PowerPoint Presentation by Charlie Cook, The University of West Alabama

© 2010 Cengage Learning. All Rights Reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible Web site, in whole or in part.

The Entrepreneurial LifeThe Entrepreneurial Life

PART 1

Entrepreneurship: A World of Opportunity

PART 1

Entrepreneurship: A World of Opportunity

Change – Change - Change

� Lived in Caves 650

If Modern Humans existed for 800 lifetimes:If Modern Humans existed for 800 lifetimes:If Modern Humans existed for 800 lifetimes:If Modern Humans existed for 800 lifetimes:

� Have Written Word 70

� Have Printed Word 6

� Can Tell Accurate Time 4

� Have a Basic Electric Motor 2

� What happened during your lifetime?

� What might happen during your child’s lifetime?

� What might the future look like? FILM (5 min)

� How can we prepare? VIDEO (5 min)

1–5

Change is Inevitable

SO . . . Must continually seek improvements

Trust is essential

• Energizes change in the company

• Improves bottom-line

• TRUST ENABLES

1–6

Establishing Trust

Need a combination of:

• Communications

• Respecting peoples ideas

• Following through on commitments

• Recognizing strengths & weaknesses

• Willingness to admit mistakes

Socializing Trends & Technology

Socializing Trends & Technology

Grab a cup of coffee

Dine out at your favorite restaurant

Spend some time at the museum Relax at the beach

Socializing Trends & Technology

Go to a game

How much time do you spend texting?Are cell phones and texting addictive?

Texting in Class

Technology in the classroom . . . Appropriateness

If you have an emergency and

need to receive a text or call –

this is fine

If you habitually text in class –

this is not OK (even if you are

addicted to texting)

Laptop use OK - if it does not

cause any distractions – not

allowed during exam review

1–27

Exhibit 1.1 The Independent Entrepreneur

Source: © Johnny Hart/Creators Syndicate Inc.

1–29

Entrepreneurs Worldwide

Opportunity Necessity OtherOpportunity Necessity Other

1–30

Entrepreneurial Opportunities

“Frustrations that lead to start ups”

Start Up Ideas

Have you ever thought of starting your own

business?

If so, what type of business would

you like to start?

If not, what do you think is the

biggest challenge?

1–31

What Is a Small Business?

Defining Smallness

1. Financing supplied by one person or small group

2. Localized business operations (except marketing)

3. Business’ size small relative to larger competitors

4. Fewer than 100 employees

1–34

Exhibit 1.2 Entrepreneurial Incentives

1–37

Small Business Growth Potential and Profits

• High-Potential Venture (Gazelle)

� Has great prospects for growth

• Attractive Small Firm

� Provides substantial profits to its owner

• Microbusiness

� Provides minimal profits to its owner

• Lifestyle Business

� Permits the owner to follow a desired pattern of living

1–44

Age

Early Career Concerns

1. Getting an education

2. Gaining work experience

3. Acquiring financial

resources

Late Career Concerns

1. Fulfilling familyresponsibilities

2. Attaining seniorityin employment

3. Earning investment ina retirement program

25 35 4520

Getting Started

• Age and Entrepreneurial Opportunity

• Ideal age to start = late 20s to early 40s

1–47

Getting Started (cont’d)

Characteristics of Successful

Entrepreneurs

Strong Commitmentto the Business

(Tenacity)

Moderate Risk Takers(Financial, Career, Psychic Risks)

Strong Internal Locus of Control (Self-Reliance)

1–50

Getting Started

• Taking the Plunge

� Precipitating event

� An event, such as losing a job, that moves an individual to become an entrepreneur.

• Finding “Go-To” Persons

� Mentors for advice and counsel

1–54

How We Work – Change . . .

Great Book: 4 Hour Work WeekBook Review (6 min)Video

While watching the film:1. What tips does the author provide?2. What new ideas can you use? How?

How to outsource a start-up FILM (2 min)Go to:

http://www.domystuff.comhttp://www.fiverr.comhttp://www.virtualassistants.com/http://www.elance.comhttp://www.b2kcorp.comhttp://www.guru.com

Would you use any of these outsourcing services?