1.business is risky. entrepreneurial myths 3.1 © 2004 ewing marion kauffman foundation...
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1. Business is risky.
Entrepreneurial Myths
3.1© 2004 Ewing Marion Kauffman Foundation
2. Entrepreneurs need great ideas.
3. Entrepreneurs need lots of experience.
4. It takes a lot of money.
5. Big business will ruin small business.
6. Entrepreneurs get rich quick
7. Entrepreneurs are born, not made.
8. Entrepreneurs are unethical.
1. Oil companies, Bank of America
2. Gilbert International
3. Microsoft, Dell
4. Green silver
5. Garrison confections
6. Burt Bees
7. Seven starts bakery
8. Marion Labs Kauffman Foundation
Entrepreneurial Myths: examples
3.1 © 2004 Ewing Marion Kauffman Foundation
1. Business is risky.
2. Entrepreneurs need great ideas.
3. Entrepreneurs need lots of experience.
4. It takes a lot of money.
5. Big business will ruin small business.
6. Entrepreneurs get rich quick.
7. Entrepreneurs are born, not made.
8. Entrepreneurs are unethical.
Entrepreneurial Characteristics
2.2
Thrives on ambiguity
Accepts responsibility
Desire
Initiative/Aggressiveness
Low support needs
Perseverance
Problem solver
Persuasiveness
Self-discipline
Self-confidence
Knows valueof money
© 2004 Ewing Marion Kauffman Foundation
Market awarenessEnergyEgo development
Personal Criteria questions (exercise 2a)
1.2 © 2004 Ewing Marion Kauffman Foundation
• Desire
• Initiative
• Energy
• Low support needs
• Thriving on ambiguity
• Perseverance
• Responsibility
• Problem solving
• Persuasiveness
• Self-discipline
• Belief in value of money
• Self-confidence
• Balance ego development
• Market awareness
• Generosity
• Honesty
• Good people judgment
• Patience
• Business knowledge
• Value appropriate control systems
Entrepreneurial Characteristics
2.2
Desire
Perseverance
Knows valueof money
© 2004 Ewing Marion Kauffman Foundation
Market awareness
Personal Criteria to start a business
1.2 © 2004 Ewing Marion Kauffman Foundation
• Job security
• Money
• Lifestyle
• Power
• Age
• Health
• Family considerations
• Location
• Investment
• Attitudes and values
• Control my destiny
• Accommodate my personal values
• Engage in activities I want to do
Personal Criteria questions (exercise 1a)
1.2 © 2004 Ewing Marion Kauffman Foundation
At home: Consider questions in 1a when defining your own business idea
Activity 1b
Identifying Venture Opportunities
1.2 © 2004 Ewing Marion Kauffman Foundation
Trend studies are one of the tools that entrepreneurs use in finding a business concept and keeping their products and services up to date in the future
1.2 © 2004 Ewing Marion Kauffman Foundation
Recent Trends
• Globalization
4.1 © 2004 Ewing Marion Kauffman Foundation
• Changing demographics
• Changing retail
• Outsourcing
• Technology
Recent Trends
• Time scarcity
4.2 © 2004 Ewing Marion Kauffman Foundation
• Work at home
• Search for simplicity
• Shifting sports interest
• Obesity
• Customer in hand
Entry Strategies: Upgrading
5.1 © 2004 Ewing Marion Kauffman Foundation
• Carts and kiosks
• Development of a home-based business
• Expansion of part-time activity
• Hobbies
Entry Strategies: From business to business
• Inheritance
• Salvage investment
• Company outsourcing
• Spin-offs
• Licensing
• Buying an existing business
• Joining a franchise system
• Strategic alliances; joint partnerships
• Network (multilevel) marketing
5.1 © 2004 Ewing Marion Kauffman Foundation
Entry Strategies: Brand new
• Personal preferences
• Desperation
• Friends and family
• Technical expertise
• Chance
• Commitment to growth industry
• Observation of a market need
• New inventions
• Forming a nonprofit company
5.2 © 2004 Ewing Marion Kauffman Foundation
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