lec1 introduction stud

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BEN2014 Introduction to Cyberpreneurship (by: TPL)Original Source: Zimmerer & Scarborough (Pearson)

Lecture 1: Introduction

Overview

1. The World of the Entrepreneur

2. Entrepreneurs• Characteristics of Entrepreneurs

3. Entrepreneurship• Benefits of Entrepreneurship• Drawbacks of Entrepreneurship• Feeding the Entrepreneurial Fire• Culture Diversity of Entrepreneurship• Ten Deadly Mistakes of Entrepreneurship• Avoiding the Pitfalls of Small Business Failure

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The World of the Entrepreneurs

• GEM study– Globally 9.4 percent of adults are actively

engaged in trying to start a business.– Men are twice as likely as women to start a

business (exactly the opposite trend in the U.S., however).

– Nearly one-third of global entrepreneurs are between the ages of 25 and 44.

Pg 2-3

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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.

What is an Entrepreneur? Pg 5-8

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• Desire for responsibility• Preference for moderate risk – risk

eliminators• Confidence in their ability to succeed• Desire for immediate feedback• High level of energy• Future orientation – serial entrepreneurs• Skilled at organizing• Value achievement over money

Characteristics of Entrepreneurs Pg 5-8

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Entrepreneurship

• One characteristic of entrepreneurs stands out:

Diversity!• Anyone – regardless of age, race, gender,

color, national origin, or any other characteristic – can become an entrepreneur (although not everyone should).

Pg 5-8

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Benefits of Entrepreneurship

The opportunity to: (small business ownership)• Create your own destiny• Make a difference• Reach your full potential• Reap impressive profits• Contribute to society and to be recognized for

your efforts• Do what you enjoy and to have fun at it

Pg 8-11

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• Uncertainty of income• Risk of losing your entire investment• Long hours and hard work• Lower quality of life until the business gets

established• High levels of stress• Complete responsibility• Discouragement

Drawbacks of Entrepreneurship Pg 12-15

Stress !!!

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Feeding the Entrepreneurial Fire

• Entrepreneurs as heroes• Entrepreneurial education• Demographic and economic factors• Shift to a service economy• Technological advancements• Independent lifestyle• E-commerce and the World Wide Web• International opportunities

Pg 15-19

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Source: http://www.statehousereport.com

One-armed ShoppersBy: Bill McLemore

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Culture Diversity of Entrepreneurship

• Young entrepreneurs• Women entrepreneurs• Minority enterpreneurs• Immigrant entrepreneurs• Part-time entrepreneurs• Home-based businesses• Family businesses• Copreneurs

Pg 20-27

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Ten Deadly Mistakes of Entrepreneurship

1. Management mistakes2. Lack of experience3. Poor financial control4. Weak marketing efforts5. Failure to develop a strategic plan6. Uncontrolled growth7. Poor location8. Improper inventory control9. Incorrect pricing10. Inability to make the “entrepreneurial transition”

Pg 28-31

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Source: http://swier.blogspot.com

A Good Idea…?

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Source: http://www.cubiccompass.com/blogs/main/content/binary/TireSwingCartoon.png

What the customers want…?

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Putting Failure into Perspective

• Entrepreneurs are not paralyzed by the prospect of failure.

• Failure – a natural part of the creative process.

• Successful entrepreneurs learn to fail intelligently.

Pg 33-35

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Avoiding the Pitfalls of Small Business Failure

• Know your business in depth• Develop a solid business plan• Manage financial resources• Understand financial statements• Learn to manage people effectively• Keep in tune with yourself

Pg 35-37

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