1 / 25

The Foundations of Entrepreneurship

The Foundations of Entrepreneurship. The World of the Entrepreneur. In the U.S., entrepreneurs start between 3 million and 4.5 million businesses a year! Study of influential Americans – the defining issue of the 21 st Century: Entrepreneurship.

Antony
Télécharger la présentation

The Foundations of Entrepreneurship

An Image/Link below is provided (as is) to download presentation Download Policy: Content on the Website is provided to you AS IS for your information and personal use and may not be sold / licensed / shared on other websites without getting consent from its author. Content is provided to you AS IS for your information and personal use only. Download presentation by click this link. While downloading, if for some reason you are not able to download a presentation, the publisher may have deleted the file from their server. During download, if you can't get a presentation, the file might be deleted by the publisher.

E N D

Presentation Transcript

  1. The Foundations of Entrepreneurship

  2. The World of the Entrepreneur • In the U.S., entrepreneurs start between 3 million and 4.5 million businesses a year! • Study of influential Americans – the defining issue of the 21st Century: Entrepreneurship. • Approximately 10.5% of Americans are actively involved in trying to start a new business.

  3. 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.

  4. Characteristics of Entrepreneurs • Desire for responsibility • Preference for moderate risk • Confidence in their ability to succeed • Desire for immediate feedback • High level of energy • Future orientation • Skilled at organizing • Value achievement over money

  5. 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).

  6. 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

  7. Drawbacks of Small Business Ownership • Uncertainty of income • Risk of losing your entire investment • Long hours and hard work

  8. 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

  9. 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

  10. 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

  11. 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

  12. The Cultural Diversity of Entrepreneurship • Young entrepreneurs • Women entrepreneurs • Minority-owned enterprises • Immigrant entrepreneurs • Part-time entrepreneurs

  13. The Cultural Diversity of Entrepreneurship • Home-based businesses • Family businesses • Copreneurs • Corporate castoffs • Corporate dropouts

  14. Small Businesses... • Make up 99% of all the businesses in the U.S. • Employ 51% of the nation's private sector workforce. • Create more jobs than big businesses. • Are leaders in offering training and advancement opportunities to workers.

  15. Small Businesses...(continued) • 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.

  16. Ten Deadly Mistakes of Entrepreneurship • Management mistakes • Lack of experience • Poor financial control • Weak marketing efforts • Failure to develop a strategic plan

  17. Ten Deadly Mistakes of Entrepreneurship(continued) • Uncontrolled growth • Poor location • Improper inventory control • Incorrect pricing • Inability to make the “entrepreneurial transition”

  18. 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.

  19. Avoiding the Pitfalls of Small Business Failure • Know your business in depth • Develop a solid business plan • Manage financial resources • Understand financial statements • Learn to manage people effectively • Keep in tune with yourself

More Related