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LEADING
ENTREPRENEURIAL
VENTURES MODULE
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THE CONTEXT OF
ENTREPRENEURSHIP
Entrepreneurship the process of starting
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WHY IS ENTREPRENEURSHIP
IMPORTANT?
Innovation
Engage in the creative destruction process
Act as agents of change
Job Creation
New ventures create 60-80% of the net new jobs
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Competitive Advantage:
Entrepreneurs must be able to identify environmental
opportunities.
Peter Drucker identified seven potential sources of
opportunity that entrepreneurs might look for in the external
context:
the unexpected, the incongruous, the process need,
industry and market structures, demographics, changes
in perception, and new knowledge.
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EXHIBIT EV-1
EVALUATING POTENTIAL IDEAS
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EXHIBIT EV-2
FEASIBILITY STUDY
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EXHIBIT EV-2
FEASIBILITY STUDY (CONT.)
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EXHIBIT EV-2
FEASIBILITY STUDY (CONT.)
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Financing:
Because funds likely will be needed to start
the venture, an entrepreneur must research
the various financing options.
Venture capitalists external equity
financing provided by professionally
managed pools of investor money.
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EXHIBIT EV-3
POSSIBLE FINANCING OPTIONS
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Business Plan:
Business plan a written document that
summarizes a business opportunity and
defines and articulates how the identified
opportunity is to be seized and exploited.
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areas:
Analysis of opportunity
Analysis of the context
Description of the business
Financial data and projections
Supporting documentation
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ORGANIZING ISSUES
Legal Forms of Organization
Sole proprietorship a form of legal
organization in which the owner maintains
sole and complete control over the business
and is personally liable for business debts.
General partnership a form of legal
organization in which two or more business
owners share the management and risk of the
business.
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EXHIBIT EV-4
LEGAL FORMS OF BUSINESS ORGANIZATIONS
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Entrepreneurial Ventures:
Employee Recruitment one of the biggest
challenges that entrepreneurs face.
Employee Retention An entrepreneur wants
to keep the people he or she has hired and
trained.
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LEADING ISSUES
Personality Characteristics of
Entrepreneurs
Proactive personality a personality trait
that describes individuals who are more prone
to take actions to influence their environments.
Empowerment giving employees the power
to make decisions and take actions on their
own to solve problems.
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CONTROLLING ISSUES
Planning for Growth
Ideally is part of the ventures overall
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EXHIBIT EV-5
ACHIEVING A SUPPORTIVE,
GROWTH-ORIENTED CULTURE
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