Presentation on theme: "The Entrepreneur. Definitions Entrepreneurship is the dynamic process of creating incremental wealth. The wealth is created by individuals who assume."— Presentation transcript:
Definitions Entrepreneurship is the dynamic process of creating incremental wealth. The wealth is created by individuals who assume the major risks in terms of equity, time, and/or career commitment or provide value fro some product or service.
Definitions (Formal) Entrepreneurship is the process of creating something different with value by devoting the necessary time and effort, assuming the accompanying financial, psychic, and social risks, and receiving the resulting rewards of monetary and personal satisfaction and independence.
Economic Development New investment works on both the demand and the supply side of the growth equation; New capital created expands capacity for growth (supply side) New spending utilizes the new capacity & output (demand side)
Economic Development Government as Innovator Technology Transfer NIST Intrapreneurship emphasis on short-term profits, highly structured organization, inhibit creativity culturally ingrained (JVC, Rubbermaid)
Future of Entrepreneurship Education 369 universities have at least one course 32 have courses in engineering schools Cultural Support revered by general populace Global Competition and FRO’s shift from bureacracy to intrapreneurship
Entrepreneurs Bill Gates Dropped out of Harvard Ted Turner Kicked out of Brown Steven Jobs Founder of Apple Computers Ross Perot Left IBM to form EDS Thomas A. Edison Albert Einstein Failed 3rd grade
Frank Phillips Started as Barber Married daughter of wealthy banker 1903 started Anchor Oil - 4th well successful 1906 Sold Anchor Oil, founded Citizen’s Bank 1917 started Phillips Petroleum Keys to Success???
Frank Phillips Keys to success Married Well Lucky on 4th oil well Ability to attract investors (staged gushers) Knew banking industry
Who should start a business SBA; 1,000 small business firms fail each day Entrepreneurial Characteristics No such thing as a typical entrepreneur Entrepreneurial Assessment
Characteristics of Entrepreneur An entrepreneur is most commonly the child in the family. a.oldest b.middle c.youngest d.doesn’t matter An entrepreneur is most commonly a.married b.single c.widowed d.divorced
Characteristics of Entrepreneur An entrepreneur is most typically a a. man b. woman c. either Usually an individual’s entrepreneurial tendency first appears evident in his or hers a. teens b. twenties c.thirties d. forties
Characteristics of Entrepreneur An individual usually begins his or her first significant entrepreneurial business enterprise at which age? a.teens b.twenties c.thirties d.forties e.fifties
Characteristics of Entrepreneur An entrepreneur has acheived the following educational attainment by the time the first significant business venture begins: a.less than high school b.high school c.bachelor’s degree d.master’s degree e.doctor’s degree
Characteristics of Entrepreneur An entrepreneur’s primary motivation for starting a business is a.to make money b.to be independent c.to be famous d.to create job security e.to be powerful
Characteristics of Entrepreneur The primary motivation for the entrepreneur’s high ego and need for achievement is based upon a relationship with: a.spouse b.mother c.father d.children
Characteristics of Entrepreneur To be successful in an entrepreneurial venture you need: a.money b.luck c.hard work d.a good idea e.all of the above
Characteristics of Entrepreneur Entrepreneurs and venture capitalists a.get along well b.are the best of friends c.are cordial friends d.are in conflict A successful entrepreneur relies on which for critical management advice? a.international management team b.external management professionals c.financial sources d.no one
Characteristics of Entrepreneur Entrepreneur’s are best as a.managers b.venture capitalists c.planners d.doers Entrepreneurs are a.high risk takers b.moderate risk takers c.small risk takers d.doesn’t matter
Characteristics of Entrepreneur Entrepreneurs: a.are the life of the party b.are bores at a cocktail party c.never go to parties d.just fit into the crowd at parties Entrepreneur’s tend to “fall in love” with a.new ideas b.new employees c.new manufacturing ideas d.new financial plans e.all of the above
Characteristics of Entrepreneur Entrepreneur’s typically form a.service businesses b.manufacturing companies c.financial companies d.construction companies e.a variety of ventures