrepreneurs alone
start 3 to 4.3 million businesses each year and 84 percent are doing that for the first
time. PPT 1.1
I. The World of the Entrepreneur
A study by the Global Entrepreneurship Monitor (GEM) found 11.3 percent of the
adult population in the United States is working to start a business. North America,
South America and Latin America lead the world in entrepreneurial activity.
PPT 1.2–1.4
II. What is an Entrepreneur?
An entrepreneur is one who creates a new business in the face of risk and uncertainty
for achieving profit and growth opportunities and assembles the necessary resources
to capitalize on those opportunities. PPT 1.5
While we may not be able to teach entrepreneurship, we can teach the skills of small
business management. This is an important distinction to make to students.
Noted psychologist David McClelland characterized high achievers/entrepreneurs as
possessing these traits: PPT 1.6
• Desire for responsibility
• Preference for moderate risk (risk eliminators)
• Confidence in their ability to succeed
• Desire for immediate feedback
• High level of energy
• Future orientation (serial entrepreneurs)
• Skill in organization
• Value of achievement over money
Other characteristics of entrepreneurs include:
• High degree of commitment
• Willingness to accept risk, work hard and take action
• Flexibility
Chapter 1 —2—
3. Discussion Opportunity: Emphasize to your students that these represent traits of
entrepreneurs. Entrepreneurs are not cut from the same mold, and no one set of
characteristics can predict entrepreneurial tendencies or success. Ask students to
share their observations about entrepreneurial characteristics. PPT 1.7
In addition to the text
YOU BE THE CONSULTANT SUMMARY – A Pigskin Revolution
Ed Sabol, a once unhappy coat salesman, had a passion for filming his son’s high school football
games and other activities. Word of Ed’s filming abilities soon got around and he found himself
working a number of local high school games. This led to Ed’s successful bid ($3,000) to film the
1962 NFL championship game. Then Commissioner Pete Rozelle was so impressed with the
work that he agreed to Ed’s proposal to create a new entity known as NFL Films that would both
preserve the history of the game and promote it to the nation’s sports fans. NFL Films’ creative
approach to the game has resulted in 82 Emmy Awards to date.
Ed retired in 1987, turning the reins over to his son Steve who has taken the company to new
heights thanks in part to his empowering leadership style and product innovation. The company
now has a 200,000 square foot state-of-the-art facility.
———————————————————————————————————
Q1. Identify the entrepreneurial traits that Ed Sabol and his son Steve exhibit?
Q2. How would you characterize the Sabol’s philosophy, beliefs, and values to a small business
as it grows?
Q3. What factors have led to NFL Films’ success?
———————————————————————————————————
A1. Ed and Steve exhibit great confidence in their own abilities, a vision for current and future
markets, high energy and commitment.
A2. The Sabol’s put their philosophy and values to work by delegating responsibilities and
empowering employees, which has resulted in the growth of the business that is also their
passion and joy.
A3. Those factors include creativity and innovation, resulting in a product that has distinguished
itself in the marketplace.
Chapter 1 —3—
4. III. The Benefits of Entrepreneurship
The primary benefits entrepreneurs enjoy include the opportunity to: PPT 1.8
• Create their own destiny
• Make a difference
• Reach their full potential
• Generate impressive profits
• Contribute to society and be recognized for their efforts
• Do what they enjoy and have fun at it!
IV. The Potential Drawbacks of Entrepreneurship
With these potential rewards, Entrepreneurship also presents risk and uncertainty.
Entrepreneurs may experience: PPT 1.9–1.13
• Uncertainty of income –”The entrepreneur is the last one to be paid.”
