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- 2. Entrepreneurship Glenn Muske Micro Business Specialist Oklahoma State University
- 7. The Myths of Entrepreneurship
- 23. Be my own boss! MONEY LIFE STYLE Time With Family
- 24. ?? Tell a time when you were entrepreneurial ?? Were you successful??
- 27. Entrepreneurial Opportunity Grid Product/Service Existing New Existing New Market Market Penetration Diversification New Offering Development Market Development
- 29. "Don't be afraid to take a big step if one is indicated; you can't cross a chasm in two small jumps." David Lloyd George
- 37. Customer requirement Find a consumer Product Technology NOT Product solution
- 39. Time is money! Delays give others time to develop the same product.
- 40. Reduce product development time by 1/3 & you will triple profits & growth.
- 42. Resource Gathering Resourced-based Theory of Entrepreneurship
- 43. Dimensions of Entrepreneurship New Venture Creation Individual Characteristics Constraints in the Environment Organization Environment
- 46. Competitive Advantage Difficult Substitutable Many & easy Complex & ambiguous Imitable Ordinary Unique & expensive Rare Readily available & cheap Exploits opportunities Valuable Common Advantage Resource Dimension No Advantage
- 48. Risk and Reward
- 49. If the business succeeds, the entrepreneur reaps the reward of profits; if it fails, one takes the loss.
- 55. "I never failed once. It just happened to be a 200l-step process." Thomas A. Edison
- 58. The Social Sciences on “What Makes an Entrepreneur”
- 66. Entrepreneurs and the Community
- 73. Comparing Entrepreneurs to Managers and Leaders Inspires trust Relies on control Builds the team Uses influence Does things right Makes it happen Asks what and why Asks how and when Asks how and when Sees the future See problems Sees opportunities Develops Maintains Creates Innovates Administers Innovates Leader Manager Entrepreneur
- 76. Entrepreneurs and the Community What they bring
- 79. Metro, Micro, Rural Comparison 20% of OK households own & run a business 65% 46% 48% Spouse in bus. 70% 63% 66% Home-based 78% 74% 62% Family bus. Ag/For/Fish Construction, FIRE & Service Ag/For/Fish Service Retail Service Construction Retail Primary bus. Rural (n=46) Micro (n=54) Metro (n=146)
- 80. Metro, Micro, Rural Comparison 2.11 2.04 1.83 Avg # empl $162,190 $40,000 $333,589 $35,000 $241,891 $49,000 Gross inc. - Mean - Median Rural (n=46) Micro (n=54) Metro (n=146)
- 83. Creating Entrepreneurial Communities People Informal Organizations Formal Institutions
- 103. Entrepreneurs All are not equal, nor do they want to be!!
- 105. Family Business Names Cargill Koch Industries Ikea Cox Communication Enterprise Rent-A-Car Hallmark Levi Strauss Kohler Wal-Mart Ford Weyerhaeuser Michelin Gap Anheuser-Busch Tyson Foods Dillards
- 107. Sustainable Family Business Model Available Resources and Constraints PROCESSES Time of Stability Interpersonal Transactions Resource Constraints Times of Change Interpersonal Transactions Resource Transactions Achievements Objective Success Subjective Success BUSINESS Disruptions in Family/Business Transactions Responses to Disruptions in Family/Business Transactions Sustainability Available Resources and Constraints PROCESSES Time of Stability Interpersonal Transactions Resource Constraints Time of Change Interpersonal Transactions Resource Transactions Achievements Objective Success Subjective Success
- 115. Marketing Strategies for Farmers & Ranchers Reap New Profits :
- 116. Farmers Markets
- 117. “ People don’t come all the way out here to get cheap food. They come because it’s fun and the berries are absolutely fresh.” -- Earnie Bohner, Persimmon Hill Berry Farm Pick Your Own
- 123. Minorities and Women
- 129. Highlights
- 132. One Last Myth The key to success is a great idea Good idea Great plan Passion! The keys are:
- 133. How Extension can help?
- 138. Entrepreneurship Glenn Muske Micro Business Specialist Oklahoma State University
Notas del editor
- The interviews on the CD talk about personal passion. Be sure that students visit the entrepreneurs on the CD and hear their stories. Most people start a business because of a passion
- These are the questions you might often hear
- These are the questions that you need to direct the entrepreneur into examining.
- The five steps are grouped into 2 overall process categories.
