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8-28-08 - order to get the business started and to keep it...

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Entrepreneurship I – Class Notes – 8/28/08 Lifestyle entrepreneur – small group (a married couple) starting a business without a whole a lot of planning or significant growth Intrepreneur – someone who starts a new product line or business within a preexisting company Opportunity – An idea that has growth potential Growth High margins Create value in a market (large market) Team Specialization o Areas: Finances Sales (marketing) Technical support Management Operations Reduced risk Venture Capitalist – Will manage a pool of funds (includes their own funds and the fuds of others). This person will hire people who are able to efficiently manage portfolios. Financing Entrepreneurial Ventures Own funding Bank Loan Angel investor
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INTRODUCTION TO ENTREPRENEURSHIP I Timmons and Spinelli CHARACTERISTICS OF ENTREPRENEURS: Identify opportunities Risk-takers Independent Imagination Bootstrapper – being able to pick yourself up and doing what you need to do in
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Unformatted text preview: order to get the business started and to keep it going. • Leadership • Assertive • Innovative • Efficient CHAPTER 1: 3 Factors that motivate people • Achievement NUMBER 1 FACTOR THAT MOTIVATES PEOPLE • Power – control and influence • Affiliation o Comradery o Sense of “belonging” 6 Broad themes 1.) 2.) 3.) Opportunity obsession-Huge market potential-high growth potential-Create Real Value-High Gross Margin 4.) Tolerance of uncertainty / Ambiguity John Johnson • “I lived with failure but I never accepted failure” 5.) Creativity / Self-Reliance • Example: o Mary Kay Ash Able to adapt and change Restless with status quo Quick Learner Fearless 6.) Motivation to Excel • Example - Bill gates o Goal and result oriented but realistic o Achievement oriented HOMEWORK : Just read chapter 1 and 2 and the case study for Tuesday...
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