• Risk of losing their entire investment
• Long hours and hard work
• Lower quality of life until the business gets established
• High levels of stress
• Complete responsibility
• Discouragement
V. Behind the Boom: What’s Feeding the Entrepreneurial Fire?
The rapid increase in entrepreneurs has been a result of: PPT 1.14–1.16
• Considering entrepreneurs as heroes
• Entrepreneurial education
• Demographic and economic factors
• Shift to a service economy
• Technological advancements
• Independent lifestyles
• Commerce and the Internet
• Additional international opportunities
Discussion Opportunity: What is your perception of entrepreneurs in our community
and in our society? Why do you believe entrepreneurs have that reputation?
Chapter 1 —4—
5. In addition to the text
YOU BE THE CONSULTANT SUMMARY – Never Too Young
Erica Gluck had a desire to earn her own money at the age of seven. She convinced a local pasta
shop to allow her to sell their products off site on weekends. Erica never looked back as she went
on to start her own pasta company, expand its product lines, hire her parents and give a portion of
her profits back to the community.
Adam Witty, a college student, observed his father repeatedly giving up (season) tickets to
Orlando Magic games that often went unused because of last minute business commitments. That
sparked the idea for a Web-based company that allows buyers to securely purchase tickets to
events that normally would not be available. Adam started the company from his dorm room, was
able to utilize the facilities of his school and expanded his product lines to include a wide variety
of sporting events.
The University of Maryland created a forum that allows about 100 student entrepreneurs to live
and work together. That environment has inspired about twenty of those students to start their
own business.
———————————————————————————————————
Q1. In addition to the normal obstacles of starting a business, what other barriers do young
entrepreneurs face?
Q2. What advantages do young entrepreneurs have when launching a business?
Q3. What advice would you offer a fellow college student about to start a business?
Q4. Work with a team of your classmates to develop ideas about what your college or university
could do to create a culture of entrepreneurship on your campus or in your community.
———————————————————————————————————
A1. Young entrepreneurs may not be taken seriously, may have a more difficult time raising
capital and have far less practical experience.
A2. Young entrepreneurs have no fear, may have little or nothing to lose and a high level of
energy.
A3. College students should take advantage of the facilities, professors, programs and
opportunities that their school offers (all of which they pay for).
Discussion Opportunity: If you were to begin a business immediately after your
academic career concluded, what challenges would you face? Would you consider
that an ideal time in your life to launch your first venture? If not, at what point in
your life might be a better time and why? What experiences might you find beneficial
before you started your own business.
Chapter 1 —5—
6. VI. The Cultural Diversity in Entrepreneurship
Entrepreneurs are found in virtually every walk of life including: PPT 1.17–1.20
• Young Entrepreneurs
• Women Entrepreneurs
• Minority Enterprises
• Immigrant Entrepreneurs
• Part-time Entrepreneurs
• Home-Based Businesses
• Family Businesses
• Copreneurs
• Corporate Castoffs
• Corporate Dropouts
VII. The Power of “Small” Business
Because big business is more visible than small business, most people underestimate
the role of the small firm in the U.S. economy. PPT 1.21
The definition of a “Small Business” is:
1. One which is independently owned and operated and not dominant in its field.
2. Eligibility requirements are based on the specific industry.
• Retailing – annual sales/receipts not exceeding $3.5 to $13.5 million.
• Services – annual receipts not exceeding $2.5 to $14.5 million.
• Wholesaling – yearly sales must not be over $9.5 to $22 million.
• Agriculture – annual receipts not exceeding $1.0 to $3.5 million.
• Construction – General construction with annual receipts not
exceeding $17 million.
• Special Trade Construction – annual receipts not exceeding $7
million.
• Manufacturing – maximum number of employees may range from
500 to 1,500 depending on the industry.
The most commonly used measure of small business is the number of employees on a
firm’s payroll. The White House Conference on Small Business definition is: A firm
employing 500 people or fewer. PPT 1.22, 1.23
Chapter 1 —6—
7. The Committee for Economic Development states that a small business must meet
two of four stated criteria:
1. Management is independent.
2. Capital is supplied and ownership is held by an individual or a small
group.
