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    Chapter 1 - The Nature and Importance of Entrepreneurs

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    Arman
    This document discusses the nature and importance of entrepreneurs. It covers the history of entrepreneurship from the earliest periods to modern times. Key factors affecting organizations like changing technology and new markets are also examined. The document analyzes market conditions that support innovation and entrepreneurship, such as a large market size and positive business laws. Principles of successful new ventures, the infrastructure needed to support innovation, and characteristics of entrepreneurial culture are also summarized.

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    Chapter 1 - The Nature and Importance of Entrepreneurs

    Uploaded by

    Arman
    5K views20 pages
    This document discusses the nature and importance of entrepreneurs. It covers the history of entrepreneurship from the earliest periods to modern times. Key factors affecting organizations like changing technology and new markets are also examined. The document analyzes market conditions that support innovation and entrepreneurship, such as a large market size and positive business laws. Principles of successful new ventures, the infrastructure needed to support innovation, and characteristics of entrepreneurial culture are also summarized.

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    This document discusses the nature and importance of entrepreneurs. It covers the history of entrepreneurship from the earliest periods to modern times. Key factors affecting organizations like changing technology and new markets are also examined. The document analyzes market conditions that support innovation and entrepreneurship, such as a large market size and positive business laws. Principles of successful new ventures, the infrastructure needed to support innovation, and characteristics of entrepreneurial culture are also summarized.

    Copyright:

    Attribution Non-Commercial (BY-NC)
    Download as PPT, PDF, TXT or read online from Scribd
    Download as ppt, pdf, or txt
    5K views20 pages

    Chapter 1 - The Nature and Importance of Entrepreneurs

    Uploaded by

    Arman
    This document discusses the nature and importance of entrepreneurs. It covers the history of entrepreneurship from the earliest periods to modern times. Key factors affecting organizations like changing technology and new markets are also examined. The document analyzes market conditions that support innovation and entrepreneurship, such as a large market size and positive business laws. Principles of successful new ventures, the infrastructure needed to support innovation, and characteristics of entrepreneurial culture are also summarized.

    Copyright:

    Attribution Non-Commercial (BY-NC)
    Download as PPT, PDF, TXT or read online from Scribd
    Download as ppt, pdf, or txt
    of 20

    1-1

    Chapter

    The Nature and Importance of Entrepreneurs

    1-2

    Development of Entrepreneurship
    Earliest Earliest Period- Marco Polo Middle Middle Ages- Theater, Architectural Works 17 17th Century- Mississippi Company 18 18th Century- Edison & Whitney 19 19th & 20th Centuries
    Organize/Operate Innovation

    1-3 McGraw-Hill

    2004 The McGraw-Hill Companies, Inc. All rights rese

    Environmental Factors Affecting Organizations


    Hypercompetition Changing Technology Short Product Life Cycles New Markets Changing Employee Drives/Motives Focus on Sales/Profits Available Capital
    1-4

    Economies
    Market-Oriented
    UNITED STATES

    Controlled
    CUBA

    Market Conditions

    Innovation Orientation

    Investment Community

    Entrepreneurship Culture

    1-5

    Market Conditions
    Large Market Easy To Form Company Positive Tax Structure Positive Media Coverage Code of Business/Contract Law Strong Govt Agencies- No Corruption Standard-Setting Associations Individual Investment Mentality
    1-6

    Principles for Successful New Venture


    1) Define Market 2) Durable Products18 Month Customer Payback 3) Market Growth = 3050% in 5 Years 4) Patent Protection 5) No Product Substitutions Available 6) Products Variants 7) No Strong Competition Present
    8) Quick Market Dominance 9) Gross Margin 30-50% 10)Staged Financing 11)ROI = 10X in 5 Years (25-30%/Year) 12)Positive Cash Flow in 18 Months 13)Strong Management in Industry
    1-7

    Infrastructure Needed for Innovation


    Long-Term Thinking Investment Community
    Banks Venture Capitalists Informal/Informed Private Investors (Angels)
    1-8

    Entrepreneurship Culture
    More New Ventures Than Anywhere In The World Concentrated Areas
    1-9

    Successful Entrepreneur
    Initiates Creation Process Devotes Time/Effort Assumes Risk Receives Rewards
    Independence Satisfaction Money
    1-10

    Entrepreneurial Decision
    Present Lifestyle Catalyst New Enterprise
    Desirable Possible
    1-11

    Drivers of New Venture Formation


    Desirability Influences
    Culture/Subculture Family/Peers Teachers

    Possibility Factors
    Government Background Marketing Role Models Finances
    1-12

    Types of Startups
    Lifestyle Foundation High Potential Gazelles
    1-13

    Entrepreneur & Economic Development


    Product-Evolution Process Iterative Synthesis Innovation
    Technological Breakthrough Government

    Technology Transfer Intrapreneurship vs. Entrepreneurship


    1-14

    Product Evolution
    Need Recognition Industrial

    Initiate Innovation

    Development

    Press To Invent
    1-15

    Careers/Education
    Life Space
    Work/Occupation Individual/Personal Nonwork/family

    Skills Required
    Technical Business Management Personal
    1-16

    Skills Required of Entrepreneur


    Technical
    Writing Oral Communication Monitoring The Environment Use Technology

    Business Management
    Planning Decision Making Human Relations Marketing (Selling)

    Personal
    Inner Control Risk Taking Innovative Change-Oriented Visionary
    1-17

    Ethics & Social Responsibility


    Ethics- Behavior/Morals in Business Value System
    Peer Pressure Social Norms Competitors Individual vs. Community
    1-18

    Future
    Entrepreneurial Education Government- Promotion Societys Support Corporate Intrapreneurship
    1-19

    Entrepreneurial Universities
    Activities
    Seminars Consulting Research Case Development Technology Development & Transfer Joint Ventures & Strategic Alliances
    1-20

    Structures

    Inputs

    Business Assistance Centers Incubators Innovation Centers Industrial Parks Enterprise Development Centers Venture Capital Exchanges Guest Lectures Board of Advisors/Trustees Internships Student Projects Source of Funds

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