What is an Entrepreneur?
What are common myths about entrepreneurs?
* entrepreneurs are gamblers (manage risks well) *entrepreneurs are motivated primarily by money (new perspective of changing world) *entrepreneurs should be young and energetic ( baby boomers 65 + for retirement) * 90 % of all businesses fail within the first two years *anyone can start a business * an entrepreneur with a great idea can get funding * work harder and longer than managers * start a business and you fail
What is the profile of a successful entrepreneur?
* experience in the industry * adequate levels of financing * significant research prior to launch * use of partners to increase knowledge, resources * entrepreneurship education
What events defined the 2000?
* greater international competition * balance of resources
What events defined the 1990's?
* information age * no job security * fewer benefits * service industry growth
What three events in the 1970's changed the market?
* macroeconomic turmoil: war caused inflation, dollar devalued,food cost rose * international competition: occurring in other countries * technological revolution: Intel 1971, first personal computer, Apple 1977
What happened to the economic climate in 1980?
* one in 5 firms faced international competition * government pressures: deregulation of planes, trains, trucks * increased regulations of OSHA and EPA * Fortune 500 profits off
What are the four primary characteristics of a successful entrepreneur?
* passion for the business * product/ customer focus *tenacity despite failure *execution intelligence
What decade was coined " the decade of entrepreneurship" by Peter Drucker?
*1980's *anti-diversification *takeovers
What company in the 1960's dominated the market?
*GM; 10 % of market (France, Great Britain, Germany) * low competition *created job security and diversification
What is entrepreneurship's role in corporations?
*entrepreneurial firms are proactive, innovative and risk taking * conservative firms take a back seat and "wait". less innovative, and risk adverse
Where does entrepreneurship occur (manifest)?
*government entities (biotechnology, electrical engineering, veterinary * corporate ( e-ship with existing corporation, tend to be proactive, risk taking) Things tend to move slower with government assistance * individual (opportunity seeking, out of need, bring new technology to market)
What are the different types of start ups?
*small business (salary substitute, lifestyle such as retirement) *social start up *scalable business ex: Uber * buyable business *corporate business
When and where was the first entrepreneurship class offered?
* 1947/ Harvard
Why should you care about entrepreneurship?
* 70 to 90 % of new jobs in US * responsible for 1/2 of innovation and 95 % of all radical innovation * mechanism by which change occurs in society *way in which millions enter the economic and social mainstream of American Society
What are the three commonly defined reasons that people become entrepreneurs?
* desire to be their own boss * desire to pursue their own ideas *financial rewards * revenge ex: Shrek
What is effectual?
• Means we have, what goals can we get to; what we know, who we know, how do we get there * process driven
What are the characteristics of an entrepreneur?
• Passion is number one • Product and customer focused • Tenacity • Execute intelligence Don't have complete information, will fix as we go
What is causal?
• Strategic thinking is traditional theory o Means to get to goal
What is the definition of entrepreneurship?
pursuit of opportunity without regard to resources currently controlled