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introduction of entrepreneurship - Coggle Diagram
introduction of entrepreneurship
entrepreneuship
the process by which individuals pursue
opportunities without regard to resources they currently control
types of start-up firms
salary-substitute firms
yield a level of income for their owner/owners that is similar to what they would earn working for an employer
Dry cleaners, convenience stores, restaurants, accounting firms, retail stores, and hairstyling salons
Lifestyle Firms
owner or owners the opportunity to pursue
a particular lifestyle and earn a living while doing so
ski instructors, golf and tennis pros, wine bars, and tour guides
Entrepreneurial Firms
bring new products and services to market
new products and services to market by creating and then seizing opportunities
corporate entrepreneurship
All firms fall along
a conceptual continuum that ranges from highly conservative to highly entrepreneurial
typically proactive innovators and are not averse to taking calculated
risks
3 main reasons people decide to become entrepreneurs
be their own boss
a longtime ambition to own their own firm or because they have become frustrated working in traditional jobs
Pursue Their Own Ideas
they have a desire to
see those ideas realized
Pursue Financial Rewards
Making a profit and increasing the value of a company is a solidifying goal that people can rally around
Characteristics of Successful Entrepreneurs
Passion for the Business
stems
from the entrepreneur’s belief that the business will positively influence people’s lives
The ability to learn and iterate
A willingness to work hard
for an extended period of time
Ability to overcome setbacks
and “no’s”
The ability to listen feedback on the limitation of your organization and yourself
Perseverance and persistence
when the going gets tough
Product/Customer Focus
involves the diligence to spot product
opportunities and to see them through to completion
Tenacity Despite Failure
typically trying
something new, the failure rate associated with their efforts is naturally high
Execution Intelligence
The ability to fashion a solid idea into a viable
business is a key characteristic of successful entrepreneurs
determines whether a start-up is successful or
fails
Common Myths
born, not made
psychological and sociological makeup of entrepreneurs is that
entrepreneurs are not genetically different from other people
no one is “born” to be an entrepreneur
and that everyone has the potential to become one
gamblers
usually moderate risk takers
jobs less structured
face more uncertain set possibilities
motivated primarily by money
rarely the primary reason entrepreneurs
start new firms and persevere.
should be young and energetic
fairly evenly spread out over age ranges
strength of the entrepreneur (or team of entrepreneurs) as their most
important criterion in the decision to fund new ventures
love the spotlight
the vast majority of them do not attract public
attention
Entrepreneurial Firms’ Impact on Larger Firms
positive impact on the effectiveness of larger
firms
many entrepreneurship firms built their entire business models around producing products & services that help larger firms be more efficient/effective
entrepreneurial firms partner with larger companies to reach mutually beneficial goals
impact of entrepreneurial firms on economics & societies
Innovation
the process of creating something new, which is
central to the entrepreneurial process
Job Creation
The statistics are persuasive regarding the importance of small business to job growth
the new products and services that make our lives easier, enhance our productivity at work, improve our health, and entertain us
The entrepreneurial process
Deciding to become an entrepreneur
Developing successful business ideas
Moving from an idea to an entrepreneurial firm
Managing and growing the entrepreneurial firm