1 16 14 Chapter 1 We cannot direct the wind but we can adjust the sails Bertha Calloway Entrepreneurship is a mindset that is Opportunity focused Innovative Growth oriented ENTREPRENEURSHIP IS SOMETHING THAT CAN BE TAUGHT New Venture Creation Process Individual entrepreneur and what he brings to the process Environment includes all external variables like markets industries suppliers Organization is all the strategic aspects of the new venture available resources strategic partnerships What an individual entrepreneur can bring to the table Education Approach Experience Cultural Background Resources Relationships Passion Confidence Creativity Environment factors Employees Location Philosophy Investors Resources available Process Industry Organization factors Legal Regulatory Economy Supplies Customers ENTREPRENEURIAL PROCESS IS NOT LINEAR you will have road blocks to overcome Entrepreneur Emerging Customer Segments New Customer Needs Unsatisfied Existing Needs Productivity Economic Growth New Methods of Manufacture Distribution Technological Change Higher ECONOMIC GROWTH TECHNOLOGICAL INNOVATION IS THE ENGINE OF GROWTH FOR THE U S ECONOMY IN THE CURRENT GLOBAL ARENA 99 7 of all U S employers are small businesses New Industry Formation Born when technological change produces a new opportunity that an enterprising entrepreneur seizes Metamorphic technologies destroy previous technologies create new industries An Entrepreneurial Venture brings something NEW to the marketplace Characteristics include Innovative Value creating Growth oriented You don t always have to be the first one to the dance sometimes it pays off to be fashionably late Kipp New Business Failure Not all businesses succeed in growing their start up into an established business Survival has been attributed to having sufficient capital having employees shows commitment and the entrepreneur s intention in starting the business Vital issue for entrepreneurs minimizing the cost of a possible failure rather than avoiding failure at all costs 1960 Bigger is better Diversification 1970 International competition Technical Revolution 1980 Decade of Entrepreneurship 1990 Internet Information 2000 Emergence of new media companies Knowledge Economy Entrepreneurial Trends Internet Globalization global competition Social Responsibility
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