3. Area of operation is mainly local; markets need not be local.
4. Size is small when compared to the biggest unit in the field.
Discussion Opportunity: Invite students to describe businesses with which they are
familiar. Determine if those examples are small businesses or if they fall into another
category based upon the four criteria of the Committee for Economic Development.
In addition to the text
YOU BE THE CONSULTANT – A Chilly Idea
Willis Carrier invented the air conditioner in 1902 to solve a variety of problems that
manufacturers were experiencing with their raw materials. The Carrier Engineering Company,
formed in 1915, went on to develop products that would air condition large spaces including
those outside of the manufacturing area. That feature became an effective marketing tool for
retailers and eventually spread to practically every form of space occupied by humans in every
country of the world.
Willis Carrier may not have ever imagined the impact that his entrepreneurial and small business
spirit and actions would have on the way that we all work and live.
———————————————————————————————————
Q1. Was launching a business any easier in Willis Carrier’s day than it is today? Explain.
Q2. Explain how Willis Carrier exhibits the entrepreneurial spirit?
Q3. Develop a list of other entrepreneurs whose products, services, or businesses changed the
world. Select one that interests you and prepare a short report on him or her.
———————————————————————————————————
A1. While none of us are in position to know what it was really like 100 years ago, we clearly
live today in a world of unlimited business opportunity.
A2. Willis Carrier had the imagination and skill of an inventor, the desire and commitment of an
entrepreneur, and the willingness to work with people from all walks of life.
Chapter 1 —7—
8. VIII. The Ten Deadly Mistakes of Entrepreneurship
Studies have indicated that there are common reasons for new business ventures to
fail. These causes of small business failure may include: PPT 1.24–1.26
1. Management mistakes
2. Lack of experience
3. Poor financial control
4. Weak marketing efforts
5. Failure to develop a strategic plan
6. Uncontrolled growth
7. Poor location
8. Improper inventory control
9. Incorrect pricing
10. Inability to make the “entrepreneurial transition”
Discussion Opportunity: Invite students to discuss their knowledge about businesses
that have failed. Were there failures due to one or more of these causes or were other
factors involved?
IX. Putting Failure into Perspective
Entrepreneurs don’t fail—the venture fails. PPT 1.27
• There are no such things as failures, only results.
• Always look to turn a negative situation into a positive opportunity.
• Have no fear of failure and be sure to have a contingency plan.
• The only people who never fail are those who never do anything or never
attempt anything new.
The successful entrepreneur understands the meaning of these clichés and knows how
to deal with adversity in a proactive and positive manner.
Chapter 1 —8—
9. In addition to the text
YOU BE THE CONSULTANT SUMMARY –
If At First You Don’t Succeed, So What?
The textbook case and the world are full of stories of now famous and successful business people
that experienced bankruptcy and/or business failure a number of times prior to achieving the
success that we are all familiar with. While the business may have failed, the entrepreneur often
learns from these errors and thinks of launching the next venture based on their newfound
understanding and insight.
——————————————————————————————
Q1. Do those entrepreneurs exhibit the entrepreneurial spirit? If so, how?
Q2. How do these entrepreneurs view failure? Is their view typical of most entrepreneurs?
——————————————————————————————
A1. Those entrepreneurs all had the proper perspective, a contingency plan and the desire to
succeed.
A2. Failure is simply the unacceptable result of an action. Failure is a lesson and an experience
that can lead to success. This is clearly the perspective of most entrepreneurs.
X. How to Avoid the Pitfalls
These same studies have indicated that entrepreneurs can increase their changes for
success if they: PPT 1.28
1. Know their business in depth.
2. Develop a solid business plan in writing.
3. Manage financial resources.
4. Understand financial statements.
5. Learn to manage people effectively.
6. Keep in tune with who they are.
Chapter 1 —9—
10. Part Four: Suggested Answers to Chapter Discussion Questions
1. What forces have led to the boom in entrepreneurship in the U.S. and across the
globe?
