The Foundations of Entrepreneurship. Copyright 2008 Prentice Hall Publishing 2 Chapter 1: Entrepreneurship The World of the Entrepreneur Every year in.

Slides:



Advertisements
Similar presentations
Chapter 1 Entrepreneurs Copyright ©2009 Pearson Education, Inc. Publishing as Prentice Hall 1 Entrepreneurs: The Driving Force Behind Small Business.
Advertisements

OWN YOUR BUSINESS PROGRAMME An Introduction To be Conducted by Entrepreneurship Development Institute of India Ahmedabad.
Strayer University IT/Entrepreneurs ( SUITE) Club Sept 11 th 2010 Seminar Prof. Mort Anvari.
Entrepreneurs: The Driving Force Behind Small Business
The Foundations of Entrepreneurship. Copyright 2008 Prentice Hall Publishing 2 Chapter 1: Entrepreneurship The World of the Entrepreneur Every year in.
Copyright © 2014 Pearson Education, Inc. Publishing as Prentice Hall Ch. 1: The Foundations of Entrepreneurship.
What is an Entrepreneur?
Small Business and the Entrepreneur © 2014 Pearson Education, Inc.5-1 chapter 5 Better Business 3rd Edition Solomon (Contributing Editor) · Poatsy · Martin.
Chapter 1 Entrepreneurs Copyright ©2009 Pearson Education, Inc. Publishing as Prentice Hall 1 Entrepreneurs: The Driving Force Behind Small Business.
Participating in the Dynamic Business Environment
Copyright © Cengage Learning. All rights reserved.5 | 1 Chapter Five Small Business, Entrepreneurship, and Franchises.
PART THREE: PROSPECTIVE SECTORS FOR INVESTMENT in the UAE Entrepreneurship and SMEs in the UAE Ch 13.
Entrepreneurship and New Venture Management
The Foundations of Entrepreneurship Chapter1: Entrepreneurship 1.
Chapter 1 Entrepreneurs Copyright ©2012 Pearson Education, Inc. publishing as Prentice Hall 1-1 Entrepreneurs: The Driving Force Behind Small Business.
Mrs. Sartin-Williams MHS Business Education
The Foundations of Entrepreneurship Copyright © 2011 Pearson Education, Inc. Publishing as Prentice Hall CHAPTER 1.
Lecture No: 3 ENTREPRENEURSHIP Malik Jawad Saboor Resource Person:
C OURSE INTRODUCTION SMALL BUSINESS MANAGEMENT BUSG-2309.
Becoming an Entrepreneur.
Copyright © 2015 Pearson Education, Inc. publishing as Prentice Hall 1-1.
BA 101 Introduction to Business 6. Entrepreneurs and Small Business Owners.
BUS 185: Small Business Management the foundations of entrepreneurship.
ENTREPRENEURSHIP CHAPTER 1 WHAT IS ENTREPRENEURSHIP? Prof.Dr.Huseyin ARASLI.
1-1 Chapter 1 Introduction to Entrepreneurship Bruce R. Barringer R. Duane Ireland.
Entrepreneurship & Small Business Management 10/2/
How to Franchise Your Business Speaker: Tony Fitzpatrick Managing Partner
Chapter 1: Entreprenurship1 Copyright 1999 Prentice Hall Publishing Company Entrepreneurs: The Driving Force Behind Small Businesses.
The Foundations of Entrepreneurship
​ UNIVERSITY OF SOUTH-EAST ASIA. CHAPTER 1 Foundations Of Entrepreneurship Lecturer: Lim Delux 2.
Entrepreneurship Chapter 1. Introduction to Entrepreneurship What is Entrepreneurship? –Entrepreneurship is the process of creating something new of value.
ENTREPRENEURSHIP CHAPTER 2 ENTREPRENEUR Prof.Dr.Huseyin ARASLI 2015.
What is an Entrepreneur? One who creates a new business in the face of risk and uncertainty for the purpose of achieving profit and growth by identifying.
The Foundations of Entrepreneurship. Copyright 2008 Prentice Hall Publishing 2 Chapter 1: Entrepreneurship The World of the Entrepreneur Every year in.
Entrepreneurs: The Powerful Economic Force CHAPTER 1 BENTR2101 FUNDAMENTAL OF ENTREPRENUERSHIP.
Chapter 1: Entrepreneurship 1 Copyright 2005 Prentice Hall Inc. A Pearson Education Company The Foundations of Entrepreneurship.
