entrepreneurship reasons - chap 1
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Starting Your Own Business:The Entrepreneurship Dream
1Prof.Pradip P Chatterjjee
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Define the term entrepreneurand
distinguish among entrepreneurs,
small-business owners, and
managers.
Identify the different types of
entrepreneurs.
Explain why people choose tobecome entrepreneurs.
Discuss factors that support and
expand opportunities for
entrepreneurs.
Identify personality traits that
typically characterize successful
entrepreneurs.
Summarize the process of starting
a new venture.
Explain how organizations
promote intrapreneurship.
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2Prof.Pradip P Chatterjjee
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An entrepreneuris a person who seeks a profitable
opportunity and takes the necessary risks to set up
and operate a business.
Differ from many small-business owners in their
strong desire to make their business grow.
Differ from managers through their overr id ing
responsibi l i tyto use the resources of theorganization to accomplish their goals.
Wil l ing to take risks.
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Classic Entrepreneurs
Serial Entrepreneurs
Social Entrepreneurs
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Being your Own Boss Self-management is the motivation that drives many
entrepreneurs.
Financial Success Entrepreneurs are wealth creators.
Job Security Over the past ten years, large companies have
eliminated more jobs than they have created.
Quality of Life Starting a business gives the founder some choice
over when, where, and how to work.6Prof.Pradip P Chatterjjee
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The rapid globalization of business has created many
opportunities for entrepreneurs 8Prof.Pradip P Chatterjjee
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Educat ion
One hundred U.S. colleges and universities offer entrepreneurship majors.
Universities are helping students launch businesses.
Many programs teach entrepreneurship to young people.
Inform ation Techno logy
Technology has given entrepreneurs tools that help them compete.
Entrepreneurs have used information technology to revolutionize industries.
Demographic and Econom ic Trends
Aging of U.S. population.
Emergence of Hispanics as nations largest ethnic group.
Growth of two-income families.9Prof.Pradip P Chatterjjee
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Vision- entrepreneurs begin with an overall idea for how to make their
business idea a success
High Energy Level- a willingness to work hard
Need to Achieve- entrepreneurs work hard because they want to excel Self-Confidence- fearlessness in the face of difficult odds
Tolerance for Failure- entrepreneurs are not easily discouraged
Creativity- entrepreneurs devise innovative ways to overcome difficult
problems and situations Tolerance for Ambigui ty- entrepreneurs take in stride uncertainties.
In ternal Locus of Contro l- entrepreneurs believe they can control their
own fate
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Selecting a Business Idea
Find something you love to do and are good at doing
Can your idea satisfy a need in the marketplace?
Entrepreneurs must be sure that the idea they
choose has interest in the marketplace
Business Plan12Prof.Pradip P Chatterjjee
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Debt Financing
Credit Cards
Family and Friends Bank Loans (SBA backed)
Equity Financing
Venture Capitalists
Angel Investors
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Bus iness Incubatorsis a key way
government supports new ventures
Clean Energy Incubator (CEI) Enterprise Zones
Encourage entrepreneurship in specific
geographic areas Government Legislation
The Immigration Act of 1990
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Promoting innovation within organizational
structures
An idea to promote creativity Companies promote in a variety of ways
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