Forces that have influenced the U.S. entrepreneurial boom include:
• The dream of owning and operating a business
• The effect of downsizing
• The belief that small is beautiful
• The opportunity to enter profitable niche markets
• The growing international and e-commerce markets
2. What is an entrepreneur? Give a brief description of the entrepreneurial profile.
An entrepreneur is one who creates a new business in the face of risk and uncertainty
for the purpose of achieving profits and growth by identifying opportunities and
assembling the necessary resources to capitalize on them.
3. Inc. Magazine claims, “Entrepreneurship is more mundane than it’s sometimes
portrayed … you don’t need to be a person of mythical proportions to be very,
very successful in building a company.” Do you agree? Explain.
Anyone can become an entrepreneur. There are no limitations on this form of
economic expression. The skills of entrepreneurship and innovation can be learned.
4. What are the major benefits of business ownership?
Major benefits of business ownership include the:
• Opportunity to gain control over your own destiny
• Opportunity to make a difference
• Opportunity to reach your full potential
• Opportunity to reap unlimited profits
• Opportunity to contribute to society and be recognized for your efforts
• Opportunity to do what you enjoy
Chapter 1 — 10 —
11. 5. Which of the potential drawbacks to business ownership are most crucial?
The most crucial drawbacks to business ownership are the:
• Uncertainty of income
• Risk of losing invested capital
• Long hours and hard work
• Quality of life until the business gets established
• High levels of stress
• Complete responsibility
6. Briefly describe the role of the following groups in entrepreneurship: women,
minorities, immigrants, part-timers, home-based business owners, family
business owners, copreneurs, corporate castoffs and corporate dropouts.
Women often face discrimination in the workplace. Entrepreneurship offers women
opportunities for economic growth.
Minorities also face discrimination in the workplace and can benefit from
entrepreneurship.
Immigrant entrepreneurs arrive with more education and experience. Their
dedication and desire to succeed enables them to achieve their dreams.
Part-timers have the best of both worlds and can ease into a business without
sacrificing a steady paycheck and benefits.
Home-based businesses are booming. Technology and this “Homecoming” support
nearly 44 percent of US households with some form of home office activity.
Family businesses are an integral part of our economy. 90 percent of U.S businesses
are family owned.
Copreneurs are entrepreneurial couples that work together. They represent the fastest
growing business sector.
Corporate Castoffs have extensive on-the-job experience and are dislocated workers
due primarily to corporate downsizing.
Corporate Dropouts leave organizations to pursue a better way of life spearheaded by
the “trust gap” over job security.
Chapter 1 — 11 —
12. 7. What is a small business? What contributions do they make to our economy?
A small business is “One which is independently owned and operated and not
dominant in its field of operation.”
Small business economic contributions include:
• Employing of more than 50% of the nation’s private sector workforce —
almost 90% of all businesses employ fewer than 20 workers.
• Creating 66% of all new jobs since the early 1970s.
• Producing 48% of the nation’s GDP and account for 53% of all sales.
• Growing by 800,000 to 900,000 new ventures each year.
8. Describe the small business failure rate.
Inexperienced management and lack of financial stability, small businesses suffer a
mortality rate significantly higher than that of larger, more established businesses
primarily because of limited resources.
9. Outline the causes of small business failure. Which issues cause most business
failures?
• Poor operations management – The manager lacks the ability to operate a small
business.
• Lack of experience – Many owners start businesses in industries in which they
have no experience.
• Poor financial management – Many owners start with too little money and with
little or no understanding of financial spreadsheet applications.
• Over-investing in fixed assets – Owners who over-invest in fixed assets may find
themselves with no access to funds for working capital or expansion.
• Poor credit practices – Owners often sell on credit to meet (or beat) the
competition and find that they lack the additional working capital required or the
ability to collect on accounts.
• Failure to plan – The lack of a strategic plan to guide the business in the long
run.