Copyright 2008 Prentice Hall Publishing The World of the Entrepreneur Every year in the U.S., entrepreneurs launch 850,000 new businesses. Entrepreneurial.
Copyright © 2016 Pearson Education, Inc.
Entrepreneurship What is Entrepreneurship?. Terminology Entrepreneur A person who takes risks and organizes resources in order to satisfy needs A person.
Chapter 1: Entrepreneurship1 Copyright 2002 Prentice Hall Publishing Company The Foundations of Entrepreneurship.
Lecture No : 2 ENTREPRENEURSHIP Malik Jawad Saboor Resource Person:
© Prentice Hall, 2007Excellence in Business, 3eChapter Putting Yourself in Charge: Entrepreneurs and Small Business Owners.
The Foundations of Entrepreneurship
The Foundations of Entrepreneurship “Luck is that point in time when preparation meets opportunity.” ~~ Unknown “Opportunity is missed by most people because.
ENTREPRENEURSHIP. Define Entrepreneurship Entrepreneurship: Ability and willingness to develop, organize and manage a business Profit vs. Risk.
ENTREPRENEURSHIP Delivered in: Islamia University of Bahawalpur Presented By: Tasawar Javed.
Market Yourself Htun Htun Nelson 17 th October 2015 Chatrium Hotel, Yangon.
ENTREPRENEURSHIP Delivered in: Islamia University of Bahawalpur Presented By: Tasawar Javed.
Chapter One Introduction to Entrepreneurship. Chapter Overview  Introduction to Entrepreneurship  What is Entrepreneur, entrepreneurship  The role.
WHAT DOES THE ENTREPRENEUR THINK?
Chapter 1 Entrepreneurs Copyright ©2012 Pearson Education, Inc. publishing as Prentice Hall 1-1 Entrepreneurs: The Driving Force Behind Small Business.
Visit UMT online at © 2007 UMT ENTREPRENEURSHIP University of Management and Technology 1901 N. Fort Myer Drive Arlington, VA
Honors Exploration Spring  One who creates a new business in the face of risk and uncertainty for the purpose of achieving profit and growth by.
Copyright © 2014 Pearson Education Ch. 1: The Foundations of Entrepreneurship.
> > > > Starting Your Own Business: The Entrepreneurship Alternative Chapter 6.
Copyright © 2014 Pearson Education, Inc. Publishing as Prentice Hall. WORKPLACE ESSENTIALS: CREATIVITY, INNOVATION, AND A SPIRIT OF ENTREPRENEURSHIP Chapter.
Chapter 5 Planning and Organizing an Agribusiness.
Entrepreneurship What is Entrepreneurship?. Did You Know? You have endless opportunities.
1 The World of Work Chapter 1.1 Importance of Careers Section.
Copyright © 2016 Pearson Education, Inc.
The Foundations of Entrepreneurship
Strayer University IT/Entrepreneurs (SUITE) Club Sept 11th 2010 Seminar Prof. Mort Anvari This "Deco" border was drawn on the Slide master using.
Wuhan University of Science and Technology
Business Organizations
The Foundations of Entrepreneurship
INTRODUCTION TO ENTREPRENEURSHIP
INTRODUCTION TO ENTREPRENEURSHIP Siti Zaharah Binti Kunchi Mon
The Foundations of Entrepreneurship
Entrepreneurship and Small Business Management
What is an Entrepreneur?
Presentation transcript:

The Foundations of Entrepreneurship

Copyright 2008 Prentice Hall Publishing 2 Chapter 1: Entrepreneurship The World of the Entrepreneur Every year in the U.S., entrepreneurs launch 850,000 new businesses. Every year in the U.S., entrepreneurs launch 850,000 new businesses. Entrepreneurial spirit - the most significant economic development in recent history. Entrepreneurial spirit - the most significant economic development in recent history. GEM study: 11.3 percent of adult population in the U.S. is actively involved in trying to start a new business. GEM study: 11.3 percent of adult population in the U.S. is actively involved in trying to start a new business.

