Introduction to Entrepreneurship by (Bruce R. Barringer R. Duane Ireland)iqra ishfaq
Introduction to Entrepreneurship by
Bruce R. Barringer
R. Duane Ireland
this chapter is about common myts, characteristics, interest, and types of entrepreneur.
To begin our exploration of entrepreneurship and the environment
To distinguish between business and social entrepreneurs
To distinguish between entrepreneurs and small-business owners
To explain the importance of entrepreneurs for economic growth
To examine the historical development of entrepreneurs and of entrepreneurship
To define entrepreneurship and explore the major schools of entrepreneurial thought
To realise that entrepreneurship is a pathway to freedom
Introduction to Entrepreneurship by (Bruce R. Barringer R. Duane Ireland)iqra ishfaq
Introduction to Entrepreneurship by
Bruce R. Barringer
R. Duane Ireland
this chapter is about common myts, characteristics, interest, and types of entrepreneur.
To begin our exploration of entrepreneurship and the environment
To distinguish between business and social entrepreneurs
To distinguish between entrepreneurs and small-business owners
To explain the importance of entrepreneurs for economic growth
To examine the historical development of entrepreneurs and of entrepreneurship
To define entrepreneurship and explore the major schools of entrepreneurial thought
To realise that entrepreneurship is a pathway to freedom
Entreprenureship - The Business Planning ProcessUkwuaniBarnabas
The most important benefit of writing a business plan is all of the learning that accompanies the process. You basically learn to Identify your concept, research the concept and glean a perfect understanding of the industry to which you belong, your competitors and your customers.
It helps you relate with the deep understanding of your Business Model and its drivers
Having grasped all of the information from the process, it helps entrepreneurs to communicate the business opportunity to potential investors / various stakeholders in the most articulate manner. This is a proper guide for understanding business planning.
Entrepreneurship, introduction to entrepreneurship, definition of entrepreneu...Jorge Saguinsin
Introduction to basics of Entrepreneurship covers topics such as social entrepreneurship, business entrepreneurship and various masteries needed. The subject matter covers examples from the Philippines. This a compilation of various learnings from various references. These slides are lectures at Agsb entrepreneurship elective and have been uploaded for the access and convenience of present and past students of the said elective
Chapter 06 Managing Small Business Start-UpsRayman Soe
Richard L. Daft addresses themes and issues directly relevant to both the everyday demands and significant challenges facing businesses today. Comprehensive coverage helps develop managers able to look beyond traditional techniques and ideas to tap into a full breadth of management skills. With the best in proven management and new competencies that harness creativity, D.A.F.T. is Management!
Examine the concepts of the social entrepreneur and the social business
Explore the mind-set of social entrepreneurs
Introduce the concept of ecopreneurship
Define the term ethics and the implications for entrepreneurs
Examine environmental crime and its temptations for entrepreneurs
Examine cross-cultural concepts of ethics and corruption
Examine the ethics of criminal entrepreneurs and their similarities to other entrepreneurs
Focus on the challenges that face disadvantaged entrepreneurs
Marketing involves a range of processes concerned with finding out what consumers want, and then providing it for them. This involves four key elements, which are referred to as the 4Ps. A useful starting point therefore is to carry out market research to find out about customer requirements in relation to the 4Ps.
Entreprenureship - The Business Planning ProcessUkwuaniBarnabas
The most important benefit of writing a business plan is all of the learning that accompanies the process. You basically learn to Identify your concept, research the concept and glean a perfect understanding of the industry to which you belong, your competitors and your customers.
It helps you relate with the deep understanding of your Business Model and its drivers
Having grasped all of the information from the process, it helps entrepreneurs to communicate the business opportunity to potential investors / various stakeholders in the most articulate manner. This is a proper guide for understanding business planning.
