After you complete the reading for this unit, apply what you have learned in answering the following questions. Ensure that you answer the questions thoroughly and completely, providing solid support for your rationale (a minimum of 300 words minimum for each question).
Briefly describe the role of the following groups in entrepreneurship: young people, women, minorities, immigrants, part-timers, home-based business owners, family business owners, copreneurs, corporate castoffs, corporate dropouts, social entrepreneurs, and retired Baby Boomers
Choose one of those groups and explain the opportunities and potential challenges faced by that particular group in society today as it relates specifically to entrepreneurship, the implications, and your recommendations to address the challenges based on your research.
Chapter 1: The Foundations of
Entrepreneur
ship
Chapter 3:
and
Innovation
: Keys to Entrepreneurial Success
Key Terms and Concepts
Entrepreneur
Copreneurs
Serial Entrepreneurs
Social Entrepreneurs
CreativityInnovation
BU332 – Small Business Development and Planning
Unit 1 Presentation Script
S1. Introduction
This is the era of the entrepreneur! Through the world, growing numbers of
people are realizing their dreams of owning and operating their own business.
Entrepreneurship is thriving. The past two decades have seen record numbers of
entrepreneurs launching new businesses and each year. American entrepreneurs
alone start 3 to 4.3 million businesses each year and 84 percent are doing that for
the first time.
S2. The World of the Entrepreneur
A study by the Global Entrepreneurship Monitor (GEM) found 11.3 percent of the
adult population in the United States is working to start a business. North
America, South America and Latin America lead the world in entrepreneurial
activity.
S3. What is an Entrepreneur?
An entrepreneur is one who creates a new business in the face of risk and
uncertainty for achieving profit and growth opportunities and assembles the
necessary resources to capitalize on those opportunities. While we may not be
able to teach entrepreneurship, we can teach the skills of small business
management. This is an important distinction to make to students.
Noted psychologist David McClelland characterized high achievers/entrepreneurs
as possessing these traits:
• 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)
•
•
Skill in organization
Value of achievement over money
Other characteristics of entrepreneurs include:
• High degree of commitment
• Willingness to accept risk, work hard and take action
• Flexibility
S4. The Benefits of Entrepreneurship
The primary benefits entrepreneurs enjoy include the opportunity to:
• Create their own destiny
• Make a difference
• Reach their full potential
• Generate impressive profits
• Contribute to society and be recognized for their efforts
• Do what they enjoy and have fun at it!
S5. The Potential Drawbacks of Entrepreneurship
With these potential rewards, Entrepreneurship also presents risk and
uncertainty. Entrepreneurs may experience:
• Uncertainty of income – “The entrepreneur is the last one to be paid.”
• Risk of losing their entire investment
• Long hours and hard work
• Lower quality of life until the business gets established
• High levels of stress
• Complete responsibility
• Discouragement
S6. Behind the Boom: What’s Feeding the Entrepreneurial Fire?
The rapid increase in entrepreneurs has been a result of:
• Considering entrepreneurs as heroes
• Entrepreneurial education
• Demographic and economic factors
• Shift to a service economy
• Technological advancements
•
•
•
Independent lifestyles
Commerce and the Internet
Additional international opportunities
S7. The Cultural Diversity in Entrepreneurship
Entrepreneurs are found in virtually every walk of life including:
• Young Entrepreneurs
• Women Entrepreneurs
• Minority Enterprises
• Immigrant Entrepreneurs
• Part-time Entrepreneurs
• Home-Based Businesses
• Family Businesses
• Co-entrepreneurs
• Corporate Castoffs
• Corporate Dropouts
S8. The Power of “Small” Business
Because big business is more visible than small business, most people
underestimate the role of the small firm in the U.S. economy.
The definition of a “Small Business” is:
1. One which is independently owned and operated and not dominant in its
field.
2. Eligibility requirements are based on the specific industry.
• Retailing – annual sales/receipts not exceeding $3.5 to $13.5
million.
• Services – annual receipts not exceeding $2.5 to $14.5 million.
• Wholesaling – yearly sales must not be over $9.5 to $22 million.
• Agriculture – annual receipts not exceeding $1.0 to $3.5 million.
• Construction – General construction with annual receipts not
exceeding $17 million.
• Special Trade Construction – annual receipts not exceeding $7
million.
• Manufacturing – maximum number of employees may range
from 500 to 1,500 depending on the industry.
The most commonly used measure of small business is the number of employees
on a firm’s payroll. The White House Conference on Small Business definition is: A
firm employing 500 people or fewer. The Committee for Economic Development
states that a small business must meet two of four stated criteria:
1. Management is independent.
2. Capital is supplied and ownership is held by an individual or a small
group.
3. Area of operation is mainly local; markets need not be local.
4. Size is small when compared to the biggest unit in the field.
S9. The Ten Deadly Mistakes of Entrepreneurship
Studies have indicated that there are common reasons for new business ventures
to fail. These causes of small business failure may include:
1. Management mistakes
2. Lack of experience
a. Poor financial control
b. Weak marketing efforts
3. Failure to develop a strategic plan
4. Uncontrolled growth
5. Poor location
a. Improper inventory control
b. Incorrect pricing
c. Inability to make the “entrepreneurial transition”
S10. Putting Failure into Perspective
Entrepreneurs don’t fail—the venture fails.
• There are no such things as failures, only results.
• Always look to turn a negative situation into a positive opportunity.
• Have no fear of failure and be sure to have a contingency plan.
• The only people who never fail are those who never do anything or never
attempt anything new.
The successful entrepreneur understands the meaning of these clichés and knows
how to deal with adversity in a proactive and positive manner.
S11. How to Avoid the Pitfalls
These same studies have indicated that entrepreneurs can increase their chances
for success if they:
1. Know their business in depth.
2. Develop a solid business plan in writing.
3. Manage financial resources.
4. Understand financial statements.
5. Learn to manage people effectively.
6. Keep in tune with who they are.
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