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The Foundations of Entrepreneurship - Coggle Diagram
The Foundations of Entrepreneurship
What is an 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.
Characteristics of Entrepreneurs
Determination
Confidence in their ability to succeed
Desire for immediate feedback
Self-reliance
High level of energy
Preference for moderate levels of risk: risk eliminators
Future orientation
Necessity entrepreneurs (Those who may be faced with a job loss, dissatisfaction with their current positions, or lack of career opportunities)
Serial entrepreneurs (someone who starts multiple businesses)
Opportunity entrepreneurs (A person who primarily because of creativity and innovation)
Skilled at organizing
Value achievement over money
Entrepreneurs tend to exhibit
Flexibility
Resourcefulness (the ability to find quick and clever ways to overcome difficulties)
Creativity
A willingness to work hard
Tolerance for ambiguity (comfortable with uncertainty, unpredictability, conflicting directions, and multiple demands)
Tenacity (who keeps trying until they reach their goal)
A high degree of commitment
Desire for responsibility (need to be responsible from start to end)
Benefits of Entrepreneurship
Reap impressive profits
Contribute to society and to be recognized for your efforts
Do what you enjoy and to have fun at it
Reach your full potential
Make a difference (Exp: SOLS 24/7)
Create your own destiny (Exp: Safari Surf School)
Drawbacks of Entrepreneurship
Long hours and hard work
Lower quality of life until the business gets established (No Family Time)
Complete responsibility (From A to Z)
High levels of stress
Discouragement
Risk of losing your entire investment
Uncertainly of income (Not Fixed Salary)
Feeding the Entrepreneurial Fire
International opportunities (Ship the goods to other country)
The Internet, cloud computing, and mobile marketing (more suit for data storage and computing system resources)
Independent lifestyle (No one monitor you)
Technology advancements (Exp: laptop, phone)
Shift to a service economy
Demographic and economic factors
Entrepreneurial education
Entrepreneurs as heroes
The Cultural Diversity of Entrepreneurship
Minority-owned enterprises
Immigrant entrepreneurs (From Other Country)
Women entrepreneurs
Part-time entrepreneurs
Young entrepreneurs
The Cultural Diversity of Entrepreneurship
Corporate castoffs (unemployed and are highly educated and skilled and had corporate executive jobs)
Corporate dropouts (middle managers who are laid off from large corporations and decide to start their own businesses rather than return to a corporate job)
Copreneurs (Couple)
Retiring baby boomers (Reach the year of retire)
Family businesses
Home-based business (Exp: Insurance)
Avoiding the Pitfalls of Small Business Failure
Learn to manage people effectively
Set your business apart from the competition
Manage financial resources
Maintain a positive attitude
Understand financial statements
Develop a solid business plan
Build a viable business model - and test it
Know your business in depth