1. Understanding Entrepreneurship
Mission Statement
To assist young peoples develop the entrepreneur skills and knowledge to effectively manage their careers

2. Learning Objectives Define entrepreneurship
Explain the role of entrepreneurship
Distinguish entrepreneurial ventures from small businesses
Describe the evolution of entrepreneurship
Identify today’s broad trends in the field of entrepreneurship.

3. Define Entrepreneurship
An Entrepreneur…
One who Organizes, Manages and Assumes Risk of a Business or Enterprise (Merriam-Webster)

4. Entrepreneurship is a mindset Characteristics and/or Attributes…?
Opportunity-focused
Innovative
Growth-oriented
Can you add additional
Characteristics and/or Attributes…?

5. The Promise of Entrepreneurship
An integrated input/output model
The career assessment approach
The new venture creation process

6. The Entrepreneurship Process

7. Entrepreneurship and Technological Change

8. Outcomes of Entrepreneurship
Economic growth
New industry formation
Job creation
> Knowledge, Wealth, Philanthropy, Self Actualization<

9. New Industry Formation…
New industries are born when technological change produces a new opportunity that an enterprising entrepreneur seizes.
Disruptive or metamorphic technologies that destroy previous technologies and create new industries and display a different pattern of behavior.
The pattern of growth, shakeout, stabilization, and decline of industry can be interrupted at any time by the entry of another disruptive technology.

10. Industry Life Cycles
Source: Adapted from M. R. Darby and L. G. Zucker, “Growing by Leaps and Inches: Creative Destruction, Real Cost Reduction, and Inching Up,” Economic Inquiry, January 2003, pp (January 2003).

11. The Nature of Entrepreneurial Start-ups
An entrepreneurial venture brings something to the marketplace.
Three primary characteristics
Innovative
Value-creating
Growth-oriented

12. New Business Formation
Entrepreneurs use identifiable milestones to measure their progress:
Deciding to start a business
Researching the concept
Preparing for launch
Securing the first customer
Obtaining the business license
And other activities which signal the business is in operation

13. Social, Political, and Economic Context of the Entrepreneurial Process
Source: Paul D. Reynolds. (2000) National Panel of U.S. Business Start-ups: Background and Methodology. Databases for the Study of Entrepreneurship, Amsterdam: JAI/Elsevier Inc. Vol. 4, pp

14. New Business Failure
Not all entrepreneurs succeed in growing their start-up into an established business.
Survival has been attributed to sufficient capital, having employees, and the entrepreneur’s intention in starting the business.

15. Socially Responsible Entrepreneurship
Today, more and more companies and their employees are involved in philanthropy.
Some business owners have chosen to define their businesses publically as “socially responsible businesses…”

16. The Entrepreneurial Revolution

17. Entrepreneurial Trends
Women and minority-owned businesses
Social responsibility
The Internet
Globalization
Can you think of additional trends…
How about your ideas…

18. Do The Venture Checklist
Keep as a Journal/Work Papers
Bring to Every Class
Your Ideas…Write Them Down On Paper…!!!

19. The Road Ahead… Launching New Ventures
Part One: The Opportunity
Introduction to Entrepreneurship
The Entrepreneur’s Perspective
Opportunity Recognition
The Business Concept and Model
Part Two: Feasibility Analysis
Part Three: The Business Plan
Part Four: Growth and Change

20. Competition Summarize the competition.
Outline your company’s competitive advantage.

21. The Team List CEO and key management by name.
Include previous accomplishments to show that these are people with a record of success.
Summarize number of years of experience in this field.

22. Market Summary Summarize your market in the past, present, and future.
Review those changes in market share, leadership, players, market shifts, costs, pricing, or competition that provide the opportunity for your company’s success.

23. Opportunities Identify problems and opportunities.
State consumer problems and define the nature of product/service opportunities that are created by those problems.

24. Business Concept
Summarize the key technology, concept, or strategy on which your business is based.

25. Goals and Objectives List five-year goals
State specific, measurable objectives for achieving your five-year goals.
List market-share objectives.
List revenue/profitability objectives.

26. Financial Plan
Outline a high-level financial plan that defines your financial model and pricing assumptions.
This plan should include expected annual sales and profits for the next three years.
Use several slides to cover this material appropriately.

27. Resource Requirements
List requirements for the following resources:
Personnel
Technology
Finances
Distribution
Promotion
Products
Services

28. Risks and Rewards
Summarize the risks of the proposed project and how they will be addressed.
Estimate expected rewards, particularly if you are seeking funding.

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