1.Business is risky. Entrepreneurial Myths 3.1 © 2004 Ewing Marion Kauffman Foundation 2.Entrepreneurs need great ideas. 3.Entrepreneurs need lots of experience. 4.It takes a lot of money. 5.Big business will ruin small business. 6.Entrepreneurs get rich quick 7.Entrepreneurs are born, not made. 8.Entrepreneurs are unethical.

1.Oil companies, Bank of America 2.Gilbert International 3.Microsoft, Dell 4.Green silver 5.Garrison confections 6.Burt Bees 7.Seven starts bakery 8.Marion Labs Kauffman Foundation Entrepreneurial Myths: examples 3.1 © 2004 Ewing Marion Kauffman Foundation 1.Business is risky. 2.Entrepreneurs need great ideas. 3.Entrepreneurs need lots of experience. 4.It takes a lot of money. 5.Big business will ruin small business. 6.Entrepreneurs get rich quick. 7.Entrepreneurs are born, not made. 8.Entrepreneurs are unethical.

The Entrepreneurial Mindset 2.1 © 2004 Ewing Marion Kauffman Foundation

Entrepreneurial Characteristics 2.2 Thrives on ambiguity Accepts responsibility Desire Initiative/Aggressiveness Low support needs Perseverance Problem solver Persuasiveness Self-discipline Self-confidence Knows value of money © 2004 Ewing Marion Kauffman Foundation Market awareness Energy Ego development

Personal Criteria questions (exercise 2a) 1.2 © 2004 Ewing Marion Kauffman Foundation Desire Initiative Energy Low support needs Thriving on ambiguity Perseverance Responsibility Problem solving Persuasiveness Self-discipline Belief in value of money Self-confidence Balance ego development Market awareness Generosity Honesty Good people judgment Patience Business knowledge Value appropriate control systems

Entrepreneurial Characteristics 2.2 Desire Perseverance Knows value of money © 2004 Ewing Marion Kauffman Foundation Market awareness

Personal Criteria to start a business 1.2 © 2004 Ewing Marion Kauffman Foundation Job security Money Lifestyle Power Age Health Family considerations Location Investment Attitudes and values Control my destiny Accommodate my personal values Engage in activities I want to do

Personal Criteria questions (exercise 1a) 1.2 © 2004 Ewing Marion Kauffman Foundation At home: Consider questions in 1a when defining your own business idea Activity 1b

Identifying Venture Opportunities 1.2 © 2004 Ewing Marion Kauffman Foundation Trend studies are one of the tools that entrepreneurs use in finding a business concept and keeping their products and services up to date in the future

1.2 © 2004 Ewing Marion Kauffman Foundation Recent Trends Globalization 4.1 © 2004 Ewing Marion Kauffman Foundation Changing demographics Changing retail Outsourcing Technology

Recent Trends Time scarcity 4.2 © 2004 Ewing Marion Kauffman Foundation Work at home Search for simplicity Shifting sports interest Obesity

Entry Strategies 5.1 © 2004 Ewing Marion Kauffman Foundation

Customer in hand Entry Strategies: Upgrading 5.1 © 2004 Ewing Marion Kauffman Foundation Carts and kiosks Development of a home-based business Expansion of part-time activity Hobbies

Entry Strategies: From business to business Inheritance Salvage investment Company outsourcing Spin-offs Licensing Buying an existing business Joining a franchise system Strategic alliances; joint partnerships Network (multilevel) marketing 5.1 © 2004 Ewing Marion Kauffman Foundation

Entry Strategies: Brand new Personal preferences Desperation Friends and family Technical expertise Chance Commitment to growth industry Observation of a market need New inventions Forming a nonprofit company 5.2 © 2004 Ewing Marion Kauffman Foundation

Business Strategy What business do I want? What is my exit? How big should the business be? What is the profit source? Who will own the enterprise? What money sources will be needed? What marketing strategies will be used? 5.4 © 2004 Ewing Marion Kauffman Foundation