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Essentials of Entrepreneurship: Driving Growth and Managing Challenges

Learn about defining entrepreneurship, its benefits and drawbacks, cultural diversity, avoiding pitfalls, and managing failures effectively. Discover the forces behind entrepreneurial growth and the importance of proper perspective. This lecture delves into key aspects such as demographic factors, technological advancements, and the role of education. Gain insights into managing resources, understanding financial statements, and effectively leading people in entrepreneurial ventures.

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Essentials of Entrepreneurship: Driving Growth and Managing Challenges

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  1. ENTREPRENEURSHIP Lecture No: 3 Resource Person: Malik JawadSaboor Assistant Professor Department of Management Sciences COMSATS Institute of Information Technology Islamabad.

  2. Previous Lecture Review • Define the term entrepreneur • Describe the entrepreneurial profile. • Describe the benefits of entrepreneurship. • Describe the drawbacks of entrepreneurship.

  3. Objectives Explain the forces that are driving the growth of entrepreneurship. Explain the cultural diversity of entrepreneurship. Put failure into proper perspective. Avoiding the Pitfalls of Small Business Failure.

  4. Feeding the Entrepreneurial Fire • Entrepreneurs as heroes • Entrepreneurial education • Demographic and economic factors • Shift to a service economy

  5. Feeding the Entrepreneurial Fire • Technological advancements • Independent lifestyles • E-commerce and the World Wide Web • International opportunities

  6. The Cultural Diversity of Entrepreneurship • Young entrepreneurs • Women entrepreneurs • Minority-owned enterprises • Immigrant entrepreneurs • Part-time entrepreneurs

  7. The Cultural Diversity of Entrepreneurship • Home-based businesses • Family businesses • Copreneurs • Corporate castoffs • Corporate dropouts

  8. Deadly Mistakes of Entrepreneurship • Management mistakes • Lack of experience • Poor financial control • Weak marketing efforts • Failure to develop a strategic plan

  9. Ten Deadly Mistakes of Entrepreneurship • Uncontrolled growth • Poor location • Improper inventory control • Incorrect pricing • Inability to make the “entrepreneurial transition”

  10. 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.

  11. 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

  12. Lecture Review Explain the forces that are driving the growth of entrepreneurship. Explain the cultural diversity of entrepreneurship. Put failure into proper perspective. Avoiding the Pitfalls of Small Business Failure. Reference: Essentials of Entrepreneurship & Small Business Management, Zimmer, Scarborough &Wilson, 5th Edition

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