- This quote focuses on the customer and what they need. A short discussion of needs is appropriate here. Needs are what the customer wants and is willing to pay for. New software that enhances images in ways the customer is not interested is not going to generate business. You must convince the customer that it is easier, better, faster, etc. and make the technology part of the solution.
- Remind the students that they have already started to gather market data information in Unit 3. This question encourages the student to consider the macro environment as well as timing. Often products or services are introduced simply before the public is willing to accept them. Car safety issues were introduced in the mid-1930’s. Yet it was not until the mid-1970’s that the public became concerned about it. Finally the business must build on its strengths. It is usually not an effective strategy for a small business to attempt to introduce a new product or service that is not in alignment with the existing company focus.
- Product development times are rapidly shrinking, especially where one firm is trying to imitate another.
- All entrepreneurs risk some of their own resources. For most entrepreneurs that includes some of their financial resources. All entrepreneurs risk the use of their time.
- Point out that not all failures mean a loss to the owner. These numbers include businesses that are simply closed or sold. Also most business closings are done without leaving any outstanding debt.
- These traits can be summarized into 4 categories. Energy/motivation - #1, 9, 10, 11 & 16 Business orientation - #3, 7, 12, 13 & 15 Business attitude - # 4, 5, 6 & 14 People skills - #2, 3 & 17 Notice however that there is no score for passion. That is something that cannot be measured.
- Psychologists have also looked at the personality from the perspective of what drives us. They have evaluated entrepreneurs on these three attributes.
- Some researchers have evaluated what they call “career anchors.” These anchors represent our most significant motivator.
- Some research has looked at the idea that entrepreneurs are not entirely self-determined, but that the environment in which we live has a significant impact on our decision to start a business. Negative displacement - immigrant status (immigrants are more likely to own a business overall but some nationalities are even more likely), fired, angry, bored, middle-age, divorced Between things - army, school, prison Positive pull - partner, mentor, investor, customer Positive push - father, career, motivation, experience
- Perceptions of desirability - culture, family, colleagues, mentors, peers Perceptions of feasibility - support, demonstration, models, mentors, partners
- Entrepreneurs see change as a positive thing. The entrepreneur desires to be a part of the change process.
- Small business - Based on number of employees or sales Micro business - 10 employees or less Home-based business - Work done in the home or from that property that results in income and for which there is no other regular scheduled work place Family business - Business owned by 2 or more related individuals working together in business Underground economy – illegal, unreported, no desire for visibility, Formal economy – visible, formal, reported, regulated, etc - Desired is the “gazelles” Informal – range from totally informal through obey some regs /declare some inc to planning to go formal - legal but unregulated - typically a cash economy - often patching together income – (1) fill a dead season, (2) pay essential bills, (3) provide extra income - often not primary source of income, just a small part constraints - market small & local - regulations - production - personal & household responsibilities - why - way to earn income - small scale, can get in or out - activity new and untested
- This chart just shows some of the same information we just looked at only now broken down by where the business is located, in a metropolitan area, in a micropolitan area (city of 50,000 that is a trade center), or in a rural area.
- Again just looking at the businesses by where they are located.
- Needs to include problem solving, creative thinking, English, business skills, futuristic thinking
- Howard Schultz - Starbucks
- So how do you reach success? As mentioned in the myths, people will not typically beat a path to your door if you have the greatest idea. Your idea needs to be good in the sense it must meet people’s needs by offering them the benefits they want – not the features but the benefits. What is more important is that a great plan be built around the good idea. Parts of the plan include where and how to market the product or service, the “right” price, record keeping, locating other professionals to be part of your team, etc. Finally the owner need commitment – to continue on when nothing seems to be going right or sitting all day without one customer entering the door.
- So what can you do? First, undertand the owner’s priorities - Understand where they are at and their goals. Is this something to fill-in-the-gaps or are they aiming for the next Microsoft. - Fit your assistance and program to that - Help them understand it is a business. If a person is just interested in operating a hobby (best defined as not interested in making a profit), they will provide little spark to the local economy. - Assist in pricing - Help them understand the business must pay market-rate compensation for owner’s time - How can decrease costs (example, buying at the market or wholesale) - Assist in formalizing business - feasibility assessment - marketing and promotion How you do any of the above depends on your comfort in answering the question, the other resources you have at hand, and the owner’s specific need? We can do general education and develop community support to ensure our community has a flow of new entrepreneurs. However once in business, often the owner’s needs require one-on-one assistance immediately either by yourself or through some partnering/mentoring program.