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Copyright © 2005 by South-Western, a division of Thomson Learning All rights reserved 1 Chapter 5 Entrepreneurship
Copyright © 2005 by South-Western, a division of Thomson Learning All rights reserved 2 Learning Objectives Explain the role of entrepreneurs and how external factors impact their ventures. Describe the personal attributes that contribute to entrepreneurs success. Outline the planning essentials for potential entrepreneurs. State the role of intrapreneurs and how organizations can foster intrapreneurship.
Copyright © 2005 by South-Western, a division of Thomson Learning All rights reserved 3 Entrepreneurs and External Factors Entrepreneurs create something for the purpose of gain while accepting the risk and uncertainty associated with their ventures. Entrepreneurs typically incorporate at least one of the following: –Something new –Something better –An underserved or new market –New delivery system or distribution channel
Copyright © 2005 by South-Western, a division of Thomson Learning All rights reserved 4 Entrepreneurs and External Factors (cont.) Business incubators are organizations designed to accelerate the growth and success of entrepreneurial companies through an array of business support resources and services. Common features found in business incubators include: –An existing building is used to accommodate tenants –Tenants are offered below-market rent and flexible lease arrangements –Incubator provides shared services –Incubator fosters psychological or moral support
Copyright © 2005 by South-Western, a division of Thomson Learning All rights reserved 5 Entrepreneurs and External Factors (cont.) Small business owners refer to anyone who owns a major equity stake in a company with fewer than 500 employees. A family business is one owned and managed mostly by people who are related by blood and/or marriage. –Each of these may or may not be considered an entrepreneur
Copyright © 2005 by South-Western, a division of Thomson Learning All rights reserved 6 Common Attributes of Successful Entrepreneurs (adapted from Figure 5.1) Personal Attributes Need for Achievement Desire for Independence Self-Confidence Self-Sacrifice Technical Proficiency Attributes Varies by Type of Business Started Managerial Competencies Attributes Strategic Action Planning and Administration Teamwork Communication Self-Management Successful Entrepreneurs
Copyright © 2005 by South-Western, a division of Thomson Learning All rights reserved 7 Planning Essentials for Entrepreneurs A business plan describes the basic idea that is the foundation for the start-up and outlines how that idea can be turned into reality. –One challenge is to avoid exaggeration in development of the business plan Deciding how to start the business. –Buy Strategy –Start-Up Strategy –Franchise Strategy –Other Strategic Options
Copyright © 2005 by South-Western, a division of Thomson Learning All rights reserved 8 Planning Essentials for Entrepreneurs (cont.) Assessing Affordable Loss –Principle of affordable loss – the conscious determination of the amount of resources entrepreneurs are willing to commit to an idea, which, in turn, influences the choice of strategies and methods needed to generate early revenues Finding Funds –Common sources include: The entrepreneur and other members of team, family, and friends. Financial institutions Venture capital firms Business angels Business incubators
Copyright © 2005 by South-Western, a division of Thomson Learning All rights reserved 9 Factors That Favor a Global Start-Up (adapted from Figure 5.2) Foreign Financing is Better Domestic Market is Too Small to Support Expenses Human Resources Are Dispersed Among Countries Foreign Competition Will Quickly Enter the Market Target Customers Require an International Presence Domestic Inertia Could Impede Later Efforts to Internationalize Global Start-Up
Copyright © 2005 by South-Western, a division of Thomson Learning All rights reserved 10 Recommendation to Ensure a Successful Family (adapted from Figure 5.3) Commitment to Resolving Conflicts Quickly Clear Job Responsibilities And Authority Relationships Explicit Hiring Criteria For Family Members Plan for Management Transitions Use of Outside Advisors/Directors
Copyright © 2005 by South-Western, a division of Thomson Learning All rights reserved 11 Corporate Intrapreneurship Corporate intrapreneurship refers to the fostering of entrepreneurial behavior within established companies to product growth and profits. An intrapreneur is someone in an organization who champions turning new ideas in profitable realities.
Copyright © 2005 by South-Western, a division of Thomson Learning All rights reserved 12 Fostering Intrapreneurship Organizations that foster intrapreneurship have the following characteristics. –Commitment from senior management –Flexible organizational design –Autonomy of the venture team –Competent and talented people –Incentives and rewards for risk taking –An appropriately designed control system
Copyright © 2005 by South-Western, a division of Thomson Learning All rights reserved 13 Fostering Intrapreneurship Skunkworks are islands of intrapreneurial activity within larger organizations.
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