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Fostering Entrepreneurship - Coggle Diagram
Fostering Entrepreneurship
Start-up and planning issues
Identifying Environmental Opportunities and
Competitive Advantage
The unexpected
Changes in preception
The process need
Industry and market structures
Demographic
The incongruous
New knowledge
The Sharing Economy
Business arrangements that are based on people sharing something they own or providing a service for a fee
Researching the Venture’s Feasibility
Financing
Angel investors
Initial public offering (IPO)
Venture capitalists
Financial institutions
National, state, and local governmental business development programs
Unusual sources
Entrepreneur’s personal resources
Ideas
Generating ideas
Evaluating ideas
Personal Considerations
Marketplace Considerations
Competitors
What are the major characteristics
How they handle marketing, pricing and distribution
What they attempt to do differently from other competitors
What types of products or services
Success or not
What they good or not good at
What competitive advantages and disadvantages
How large and profitable
Developing a Business Plan
DESCRIPTION OF THE BUSINESS
ANALYSIS OF THE CONTEXT
ANALYSIS OF OPPORTUNITY
EXECUTIVE SUMMARY
FINANCIAL DATA AND PROJECTIONS
SUPPORTING DOCUMENTATION
The Context of entrepreneurship
What Is Entrepreneurship?
Self-employment
Individuals who work for profit or fees in their own business, profession, trade, or farm
The process of starting new businesses,
generally in response to opportunities
Small business
An organization that is independently owned, operated, and financed; has fewer than 100 employees; doesn’t necessarily engage in any new or innovative practices; and has relatively little impact on its industry
Entrepreneurial ventures
Organizations that pursue opportunities, are characterized by innovative practices, and have growth and profitability as their main goals
Why Is Entrepreneurship Important?
Number of new start-ups
Job Creation
Innovation
Gobal entrepreneurship
The Entrepreneurial Process
Identifying opportunities and possible competitive advantages.
Starting the venture.
Exploring the entrepreneurial context.
Managing the venture.
Organizing Issues
Human Resource Management
EMPLOYEE RECRUITMENT
EMPLOYEE RETENTION
Initiating Change
The Importance of Continuing Innovation
Organizational Design and Structure
Legal Forms of Organization
limited liability partnership (LLP)
A form of legal organization consisting of general partner(s) and limited liability partner(s)
C corporation
A legal business entity that is separate
from its owners and managers
S corporation
A specialized type of corporation that has the regular characteristics of a C corporation but is unique in that the owners are taxed as a partnership as long as certain criteria are met
limited liability company (LLC)
A form of legal organization that’s a hybrid between a partnership and a corporation
general partnership
A form of legal organization in which two or more business owners share the management and risk of the business
operating agreement
The document that outlines the provisions governing the way an LLC will conduct business
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
Leading Issues
Personality Characteristics of Entrepreneurs
Proactive personality
A personality trait that describes individuals who are more prone to take actions to
high energy level, great persistence, resourcefulness, the desire and ability to be self-directed, and relatively high need for autonomy.
high level of motivation, abundance of self-confidence, ability to be involved for the long term, high energy level, persistent problem solver, high degree of initiative, ability to set goals, and moderate risk-taker. influence their environments
Motivating Employees Through Empowerment
The Entrepreneur as Leader