Entrepreneurship, introduction to entrepreneurship, definition of entrepreneu...Jorge Saguinsin
Introduction to basics of Entrepreneurship covers topics such as social entrepreneurship, business entrepreneurship and various masteries needed. The subject matter covers examples from the Philippines. This a compilation of various learnings from various references. These slides are lectures at Agsb entrepreneurship elective and have been uploaded for the access and convenience of present and past students of the said elective
Chapter 06 Managing Small Business Start-UpsRayman Soe
Richard L. Daft addresses themes and issues directly relevant to both the everyday demands and significant challenges facing businesses today. Comprehensive coverage helps develop managers able to look beyond traditional techniques and ideas to tap into a full breadth of management skills. With the best in proven management and new competencies that harness creativity, D.A.F.T. is Management!
Examine the concepts of the social entrepreneur and the social business
Explore the mind-set of social entrepreneurs
Introduce the concept of ecopreneurship
Define the term ethics and the implications for entrepreneurs
Examine environmental crime and its temptations for entrepreneurs
Examine cross-cultural concepts of ethics and corruption
Examine the ethics of criminal entrepreneurs and their similarities to other entrepreneurs
Focus on the challenges that face disadvantaged entrepreneurs
Marketing involves a range of processes concerned with finding out what consumers want, and then providing it for them. This involves four key elements, which are referred to as the 4Ps. A useful starting point therefore is to carry out market research to find out about customer requirements in relation to the 4Ps.
Drop Shipping in the Q-Commerce Era, A case study of Daraz. pk | Project by F...FaHaD .H. NooR
Drop Shipping in the Q-Commerce Era, A case study of Daraz. pk | Project by FAHAD HASSAN NOOR under observation by Mustafa Hannan Mehboob | UCP University Of Central PUNJAB
The research project considered dropshipping in the Q-commerce era in our national setting as
Pakistan's E-commerce industry is evolving, and the supply chain structure of Daraz.pk is
exactly the phenomenon to be studied. The article acknowledges that more entrepreneurs are
turning to dropship, which is market-driven and a way for entrepreneurs with little cash to set
into an e-commerce business. The importance of dropshipping as an instrument that dismantles
retailers from stock and warehouse concerns is emphasized here. The effort is shifted to
marketing and customer acquisition. This research will be about analyzing what Q-commerce –
assumed to be a non-conforming model that conforms to modern consumers’ demands of
instant service– has done to the economies and the dynamics in Pakistan.
Operations Management A-Z: Business Processes and Systems | Fahad Hassan NoorFaHaD .H. NooR
This certificate above verifies that Fahad Hassan Noor successfully completed the course Operations Management A-Z: Business Processes and Systems on 05/12/2022 as taught by Laurence Gartside, Rowtons Training on Udemy. The certificate indicates the entire course was completed as validated by the student. The course duration represents the total video hours of the course at time of most recent completion.
This certificate above verifies that Fahad Hassan Noor successfully completed the course Supply Chain Management A-Z: Operations & Logistics Basics on 01/16/2022 as taught by Laurence Gartside, Rowtons Training on Udemy. The certificate indicates the entire course was completed as validated by the student. The course duration represents the total video hours of the course at time of most recent completion.
Inventory Management A-Z: Supply Chain & Business Operations | Fahad Hassan N...FaHaD .H. NooR
This certificate above verifies that Fahad Hassan Noor successfully completed the course Inventory Management A-Z: Supply Chain & Business Operations on 04/30/2022 as taught by Laurence Gartside, Rowtons Training on Udemy. The certificate indicates the entire course was completed as validated by the student. The course duration represents the total video hours of the course at time of most recent completion
This certificate above verifies that Fahad Hassan Noor successfully completed the course Supply Chain Management A-Z: Operations & Logistics Basics on 01/16/2022 as taught by Laurence Gartside MEng Cantab on Udemy. The certificate indicates the entire course was completed as validated by the student. The course duration represents the total video hours of the course at time of most recent completion.
