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    Starting Your Own Business: The Entrepreneurship Alternative

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    monel_24671
    This document provides an overview of entrepreneurship and the entrepreneurial process. It defines entrepreneurs as individuals who seek profitable opportunities and take risks to start businesses. Entrepreneurs differ from small business owners and managers in their drive for growth. The document discusses why people become entrepreneurs such as a desire for independence, financial success, and job security. It also outlines the typical traits of entrepreneurs including vision, energy, creativity and a tolerance for failure. Finally, it summarizes the steps to starting a new business including developing a business plan, finding financing, and ways governments support new ventures.

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    Starting Your Own Business: The Entrepreneurship Alternative

    Uploaded by

    monel_24671
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    This document provides an overview of entrepreneurship and the entrepreneurial process. It defines entrepreneurs as individuals who seek profitable opportunities and take risks to start businesses. Entrepreneurs differ from small business owners and managers in their drive for growth. The document discusses why people become entrepreneurs such as a desire for independence, financial success, and job security. It also outlines the typical traits of entrepreneurs including vision, energy, creativity and a tolerance for failure. Finally, it summarizes the steps to starting a new business including developing a business plan, finding financing, and ways governments support new ventures.

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    .ppt on the topic of Entrepreneurship

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    ch06

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    This document provides an overview of entrepreneurship and the entrepreneurial process. It defines entrepreneurs as individuals who seek profitable opportunities and take risks to start businesses. Entrepreneurs differ from small business owners and managers in their drive for growth. The document discusses why people become entrepreneurs such as a desire for independence, financial success, and job security. It also outlines the typical traits of entrepreneurs including vision, energy, creativity and a tolerance for failure. Finally, it summarizes the steps to starting a new business including developing a business plan, finding financing, and ways governments support new ventures.

    Copyright:

    Attribution Non-Commercial (BY-NC)
    Download as PPT, PDF, TXT or read online from Scribd
    Download as ppt, pdf, or txt
    14 views19 pages

    Starting Your Own Business: The Entrepreneurship Alternative

    Uploaded by

    monel_24671
    This document provides an overview of entrepreneurship and the entrepreneurial process. It defines entrepreneurs as individuals who seek profitable opportunities and take risks to start businesses. Entrepreneurs differ from small business owners and managers in their drive for growth. The document discusses why people become entrepreneurs such as a desire for independence, financial success, and job security. It also outlines the typical traits of entrepreneurs including vision, energy, creativity and a tolerance for failure. Finally, it summarizes the steps to starting a new business including developing a business plan, finding financing, and ways governments support new ventures.

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    Download as PPT, PDF, TXT or read online from Scribd
    Download as ppt, pdf, or txt
    of 19

    Chapter

    6
    Starting Your Own Business: The Entrepreneurship Alternative

    Learning Goals
    1

    Define the term entrepreneur and distinguish among entrepreneurs, smallbusiness owners, and managers. Identify the different types of entrepreneurs. Explain why people choose to become entrepreneurs. Discuss factors that support and expand opportunities for entrepreneurs.

    Identify personality traits that typically characterize successful entrepreneurs. Summarize the process of starting a new venture. Explain how organizations promote intrapreneurship.

    What is Entrepreneurship?
    An entrepreneur is a person who seeks a profitable opportunity and takes the necessary risks to set up and operate a business. Differ from many small-business owners in their strong desire to make their business grow. Differ from managers through their overriding responsibility to use the resources of the organization to accomplish their goals. Willing to take risks.

    Categories of Entrepreneurs
    Classic Entrepreneurs
    Serial Entrepreneurs Social Entrepreneurs

    Entrepreneurship as a Career
    More than 11% of Americans run their own businesses. In an average month, Americans start approximately 465,000 new businesses. The past two decades have shown a heightened interest in entrepreneurial careers. People choose entrepreneurship for many reasons:
    Dissatisfaction with traditional work Their ideas fulfill customer needs

    Why People Become Entrepreneurs

    Why Entrepreneurship?
    Being Your Own Boss
    Self-management is the motivation that drives many entrepreneurs.

    Financial Success
    Entrepreneurs are wealth creators.

    Job Security
    Over the past ten years, large companies have eliminated more jobs than they have created.

    Quality of Life
    Starting a business gives the founder some choice over when, where, and how to work.

    The Environment for Entrepreneurship

    Globalization

    The rapid globalization of business has created many opportunities for entrepreneurs.

    Education / IT / Demographic and Economic Trends


    Education
    100 U.S. colleges and universities offer entrepreneurship majors. Universities are helping students launch businesses. Many programs teach entrepreneurship to young people.

    Information Technology
    Technology has given entrepreneurs tools that help them compete. Entrepreneurs have used information technology to revolutionize industries.

    Demographic and Economic Trends


    Aging of U.S. population. Emergence of Hispanics as nations largest ethnic group. Growth of two-income families.

    Characteristics of Entrepreneurs

    Entrepreneurial Characteristics
    Vision - entrepreneurs begin with an overall idea for how to make their business ideas successful High Energy Level - a willingness to work hard Need to Achieve - entrepreneurs work hard because they want to excel Self-Confidence - fearlessness in the face of difficult odds Tolerance for Failure - entrepreneurs are not easily discouraged Creativity - entrepreneurs devise innovative ways to overcome difficult problems and situations Tolerance for Ambiguity - entrepreneurs take in stride uncertainties Internal Locus of Control - entrepreneurs believe they can control their own fates

    Entrepreneurial Quiz

    Starting a New Venture


    Selecting a Business Idea
    Find something you love to do and are good at doing Can your idea satisfy a need in the marketplace?

    Entrepreneurs must be sure that the idea they choose has interest in the marketplace.

    Business Plan

    Buying an Existing Business


    Advantages:
    Established customers Deal with familiar suppliers Good/service known in marketplace Necessary permits and licenses are already secured Financing may be easier
    Seller financing

    Creating a Business Plan


    58% of the most recent Inc. CEOs did not create a formal written plan. But business plans do help entrepreneurs prepare enough resources and stay focused on key objectives.

    Finding Financing
    Debt Financing
    Credit Cards Family and Friends Bank Loans (SBA backed)

    Equity Financing
    Venture Capitalists Angel Investors

    Government Support for New Ventures


    Business Incubators are a key way government supports new ventures Clean Energy Incubator (CEI) Enterprise Zones Encourage entrepreneurship in specific geographic areas Government Legislation Immigration Act of 1990

    Intrapreneurship
    Promoting innovation within organizational structures An idea to promote creativity Companies promote in a variety of ways Skunkworks Pacing Programs

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