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6. Chapter. Starting Your Own Business: The Entrepreneurship Alternative. 1. 2. 3. 4. 5. 6. 7. Learning Objectives. Define what is an entrepreneur. Identify the different categories of entrepreneurs. Explain why people choose entrepreneurship as a career path.
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Define what is an entrepreneur.
Identify the different categories of entrepreneurs.
Explain why people choose entrepreneurship as a career path.
Discuss the environment for entrepreneurs.
Identify the characteristics of entrepreneurs.
Summarize the process of starting a new venture.
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.
What is Entrepreneurship?
The past two decades have shown a heightened interest in entrepreneurial careers.
People choose entrepreneurship for many reasons:
Heightened publicity surrounding celebrity entrepreneurs
Dissatisfaction with traditional work
Their ideas fulfill customer needs
Entrepreneurship as a Career
Self-management is the motivation that drives many entrepreneurs.
Entrepreneurs are wealth creators.
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.
100 U.S. colleges and universities offer entrepreneurship majors.
Universities are helping students launch businesses.
Many programs teach entrepreneurship to young people.
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 nation’s largest ethnic group.
Growth of two-income families.
Education / IT / Demographic and Economic Trends
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
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.
Starting a New Venture
Deal with familiar suppliers
Good/service known in marketplace
Necessary permits and licenses are already secured
Financing may be easier
Buying an Existing Business
Less risky than establishing entirely new firm
Firms in franchises showing growth include those targeting children and parents (i.e. photography, tutoring, security)
Creating a Franchise
But business plans do help entrepreneurs prepare enough resources and stay focused on key objectives.
Creating a Business Plan
Family and Friends
Bank Loans (SBA backed)
Clean Energy Incubator (CEI)
Encourage entrepreneurship in specific geographic areas
Immigration Act of 1990
Government Support for New Ventures
An idea to promote creativity
Companies promote in a variety of ways
Access to resources