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Chapter 1. Introduction to Entrepreneurship Bruce R. Barringer R. Duane Ireland. Case Study: Clickagents and Bluelithium. Gurbaksh Chahal One of the youngest - most successful internet entrepreneurs

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Chapter 1

Chapter 1

Introduction to Entrepreneurship

Bruce R. Barringer

R. Duane Ireland


Case study clickagents and bluelithium

Case Study: Clickagents and Bluelithium

  • GurbakshChahal

  • One of the youngest - most successful internet entrepreneurs

  • 1998, 16 years old - dropped out of Accel Middle College to start his first venture ClickAgents- one of the first performance-based advertising networks

  • Two years later, on 1st November 2000, ValueClick announced - to buy -a USD 40 million.

  • Three year non-compete – 18 years old.


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  • 2004 - launched his 2nd company “BlueLithium”, an online advertising network.

  • Set up an office in San Jose, California and got investment from Walden Venture Capital and 3i.

  • 120 employees


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  • Under his leadership, BlueLithiumwas named one of the top 100 private companies in America three years in a row.

  • Serving 100 million+ unique users and reached more than 60% of US internet users.

  • On 4th September 2007 - Yahoo! announced that it had agreed to buy BlueLithium for USD 300 million in cash.


1 what is entrepreneruship

1. WHAT IS ENTREPRENERUSHIP?

  • Origin: French words entre – “between”

    prendre – “to take”

    Entrepreneur is 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 necessary resources to capitalize on them.

    (Scarborough p. 21)


2 what are the benefits of being an entrepreneur

2. WHAT ARE THE BENEFITS OF BEING AN ENTREPRENEUR?

  • Opportunity to create your own destiny


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  • Opportunity to make a difference


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  • Opportunity to reach your full potential


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  • Opportunity to reap impressive profits


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  • Opportunity to contribute to society and be recognized for your efforts


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  • Opportunity to do what you enjoy and have fun at it

    (Scarborough, Pg. 25)


3 key charachteristics of successful entrepreneurs

3. KEY CHARACHTERISTICS OF SUCCESSFUL ENTREPRENEURS

  • Passion for the business

    • Love

    • Excited

    • Fun


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  • Product/Customer focus

    • Add values

    • Emotional intelligence

    • Wants, needs and preferences


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  • Tenacity despite failure

    • Setback

    • Persistent

    • Back-up plan


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  • Execution Intelligence

    • Transform the idea into a reality

    • Balanced by putting theories into practices

    • Do it until you get it


4 why passion is important

4. WHY PASSION IS IMPORTANT

  • The ability to learn and repeat

  • A willingness to work hard for an extended period of time

  • Ability to overcome setbacks and “no’s”

  • The ability to listen feedback on the limitations of your organisationand yourself

  • Perseverance and persistence when things get tough

    (Barringer/Ireland, Pg. 36)


5 potential disadvantages of being an entrepreneur

5. POTENTIAL DISADVANTAGES OF BEING AN ENTREPRENEUR

  • Uncertainty of income

  • Risk of losing your entire investment

  • Long hours and hard work

  • Lower quality of life until the business gets established

  • High levels of stress

  • Complete responsibility

  • Discouragement – ‘Man Jaddawa Jada’ (Scarborough, Pg. 28)


6 common misconceptions about entrepreneurs

6. COMMON MISCONCEPTIONS ABOUT ENTREPRENEURS

  • Entrepreneurs are born, not made

    • Can be trained

  • Entrepreneurs are gamblers

    • Risk can be calculated

  • Entrepreneurs are motivated primarily by money

    • Passion

      (Barringer/Ireland, Pg. 41)


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  • Not enough financing

    • Low capital

  • You can’t start businesses during a recession (Krispy Kreme, CNN)

    • problems create opportunities

  • To make profits, you need to make something

    • sales

  • If you fail, you can never try again

    • A lot of other opportunities

  • Students (or moms or some other group) don’t have the skills to start a business

    • Start with an easy business Katz/Green, Pg. 10)


7 how to avoid the pitfalls

7. HOW TO AVOID THE PITFALLS?

  • Know your business in depth

    • Experts with proven track record in a specific field

  • Develop a solid business plan

    • Research, marketing strategies, financial plan

  • Manage financial resources

    • Budget, spend it wisely


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  • Understand financial statements

    • Income statement, cashflow, balance sheet

  • Learn to manage people effectively

    • Integrity, interpersonal, personality

  • Set your business apart from the competition

    • Blue ocean, niches, green ocean

  • Maintain a positive attitude

    • First impression, ‘akhlaq’ (Scarborough, Pg. 43)


Revision

REVISION


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