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Chapter 1: Entrepreneurship
Chapter 1: Entrepreneurship
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Who is an Entrepreneur?
One who creates a new business in the face of risk and uncertainty for the purpose of achieving profit and growth by identifying opportunities and assembling the necessary resources to capitalize on them.
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Characteristics of Entrepreneurs
Desire for responsibility Preference for moderate risk Confidence in their ability to succeed Desire for immediate feedback High level of energy Future orientation Skilled at organizing Value achievement over money
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Aggressively pursues goals; pushes self and others Seeks autonomy, independence and freedom from boundaries Sends consistent messages; very focused Acts quickly, often without deliberating
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The Entrepreneur
Growth
Defining Entrepreneurship
Innovation
Profit or Nonprofit
Creating Value
Organization Creation
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Entrepreneur bears risks and plans, supervises, organizes, and owns factors of production
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Jean Baptiste Say: Proposed that profits from entrepreneurship were separate from profits of capital ownership
Distinction made between those who supplied funds and earned interest and those who profited from managerial abilities
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Joseph Schumpeter: Described the entrepreneur as someone who is an innovator and someone who creatively destructs
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Researching Feasibility
Planning the Venture Organizing the Venture Launching the Venture
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Entrepreneurs as heroes Entrepreneurial education Demographic and economic factors Shift to a service economy Technological advancements Independent lifestyles E-Commerce and the World Wide Web International opportunities
Copyright 2002 Prentice Hall Publishing Company
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Young entrepreneurs Women Minority-owned enterprises Immigrant entrepreneurs Part-time entrepreneurs Home-based businesses Family businesses Intrapreneurs Corporate castoffs: unwanted, second hand goods Corporate dropouts
Copyright 2002 Prentice Hall Publishing Company
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Management incompetence Lack of experience Poor financial control Failure to develop a strategic plan Uncontrolled growth
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7. 8. 9.
Poor location Improper inventory control Incorrect pricing Inability to make the entrepreneurial transition
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Independently owned, operated, and financed Less than 100 employees Doesnt emphasize new or innovative practices
Innovative practices Goals are profitability and growth Seeks out new opportunities Willingness to take risks
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Uncertainty of income Risk of losing your entire investment Long hours and hard work Lower quality of life until the business gets established High levels of stress Complete responsibility Discouragement
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Small Businesses
Make up 99% of all businesses in the United States. Employ 53% of the nation's private sector workforce. Create more jobs than big businesses. Are leaders in offering training and advancement opportunities to workers.
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Small Businesses
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Produce 51% of the nation's private GDP. Account for 47% of business sales. Create 4X more innovations per R & D dollar spent than medium-size firms and 24X as many as large companies.
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Retail 20.5%
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# of Years in Business
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