ENTREPRENEURSHIP Building a Dream

“Entrepreneurship is the last refuge of the trouble making individual.”

Stage 1 What is Entrepreneurship?

Principal Reasons Why People Start Businesses of Their Own

•To achieve a sense of accomplishment 82%*

•To be their own boss 73%•To have an element of variety and adventure 66%•To make better use of their training and skills 63%•To be able to adapt their own approach to their work 62%•To be challenged by new opportunities 61%

* sums to more than 100% due to multiple responses

An Entrepreneur

Someone who perceives an opportunity and creates an organization to pursue it.

Bygraves

Entrepreneurs Can Play a Number of Roles in the Economy

1. Create new product and/or service businesses.2. Bring creative and innovative methods to developing

or producing new products or services.3. Provide employment opportunities and create new

jobs as a result of growing their businesses consistently and rapidly.

4. Help contribute to regional and national economic growth.

5. Encourage greater industrial efficiency/productivity to enhance our international competitiveness.

The Components of Successful Entrepreneurial Ventures

Business Plan

The Entrepreneur Opportunity

ResourcesOrganization

Strategy

Outline of the Entrepreneurial ProcessDecide to go into business for yourself

Assess your potential

Find an appropriate product or service idea

Buy a business Start a new business Acquire a franchise

Conduct a feasibility study

Technical feasibility Market acceptability Financial viability

Organize your business structure and legal requirements

Protect your idea

Arrange the necessary financing

Develop a comprehensive business plan

Myths About Entrepreneurship

Myth 1 Entrepreneurs are born, not made.Myth 2 Anyone can start a business. It’s just a matter of luck

and guts.Myth 3 Entrepreneurs are gamblers.Myth 4 Entrepreneurs want to run the whole show themselves.Myth 5 Entrepreneurs are their own bosses and completely

independent.Myth 6 Entrepreneurs work longer and harder than corporate

managers.Myth 7 Entrepreneurs face greater stress and more pressures,

and thus pay a higher personal price in their jobs than do other managers.

Continued

Myth 8 Starting a business is risky and often ends in failure.

Myth 9 Money is the most important ingredient for success.

Myth 10 New business start-ups are for the young and energetic.

Myth 11 Entrepreneurs are motivated solely by their quest for the almighty dollar.

Myth 12 Entrepreneurs seek power and control over other people so that they can feel “in charge.”

Myths About Entrepreneurship(Continued)

Rules of the Road

1. Spot the opportunity around you2. Bring in the experts3. Keep your options open4. Be prepared to work5. Learn when to hand off to suppliers6. Look for value-added deals7. Expand strategically8. Think BIG9. Lever relationships10. Have a fallback