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Successfully Launching
New Ventures, 2/e
Bruce R. Barringer
R. Duane Ireland
Lecture
Outline
1-1
Entrepreneurship:
Successfully Launching
New Ventures, 2/e
Bruce R. Barringer
R. Duane Ireland
Chapter 1
1-2
Chapter Objectives
(1 of 2)
1-3
Chapter Objectives
(2 of 2)
1-4
Introduction to Entrepreneurship
There is tremendous
interest in
entrepreneurship
around the world
1-5
What is Entrepreneurship?
(1 of 2)
1-6
What is Entrepreneurship?
(2 of 2)
Entrepreneurship Defined
Entrepreneurship is the process by which individuals
pursue opportunities without regard to the resources they
currently control.
The essence of entrepreneurial behavior is identifying
opportunities and putting useful ideas into practice.
The set of tasks called for by this behavior can be
accomplished by either an individual or a group and
typically requires creativity, drive, and a willingness to take
risks.
1-7
Corporate Entrepreneurship
(1 of 2)
Corporate Entrepreneurship
Is the conceptualization of entrepreneurship at the firm
level.
All firms fall along a conceptual continuum that ranges
from highly conservative to highly entrepreneurial.
The position of a firm on this continuum is referred to as
its entrepreneurial intensity.
1-8
Corporate Entrepreneurship
(2 of 2)
Entrepreneurial Firms
Proactive
Innovative
Risk taking
Conservative Firms
Take a more wait and see
posture
Less innovative
Risk adverse
1-9
1-10
1-11
Product/Customer Focus
A second defining characteristic of successful entrepreneurs
is a product/customer focus.
An entrepreneurs keen focus on products and customers
typically stems from the fact that most entrepreneurs are, at
heart, craftspeople.
2008 Prentice Hall
1-12
Execution Intelligence
The ability to fashion a solid business idea into a viable
business is a key characteristic of successful entrepreneurs.
The ability to translate thought, creativity, and imagination into
action and measurable results is the essence of execution
intelligence.
2008 Prentice Hall
1-13
1-14
Optimistic disposition
Alert to opportunities
Persuasive
Creative
Promoter
Decisive
Resource assembler
Energetic
Self-confident
Tenacious
Tolerant of ambiguity
Visionary
1-15
1-16
1-17
1-18
1-19
Changing Demographics of
Entrepreneurial Firms
(1 of 3)
Women Entrepreneurs
There were 6.5 million women-owned businesses in 2002, the most
recent year the U.S. Census Bureau collected business ownership
data. That number is up 20% from 1997.
Minority Entrepreneurs
The number of minority-owned businesses has also risen sharply.
There were 1.2 million African-American owned businesses in 2002, up
45% from 1997.
There were 1.1 million Asian-owned businesses in 2002, up 24% from 1997.
There were 206,125 Native American-owned businesses in 2002, up 24%
from 1997.
1-20
Changing Demographics of
Entrepreneurial Firms
(2 of 3)
Senior Entrepreneurs
Although the Census Bureau does not collect data on senior
entrepreneurs (people 55 years old and older), there is strong
evidence to suggest that the number of older people starting
their own businesses is rapidly growing.
The dramatic increase in the number of senior entrepreneurs is
attributed to a number of factors, including:
Corporate downsizing.
An increasing desire among older workers for more personal fulfillment
in their lives.
Growing worries among seniors that they need to earn additional
income to pay for future health care services and other expenses.
2008 Prentice Hall
1-21
Changing Demographics of
Entrepreneurial Firms
(3 of 3)
Young Entrepreneurs
Interest in entrepreneurship among young people is also
growing.
At the high school level, a Gallup study revealed that 7 out of 10 high
school students want to start their own companies.
Interest in entrepreneurship on college campuses is growing.
According to a recent study, 1,992 two- and four-years colleges and
universities now offer at least one course in entrepreneurship, up from
300 in the 1984-1985 school year.
Although the bulk of entrepreneurship education takes place within
business schools, many other colleges and departments are offering
entrepreneurship courses as well, including engineering, agriculture,
theater, dance, education, law, and nursing.
2008 Prentice Hall
1-22
Innovation
Is the process of creating something new, which is central
to the entrepreneurial process.
Small entrepreneurial firms are responsible for 55% of all
innovations in the U.S.
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.
1-23
Globalization
Today, over 97% of all U.S. exporters are small businesses
with fewer than 500 employees.
Export markets are vital to the U.S. economy and provide
outlets for the sale of U.S. produced products and services.
1-24
1-25
1-26
Step 2
Developing Successful Business Ideas
1-27
Step 4
1-28