1. BUS 185: Small Business Management the foundations of entrepreneurship

2. The World of the Entrepreneur

3. Definition of Entrepreneur …one who creates a new business in the face of risk and uncertainty for the purpose of achieving profit and growth by identifying significant opportunities and assembling the necessary resources to capitalize on them…

4. Profile of an Entrepreneur Desire for responsibility Desire for responsibility Preference for moderate risk Preference for moderate risk Confidence in ability to succeed Confidence in ability to succeed Desire for immediate feedback Desire for immediate feedback High level of energy High level of energy Future orientation Future orientation Skill at organizing Skill at organizing Value of achievement over money Value of achievement over money

5. Characteristics of an Entrepreneur High degree of High degree of commitment commitment Tolerance for Tolerance for ambiguity ambiguity Flexibility Flexibility Tenacity Tenacity

6. Benefits of Entrepreneurship 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 & Be Recognized for Your Efforts Contribute to Society & Be Recognized for Your Efforts Do What You Enjoy and Have Fun at it Do What You Enjoy and Have Fun at it

7. 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 is Established Lower Quality of Life until the Business is Established High Levels of Stress High Levels of Stress Complete Responsibility Complete Responsibility Discouragement Discouragement

8. Factors that Feed the Entrepreneurial Fire Entrepreneurs as Heroes Entrepreneurs as Heroes Entrepreneurial Education Entrepreneurial Education Demographic and Economic Demographic and Economic Factors Factors Shift to a Service Economy Shift to a Service Economy Technological Advances Technological Advances Independent Lifestyle Independent Lifestyle E-Commerce and the E-Commerce and the World Wide Web World Wide Web International Opportunities International Opportunities

9. Cultural Diversity of Entrepreneurship Youth Youth Women Women Minority Minority Immigrant Immigrant Part-time Part-time Home-Based Home-Based Family-owned Family-owned Copreneurs Copreneurs Corporate Castoffs Corporate Castoffs Corporate Dropouts Corporate Dropouts Social Entrepreneurs Social Entrepreneurs

10. How to Transform an Idea into Reality Step 1: Put your vision down on paper Step 1: Put your vision down on paper Step 2: Test it to see if it really is a good idea Step 2: Test it to see if it really is a good idea Step 3: Decide how serious you are about pursuing your idea and turning it into a business venture Step 3: Decide how serious you are about pursuing your idea and turning it into a business venture

11. 10 Deadly Mistakes of Entrepreneurship Management Management Lack of Experience Lack of Experience Poor financial control Poor financial control Weak marketing efforts Weak marketing efforts Failure to develop a strategic plan Failure to develop a strategic plan Uncontrolled growth Uncontrolled growth Poor location Poor location Improper inventory control Improper inventory control Incorrect pricing Incorrect pricing Inability to make the transition Inability to make the transition

12. Putting Failure Into Perspective If at first you don’t succeed, try, try again!

13. How to Avoid the Pitfalls 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