130 likes | 266 Views
BUS 185: Small Business Management . the foundations of entrepreneurship. The World of the Entrepreneur. Definition of Entrepreneur.
E N D
BUS 185: Small Business Management the foundations of entrepreneurship
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…
Profile of an Entrepreneur • Desire for responsibility • Preference for moderate risk • Confidence in ability to succeed • Desire for immediate feedback • High level of energy • Future orientation • Skill at organizing • Value of achievement over money
Characteristics of an Entrepreneur • High degree of commitment • Tolerance for ambiguity • Flexibility • Tenacity
Benefits of Entrepreneurship Opportunity to: • Create Your Own Destiny • Make a Difference • Reach Your Full Potential • Reap Impressive Profits • Contribute to Society & Be Recognized for Your Efforts • Do What You Enjoy and Have Fun at it
Drawbacks of Entrepreneurship • Uncertainty of Income • Risk of Losing Your Entire Investment • Long Hours and Hard Work • Lower Quality of Life until the Business is Established • High Levels of Stress • Complete Responsibility • Discouragement
Factors that Feed the Entrepreneurial Fire • Entrepreneurs as Heroes • Entrepreneurial Education • Demographic and Economic Factors • Shift to a Service Economy • Technological Advances • Independent Lifestyle • E-Commerce and the World Wide Web • International Opportunities
Cultural Diversity of Entrepreneurship • Youth • Women • Minority • Immigrant • Part-time • Home-Based • Family-owned • Copreneurs • Corporate Castoffs • Corporate Dropouts • Social Entrepreneurs
How to Transform an Idea into Reality • Step 1: Put your vision down on paper • 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
10 Deadly Mistakes of Entrepreneurship • Management • Lack of Experience • Poor financial control • Weak marketing efforts • Failure to develop a strategic plan • Uncontrolled growth • Poor location • Improper inventory control • Incorrect pricing • Inability to make the transition
Putting Failure Into Perspective If at first you don’t succeed, try, try again!
How to Avoid the Pitfalls • 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