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AEM 120 Midterm Review

AEM 120 Midterm Review - AEM 120 Lecture Slides Lecture 1...

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AEM 120 Lecture Slides Lecture 1: What is an entrepreneur? o One who organizes, manages, and assumes the risks of a business or enterprise o Business entrepreneurs are often highly regarded in US culture as being a critical component of its capitalistic society. Famous entrepreneurs include: Henry Ford (automobiles), J. Pierpont Morgan (banking), Thomas Edison (electricity/light bulbs), Bill Gates (computer operating systems and applications) and others. o Some distinguish business entrepreneurs as either " political entrepreneurs " or "market entrepreneurs." Earl Blanks (Party City) o An entrepreneur is one who assumes the risk of running a business (based on calculated risks) o Discusses entrepreneurship, franchising, marketing, cash flow, leadership and diversity issues with regards to inner city economic challenges o discusses his decision to experience a corporate environment prior to venturing out as an entrepreneur o discusses the similarities and differences in owning a franchise operation as compared to a stand- alone startup company Maggie Coffey (Tetragenetics) o Discuss gender issues in the workplace, entrepreneurship, leadership and networking o An entrepreneur is a self-starter, someone who doesn’t care much about image, someone who only cares about the results Linda Mason (Bright Horizons) o During this interview, she discusses her decision to found Bright Horizons, the challenge of raising capital, constant modification of the company's strategy, creating a corporate culture, the importance of creating a business plan and the challenges of work-life balance. o An entrepreneur loves new ideas, and putting form/shape to it and seeing it tangible in front of then and is not afraid of risks (maybe drawn to them) Sandeep Kumar o He shares thoughts on transitioning from engineering to business, product development, partnerships, managing people and business planning. Entrepreneurship involves o Creating something new o Facing risk Willingness to tolerate ambiguity Ability to analyze risks and choose “reasonable risks” o Leading people Types of entrepreneurs o Startup-focused primarily on the early stages of the business, passing it off to other leadership once the business is established. The goal of the startup entrepreneur most often is to create value in a company that can be sold to investors and, perhaps, eventually to the public markets. o Small business-may run a family business, and continually innovates (involving risk) as the business goes forward. The goal in this case is often to provide a good income for the entrepreneur and her/his family, although some have the goal of eventually selling the business. o Intrapreneur-someone who creates new value within an existing corporation, leading innovative new businesses for the company. In this case, the goal is to enhance the contribution of the unit 1
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to the larger parent. Often, intrapreneurs have the opportunity to “spin out” a business, moving it
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