1. Entrepreneurs: The Driving Force Behind Small Business
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2. The World of the Entrepreneur
In the U.S., entrepreneurs start nearly 6 million businesses a year!
Global Entrepreneurship Monitor (GEM)
Approximately 10.5% of U.S. population is actively involved in trying to start a new business.
Approximately 12% of people in 37 GEM countries studied are involved in starting a new business.
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3. Source: 2002 Global Entrepreneurship Monitor.

4. 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.
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5. What Is an Entrepreneur?
An entrepreneur is someone who is willing to work 16 hours a day to keep from working 8 hours a day for someone else!

6. Source: Dun & Bradstreet 19th Annual Small Business Survey, 2000.

7. Characteristics of Entrepreneurs
Desire to take initiative
Preference for moderate risk
Confidence in their ability to succeed
Self-reliance
Perseverance
Desire for immediate feedback
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8. Characteristics of Entrepreneurs
High level of energy
Competitiveness
Future orientation
Serial entrepreneurs
Skilled at organizing
Value achievement over money
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9. Copyright 2006 Prentice Hall Publishing Company
Entrepreneurship
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).
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10. Benefits of Small Business Ownership
The opportunity to:
Create your own destiny
Make a difference
Reach your full potential
Reap impressive profits
Contribute to society and to be recognized for your efforts
Do what you enjoy and to have fun at it
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11. Drawbacks of Small Business Ownership
Uncertainty of income
Risk of losing your entire investment
Long hours and hard work
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12. Source: Dun & Bradstreet 21st Annual Small Business Survey, 2002.

13. Drawbacks of Small Business Ownership
Uncertainty of income
Risk of losing your entire investment
Long hours and hard work
Lower quality of life until the business gets established
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14. Source: National Federation of Independent Businesses and Wells Fargo Bank, 2002.

15. Drawbacks of Small Business Ownership
Uncertainty of income
Risk of losing your entire investment
Long hours and hard work
Lower quality of life until the business gets established
High levels of stress
Complete responsibility
Discouragement
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16. Feeding the Entrepreneurial Fire
Entrepreneurs as heroes
Entrepreneurial education
Demographic and economic factors
Shift to a service economy
Technological advancements
Independent lifestyles
E-Commerce and the World Wide Web
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17. Feeding the Entrepreneurial Fire
Entrepreneurs as heroes
Entrepreneurial education
Demographic and economic factors
Shift to a service economy
Technological advancements
Independent lifestyles
E-Commerce and the World Wide Web
International opportunities
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18. The Cultural Diversity of Entrepreneurship
Young entrepreneurs
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19. Source: Milken Institute, 2003.

20. The Cultural Diversity of Entrepreneurship
Young entrepreneurs
Women entrepreneurs
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21. Source: National Federation of Women Business Owners, 2003.

22. The Cultural Diversity of Entrepreneurship
Young entrepreneurs
Women entrepreneurs
Minority-owned enterprises
Immigrant entrepreneurs
Part-time entrepreneurs
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23. The Cultural Diversity of Entrepreneurship
Home-based business owners
Family business owners
Copreneurs
Corporate castoffs
Corporate dropouts
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24. Source: Small Business Administration, 2002.

25. Copyright 2006 Prentice Hall Publishing Company
Small Businesses...
Make up 98.5% of all the businesses in the U.S.
Employ 52% of the nation’s private sector workforce.
Pay 45 % of total private payroll.
Create more jobs than big businesses.
Are leaders in offering training and advancement opportunities to workers.
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26. Copyright 2006 Prentice Hall Publishing Company
Small Businesses...
Produce 51% of the nation’s private GDP.
Account for 47% of business sales.
Create 4X more innovations per R & D dollar spent than medium-sized firms and 24X as many as large companies.
Create two-thirds of all new inventions.
Produce 13X to 14X more patents per employees than large companies.
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27. Source: National Federation of Independent Businesses Business Policy Guide, 2003.

28. Eleven Deadly Mistakes of Entrepreneurship
Management incompetence
Lack of experience
Forcing a flawed idea
Undercapitalization
Poor cash management
Failure to develop a strategic plan
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29. Eleven Deadly Mistakes of Entrepreneurship
Weak marketing effort
Uncontrolled growth
Poor location
Lack of inventory control
Inability to make the “entrepreneurial transition”
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30. Putting Failure Into Perspective
Entrepreneurs are not paralyzed by the prospect of failure.
Failure – a natural part of the creative process.
Successful entrepreneurs learn to fail intelligently.
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31. Avoiding the Pitfalls of Small Business Failure
Know your business in depth
Prepare a solid business plan
Manage financial resources
Understand financial statements
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32. Avoiding the Pitfalls of Small Business Failure
Learn to manage people effectively
Set your business apart from the competition
Keep in tune with yourself
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