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(1) The foundations of entrepreneurship - Coggle Diagram
(1) The foundations of entrepreneurship
The world of the entrepreneur
What is an entrepreneur?
Desire for responsibility
Preference for moderate risk
Willingness to break the rules
Confidence in their ability to succeed
Self-reliance
Determination
High level of energy
Desire for immediate feedback
Competitiveness
Future orientation
Social entrepreneurs
Skill at organizing
Value of achievement over money
Other characteristics
Benefits of entrepreneurship
Opportunity to reach full potential
Opportunity to reap impressive profits
Opportunity to make a difference
Opportunity to contribute to society and be recogized for efforts
Opportunity to create own destiny
Opportunity to do what you enjoy and have fun at it
Potential drawbacks of entrepreneurship
Lower quality of life until the business gets established
Complete responsibility
Long hours and hard work
Discouragement
Risk of losing your entire investment
Uncertainty of income
High levels of stress
What is feeding the entrepreneurial fire
Technology advancements
Independent lifestyle
Shift to a service economy
Outsourcing
Demographic factors
Internet, cloud computing, mobile marketing
Entrepreneurial education
International opportunities
Entrepreneurs as heroes
The cultural diversity of entrepreneurship
Young entrepreneurs
Women entrepreneurs
Minority enterprises
Immigrant entrepreneurs
Part-time entrepreneurs
Home-based businesses
Family businesses
Copreneurs
Corporate castoffs
Encore entrepreneurs
Retiring baby boomers
The Power of "Small" Business
Putting failure into perspective
How to avoid the pitfalls?
Understand financial statements
Build the right team
Manage financial resources
Learn to manage people effectively
Develop a solid business plan
Set your business apart from the competition
Know when to pivot
Maintain a positive attitude
Use lean start-up principles
Build a viable business model - and test it
Know your business in depth
Developing skills for your career
Teamwork and collaboration
Leadership
Written and oral communication
Creativity
Critical thinking and problem solving
Ethics and social responsibility