Entrepreneurship 1
Entrepreneurship 1
Entrepreneurship 1
What is an
Entrepreneur?
An
Entrepreneur
Successful
entrepreneurs are
known for
Finding innovation
and market gaps for
new products and
services.
Definition of an
Entrepreneur
An entrepreneur is someone
who sets up a business or
businesses, taking on
financial risks in the hope of
profit.
(Oxford Dictionaries
definition)
Entrepreneurs V. Intrapreneurs
Intrapreneurship
Characteristics of
Entrepreneurs
Key Personal
Attributes
Strong Managerial
Competencies
Good Technical
Skills
Successful
Entrepreneurs
Entrepreneurial Careers
Self-Confidence
Self-Sacrifice
Essential
Nothing worth having is free
Success has a high price, and entrepreneurs
have to be willing to sacrifice certain things
Technical Proficiency
Planning
Motivations
1.
2.
3.
1. Lifestyle Venture
Start or Buy?
The Market???
Sources of Funds
Banks
Venture Capitalists filthy rich, high risk investors
looking for a many-times-over yield
Angels seem to have altruistic motives and less
stringent demands than venture capitalists
Domestic or Global?
Strategic orientation
Commitment to opportunity
Commitment to resources
Control of resources
Management structure
Compensation policy
Entrepreneurial
Organization
Formal
Organization
Strategic orientation
Seeks opportunity
Controls resources
Commitment to
opportunity
Revolutionary
Short duration
Evolutionary
Long duration
Commitment to
resources
Systematic planning
systems
Control of resources
Lack of commitment
to permanent
ventures
Power, status,
financial rewards for
maintaining status
quo
Management
Structure
Flat
Many informal
networks
Clearly defined
authority and
responsibility
Compensation policy
Unlimited; based on
Short-term driven;
Going Global.
From domestic to worldwide expansion, globalization can
be extremely rewarding for entrepreneurs.
THINK: Money and Business Exposure
However, it is a huge undertaking. Adapting your business
to operate in the global market can lead to a decrease in
ownership, and a forced focus on raising money to keep
your business alive.
THINK: Selling out, Private to Public (Initial Public Offering,
IPO)
Families fight
Friends fight.
Often, it involves money. So a business environment could
potentially breed arguments, disagreements, and feuds.
Fighting can occur during early developmental stages when
hours are long and pay is low. Or, after success has been
achieved.
Severed
relationships
Divorce
Poor
business
performance
Low morale,
motivation
What is an entrepreneur?
Characteristics of an entrepreneur
Planning to be an entrepreneur
Growth pressures, managing a family
business, and corporate intrapreneurship