Source: 2004 Global Entrepreneurship Monitor.

Copyright 2008 Prentice Hall Publishing 4 Chapter 1: Entrepreneurship The World of the Entrepreneur GEM study GEM study Globally 9.4 percent of adults are actively engaged in trying to start a business. Globally 9.4 percent of adults are actively engaged in trying to start a business. Men are twice as likely as women to start a business (exactly the opposite trend in the U.S., however). Men are twice as likely as women to start a business (exactly the opposite trend in the U.S., however). Nearly one-third of global entrepreneurs are between the ages of 25 and 44. Nearly one-third of global entrepreneurs are between the ages of 25 and 44.

Copyright 2008 Prentice Hall Publishing 5 Chapter 1: Entrepreneurship What Is an Entrepreneur? One who creates a new business in the face of risk and uncertainty for the purpose of achieving profit and growth by identifying opportunities and assembling the necessary resources to capitalize on them.

Copyright 2008 Prentice Hall Publishing 6 Chapter 1: Entrepreneurship Characteristics of Entrepreneurs Desire for responsibility Desire for responsibility Preference for moderate risk – risk eliminators Preference for moderate risk – risk eliminators Confidence in their ability to succeed Confidence in their ability to succeed Desire for immediate feedback Desire for immediate feedback High level of energy High level of energy Future orientation – serial entrepreneurs Future orientation – serial entrepreneurs Skilled at organizing Skilled at organizing Value achievement over money Value achievement over money

Copyright 2008 Prentice Hall Publishing 7 Chapter 1: Entrepreneurship Entrepreneurship One characteristic of entrepreneurs stands out: One characteristic of entrepreneurs stands out:Diversity! Anyone – regardless of age, race, gender, color, national origin, or any other characteristic – can become an entrepreneur (although not everyone should). Anyone – regardless of age, race, gender, color, national origin, or any other characteristic – can become an entrepreneur (although not everyone should).

Copyright 2008 Prentice Hall Publishing 8 Chapter 1: Entrepreneurship Benefits of Entrepreneurship The opportunity to: Create your own destiny Create your own destiny Make a difference Make a difference Reach your full potential Reach your full potential Reap impressive profits Reap impressive profits Contribute to society and to be recognized for your efforts Contribute to society and to be recognized for your efforts Do what you enjoy and to have fun at it Do what you enjoy and to have fun at it

Copyright 2008 Prentice Hall Publishing 9 Chapter 1: Entrepreneurship Drawbacks of Entrepreneurship Uncertainty of income Uncertainty of income Risk of losing your entire investment Risk of losing your entire investment Long hours and hard work Long hours and hard work Lower quality of life until the business gets established Lower quality of life until the business gets established High levels of stress High levels of stress Complete responsibility Complete responsibility Discouragement Discouragement

Copyright 2008 Prentice Hall Publishing 10 Chapter 1: Entrepreneurship Feeding the Entrepreneurial Fire Entrepreneurs as heroes Entrepreneurs as heroes Entrepreneurial education Entrepreneurial education Demographic and economic factors Demographic and economic factors Shift to a service economy Shift to a service economy Technological advancements Technological advancements Independent lifestyle Independent lifestyle E-commerce and the World Wide Web E-commerce and the World Wide Web

