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Spe 3002 1st week 201213

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This document provides an overview of entrepreneurship and small businesses. It discusses key topics such as the definition of an entrepreneur, characteristics of entrepreneurs, benefits and drawbacks of entrepreneurship, diversity in entrepreneurship including women and minority entrepreneurs, the importance of small businesses, and common mistakes entrepreneurs make. The document aims to introduce foundational concepts about entrepreneurship.

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Spe 3002 1st week 201213
SPE3002SPE3002 COMMERCE ANDCOMMERCE AND ENTREPRENEURSHIPENTREPRENEURSHIP WEEK 1WEEK 1
Agenda: 1.Course outline 2.Assignment Group project 3.Seminars 2 group of committees 4.The Foundations of Entrepreneurship 5.Business Plan SPE 3002
The Foundations of Entrepreneurship The Foundations of Entrepreneurship
5 The World of the Entrepreneur Every year millions of entrepreneurs launch new businesses. Entrepreneurial spirit - the most significant economic development in recent history. 11 percent of adult population is actively involved in trying to start a new business.
6 The World of the Entrepreneur Recent study Globally 10 percent of adults are actively engaged in trying to start a business. Men are twice as likely as women to start a business Nearly one-third of global entrepreneurs are between the ages of 25 and 44.
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. 7 Who is an Entrepreneur?
8 Characteristics of Entrepreneurs Desire for responsibility Preference for moderate risk risk eliminators Confidence in their ability to succeed Desire for immediate feedback High level of energy Future orientation serial entrepreneurs Skilled at organizing Value achievement over money
9 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).
10 Benefits of Entrepreneurship 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
11 Drawbacks of Entrepreneurship Uncertainty of income Risk of losing your entire investment Long hours and hard work
urce: Adapted from Dun & Bradstreet 21st Annual Small Business Survey Summary Report, 2002, p. 35.
13 Drawbacks of Entrepreneurship Uncertainty of income Risk of losing your entire investment Long hours and hard work Lower quality of life until the business gets established
Source: 2004 Global Entrepreneurship Monitor.
15 Drawbacks of Entrepreneurship 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
16 Feeding the Entrepreneurial Fire Entrepreneurs as heroes Entrepreneurial education Demographic and economic factors Technological advancements Independent lifestyle E-commerce and the World Wide Web
17 Feeding the Entrepreneurial Fire Entrepreneurs as heroes Entrepreneurial education Demographic and economic factors Technological advancements Independent lifestyles E-commerce and the World Wide Web International opportunities
18 The Diversity of Entrepreneurship Young entrepreneurs Women entrepreneurs
Source: Center for Womens Business Research, 2004.
20 The Diversity of Entrepreneurship Young entrepreneurs Women entrepreneurs Minority-owned enterprises Immigrant entrepreneurs Part-time entrepreneurs
21 The Diversity of Entrepreneurship Home-based businesses Family businesses Corporate castoffs Corporate dropouts
Source: U.S. Small Business Administration, 2005.
23 Small Businesses... Make up 90 percent of all businesses Employ 51 percent of the nations private sector workforce. Create more jobs than big businesses. Are leaders in offering training and advancement opportunities to workers.
24 Produce 51 percent of the nations private GDP. Account for 47 percent of business sales. Create 13X more innovations per employee than large companies. Zipper, FM radio, laser, air conditioning, escalator, light bulb, personal computer, automatic transmission, and many more! Small Businesses...
Source: NFIB Business Policy Guide, 2003, p. 16.
26 Ten Deadly Mistakes of Entrepreneurship 1. Management mistakes 2. Lack of experience 3. Poor financial control 4. Weak marketing efforts 5. Failure to develop a strategic plan
27 Ten Deadly Mistakes of Entrepreneurship 6. Uncontrolled growth 7. Poor location 8. Improper inventory control 9. Incorrect pricing 10. Inability to make the entrepreneurial transition
28 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.
29 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

More Related Content

Spe 3002 1st week 201213

  • 3. Agenda: 1.Course outline 2.Assignment Group project 3.Seminars 2 group of committees 4.The Foundations of Entrepreneurship 5.Business Plan SPE 3002
  • 4. The Foundations of Entrepreneurship The Foundations of Entrepreneurship
  • 5. 5 The World of the Entrepreneur Every year millions of entrepreneurs launch new businesses. Entrepreneurial spirit - the most significant economic development in recent history. 11 percent of adult population is actively involved in trying to start a new business.
  • 6. 6 The World of the Entrepreneur Recent study Globally 10 percent of adults are actively engaged in trying to start a business. Men are twice as likely as women to start a business Nearly one-third of global entrepreneurs are between the ages of 25 and 44.
  • 7. 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. 7 Who is an Entrepreneur?
  • 8. 8 Characteristics of Entrepreneurs Desire for responsibility Preference for moderate risk risk eliminators Confidence in their ability to succeed Desire for immediate feedback High level of energy Future orientation serial entrepreneurs Skilled at organizing Value achievement over money
  • 9. 9 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).
  • 10. 10 Benefits of Entrepreneurship 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
  • 11. 11 Drawbacks of Entrepreneurship Uncertainty of income Risk of losing your entire investment Long hours and hard work
  • 12. urce: Adapted from Dun & Bradstreet 21st Annual Small Business Survey Summary Report, 2002, p. 35.
  • 13. 13 Drawbacks of Entrepreneurship Uncertainty of income Risk of losing your entire investment Long hours and hard work Lower quality of life until the business gets established
  • 14. Source: 2004 Global Entrepreneurship Monitor.
  • 15. 15 Drawbacks of Entrepreneurship 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
  • 16. 16 Feeding the Entrepreneurial Fire Entrepreneurs as heroes Entrepreneurial education Demographic and economic factors Technological advancements Independent lifestyle E-commerce and the World Wide Web
  • 17. 17 Feeding the Entrepreneurial Fire Entrepreneurs as heroes Entrepreneurial education Demographic and economic factors Technological advancements Independent lifestyles E-commerce and the World Wide Web International opportunities
  • 18. 18 The Diversity of Entrepreneurship Young entrepreneurs Women entrepreneurs
  • 19. Source: Center for Womens Business Research, 2004.
  • 20. 20 The Diversity of Entrepreneurship Young entrepreneurs Women entrepreneurs Minority-owned enterprises Immigrant entrepreneurs Part-time entrepreneurs
  • 21. 21 The Diversity of Entrepreneurship Home-based businesses Family businesses Corporate castoffs Corporate dropouts
  • 22. Source: U.S. Small Business Administration, 2005.
  • 23. 23 Small Businesses... Make up 90 percent of all businesses Employ 51 percent of the nations private sector workforce. Create more jobs than big businesses. Are leaders in offering training and advancement opportunities to workers.
  • 24. 24 Produce 51 percent of the nations private GDP. Account for 47 percent of business sales. Create 13X more innovations per employee than large companies. Zipper, FM radio, laser, air conditioning, escalator, light bulb, personal computer, automatic transmission, and many more! Small Businesses...
  • 25. Source: NFIB Business Policy Guide, 2003, p. 16.
  • 26. 26 Ten Deadly Mistakes of Entrepreneurship 1. Management mistakes 2. Lack of experience 3. Poor financial control 4. Weak marketing efforts 5. Failure to develop a strategic plan
  • 27. 27 Ten Deadly Mistakes of Entrepreneurship 6. Uncontrolled growth 7. Poor location 8. Improper inventory control 9. Incorrect pricing 10. Inability to make the entrepreneurial transition
  • 28. 28 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.
  • 29. 29 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

Editor's Notes

  1. Chapter 1 zimmerer book