• Unplanned and uncontrolled growth – Growth is natural and healthy, but
unplanned growth can be fatal to a business.
• Inappropriate location – Owners who choose a business location without proper
analysis, investigation, and planning often fail. Too often, owners seek “cheap”
sites and locate themselves straight into failure.
• Lack of inventory control – Although inventory is typically the largest
investment for the owner, inventory control is one of the most neglected duties.
• Inability to make the “Entrepreneurial Transition” – Can we learn to empower
others to make decisions and act independently?
Chapter 1 — 12 —
13. 10. How does the typical entrepreneur view the possibility of business failure?
Although failure is a possibility, it is never a deterrent. Failures are the unacceptable
results of actions taken that provide a valuable lesson for the future.
11. How can the small business owner avoid the common pitfalls that lead to
business failure?
A small business owner can avoid common pitfalls by:
• Knowing your business in depth
• Developing a solid business plan
• Managing financial resources
• Understanding financial statements
• Learning to manage people effectively
12. Why is it important to study the small business failure rate and the causes of
small business failures?
It is important to know what the major causes of small business failures are so that the
prospective entrepreneur can avoid those pitfalls.
13. Explain the typical entrepreneur’s attitude toward risk.
Risk is inherent to all future actions. Entrepreneurs are not necessarily high-risk
takers; they prefer and willingly accept and manage low-to-moderate risk situations.
14. Are you interested in launching a small business? If so, when? What kind of
business? Describe it. What can you do to ensure its success?
This set of questions may provide an opportunity for general discussion with students
in your class. Many may bring family business experiences to this discussion.
Chapter 1 — 13 —
14. Part Five: Lecture or Critical Thinking Case Studies
Text Cases
The following cases presented in the text may be used for lecture and further
consideration for topics presented in this chapter.
Case #4: WindVest Motorcycle Products www.windvest.com
This family of entrepreneurs struggles with their roles in the business as they strive to
expand into new markets. Their unique product has an identified target market with
high appeal and they work to avoid potential pitfalls that can come with growth. The
company’s Web site adds current information and insight to the case.
Case # 5: Danielson Design www.danielsondesigns.com
The extended family venture begins a business in an unlikely location to experience
the entrepreneurial lifestyle. The entrepreneurs work to recover from poor business
decisions and face the challenges of aggressive international competition. The case
illustrates the difficulties of an entrepreneurial venture as the owners seek a family
centered entrepreneurial lifestyle. The Web site enables students to further understand
the product line and their market.
Case # 7: Eminence Style
With her mother at her side, Heather finds that rapid growth of her furniture business
was the beginning of the end. The use of an international manufacturer, a large order
from a key customer, and shifts in the world economy result in bankruptcy for the
young entrepreneur’s first venture. The case illustrates several of the “ten deadly
mistakes” and depicts attributes of the entrepreneur that magnified the financial
problems within the business itself.
Case # 9: TerraCycle www.terracycle.net
This case, referred to in Chapter 1 on page 36, tells Tom Szaky’s story as he launches
his business internationally and secures contracts with major retailers. The unique
product and the entrepreneur’s organic approach to the business itself is an interesting
example of the tenacity of the entrepreneurial spirit.
Additional Cases
The following three cases are not included in the student text:
• Three Women Who Made It
• Sometimes You Win – Sometimes You Lose
• Entrepreneurial Collage
Chapter 1 — 14 —
15. Three Women Who Made It
When Janet Jones picks up passengers in her taxi, they are not the usual type; in fact,
they are furry and four-legged. Jones’s cab service, Pet-Mobile, is reserved for pets—
dogs, cats, rabbits, small livestock, and birds. Her cab service shuttles animals to
grooming appointments, veterinary checkups, boarding, and other destinations. “My
service is designed to help people who don’t have transportation, folks with busy
work schedules, and those who would rather stay in bed on a Saturday morning,” she
says.
