starting your own business the entrepreneurship alternative
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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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Learning Objectives

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.

Explain intrapreneurship.

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.

What is Entrepreneurship?


Categories of Entrepreneurs

  • Classic Entrepreneurs
  • Serial Entrepreneurs
  • Social Entrepreneurs
In a recent year, 560, 000 new businesses created in the United States, with highest rate in construction and service industries

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

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.

Why Entrepreneurship?

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



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 nation’s largest ethnic group.

Growth of two-income families.

Education / IT / Demographic and Economic Trends

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 Characteristics

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

Starting a New Venture


Established customers

Deal with familiar suppliers

Good/service known in marketplace

Necessary permits and licenses are already secured

Financing may be easier

Seller financing

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

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.

Creating a Business Plan

Seed capital

Debt Financing

Credit Cards

Family and Friends

Bank Loans (SBA backed)

Equity Financing

Venture Capitalists

Angel Investors

Finding Financing

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

Government Support for New Ventures

Promoting innovation within organizational structures

An idea to promote creativity

Companies promote in a variety of ways


Access to resources