Copyright 2008 Prentice Hall Publishing 11 Chapter 1: Entrepreneurship Feeding the Entrepreneurial Fire Entrepreneurs as heroes Entrepreneurs as heroes Entrepreneurial education Entrepreneurial education Demographic and economic factors Demographic and economic factors Shift to a service economy Shift to a service economy Technological advancements Technological advancements Independent lifestyles Independent lifestyles E-commerce and the World Wide Web E-commerce and the World Wide Web International opportunities International opportunities

Copyright 2008 Prentice Hall Publishing 12 Chapter 1: Entrepreneurship The Cultural Diversity of Entrepreneurship Young entrepreneurs Young entrepreneurs Women entrepreneurs Women entrepreneurs

Source: Center for Women’s Business Research, 2004.

Copyright 2008 Prentice Hall Publishing 14 Chapter 1: Entrepreneurship The Cultural Diversity of Entrepreneurship Young entrepreneurs Young entrepreneurs Women entrepreneurs Women entrepreneurs Minority-owned enterprises Minority-owned enterprises Immigrant entrepreneurs Immigrant entrepreneurs Part-time entrepreneurs Part-time entrepreneurs

Copyright 2008 Prentice Hall Publishing 15 Chapter 1: Entrepreneurship The Cultural Diversity of Entrepreneurship Home-based businesses Home-based businesses Family businesses Family businesses Copreneurs Copreneurs Corporate castoffs Corporate castoffs Corporate dropouts Corporate dropouts

Source: U.S. Small Business Administration, 2005.

Copyright 2008 Prentice Hall Publishing 17 Chapter 1: Entrepreneurship Small Businesses... Make up 99.7 percent of all businesses in the U.S. Make up 99.7 percent of all businesses in the U.S. Employ 51 percent of the nation’s private sector workforce. Employ 51 percent of the nation’s private sector workforce. Create more jobs than big businesses. Create more jobs than big businesses. Are leaders in offering training and advancement opportunities to workers. Are leaders in offering training and advancement opportunities to workers.

Copyright 2008 Prentice Hall Publishing 18 Chapter 1: Entrepreneurship Produce 51 percent of the nation’s private GDP. Produce 51 percent of the nation’s private GDP. Account for 47 percent of business sales. Account for 47 percent of business sales. Create 13X more innovations per employee than large companies. Create 13X more innovations per employee than large companies. Zipper, FM radio, laser, air conditioning, escalator, light bulb, personal computer, automatic transmission, and many more! Zipper, FM radio, laser, air conditioning, escalator, light bulb, personal computer, automatic transmission, and many more! Small Businesses...

Source: NFIB Business Policy Guide, 2003, p. 16.

Copyright 2008 Prentice Hall Publishing 20 Chapter 1: Entrepreneurship Ten Deadly Mistakes of Entrepreneurship 1. Management mistakes 2. Lack of experience 3. Poor financial control 4. Weak marketing efforts 5. Failure to develop a strategic plan

Copyright 2008 Prentice Hall Publishing 21 Chapter 1: Entrepreneurship Ten Deadly Mistakes of Entrepreneurship 6. Uncontrolled growth 7. Poor location 8. Improper inventory control 9. Incorrect pricing 10. Inability to make the “entrepreneurial transition”

Copyright 2008 Prentice Hall Publishing 22 Chapter 1: Entrepreneurship Putting Failure into Perspective Entrepreneurs are not paralyzed by the prospect of failure. Entrepreneurs are not paralyzed by the prospect of failure. Failure – a natural part of the creative process. Failure – a natural part of the creative process. Successful entrepreneurs learn to fail intelligently. Successful entrepreneurs learn to fail intelligently.

Copyright 2008 Prentice Hall Publishing 23 Chapter 1: Entrepreneurship Avoiding the Pitfalls of Small Business Failure Know your business in depth Know your business in depth Develop a solid business plan Develop a solid business plan Manage financial resources Manage financial resources Understand financial statements Understand financial statements Learn to manage people effectively Learn to manage people effectively Keep in tune with yourself Keep in tune with yourself