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PREPARING FOR THE ENTREPRENEURIAL JOURNEY

PREPARING FOR THE ENTREPRENEURIAL JOURNEY. 2. Learning Objectives. Dispel myths about entrepreneurs. Understand the many pathways to entrepreneurship. Prepare to become an entrepreneur. Seven Myths. Entrepreneurs start businesses solely to make money

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PREPARING FOR THE ENTREPRENEURIAL JOURNEY

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  1. PREPARING FOR THE ENTREPRENEURIAL JOURNEY 2

  2. Learning Objectives • Dispel myths about entrepreneurs. • Understand the many pathways to entrepreneurship. • Prepare to become an entrepreneur.

  3. Seven Myths • Entrepreneurs start businesses solely to make money • It takes a lot of money to start a business • It takes a great idea • The bigger the risk, the bigger the reward • A business plan is required for success • Entrepreneurship is for the young and reckless • Entrepreneurship cannot be taught

  4. Paths to Entrepreneurship • The home-based entrepreneur • The serial or portfolio entrepreneur • The nonprofit entrepreneur • The corporate entrepreneur

  5. The Corporate Entrepreneur • Entrepreneurial mindset in large corporations: • Senior management commitment • A champion or several champions • Corporate interoperability • Clearly defined stages and metrics • A superior team • Spirit of entrepreneurship

  6. Challenges and Opportunities with the Entrepreneur Career Path Table 2.1

  7. Preparing for Entrepreneurship Figure 2.1

  8. Build a Professional Network • Networking • The exchange of information and resources among individuals, groups, or organizations whose common goals are to mutually benefit and create value for the members • Strong ties – close friends and family • Weak ties – acquaintances and business contacts • Brokering

  9. Understand Personality and Business Preferences • Barriers to self-employment: • Lack of confidence • Financial needs • Startup logistics • Personal or family issues • Time constraints • Lack of skills

  10. Critical Entrepreneurial Skills Table 2.4

  11. New Venture Action Plan • Complete the personality and preferences questionnaire. • Find a mentor and begin building a network. • Pick and industry and begin studying it.

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