Entrpreneurship a mindset or way of thinking that is opportunity focused innovative and growth oriented It can be a set of behaviors Entrepreneurs recognize the opportunity gather the resources to execute the opportunity drive opportunity towards completion What is it all about It is about novel entry into new or established markets and about exploiting new or existing products or services 1960s ginantic companies were the norm the companies lacked competition from Europe and Japan at the time 1970s We saw the macroeconomic turmoil internation competition technological revolution 1980s inflated rates because of Vietnam creative financing no job security Smaller businesses became prominent Civil service was a secure job solo entrpernuership small businesses 1990s high tech entrepreneurial era the information age commercial internet allowed people to compete on higher levels Team based entrepernuship 2000s the internet and beyond y2k dot com era interest in non internet ways was wanning Use tools as opposed to physical labor Low cost competition intristic passion is one of the only characteristics that you must have characteristics of an entrepreneur for a new venture entry strategy business model concept start up resources risks and rewards founding team location process the enviornement of an entrepreneur markets customers competition industry opinion leaders real estate availability laws and regulations investment capital professional service providers labor supply value chain partners important characteristics of outcome economic growth industry formation and job creation economic growth technology is the leading force behind economic growth It also comes about through investment trade interactions Technological change occurs when an entrpernuer identifies new customer segments that appear to be emerging new customer needs existing customer needs that have not yet been satisfied new ways to manufacture or distribute 2 play a huge role Innovation and invention new industry formation new industries are born when technological change produces a novel opportunity that an enterprising entreperenur seizes The Industry life cycle phases formation consolidation mature decline The Industry life cycle shows the life cycle of an industry relative to gross domestic product and the number of firms entering and remaining in the industry at any given point and time Read Graph When GDP declines the number of firms don t decline infact they become more productive Job creation entrepreneurial ventures are responsible for significant job creation Intrapreneur someone who starts something within a business corportate venturer Entrpreneur starts something out of the adult population When a company starts it can grow at a higher rate than normal persist to survive to move into the adolecent stage abandoned by its founders Globalization helps because people can now compete with wholesalers and retailors but also a flaw because they are competing with such high things The home based entrprenuer home based businesses many are hobby businesses consulting and freelance type US tax laws make it easier to run a business because you can take a home deduction Low over head reduced risk The internet entrepreneur conduct all business on the internet Companies like GAP use it for the distrbuion aspect Low cost a good place to test the waters The serial entrpreneur people who enjoy the prelaunch so much become impatient and start the next one Portfolio entrprenuer a person who owns a minority or majority stake in several ventures Traditional Entrepneur starts bricks and mortar businesses and builds it to a point where wealth can be harvested Retail manufacturing health care etc Non profit Entrepernur socially responsible focus on educational religious charitable goals They can make a profit Corporate venturer chose a start up with low barriers environment is uncertain breakthrough high failure risk new ideas
View Full Document
Unlocking...