Entrepreneurship-Building a Dream

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 ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]

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 ,[object Object],[object Object],[object Object],[object Object],[object Object]

The Components of Successful Entrepreneurial Ventures Business Plan The Entrepreneur Opportunity Resources Organization Strategy

Outline of the Entrepreneurial Process Decide 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 ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],Continued

[object Object],[object Object],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.”

Rules of the Road 1. Spot the opportunity around you 2. Bring in the experts 3. Keep your options open 4. Be prepared to work 5. Learn when to hand off to suppliers 6. Look for value-added deals 7. Expand strategically 8. Think BIG 9. Lever relationships 10. Have a fallback

Entrepreneurship-Building a Dream

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