Jones typically charges $20 to $30 for a round-trip, although rates vary depending on
the number of pets, their size, and the distance traveled. Her truck, distinctively
painted with the name of her business, is fully equipped with leashes, carrying crates
and harnesses to ensure pet safety in transit.
Joanne Marlowe began her entrepreneurial career at age thirteen. In the ten years that
followed, she launched several companies in the garment industry. Marlowe
discovered that a co-founder had embezzled thousands of dollars from her company,
Double Sharp Garments. “I was pretty depressed, and one of my friends pointed out
that I lived across the street from the beach but had never gone. Never had time,” she
recalls. “It was a beautiful Lake Michigan day,” Marlowe says. “I laid out my towel.
To pamper myself, I spent a lot of time putting on suntan oil. Just as I stretched out, a
gust of wind picked up the towel and covered me in sand. I hit the roof. My friend
said, `Joanne, instead of getting angry, why don’t you figure out a fix?’“ Marlowe
figured that a weighted beach towel would be relatively inexpensive to produce, and
that it could be telemarketed. “So instead of relaxing at the beach, I spent the day
coming up with a prototype and had the product developed within five weeks. I had it
to market within eight weeks,” she remembers. The workload was terrific. “I was
sleeping about three hours a day from July to October. I wasn’t very healthy, but it
worked,” remembers Marlowe. The company that Marlowe started with just $750
now sells more than $8 million worth of the towels each year.
Celia Tejada always dreamed of becoming a clothing designer so she could translate
the secret vision of her Spanish homeland into fashionable clothing. Born in a tiny
village in northern Spain, Tejada studied at an internationally known design school in
Bilbao before coming to the United States. While working for an interior designer,
Tejada came up with a sweatshirt combining a tic-tac-toe design and the Italian
phrase for “kiss me.” The department store I. Magnin purchased the design for a
Valentine’s Day promotion.
Tejada decided that “I knew enough to start my own business, and I took the plunge.”
She spent the next six months working feverishly on market research, determining
costs and prices, forecasting cash flow, and designing her logo. She based her product
line on the Spanish attitude toward leisure time. “In Spain, we have a saying: ‘The
mornings are for sport, the afternoons are for relaxation, and the nights are for
parties,’” she jokes. She first introduced a line of sportswear called Tejada Deporte.
She added a line of dressier, higher-priced clothing with heavier Spanish design
elements called Signature Sportswear. “When starting a company from scratch,” she
says, it’s not easy to find people willing to wear many hats. In the beginning, I
Chapter 1 — 15 —
16. handled all the marketing, design, and production and a customer-service person
doubled as secretary.” Today, more than three hundred specialty shops nationwide
and three upscale California department stores carry her lines.
Questions
1. What particular barriers do women face in launching businesses?
2. What advantages does entrepreneurship offer women over working for
someone else?
3. What disadvantages do women face as entrepreneurs?
Sources: Adapted From Marcia Pear, “Clothes That Say Ole!” Nation’s Business,
April 1990, pp. 14-15. Copyright 1991. U.S. Chamber of Commerce: “Poodle
Taxi: Share a Pet-Mobile Service,” Your Own Business; “Marlowe’s Ghosts,”
Inc., November 1989. pp.66-67.
________________________________
Sometimes You Win – Sometimes You Lose
The greatest glory is not in never failing
but in rising up every time we fall.
– Confucius
Philip J. Romano, founder of Fuddruckers, a nationwide gourmet hamburger chain,
truly is a restaurant entrepreneur. Romano has experienced the taste of failure on
more than one occasion. Yet he realizes that success in the volatile restaurant business
requires trying creative new concepts that may fail. Failure is common in the
restaurant industry; eating and drinking establishments top the list of businesses with
the greatest failure rates.
