BUS 185: BUS 185: Small Business Small Business Management Management
the foundations of the foundations of entrepreneurshipentrepreneurship
The World of the The World of the EntrepreneurEntrepreneur
Definition of EntrepreneurDefinition of Entrepreneur
……one who creates a new business in the one who creates a new business in the face of risk and uncertainty for the face of risk and uncertainty for the purpose of achieving profit and growth by purpose of achieving profit and growth by identifying significant opportunities and identifying significant opportunities and assembling the necessary resources to assembling the necessary resources to capitalize on them…capitalize on them…
Profile of an EntrepreneurProfile of an Entrepreneur
Desire for responsibilityDesire for responsibility Preference for moderate riskPreference for moderate risk Confidence in ability to Confidence in ability to
succeedsucceed Desire for immediate feedbackDesire for immediate feedback High level of energyHigh level of energy Future orientationFuture orientation Skill at organizingSkill at organizing Value of achievement over Value of achievement over
moneymoney
Characteristics of an Characteristics of an EntrepreneurEntrepreneur
High degree of High degree of
commitmentcommitment Tolerance for Tolerance for
ambiguityambiguity FlexibilityFlexibility TenacityTenacity
Benefits of Benefits of EntrepreneurshipEntrepreneurship
Opportunity to:Opportunity to: Create Your Own DestinyCreate Your Own Destiny Make a DifferenceMake a Difference Reach Your Full PotentialReach Your Full Potential Reap Impressive ProfitsReap Impressive Profits Contribute to Society & Be Contribute to Society & Be
Recognized for Your EffortsRecognized for Your Efforts Do What You Enjoy and Have Fun at itDo What You Enjoy and Have Fun at it
Drawbacks of Drawbacks of EntrepreneurshipEntrepreneurship
Uncertainty of IncomeUncertainty of Income Risk of Losing Your Entire InvestmentRisk of Losing Your Entire Investment Long Hours and Hard WorkLong Hours and Hard Work Lower Quality of Life until the Lower Quality of Life until the
Business is EstablishedBusiness is Established High Levels of StressHigh Levels of Stress Complete ResponsibilityComplete Responsibility DiscouragementDiscouragement
Factors that Feed the Factors that Feed the Entrepreneurial Fire Entrepreneurial Fire
Entrepreneurs as HeroesEntrepreneurs as Heroes Entrepreneurial EducationEntrepreneurial Education Demographic and Economic Demographic and Economic
FactorsFactors Shift to a Service EconomyShift to a Service Economy Technological AdvancesTechnological Advances Independent LifestyleIndependent Lifestyle E-Commerce and the E-Commerce and the
World Wide WebWorld Wide Web International OpportunitiesInternational Opportunities
Cultural Diversity of Cultural Diversity of EntrepreneurshipEntrepreneurship
YouthYouth WomenWomen MinorityMinority ImmigrantImmigrant Part-timePart-time Home-BasedHome-Based Family-ownedFamily-owned CopreneursCopreneurs Corporate CastoffsCorporate Castoffs Corporate DropoutsCorporate Dropouts Social EntrepreneursSocial Entrepreneurs
How to Transform an Idea How to Transform an Idea into Realityinto Reality
Step 1: Put your vision Step 1: Put your vision down on paperdown on paper
Step 2: Test it to see if it Step 2: Test it to see if it really is a good ideareally is a good idea
Step 3: Decide how Step 3: Decide how serious you are about serious you are about pursuing your idea and pursuing your idea and turning it into a business turning it into a business venture venture
10 Deadly Mistakes of 10 Deadly Mistakes of EntrepreneurshipEntrepreneurship
ManagementManagement Lack of ExperienceLack of Experience Poor financial controlPoor financial control Weak marketing effortsWeak marketing efforts Failure to develop a strategic Failure to develop a strategic
planplan Uncontrolled growthUncontrolled growth Poor locationPoor location Improper inventory controlImproper inventory control Incorrect pricingIncorrect pricing Inability to make the transitionInability to make the transition
Putting Failure Into Putting Failure Into PerspectivePerspective
If at first you don’t succeed, try, try If at first you don’t succeed, try, try again!again!
How to Avoid the PitfallsHow to Avoid the Pitfalls Know Your Know Your
Business in DepthBusiness in Depth Develop a Solid Develop a Solid
Business PlanBusiness Plan Manage Financial Manage Financial
ResourcesResources Understand Understand
Financial Financial StatementsStatements
Learn to Manage Learn to Manage People EffectivelyPeople Effectively
Keep in Tune with Keep in Tune with YourselfYourself
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