The document discusses the cultural diversity of entrepreneurship, noting that young people and women are increasingly choosing entrepreneurship. Minority and immigrant entrepreneurs are growing segments as well. Part-time entrepreneurs allow people to test their business ideas without major risk. Many entrepreneurs run home-based businesses which have lower costs. Family businesses involve multiple family members, while copreneneurs are entrepreneurial couples who work together. Corporate castoffs who leave organizations also often become entrepreneurs.

1. Cultural Diversity of EntrepreneurshipCultural Diversity of Entrepreneurship
• Young EntrepreneursYoung Entrepreneurs
– Yong people are setting the pace in starting business.Yong people are setting the pace in starting business.
– Disenchanting with their prospects, youth is willing to take a chance at controllingDisenchanting with their prospects, youth is willing to take a chance at controlling
their own destiny.their own destiny.
– Young people are choosing entrepreneurship as their primary career path.Young people are choosing entrepreneurship as their primary career path.
• Women EntrepreneursWomen Entrepreneurs
– Small businesses has been leader in offering women opportunities for economicSmall businesses has been leader in offering women opportunities for economic
expression through employment and entrepreneurship.expression through employment and entrepreneurship.
– Increasing number of women are discovering the best way to break the ice toIncreasing number of women are discovering the best way to break the ice to
start their own businesses.start their own businesses.
– Female entrepreneurs today are more likely than ever to be highly educated.Female entrepreneurs today are more likely than ever to be highly educated.
– Have managerial experience in he industry in which t hey start their companies.Have managerial experience in he industry in which t hey start their companies.

2. Cultural Diversity ofCultural Diversity of
EntrepreneurshipEntrepreneurship
• Minority EnterprisesMinority Enterprises
– Rapidly growing segment of the small business population is minorityRapidly growing segment of the small business population is minority
owned businesses.owned businesses.
• Immigrant EntrepreneursImmigrant Entrepreneurs
– Pakistan is now becoming the place of diverse cultures.Pakistan is now becoming the place of diverse cultures.
– Today the immigrants arrive with more education and experience.Today the immigrants arrive with more education and experience.
• Part-Time EntrepreneursPart-Time Entrepreneurs
– Starting a part time business is a popular gateway toStarting a part time business is a popular gateway to
entrepreneurship .entrepreneurship .
– They have best of both worlds.They have best of both worlds.
– They can ease in to business for themselves without sacrificing theThey can ease in to business for themselves without sacrificing the
security of steady pay check and benefits.security of steady pay check and benefits.
– Major advantage of going in to business part time is the lower risk inMajor advantage of going in to business part time is the lower risk in
case venture flops.case venture flops.
– Part timers are testing the entrepreneurial waters to see theirPart timers are testing the entrepreneurial waters to see their
businesses ideas will work or not.businesses ideas will work or not.

3. Cultural Diversity ofCultural Diversity of
EntrepreneurshipEntrepreneurship
– Home-Based BusinessHome-Based Business
• Majority of the small based businesses are home based.Majority of the small based businesses are home based.
• Operating a business from home keeps start-up and operating costs to a minimum.Operating a business from home keeps start-up and operating costs to a minimum.
• Home based companies allow owners to maintain a flexible lifestyle and work style.Home based companies allow owners to maintain a flexible lifestyle and work style.
• Technology which is transforming many ordinary homes in to electronic cottages allowsTechnology which is transforming many ordinary homes in to electronic cottages allows
entrepreneurs to run a huge variety of businesses from their homes.entrepreneurs to run a huge variety of businesses from their homes.
• Nowadays home based businesses are more diverse.Nowadays home based businesses are more diverse.
– Family BusinessesFamily Businesses
• A family owned business is one that includes two or more members of a family withA family owned business is one that includes two or more members of a family with
financial control of the company.financial control of the company.
– CopreneursCopreneurs
• Copreneurs are entrepreneurial couples who work together as co-owners of theirCopreneurs are entrepreneurial couples who work together as co-owners of their
business.business.
• Successful copreneurs learns to build the foundation for a successful workingSuccessful copreneurs learns to build the foundation for a successful working
relationship before they ever launch their companiesrelationship before they ever launch their companies
• Copreneurs should focus onCopreneurs should focus on
– An assessment of whether their personalities will mesh or conflict in a business setting.An assessment of whether their personalities will mesh or conflict in a business setting.
– Mutual respect for each other and another’s talent.Mutual respect for each other and another’s talent.
– A common visionA common vision
– A view that they are full and equal partners, not a superior and a subordinate.A view that they are full and equal partners, not a superior and a subordinate.
– Complementary business skills that each acknowledges and appreciates and that lad to a uniqueComplementary business skills that each acknowledges and appreciates and that lad to a unique
business identity for each spousebusiness identity for each spouse

4. Cultural Diversity ofCultural Diversity of
EntrepreneurshipEntrepreneurship
– The ability to keep lines of communication open, talking andThe ability to keep lines of communication open, talking and
listening to each other.listening to each other.
– A clear vision of roles and authority ideally based on eachA clear vision of roles and authority ideally based on each
partners skills and ability to minimize conflict and powerpartners skills and ability to minimize conflict and power
struggles.struggles.
– The ability to encourage each other and to lift up aThe ability to encourage each other and to lift up a
disillusioned partner.disillusioned partner.
– Separate workspaces that allow them to escape when the needSeparate workspaces that allow them to escape when the need
arises.arises.
– Corporate CastoffsCorporate Castoffs
• Corporate castoffs have become an important source ofCorporate castoffs have become an important source of
entrepreneurial activity.entrepreneurial activity.
• The managers or employees who have been discharged from theThe managers or employees who have been discharged from the
organizations have become entrepreneurs.organizations have become entrepreneurs.