Much of Romano’s success is attributable to his ability to anticipate dining trends and
to develop effective restaurant promotions. He caught on to the salad-bar trend early
in his first restaurant, the Nag’s Head Bar in West Palm Beach. He captured
customers’ interest with another venture after his grand-opening; he padlocked the
door and sent keys to select customers. The gimmick created an informal cadre of
salespeople touting the restaurant by word of mouth. When meat prices pushed up
prices 30 percent at his Friends of Edinburgh Scottish Pub, Romano had new menus
printed. Nevertheless, he issued the old menus to regular customers, who continued to
pay the old prices as long as they brought their old menus. The gimmick at his lunch-
oriented First National Bar & Grill was for customers to punch time clocks and pay
by the minute.
The gimmicks didn’t always work, and Romano’s instincts about diners’ preferences
weren’t always correct. His Pasta Palace, a combination art-deco movie house and
pasta restaurant opened well before art deco or pasta became chic in Florida. It closed
quickly thereafter.
Chapter 1 — 16 —
17. Romano thought he was catching the wave for lighter fare with his health-oriented
Stix Eating Spa in San Antonio. However, the upscale restaurant appealed to only a
very small customer base, and sales fell well below expectations. “It was the right
restaurant in the wrong place,” he claimed after the restaurant closed.
Even Fuddruckers, which for a time was one of the hottest food chains around, began
to slide. Romano overestimated the public’s willingness to pay $5 for a burger. The
restaurant failed to adapt its menu and its prices in time and incurred a huge loss.
Romano sold Fuddruckers the next year.
His current venture, Romano’s Macaroni Grill, is highly successful. Modeled after his
memories of his grandfather’s warm Italian kitchen, the restaurant draws crowds on
traditionally slow nights. Romano offers free meals on Monday or Tuesday each
month. The catch: customers never know which Monday or Tuesday!
Romano’s newest restaurant idea presents yet another challenge for him: convincing
New Yorkers to indulge their palates with hearty Tex-Mex fare. The competition will
be stiff; there are some twelve thousand competing restaurants in Manhattan, and
overhead expenses are outrageously high.
The real test of success or failure will be told on the tables of the Texas Tortilla
Bakery.
Questions
1. Describe the small business failure rate.
2. What factors cause most small business failures?
3. Is failure among entrepreneurs necessarily bad? Why or why not?
Sources: Adapted From Marj Charlier, “Romano Varies Menu to Cook Up Another
Restaurant,” reprinted by permission of Wall Street Journal, April 11, 1990. p.
B1, 1990. Dow Jones & Company, Inc. All rights reserved worldwide.
________________________________
Entrepreneurial Collage
Entrepreneurs are as varied and unique as their business ideas. They come in all
shapes, sizes, ages, and colors. Consider the following collage of entrepreneurs:
• Ten-year-old Brandon Bozek started his business, Bloomin’ Express, when he
noticed that the flowers customers bought from the local supermarket wilted after
just a day or two. Brandon’s fresh-flower subscription service rings up sales of
$150 per month, and most of the $75 in profit goes into savings. He telephones
his order to a local flower market every Tuesday morning. On Thursdays, with the
help of his “steering wheel consultants” (his parents), Brandon delivers the floral
orders to his customers.
• Gerald Levinson’s radio was stolen from his car three times despite the car alarm
and stereo lock he used. Therefore, Levinson found a better way: He designed a
Chapter 1 — 17 —
18. “stolen radio facade” that fits over a radio to make it look as if it has already been
stolen. The unit is very convincing—complete with loose wires and cracked
plastic.
• Mary Anne Jackson, a former executive at Beatrice Foods, went out on her own to
start the first prepackaged food company aiming its products at kids. Her
company, My Own Meals, generates more than $5 million in sales. “All I had
when I started was an idea for a product and a prayer,” she says.
• Michael Williams saw an opportunity in an unexploited ethic niche, a black
comedy club. With $1,000 of his savings, Williams rented a hall and placed an ad
in a magazine for black stand-up comedians. Eight local comics performed. The
show was a hit and the Comedy Act Theater was born. Today, the club grosses
$600,000 annually, and Williams has opened a second club with plans to open
twenty-four more.