Facebook Ads & Facebook Marketing MASTERY | Coursenvy ® - Fahad Hassan Noor -...FaHaD .H. NooR
This certificate above verifies that Fahad Hassan Noor successfully completed the course Facebook Ads & Facebook Marketing MASTERY | Coursenvy ® on 01/08/2022 as taught by COURSE ENVY on Udemy. The certificate indicates the entire course was completed as validated by the student. The course duration represents the total video hours of the course at time of most recent completion.
Training for Zendesk Administrators MasterClass - Fahad Hassan NoorFaHaD .H. NooR
This certificate above verifies that Fahad Hassan Noor successfully completed the course Training for Zendesk Administrators on 01/04/2022 as taught by Guidoo Services, Nils Rebehn on Udemy. The certificate indicates the entire course was completed as validated by the student. The course duration represents the total video hours of the course at time of most recent completion.
TikTok Marketing: Grow Your Account & Master TikTok Ads - Fahad Hassan NoorFaHaD .H. NooR
This certificate above verifies that Fahad Hassan Noor successfully completed the course TikTok Marketing 2021: Grow Your Account & Master TikTok Ads on 07/29/2020 as taught by Darius Mora, Evan Kimbrell on Udemy. The certificate indicates the entire course was completed as validated by the student. The course duration represents the total video hours of the course at time of most recent completion.
Amazon FBA Private Label Course for Beginners | Amazon 2022 - Fahad Hassan NoorFaHaD .H. NooR
This certificate above verifies that Fahad Hassan Noor successfully completed the course Amazon FBA Private Label Course for Beginners | Amazon 2021 on 12/06/2020 as taught by Mehmet TEK, Esengül AKPOLAT, Emparazon Academy on Udemy. The certificate indicates the entire course was completed as validated by the student. The course duration represents the total video hours of the course at time of most recent completion.
Complete Video Production, Video Marketing, & YouTube Course - Fahad Hassan NoorFaHaD .H. NooR
This certificate above verifies that Fahad Hassan Noor successfully completed the course Complete Video Production, Video Marketing, & YouTube Course on 09/05/2021 as taught by Ing. Tomas Moravek | SEO, Facebook Ads & Facebook Marketing Expert, SEO, Facebook Ads & Digital Marketing Academy, Beck Robertson on Udemy. The certificate indicates the entire course was completed as validated by the student. The course duration represents the total video hours of the course at time of most recent completion.
While many firms are part of supply chain not all are managed in any truly coordinated fashion.
Many firms within supply chain wants to work independently.
Firms with large system inventories, many suppliers, complex product assemblies and highly valued customers benefit most from the practice of supply chain management.
For these firms, even moderate supply chain management success can mean lower purchasing and inventory carrying costs, better product quality and higher levels of customer service—all leading to more sales.
Creating and Managing Supplier RelationshipsFaHaD .H. NooR
Companies require their suppliers to deliver innovative and quality products not only in just-in-time (JIT) fashion, but also at a competitive price.
Good supplier relations can provide many benefits such as flexibility in terms of delivery, better quality, better information, and better material flows between buyers and suppliers.
Selecting the right supply partners and successfully managing these relationships over time is thus strategically important; it is often stated that “a firm is only as good as its suppliers.”
Purchasing departments contributes in product design, quality, cost of goods sold, manufacturing cycle time.
Ethical and Sustainable sourcing practices have become area of concern over the past five to ten years.
Global population growth, increasing environmental awareness, consumers desires for better corporate responsibility, and declining worldwide levels of natural resources has pressured companies to effectively implement these practices.
Purchasing mangement - Puchasing Process - Make Or Buy Decisions - Supplier S...FaHaD .H. NooR
Purchasing department in any organization assist with the identification, selection and acquisition of required materials and services.
Accomplish this as economically as possible, within acceptable standards of quality and service.
“Purchasing profession can be defined as the act of obtaining merchandise; equipment; raw materials; services; or maintenance, repair and operating (MRO) supplies in exchange for money or its equivalent”.
