1 / 16

Chapter 2: Entrepreneurship Today

This chapter delves into the nuanced definition of entrepreneurship, highlighting the personal and societal influences that shape an individual's decision to become an entrepreneur. It explores the advantages and disadvantages of entrepreneurship, emphasizing the importance of carefully weighing the decision to start a business. The entrepreneurial process is examined, showcasing its prevalence in the U.S. and the factors that drive successful entrepreneurs, including their personal traits, cultural backgrounds, and societal circumstances. Key elements such as passion, self-efficacy, and creativity are discussed as vital components for entrepreneurial success.

shawn
Télécharger la présentation

Chapter 2: Entrepreneurship Today

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. Chapter 2: Entrepreneurship Today

  2. Learning Objectives • To realize there is no consensus concerning the definition of entrepreneur. • Understand the decision to become an entrepreneur is influenced by an individual’s personality, the ethno-cultural environment, circumstances in society, and the interaction of these forces. • To comprehend the many advantages and disadvantages of being an entrepreneur and, therefore, the decision to start a business must be weighted very carefully.

  3. The Entrepreneurial Process • The entrepreneurial process is common in the United States • Each year, 1 of every 25 people is actively involved in trying to start a new business • Many of these ventures start out as part-time businesses

  4. Entrepreneurial Activities • New concept/new business • Existing concept/new business • Existing concept/existing business

  5. Factors of Entrepreneurship • The individual • Cultural factors • Circumstances in society • Combination of factors

  6. The Individual • Passion for the business • Tenacity despite failure • Confidence

  7. The Individual (cont.) • Self-determination • Management of risk • Seeing changes as opportunities

  8. The Individual (cont.) • Tolerance for ambiguity • Initiative and need for achievement • Detail orientated and perfectionism

  9. The Individual (cont.) • Perception of passing time • Creativity • Ability to see the big picture

  10. The Individual (cont.) • Motivating Factors • To use personal skills and abilities • To gain control over his/her life • To build something for the family • Because he/she liked the challenge • To live how and where he/she chooses

  11. The Individual (cont.) • Self-Efficacy • A person’s belief in his or her ability to perform a task • Belief that success as an entrepreneur is possible

  12. Cultural Factors • Some ethno-cultural groups have higher rates of entrepreneurship than do others • Effect or culture and traits may be intertwined • Cultural differences also affect the status of entrepreneurs

  13. Circumstances in Society • Downsizing • Immigrants • Called “adaptive-response behavior”

  14. The Entrepreneur and the Business Plan • When writing a business plan, key information will include the entrepreneur’s: • Education • Work experience • Entrepreneurial personality characteristics

  15. Advantages of Entrepreneurship • Autonomy • Challenge of a start-up • Financial control

  16. Disadvantages of Entrepreneurship • Personal sacrifices • Burden of responsibility • Little margin for error

More Related