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Learning Objectives
L01: Describe why people become entrepreneurs and what it takes, personally. L02: Summarize how to assess opportunities to start new companies. L03: Identify common causes of success and failure.
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What is an Entrepreneur?
Entrepreneur an individual who establishes a new organization without the benefit of corporate sponsorship.
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Small Business vs. Entrepreneurial Venture Small business: a business having fewer than 100 employees, independently owned and operated, not dominant in its field, and not characterized by many innovative practices. Entrepreneurial venture: A new business having growth and high profitability as primary objectives
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Myth #1: Anyone can start a business. Myth #2: Entrepreneurs are gambles Myth #3: Entrepreneurs want the whole show to themselves. Myth #4: Entrepreneurs are their own bosses and completely independent. Myth #5: Entrepreneurs work longer and harder than managers in big companies. Myth #6: Entrepreneurs experience a great deal of stress and pay a high price. Myth #7: Entrepreneurs are motivated solely by the quest for the almighty dollar.
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Myth #8: Entrepreneurs seek power and control over others. Myth #9: If an entrepreneur is talented, success will happen in a year or two. Myth #10: Any entrepreneur with a good idea can raise venture capital. Myth #11: In an entrepreneur has enough start-up capital, he or she cant miss. Myth #12: Entrepreneurs are lone wolves and cannot work with others. Myth #13: Unless you attained 600 on your SATS or GMATs, youll never be a successful entrepreneur.
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y Technological discoveries y Demographic changes y Lifestyle and taste changes y Economic dislocations y Calamities y Government initiatives and rule changes
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Franchises
An entrepreneurial alliance between a franchisor (an innovator who has created at least one successful store and wants to grow) and a franchisee (a partner who manages a new store of the same type in a new location).
y Franchisor an innovator who has created at least
one successful store and seeks partners to operate the same concept in other local markets. y Franchisee the operator of one or more stores according to the terms of the alliance.
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Read the story on page 104 Taavi McMahon had an idea for a business. Do you think it is a good idea? Why or why not? How is that idea reflected in his vision for CRBF? Do you think CRBF, PrarieFire, and INOV8 have a better chance of success with producing, distributing, and marketing their products than three giant corporations that are trying to do the same thing? What are the advantages and disadvantages of a small operation?
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Characteristics of an Entrepreneur
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Commitment and determination Leadership Opportunity obsession Tolerance of risk, ambiguity, and uncertainty Creativity, self-reliance, and ability to adapt Motivation to excel
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You might not enjoy it Survival is difficult Growth creates new challenges Its hard to delegate Misuse of funds Poor controls Mortality Going public
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Opportunity Analysis
A description of the good or service, an assessment of the opportunity, an assessment of the entrepreneur, specification of activities and resources needed to translate your idea into a viable business, and your source of capital.
y What market need does my idea fill? y What personal observations have I experienced or
recorded with regard to that market need? y What social condition underlies this market need?
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The People The Opportunity The Competition The Context Risk and reward
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Nonfinancial Resources
Legitimacy peoples judgment of a companys acceptance, appropriateness, and desirability, generally stemming from company goals and methods that are consistent with societal values. Social capital a competitive advantage from relationships with other people and the image other people have of you.
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Nonfinancial Resources
Top-management team Advisory boards Partners
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Get others in the organization to buy in or sign on Clearing the investment with your immediate boss Make cheerleaders people who will support the manager before formal approval from higher levels. Horse trading offer promises of payoffs from the project in return for support, time, money, and other resources that peers and others contribute Get the blessing of relevant higher-level officials
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Building in Intrapreneurship
Skunkworks a project team designated to produce a new, innovate product. Bootlegging informal work on projects, other than those officially assigned, of employees own choosing and initiative.
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Entrepreneurial Orientation
The tendency of an organization to identify and capitalize successfully on opportunities to launch new ventures by entering new or established markets with new or existing goods or services.
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