Best Crypto Marketing Ideas to Lead Your Project to SuccessIntelisync
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What You're Going to Learn
- How These 4 Leaks Force You To Work Longer And Harder in order to grow your income… improve just one of these and the impact could be life changing.
- How to SHUT DOWN the revolving door of Income Stagnation… you know, where new sales come into your magazine while at the same time existing sponsors exit.
- How to transform your magazine business by fixing the 4 “DON’Ts”...
#1 LEADS Don’t Book
#2 PROSPECTS Don’t Show
#3 PROSPECTS Don’t Buy
#4 CLIENTS Don’t Stay
- How to identify which leak to fix first so you get the biggest bang for your income.
- Get actionable strategies you can use right away to improve your bookings, sales and retention.
2. OBJECTIVES
1. Explain entrepreneurship and discuss its importance.
2. Describe corporate entrepreneurship and its use in established firms.
3. Discuss three main reasons people decide to become entrepreneurs.
4. Identify four main characteristics of successful entrepreneurs.
5. Explain five common myths regarding entrepreneurship.
2-2
3. 6. Explain how entrepreneurial firms differ from salary-substitute and
lifestyle firms.
7. Discuss the changing demographics of entrepreneurs in the United States.
8. Discuss the impact of entrepreneurial firms on economies and societies.
9. Identify ways in which large firms benefit from the presence of smaller
entrepreneurial firms.
10. Explain the entrepreneurial process.
2-3
OBJECTIVES
4. INTRODUCTION TO
ENTREPRENEURSHIP
1-4
There is tremendous
interest in
entrepreneurship in the
U.S. and around the world.
According to the 2007 GEM
study, 9.6% of Americans
are actively engaged in
starting a business or are
the owner/manager of a
business that is less than
three years old.
5. INDICATIONS OF INCREASED INTEREST
IN ENTREPRENEURSHIP
• Books
• Amazon.com lists over 45,000 books dealing with entrepreneurship and
118,000 focused on small business.
• College Courses
• In 1985, there were about 250 entrepreneurship courses offered across
all colleges in the United States.
• Today, more than 5,000 entrepreneurship courses are offered in two-year
and four-year colleges and universities in the United States.
1-5
6. WHAT IS ENTREPRENEURSHIP?
• Academic Definition (Stevenson & Jarillo)
• Entrepreneurship is the process by which individuals pursue
opportunities without regard to resources they currently control.
• Venture Capitalist (Fred Wilson)
• Entrepreneurship is the art of turning an idea into a business.
• Explanation of What Entrepreneurs Do
• Entrepreneurs assemble and then integrate all the resources needed –
the money, the people, the business model, the strategy—needed to
transform an invention or an idea into a viable business.
• The lure of entrepreneurship is the ability to create products and
services that enhance people’s lives
1-6
7. CORPORATE
ENTREPRENEURSHIP
• It is generally believed to refer to the development of new ideas and
opportunities within large or established businesses, directly leading to the
improvement of organizational profitability and an enhancement of
competitive position
8. CORPORATE ENTREPRENEURSHIP
2 OF 2
1-8
Entrepreneurial Firms Conservative Firms
• Proactive
• Innovative
• Risk taking
• Take a more “wait and see”
posture
• Less innovative
• Risk adverse
9. WHY BECOME AN ENTREPRENEUR?
1-9
The three primary reasons that people become
entrepreneurs and start their own firms
Desire to be their own boss
Financial rewards
Desire to pursue their
own ideas
12. CHARACTERISTICS OF SUCCESSFUL
ENTREPRENEURS
2 OF 3
• Passion for the Business
• The number one characteristic shared by successful entrepreneurs is a
passion for the business.
• This passion typically stems from the entrepreneur’s belief that the
business will positively influence people’s lives.
• Product/Customer Focus
• A second defining characteristic of successful entrepreneurs is a
product/customer focus.
