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Lecture Exploring management - Chapter 18: Entrepreneurship and small business

Chapter 18 - Entrepreneurship and small business. After reading this chapter, you should be able to answer the following questions: Understand the nature of entrepreneurship and entrepreneurs, discuss small business and how to start one. | Chapter 18 Entrepreneurship and Small Business Exploring Management Chapter 18 What is entrepreneurship and who are entrepreneurs? What should we know about small businesses and how to start one? Entrepreneurship and Small Business are exciting and can be very rewarding but they are also very risky endeavors. 2 18.1 Entrepreneurship Entrepreneurs are risk takers who spot and pursue opportunities Entrepreneurs often share similar backgrounds and experiences Entrepreneurs often share similar personality traits Women and minority entrepreneurs are growing in numbers Social entrepreneurs seek novel solutions to pressing social problems 3 ENTREPRENEURSHIP Entrepreneurs Are Risk Takers Entrepreneurship Dynamic, risk-taking, creative, growth-oriented behavior Entrepreneur Person willing to pursue opportunities that others fail to recognize or view as problems Many entrepreneurs have started more than one business. 4 ENTREPRENEURSHIP Entrepreneurs Are Risk Takers First mover advantage Exploiting a new market opportunity before competitors Examples would be Amazon, Zappos and Blockbuster. 5 ENTREPRENEURSHIP Entrepreneurs Are Risk Takers Successful entrepreneurs This list is a profile of successful entrepreneurs. Most are not successful the first time they try. Some are never successful. 6 ENTREPRENEURSHIP Entrepreneur Characteristics Similar backgrounds Family environment Career and work history Windows of career opportunity Many have parents who owned businesses or were entrepreneurs. 7 ENTREPRENEURSHIP Entrepreneur Characteristics Intrapreneurs Employees of a larger firm that display entrepreneurial behavior such as developing a new product or process A popular example of intrapreneurship is Art Fry inventing Post-it notes at 3M. 8 ENTREPRENEURSHIP Entrepreneur Characteristics Who are the entrepreneurs? The more that apply, the better the chances of success. 9 ENTREPRENEURSHIP Women and Minorities Women and minority entrepreneurs are growing in numbers Necessity-based . | Chapter 18 Entrepreneurship and Small Business Exploring Management Chapter 18 What is entrepreneurship and who are entrepreneurs? What should we know about small businesses and how to start one? Entrepreneurship and Small Business are exciting and can be very rewarding but they are also very risky endeavors. 2 18.1 Entrepreneurship Entrepreneurs are risk takers who spot and pursue opportunities Entrepreneurs often share similar backgrounds and experiences Entrepreneurs often share similar personality traits Women and minority entrepreneurs are growing in numbers Social entrepreneurs seek novel solutions to pressing social problems 3 ENTREPRENEURSHIP Entrepreneurs Are Risk Takers Entrepreneurship Dynamic, risk-taking, creative, growth-oriented behavior Entrepreneur Person willing to pursue opportunities that others fail to recognize or view as problems Many entrepreneurs have started more than one business. 4 ENTREPRENEURSHIP Entrepreneurs Are Risk Takers First mover advantage .