• If you are around kids, chances are that you have heard about the Teenage Mutant
Ninja Turtles. The Turtles’ creators, Kevin Eastman and Peter Laird, were
struggling artists swapping drawings in their living room in 1983. Eastman
sketched a masked upright turtle armed with an oriental weapon. “It was a
spontaneous thing. I did it to make Peter laugh,” Eastman says. Within minutes,
the two had created one of the most recognizable sets of heroes in kid-dom.
Eastman and Laird launched their own comic book publishing company, and their
first black-and-white comics sold rapidly. Soon after, the artists signed a licensing
agreement with Playmate Toys for a variety of children’s products. The reptilian
heroes Leonardo, Donatello, Raphael, and Michelangelo were once the hottest
non-electronic toys on the market since Cabbage Patch dolls. Their action toys,
movies, cartoons, comic books, and other products generate between $5 million
and $15 million in revenues for the two creators. “I’m now a businessman instead
of an artist,” observes Eastman. Cowabunga!
Questions
1. What common factors do you see in these entrepreneurs’ stories?
2. What contributions do small businesses like these make to the U.S. economy?
Sources: Adapted From “Kids in Business,” Changing Times, March 1990, pp.96-97;
Terri Thompson, “How Tykes Can Be Tycoons,” US News & World Report,
February 19, 1990, pp. 68-69; “Fooling the Fools,” Entrepreneur, December
1989, p. 118; Christine Forbes and Erika Kotite, “Entrepreneurs Across America,”
Entrepreneur, June 1990 p 96; Wayne Lionel Aponte “Have You Heard the One
About the Comedy Club,” Wall Street Journal, October 31, 1990, p. B2;
Christopher Geehern, “Cowabunga Dude,” Entrepreneur, March 1991, pp. 76-81.
Chapter 1 — 18 —
19. Part Six: The Business Disc
The Business Disc may have also been included with this book. Each chapter within the
Instructors Manual will contain a reference to integrate The Business Disc into the
material presented with instructions.
The Business Disc steps through a one-year process of decisions facing your business.
The DVD will “interview” you about your business concept and lead you through the
process of estimating your revenues and expenses. It will also address common decisions
that businesses often face in their first months of operation. Although the simulation is
primary designed for a start-up venture, you may gain some valuable insight from the
experience and resources even if you currently have a business in operation.
Launch The Business Disc CD and review the main menu. Select “Preview” and view the
10-minute video that provides a glimpse of what The Business Disc contains.
Go back to the main menu and click on “The Business Disc.” You will notice a menu at
the top of the screen titled “File,” “Video,” Forms,” “Go To,” “Print,” “Reference,”
“Tools,” “Configuration” and “Help”. Move your mouse over each of the non-shaded
terms to view the drop down menus for each. This process offers a helpful way for you to
navigate through the software and locate resources when you find they may be beneficial.
Part Seven: Supplemental Readings
Barrier, Michael. “Entrepreneurs Who Excel,” Michael Barrier, Nation’s Business,
August 1996, Vol. 84, No. 8.
National Small Business Poll: Success, Satisfaction, and Growth, Washington, DC:
National Federation of Independent Businesses, 2002.
Price, Robert W. “Mastering Entrepreneurship,” Entrepreneurship, 5th ed. Dubuque, IA:
McGraw-Hill, 2006.
Serwer, Andy. “The Waltons” Inside American’s Richest Family,” Fortune, November
15, 2004.
Small Business by the Numbers, Washington, DC: U.S. Small Business Administration,
2004, http://www.sba.gov/advo/stats/sbfaq.pdf.
Additional online supplemental readings and reference materials are available at
www.prenhall.com/scarborough under the “Chapter 1” tab.
Chapter 1 — 19 —