1st Lecture

enterprise creation & development #lecture 1# challenge of entrepreneurship entrepreneurship in kbe who is the entrepreneur? what is the entrepreneurial process? social responsibilities why be an entrepreneur? entrepreneurial attributes why businesses fail? myths of entrepreneurship checklist for aspiring entrepreneurs recommended reading donald f kuratko and richard m hodgetts, entrepreneurship � theory, process and practice, 6th edition, 2003, thomson south-western, chapters 1, 2, 3, 4 and 6. jeffry a timmons and stephen spinelli, new venture creation � entrepreneurship for the 21st century, 6th edition, 2003, mcgraw-hill, chapters 1, 2, 7, 8 and 10. megginson, byrd, megginson - small business management, an entrepreneurs guidebook, 5th edition, chapter 1 entrepreneurship : #an evolving concept �most of what you hear about entrepreneurship is all wrong. it�s not magic; it�s not mysterious; and it has nothing to do with genes. it�s a discipline and, like any discipline, it can be learned.� peter f. drucker innovation and entrepreneurship

entrepreneurial venture vs small business entrepreneurial venture : __________ and ______ small business : ____________ owned and operated, is not dominant in its field, and doesn�t engage in new or innovative practices. the pyramid of social responsibility social entrepreneur a pragmatic visionary who achieves large scale, systemic and sustainable social change through a new invention, a different approach, a more rigorous application of known technologies or strategies, or a combination of these. combines the characteristics represented by richard branson and mother teresa. for more info : www.schwabfound.org

achieve ____________ obtain additional _______ help their families provide products not available elsewhere

managers managers of large companies tend to seek : ________ ______ _______

_________ key elements in entrepreneur�s background supportive childhood family environment. having a father who is self-employed helps. education is important. aged 22-45 when starting venture. work history: dissatisfied with company job but has technical knowledge. successful entrepreneurs while in the ph.d program in computer science at stanford university, he met sergey brin and together they developed and ran � ? �, which began operating in 1998 and currently employing more than 1900 employees. successful entrepreneurs age : 45, self made value of company : s$270 mil. adopted at birth by an elderly woman, never knew her biological parents hometown : kampar, a poor malaysian mining town worked her way through college and graduated with a b.science (hons) from nus. started company 15 yrs ago, at age 28, with $20,000 savings. nominated mp and her world magazine �woman of the year 2002�.

types of skills required in entrepreneurship techniques taught in entrepreneurship myths of entrepreneurship myths (continuation) entrepreneurs must fit the �profile� all you need is ______ to be an entrepreneur all you need is _____ to be an entrepreneur ignorance is bliss for an entrepreneur entrepreneurs seek success but experience high failure rates entrepreneurs are extreme risk takers (gamblers) checklist for aspiring entrepreneurs do it for passion not money do something you know about don�t give up too early have a mentor have appropriate funding be a good cash manager build sales first don�t try to rush be wary of bad advice or suppliers summary entrepreneurial process different entrepreneurial attributes causes of business failures checklist for entrepreneurs video screening � the makings of an entrepreneur