FOR 2
PREPARING THE ENTREPRENEURIAL JOURNEY
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The Entrepreneurial Journey
Business is fundamentally about
people. A vital first step is to find a market need
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Seven Myths about Entrepreneurs
1. Entrepreneurs start businesses solely to
make money 2. It takes a lot of money to start a business 3. It takes a great idea 7. The bigger the risk, the bigger the reward 8. A business plan is required for success 9. Entrepreneurship is for the young and reckless 10.Entrepreneurship cannot be taught
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Paths to Entrepreneurship
The home-based entrepreneur
Over 50% of all small businesses in the USA
The serial or portfolio entrepreneur The nonprofit entrepreneur The corporate entrepreneur
Intrapreneurship "Skunk Works" Problems in the bureaucratic environment
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The Corporate Entrepreneur
Entrepreneurial mindset in large
corporations:
Senior management commitment A champion or several champions Corporate interoperability Clearly defined stages and metrics A superior team Spirit of entrepreneurship
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Table 2.1
Challenges and Opportunities with the Entrepreneur Career Path
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Preparing Entrepreneurship
Figure for 2.1
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Build a Professional Network
Networking
The exchange of information and resources among individuals, groups, or organizations whose common goals are to mutually benefit and create value for the members Strong ties close friends and family Weak ties acquaintances and business contacts Brokering
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Learn About Entrepreneurs
By researching entrepreneurs it gives
you the best chance to learn about their mistakes/successes
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Understand Personality and Business Preferences
Barriers to self-employment:
Lack of confidence Financial needs Startup logistics Personal or family issues Time constraints Lack of skills
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Critical Entrepreneurial Skills
Table 2.4
Analysis and critical thinking Opportunity recognition Resource gathering Organizational and time management Calculated risk taking
Persuasion and negotiation Written and oral communication Leadership and people management Decision making Storytelling
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Study an Industry
The best opportunities come from the
entrepreneur's experience and knowledge within an industry Business is about relationships
2012 Cengage Learning. All Rights Reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part.