2015 Market Notes
Planning & Research essential
Extensive market surveys (family, friends, neighbors)
Magazines and Polls offer some information on the market
-Businessweek, Harris Poll
What about the cost?
Plan realistically, not optimistically
Common Myths About Entrepreneurs Notes
Although no one is born to be an entrepreneur, there are
common traits and characteristics of successful
Alert to opportunities
Has a strong work ethic
Corporate Entrepreneurship Notes
Is the conceptualization of entrepreneurship at the firm
All firms fall along a conceptual continuum that ranges
from highly conservative to highly entrepreneurial.
The position of a firm
Characteristics of Successful Entrepreneurs Notes
Passion for the Business
The number one characteristic shared by successful
entrepreneurs is a passion for the business.
This passion typically stems from the entrepreneurs
belief that the business will po
Advantages of a Small Business Notes
Greater Opportunity to get rich through stock options
Feel more important
Feel more secure
Disadvantages of a Small Business
Lower guaranteed pay
Expected to have many skills
Too much cohes
Characteristics of Entrepreneurs Notes
Key Personal Attributes
Strong Managerial Competencies
Good Technical Skills
Key Personal Attributes
Entrepreneurs are Made, Not Born!
Many of these key attributes are developed early in life
Corporate INTRApreneurs Notes
Intrapreneur = someone in an existing organization who
turns new ideas into profitable realities.
Not every employee has the ability to become a successful
intrapreneur. It takes well-developed strategic action, teamwork
Introduction to Entrepreneurship Notes
There is tremendous interest in entrepreneurship in the U.S. and
around the world.
According to the 2007 GEM study, 9.6% of Americans are actively
engaged in starting a business or are the owner/manager of a
Technical Proficiency Notes
Because of the high risks involved in running an
entrepreneurial organization, having an upbeat and
self-confident attitude is essential
A successful track record leads to improved selfconfidence and self-esteem
Types of Startup Firms Notes
Changing Demographics of Entrepreneurs
There were 6.2 million women-owned businesses in 2002
(the most recent statistics available)
This number was up 20% from 1997.
Economic Impact of Entrepreneurial Firms Notes
Is the process of creating something new, which is
central to the entrepreneurial process.
Small firms are twice as innovative per employee as
In the past two decades, eco
Lifestyle Venture and Motivation Notes
Deciding what your motivations are will direct you toward
what type of business fits you best.
Smaller Profit Venture
High Growth Venture
Small company that provides its owner indepe
Entrepreneurship Growth Pressures Notes
From domestic to worldwide expansion, globalization can be
extremely rewarding for entrepreneurs.
THINK: Money and Business Exposure
However, it is a huge undertaking. Adapting your business
Entrepreneurs vs Intrapreneurs Notes
Entrepreneurs are people that notice opportunities and take
the initiative to mobilize resources to make new goods and
Intrapreneurs also notice opportunities and take initiative to
mobilize resources, howeve