• An entrepreneur’s keen focus on products and customers typically stems
from the fact that most entrepreneurs are, at heart, craftspeople. 1-12
13. CHARACTERISTICS OF SUCCESSFUL
ENTREPRENEURS
3 OF 3
• Tenacity Despite Failure
• Because entrepreneurs are typically trying something new, the failure rate is
naturally high.
• A defining characteristic for successful entrepreneurs’ is their ability to persevere
through setbacks and failures.
• Execution Intelligence
• The ability to fashion a solid business idea into a viable business is a key
characteristic of successful entrepreneurs.
1-13
14. EXAMPLE
• An example of the degree of tenacity is provided by Jerry Stoppelman and Russel
Simmons, the founders of Yelp, the popular online review site.
• The original idea for Yelp, which was founded in 2004, is that when people are
looking for a new restaurant, dentist, or plumber they normally ask their friends for
recommendations.
• Yelp was launched to give people the ability to e-mail a list of their friends and ask
for a recommendation.
• The message included a link that allowed the friend to easily respond.
• The business plan didn’t work.
• People started complaining that they were getting too many e-mail messages from
friends who often didn’t have a recommendation to provide.
15. CONT.…
• Yelp could have died at this point.
• In 2005, Yelp pivoted and revised its business plan.
• The new plan dropped the “email your friend idea” and focused on providing a platform for
people to proactively write reviews of local businesses.
• Today, Yelp is one of the most popular review sites on the Internet.
16.
17. COMMON MYTHS ABOUT
ENTREPRENEURS
2 OF 5
1-17
Although no one is “born” to be an entrepreneur, there are common traits and
characteristics of successful entrepreneurs
• Achievement motivated
• Alert to opportunities
• Creative
• Decisive
• Energetic
• Has a strong work ethic
• Is a moderate risk taker
• Is a networker
• Optimistic disposition
• Persuasive
• Promoter
•Self-confident
• Self-starter
• Tenacious
• Tolerant of ambiguity
• Visionary
18. COMMON MYTHS ABOUT
ENTREPRENEURS
1 OF 5
• Myth 1: Entrepreneurs Are Born Not Made
• This myth is based on the mistaken belief that some people are genetically
predisposed to be entrepreneurs.
• The consensus of many studies is that no one is “born” to be an entrepreneur;
everyone has the potential to become one.
• Whether someone does or doesn’t become an entrepreneur, is a function of the
environment, life experiences, and personal choices.
1-18
19. COMMON MYTHS ABOUT
ENTREPRENEURS
3 OF 5
• Myth 2: Entrepreneurs Are Gamblers
• Most entrepreneurs are moderate risk takers.
• The idea that entrepreneurs are gamblers originates from two sources:
• Entrepreneurs typically have jobs that are less structured, and so they face a more
uncertain set of possibilities than people in traditional jobs.
• Many entrepreneurs have a strong need to achieve and set challenging goals, a
behavior that is often equated with risk taking.
1-19
20. COMMON MYTHS ABOUT
ENTREPRENEURS
4 OF 5
• Myth 3: Entrepreneurs Are Motivated Primarily by Money.
• While it is considered that entrepreneurs don’t seek financial rewards, money is
rarely the reason entrepreneurs start new firms.
• In fact, some entrepreneurs warn that the pursuit of money can be distracting.
1-20
21. COMMON MYTHS ABOUT
ENTREPRENEURS
5 OF 5
• Myth 4: Entrepreneurs Should Be Young and Energetic.
• The most active age for business ownership is 35 to 45 years old.
• While it is important to be energetic, investors often cite the strength of the
entrepreneur as their most important criteria in making investment decisions.
• What makes an entrepreneur “strong” in the eyes of an investor is experience,
maturity, a solid reputation, and a track record of success.
• These criteria favor older rather than younger entrepreneurs.
1-21
22.
