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Copyright 2015 Pearson Education, Inc.

publishing as Prentice Hall

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Chapter 1

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In the U.S., entrepreneurs start more than 6.5 million


businesses a year!
Global Entrepreneurship Monitor (GEM)
Approximately 13% of the U.S. population aged 1864 is actively involved in entrepreneurial activity
The global average is also 13%

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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

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Why Entrepreneurs Start Businesses

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Characteristics of Entrepreneurs:
Desire and willingness to take initiative
Preference for moderate risk
Confidence in their ability to succeed
Self-reliance
Perseverance
Desire for immediate feedback

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More Characteristics of Entrepreneurs:


High level of energy
Competitiveness
Future orientation
Serial entrepreneurs
Skilled at organizing
Value of achievement over money

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Other Characteristics of Entrepreneurs:


High degree of commitment
Tolerance for ambiguity
Flexibility
Tenacity

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Conclusion?
Diversity seems to be a central characteristic of
entrepreneurs
Anyone regardless of age, race, gender, color,
national origin, or any other characteristic can
become an entrepreneur (although not everyone
should)
Entrepreneurship is a skill that is learned

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Creativity vs. Innovation


Creativity the ability to develop new
ideas and to discover new ways of
looking at problems and opportunities
Innovation the ability to apply creative
solutions to problems and opportunities
to enhance or to enrich peoples lives

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Monitor Trends and Exploit Them Early On


Independa
Travel and Be Inspired
Eileen Fisher
Take A Different Approach To An Existing
Market
I Do Now I Dont
Put a New Twist on an Old Idea
Vitaband

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Look for Creative Ways to Use Existing


Resources
Dig This
Realize That Others Have the Same
Problem That You Do
MileWise
Take Time to Play
Flash Pals
Notice What Is Missing
Viking Range Corporation

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The opportunity to:


Gain control over your own destiny
Make a difference
Social entrepreneurs
Reach your full potential
Reap impressive profits
Contribute to society and be recognized for your
efforts
Do what you enjoy doing

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Uncertainty of income
Risk of losing your entire invested capital
Long hours and hard work
Lower quality of life until the business gets
established
High levels of stress
Complete responsibility
Discouragement

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Entrepreneurs as heroes
Entrepreneurial education
Demographic and economic factors
Shift to a service economy
Technological advancements
Outsourcing
Independent lifestyles
E-Commerce, the Internet, and mobile computing
International opportunities

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Young entrepreneurs

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New Entrepreneurs by Age Group

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Young entrepreneurs
Women entrepreneurs

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Entrepreneurial Activity Index by Gender

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Young entrepreneurs
Women entrepreneurs
Minority enterprises

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Percentage of New Entrepreneurs by Minority Group

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Young entrepreneurs
Women entrepreneurs
Minority enterprises
Immigrant entrepreneurs
Part-time entrepreneurs
Home-based business owners

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Rules for a Successful Home-Based Business


Rule 1. Do your homework.
Rule 2. Find out what your zoning restrictions are.
Rule 3. Create distinct zones for your family and business
dealings.
Rule 4. Focus your home-based business idea.
Rule 5. Discuss your business rules with your family.
Rule 6. Select an appropriate business name.
Rule 7. Buy the right equipment.
Rule 8. Dress appropriately.
Rule 9. Learn to deal with distractions.
Rule 10. Realize that your phone can be your best friendor
your worst enemy.

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Rules for a Successful Home-Based Business


Rule 11. Be firm with friends and neighbors.
Rule 12. Maximize your productivity.
Rule 13. Create no-work time zones.
Rule 14. Take advantage of tax breaks.
Rule 15. Make sure you have adequate insurance coverage.
Rule 16. Understand the special circumstances under which
you can hire outside employees.
Rule 17. Be prepared if your business requires clients to
come to your home.
Rule 18. Get a post office box.
Rule 19. Network.
Rule 20. Be proud of your home-based business.

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Young entrepreneurs
Women entrepreneurs
Minority enterprises
Immigrant entrepreneurs
Part-time entrepreneurs
Home-based business owners
Family business owners
Family-owned business

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Copreneurs
Corporate castoffs
Corporate dropouts
Retired baby boomers

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Entrepreneurial Activity by Age Group


1996-2012

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Small business: one that employs fewer than 100


people
Small businesses:
Comprise 99.7% of the 27.2 million businesses
in the U.S.
Employ 49.2% of the nations private sector
workforce
Pay 43% of the nations total private payroll
Create more jobs than big businesses

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Small Businesses by Industry

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Small businesses:
Are leaders in offering training and advancement
opportunities to workers
Provide 67% of workers with their first jobs
Produce 46% of the nations private GDP
Account for 47% of business sales
Play a key role in innovation:
Produce 16.5 times more patents per
employee than large companies

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About 52% of new companies fail within 5 years


Entrepreneurs are not paralyzed by the prospect of
failure
Failure is a natural part of the creative process
Successful entrepreneurs learn to fail intelligently

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Small Business Survival Rate

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Know your business in depth


Prepare a business plan
Manage financial resources
Understand financial statements
Learn to manage people effectively
Set your business apart from the competition
Maintain a positive attitude

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