Introduction Entrepreneur
Chapter Objectives
1. 2. 3. 4. 5. 6. 7. Explain entrepreneurship and discuss its importance; Discuss three main reasons people decide to become entrepreneurs; Identify four main characteristics of successful entrepreneurs. Explain five common myths regarding entrepreneurship. Explain how entrepreneurs differ from businessperson. Discuss the impact of entrepreneurial firms on economies and societies. Explain the entrepreneurial process.
Minicase: KLYMIT
• Who? • What? • Why? • Where? • When?
Introduction
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 business that is less than three years old.
What is Entrepreneurship?
• Academic Definition (Stevenson & Jarillo)
– Entrepreneurship is the process by which individuals pursue opportunities without regard to resources they currently control.
• Venture Capitalist (Fred Wilson)
– Entrepreneurship is the art of turning an idea into a business.
• What Entrepreneurs Do?
– Entrepreneurs assemble and then integrate all the resources needed –the money, the people, the business model, the strategy —needed to transform an invention or an idea into a viable business.
Why Become an Entrepreneur?
Desire to be their own boss
Desire to pursue their own ideas
Financial rewards
Characteristics of Successful Entrepreneurs
Characteristics of Successful Entrepreneurs
• Passion for the Business – Typically stems from the entrepreneur’s belief that the business will positively influence people’s lives. • Product/Customer Focus – Typically stems from the fact that most entrepreneurs are, at heart, craftspeople.
Characteristics of Successful Entrepreneurs
• Tenacity Despite Failure – Because entrepreneurs are typically trying something new, the failure rate is naturally high. – The ability to persevere
1. 2. 3. 4. 5. 6. 7. Explain entrepreneurship and discuss its importance; Discuss three main reasons people decide to become entrepreneurs; Identify four main characteristics of successful entrepreneurs. Explain five common myths regarding entrepreneurship. Explain how entrepreneurs differ from businessperson. Discuss the impact of entrepreneurial firms on economies and societies. Explain the entrepreneurial process.
Minicase: KLYMIT
• Who? • What? • Why? • Where? • When?
Introduction
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 business that is less than three years old.
What is Entrepreneurship?
• Academic Definition (Stevenson & Jarillo)
– Entrepreneurship is the process by which individuals pursue opportunities without regard to resources they currently control.
• Venture Capitalist (Fred Wilson)
– Entrepreneurship is the art of turning an idea into a business.
• What Entrepreneurs Do?
– Entrepreneurs assemble and then integrate all the resources needed –the money, the people, the business model, the strategy —needed to transform an invention or an idea into a viable business.
Why Become an Entrepreneur?
Desire to be their own boss
Desire to pursue their own ideas
Financial rewards
Characteristics of Successful Entrepreneurs
Characteristics of Successful Entrepreneurs
• Passion for the Business – Typically stems from the entrepreneur’s belief that the business will positively influence people’s lives. • Product/Customer Focus – Typically stems from the fact that most entrepreneurs are, at heart, craftspeople.
Characteristics of Successful Entrepreneurs
• Tenacity Despite Failure – Because entrepreneurs are typically trying something new, the failure rate is naturally high. – The ability to persevere