New Overview for Entrepreneurship 1

1. ENTREPRENEURSHIP
OVERVIEW
What is entrepreneurship?

2. Derived from the French
entreprendre
“to undertake, to pursue
opportunities, to fulfill needs and
wants through innovation”

3. • When Michael Dell started a business
selling custom made PC’s in his dorm room
at the University of Texas, reaching the list
of the most wealthy people in the US was
only a dream. Yet he has realized his dream.
• Dell sells more than $50 million worth of
computer products on the Internet each day
and he has obtained a net worth of $16.5
billion.

4. The Entrepreneurial Process
1. Conducting opportunity analysis
2. Developing the plan and setting up the
company
3. Acquiring financial partners and sources
of funding
4. Determining the resources required and
implementing the plan
5. Scaling and harvesting the venture

5. Entrepreneurship
is the creation of an innovative economic
organization (or network of organizations)
for the purpose of gain or growth under
conditions of risk or uncertainty.
An opportunity is the creation of an idea
to begin a business.
A venture is a business undertaking
involving risk.

6. Common Elements
of Entrepreneurship
• Creativity and Innovation
• Resource gathering and the founding of an
economic organization
• The chance for gain (or increase) under risk
and uncertainty

7. The Sacrifice That is Paid
to Be an Entrepreneur.
Entrepreneur
“Once you agree upon the price you and your
family must pay to be successful, it enables you to
ignore minor hurts, the opponent’s pressure, and
the temporary failures.”
-Vince Lombardi

8. Opportunity to do what you
enjoy and have fun at it
• Mike Becker transformed his passion for
nostalgia-based toys into a successful
business venture FUNKO INC.
• He invested $35K of his own money to
resurrect the “Bobblehead” selling over 2
million since 1998.
“As long as I’m doing what I want to
doand we’re making a profit…I can’t
imagine anything better.”

9. Components of an
Entrepreneurial Venture
• The Entrepreneur
• Opportunity
• Structure
– Form of Ownership/Operations/Etc.
• Resources
– Human/Financial/Equipment/Etc.
• Strategy
– Goal/Plan

10. Major Factors Contributing to the
Success of a Small Business
• Competence of the entrepreneur – has a knowledge of
how to start a business
• Product/service – provide a produce/service that the
public will buy.
• Financing – Money or investors to financially back the
venture
• Planning – Plans before beginning
• Management– Ability to coordinate people, processes,
and resources.
• Resources– Material, funds, etc. needed to begin a small
business.
• Image– Can earn the trust of the public.

11. PERSONAL CHARACTERISTICS
THAT ENTREPRENEURS POSSESS
• ENERGETIC & SELF-DEMANDING - requires
good health, work till the job gets done.
• TAKE CHARGE ATTITUDE - assertive,
persistent, and self-confident, desires to be the
decision maker.
• RESOURCEFUL - inquisitive, creative and
innovative, has the ability to think of several ways
to accomplish goals.
• INTEGRITY - reputation for long term success.
• RISK TAKER - willing to and enjoys risk.
• PROFIT ORIENTED - the bottom line.

12. Richard Foreman
President & CEO of Register.com
“Don’t give up. Don’t ever give
up. And when things look
worst, just don’t give up.”

13. SKILLS NECESSARY FOR SUCCESS
• COMMUNICATION - speak, write, listen, and
understand.
• HUMAN RELATION - people make your business. Must
be able to make customers feel welcome and maintain a
working relationship with business associates.
• MATH - real world.
• DECISION MAKING - have the skills to work out
problems and create new opportunities.
• PLANNING and ORGANIZATIONAL - don’t let things
happen, plan and make things happen.
• TECHNOLOGICAL – must have practical knowledge of
the tools and crafts that are necessary to successfully
operate your business.

14. LEADERSHIP STEPS
IN THE DECISION MAKING PROCESS
• IDENTIFY THE PROBLEM - problems have symptoms. You
need to look beyond the obvious to determine what is going on.
• LIST POSSIBLE SOLUTIONS/OPTIONS - gather
information to help you solve the problem. Do not rule out any
possibility.
• EVALUATE ALTERNATIVES - keep in touch with reality.
Get rid of wishful thinking. Be honest with yourself and the people
you are dealing with.
• CHOOSE A SOLUTION - the option that offers you the
highest chance for success. Think of the cost involved with
each option. Not only what it costs you but what it may cost
you if you do something else.
• ACT and GET FEEDBACK - Once you have selected a
solution to a problem, you need to take action to implement
your plan. Seek out feedback. What was the effect of your
decision.