23. SUCCESS STORIES
• The Pierre Omidyar way. In 1995, a computer programmer started
auctioning off stuff on his personal website. AuctionWeb, as it was then
known, was really just a personal project, but, when the amount of web
traffic made it necessary to upgrade to a business Internet account,
Omidyar had to start charging people fees. He actually hired his first
employee to handle all the payment checks. The site is now known as
eBay.
• The Matt Maloney and Mike Evans way. When a couple of Chicago
software developers working on lookup searches for Apartments.com
got sick of calling restaurants in search of takeout food for dinner, the
light bulb went off: Why isn’t there a one-stop shop for food delivery?
That’s when the pair decided to start GrubHub, which went public last
April and is now valued at more than $3 billion.
24. TYPES OF START-UP FIRMS
1-24
Example:Dropbox,
Facebook, and
LinkedIn
Example: Personal
trainers, golf and
tennis pros and
tour guides.
Example: Restaurants,
accounting firms, retail
stores, and hairstyling
salons.
26. CHANGING DEMOGRAPHICS OF
ENTREPRENEURS
1 OF 3
1-26
Women Entrepreneurs
• There were 6.2 million women-
owned businesses in 2002 (the
most recent statistics available)
• This number was up 20% from
1997.
27. CHANGING DEMOGRAPHICS OF
ENTREPRENEURS
2 OF 3
1-27
Minority Entrepreneurs Senior Entrepreneurs
• Minorities owned roughly 18%
of U.S. businesses in 2002.
• This number was up 10% from
1997.
• Although statistics are not kept
on senior entrepreneurs, there is
strong evidence that the number
of older people (50 +) choosing
entrepreneurial careers is rapidly
increasing.
28. CHANGING DEMOGRAPHICS OF
ENTREPRENEURS
3 OF 3
3-28
Young Entrepreneurs
• Interest among young people in entrepreneurial careers is
growing.
• According to a Gallop study, 7 out of 10 high school students
want to start their own business.
• Over 2,000 two-year and four-year colleges and universities
offer entrepreneurship courses.
29. ECONOMIC IMPACT OF
ENTREPRENEURIAL FIRMS
• Innovation
• Is the process of creating something new, which is central to the
entrepreneurial process.
• Small firms are twice as innovative per employee as large firms.
• Job Creation
• In the past two decades, economic activity has moved in the
direction of smaller entrepreneurial firms, which may be due to their
unique ability to innovate and focus on specialized tasks.
1-29
30. ENTREPRENEURIAL FIRMS’ IMPACT
ON SOCIETY AND LARGER FIRMS
• Impact on Society
• The innovations of entrepreneurial firms have a dramatic impact on society.
• Think of all the new products and services that make our lives easier, enhance our
productivity at work, improve our health, and entertain us in new ways.
• Impact on Larger Firms
• Many entrepreneurial firms have built their entire business models around
producing products and services that help larger firms become more efficient and
effective.
1-30
31. THE ENTREPRENEURIAL PROCESS
1-31
The Entrepreneurial Process Consists of Four Steps
Step 1: Deciding to become an entrepreneur.
Step 2: Developing successful business ideas.
Step 3: Moving from an idea to an entrepreneurial firm.
Step 4: Managing and growing the entrepreneurial firm.
One of the most satisfying things about an entrepreneurial
career is bringing products to life that enhance people’s
lives.
32.
33. STEPS IN THE ENTREPRENEURIAL
PROCESS
1 OF 2
1-33
Step 1 Step 2
Developing Successful Business Ideas
34. STEPS IN THE ENTREPRENEURIAL
PROCESS
2 OF 2
1-34
Step 3 Step 4
35. ELEVATOR PITCH (VIDEO)
• https://www.youtube.com/watch?v=IHEImRA5a2w
• The winning pitch at MIT Global Startup Workshop
• https://www.youtube.com/watch?v=UBNJh2rOOlI