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The Foundations of Entrepreneurship. The World of the Entrepreneur. In the U.S., entrepreneurs start between 3 million and 4.5 million businesses a year! Study of influential Americans – the defining issue of the 21 st Century: Entrepreneurship.

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the world of the entrepreneur
The World of the Entrepreneur
  • In the U.S., entrepreneurs start between 3 million and 4.5 million businesses a year!
  • Study of influential Americans – the defining issue of the 21st Century: Entrepreneurship.
  • Approximately 10.5% of Americans are actively involved in trying to start a new business.
what is an entrepreneur
What is an Entrepreneur?

One who creates a new business in the face of risk and uncertainty for the purpose of achieving profit and growth by identifying opportunities and assembling the necessary resources to capitalize on them.

characteristics of entrepreneurs
Characteristics of Entrepreneurs
  • Desire for responsibility
  • Preference for moderate risk
  • Confidence in their ability to succeed
  • Desire for immediate feedback
  • High level of energy
  • Future orientation
  • Skilled at organizing
  • Value achievement over money
entrepreneurship
Entrepreneurship
  • One characteristic of entrepreneurs stands out:

Diversity!

  • Anyone – regardless of age, race, gender, color, national origin, or any other characteristic – can become an entrepreneur (although not everyone should).
benefits of small business ownership
Benefits of Small Business Ownership

The opportunity to:

  • Create your own destiny
  • Make a difference
  • Reach your full potential
  • Reap impressive profits
  • Contribute to society and to be recognized for your efforts
  • Do what you enjoy and to have fun at it
drawbacks of small business ownership
Drawbacks of Small Business Ownership
  • Uncertainty of income
  • Risk of losing your entire investment
  • Long hours and hard work
drawbacks of small business ownership10
Drawbacks of Small Business Ownership
  • Uncertainty of income
  • Risk of losing your entire investment
  • Long hours and hard work
  • Lower quality of life until the business gets established
drawbacks of small business ownership12
Drawbacks of Small Business Ownership
  • 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
feeding the entrepreneurial fire
Feeding the Entrepreneurial Fire
  • Entrepreneurs as heroes
  • Entrepreneurial education
  • Demographic and economic factors
  • Shift to a service economy
  • Technological advancements
  • Independent lifestyles
  • E-Commerce and the World Wide Web
feeding the entrepreneurial fire15
Feeding the Entrepreneurial Fire
  • Entrepreneurs as heroes
  • Entrepreneurial education
  • Demographic and economic factors
  • Shift to a service economy
  • Technological advancements
  • Independent lifestyles
  • E-Commerce and the World Wide Web
  • International opportunities
the cultural diversity of entrepreneurship
The Cultural Diversity of Entrepreneurship
  • Young entrepreneurs
  • Women entrepreneurs
  • Minority-owned enterprises
  • Immigrant entrepreneurs
  • Part-time entrepreneurs
the cultural diversity of entrepreneurship17
The Cultural Diversity of Entrepreneurship
  • Home-based businesses
  • Family businesses
  • Copreneurs
  • Corporate castoffs
  • Corporate dropouts
small businesses
Small Businesses...
  • Make up 99% of all the businesses in the U.S.
  • Employ 51% of the nation's private sector workforce.
  • Create more jobs than big businesses.
  • Are leaders in offering training and advancement opportunities to workers.
small businesses continued
Small Businesses...(continued)
  • Produce 51% of the nation's private GDP.
  • Account for 47% of business sales.
  • Create 4X more innovations per R & D dollar spent than medium-sized firms and 24X as many as large companies.
ten deadly mistakes of entrepreneurship
Ten Deadly Mistakes of Entrepreneurship
  • Management mistakes
  • Lack of experience
  • Poor financial control
  • Weak marketing efforts
  • Failure to develop a strategic plan
ten deadly mistakes of entrepreneurship continued
Ten Deadly Mistakes of Entrepreneurship(continued)
  • Uncontrolled growth
  • Poor location
  • Improper inventory control
  • Incorrect pricing
  • Inability to make the “entrepreneurial transition”
putting failure into perspective
Putting Failure Into Perspective
  • Entrepreneurs are not paralyzed by the prospect of failure.
  • Failure – a natural part of the creative process.
  • Successful entrepreneurs learn to fail intelligently.
avoiding the pitfalls of small business failure
Avoiding the Pitfalls of Small Business Failure
  • 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