Entrepreneurship
Overview
◼ What is an entrepreneur?
◼ Characteristics of an entrepreneur
◼ Growth pressures, managing a family
business, and corporate
intrapreneurship
Who is a Entrepreneur............
End Previous Next
Who is an entrepreneur?
Entrepreneurs are
people that notice
opportunities and take
the initiative to mobilize
resources to make new
goods and services.
Personal characteristics of
successful entrepreneurs
•Persistent (not giving up, keep trying)
•Creative (looking at new ways of doing things,
developing solutions to problems)
•Responsible (doing what you are suppose to
do and being held accountable)
•Inquisitive (asking questions and seeking
answers, curiosity)
Personal characteristics of
successful entrepreneurs
•Goal-oriented (focused on developing a
plan and achieving your goals)
•Independent (able to work or act alone,
doing things without supervision)
•Self-confident (belief in yourself and
your abilities)
•Risk taker (not afraid to do new things
and take risks)
Skills needed by successful
entrepreneurs
•Communication skills (possessing the
ability to read, write and speaking in an
understandable, accurate and professional
manner)
•Human relations skills (the ability to build
and maintain positive relationships, working
well with others)
•Math skills (knowledge of basic arithmetic
and business math skills such as calculating
profit)
Skills needed by successful
entrepreneurs
•Problem-solving and Decision-making
skills (the ability to assess situation and make
good decisions )
•Technical skills (knowledge of computers and
how to use them productively)
•Basic business skills (knowledge and
understanding of the economy and business
functions such as marketing and management)
◼ Entrepreneurs are Made, Not Born!
◼ Many of these key attributes are developed early
in life, with the family environment playing an
important role
◼ Entrepreneurs tend to have had self employed
parents who tend to support and encourage
independence, achievement, and responsibility
◼ Firstborns tend to have more entrepreneurial
attributes because they receive more attention,
have to forge their own way, thus creating higher
self-confidence
Questions To Keep In Mind
◼ What are my motivations for owning a business?
◼ Should I start or buy a business?
◼ What and where is the market for what I want to
sell?
◼ How much will all this cost me?
◼ Should my company be domestic or global?
Motivations
◼ Deciding what your motivations are
will direct you toward what type of
business fits you best.
◼ Types:
1. Lifestyle Venture
2. Smaller Profit Venture
3. High Growth Venture
1. Lifestyle Venture
◼ Small company that provides its owner
independence, autonomy, and control.
◼ Is often run out of household
◼ Provides flexibility (hours, meeting
places, attire)
◼ Aligns your personal interests and
hobbies with your desire to make a
profit.
2. Smaller Profit Venture
◼ Small company not concentrated on
pushing the envelope and growing
inordinately large.
◼ Making millions of dollars not important.
◼ Content with making a decent living.
◼ Ex. Mom and Pop Stores
3. High Growth Ventures
◼ Goal is maximum profit and growth.
◼ Concentrated on pushing envelope and
growing as large as possible.
◼ Focus on innovation
Entrepreneurship
Entrepreneurship is a mindset
◼ Opportunity-focused
◼ Innovative
◼ Growth-oriented
Can you add additional
Characteristics and/or Attributes…
Figure 1.1:
The Entrepreneurship Process
Figure 1.2: Entrepreneurship
and Technological Change
Socially Responsible
Entrepreneurship
◼ Today more than 85 percent of the
company’s employees are involved in
philanthropy.
◼ One company uses the following mission:
The mission is to “use [Link]’s
people, technology and relationships to
improve our communities, inspire youth to be
more successful, support the world during
times of extreme need, and promote
compassionate capitalism.”
Figure 1.5:
The Entrepreneurial Evolution
Entrepreneurial Trends
◼ Women and minority-owned businesses
◼ Social responsibility
◼ The Internet
◼ Globalization
Can you think of additional trends…
role of entrepreneurship in
economic development
role of entrepreneurship in
economic development
◼ 1. Wealth Creation and Sharing: entrepreneurs invest their own resources
and attract capital (in the form of debt, equity, etc.) from investors, lenders and
the public.
◼ 2. Create Jobs: when you become an entrepreneur, there one less job seeker
in the economy, and then you provide employment for multiple other job
seekers.
◼ 3. Balanced Regional Development: The growth of industries and business
in these areas leads to infrastructure improvements like better roads and rail
links, airports, stable electricity and water supply, schools, hospitals, shopping
malls and other public and private services that would not otherwise be
available
◼ 4. GDP and Per Capita Income: India’s MSME sector, comprised of 36 million
units that provide employment for more than 80 million people, now accounts
for over 37% of the country’s GDP. Each new addition to these 36 million units
makes use of even more resources like land, labor and capital to develop
products and services that add to the national income, national product and per
capita income of the country.
role of entrepreneurship in
economic development
◼ 5. Standard of Living: to improvements in the quality of life of their
employees, customers, and other stakeholders in the community
◼ 6. Exports: eventually want to get started with exports to
expand their business to foreign markets.
◼ 7. Community Development: Community development
requires infrastructure for education and training, healthcare,
and other public services. educational institutions, technical
training schools and internship opportunities, that will help build
the pool of educated and skilled workers.
agencies in entrepreneurship
management
◼ Public-private partnership
◼ Institutions of education
◼ Inter-firm institutions
◼ Business incubators
◼ Industrial parks
◼ Institutions facilitating networking
◼ Financial institutions
future of entrepreneurship