Largest businesses which have continued to shed
Entrepreneur
·
One who creates a new
business in the face of risk and uncertainty for the purpose of achieving
profit and growth by identifying significant opportunities and assembling the
necessary resources to capitalize on them. (Class: not as a profession but as a
method and process) -creating value for a specific set of stakeholders
Best places for
business
·
Denmark
Canada
United States
Sweden
New Zealand
Most important skills
of an entrepreneur
·
Persuasion
Leadership
Personal Accountability
Characteristics of an
entrepreneur
·
High degree of
commitment
Tolerance of ambiguity
Flexibility
Hard work ethic
Tenacity
Diversity
·
Central characteristic
of entrepreneurship, they are also called nonconformists
Opportunity Entrepreneurs
·
People who start a
business because they spot an opportunity in the marketplace
Necessity Entrepreneur
·
Start businesses
because they cannot find work any other way
Leapfroggers
·
People who start a
company, manage its growth until they get bored, and then sell it to start
another
Jugglers
·
Also known as a
parallel entrepreneur -people who start and manage several companies at once
Social
Entrepreneurship
·
People who use their
skills not only to create profitable businesses but also to achieve economic,
social, and environmental goals for the common good
What are the most
trusted institutions in the United States?
·
Small Businesses
Benefits of
Entrepreneurship
·
Create your own
destiny
Make a difference
Reach your full potential
Reap impressive profits
Do what you enjoy
Drawbacks of
Entrepreneurship
·
Uncertainty of income
Risk of losing your entire investment
Long hours and hard work
High levels of stress
Complete responsibility
Cloud Computing
·
Internet-based
subscription or pay-per-use software services that allow business owners to use
a variety of business applications, from database to management and inventory
control to customer relationship management and accounting (reduces start-up
and operating costs)
Micromultinationals
·
Small companies that
operate globally from their inception (companies once had to grow into the
global markets, today small businesses can have a global scope from their
inception)
Entrepreneurs
·
Young, women,
minority, immigrants, part-time, home-based, corporate castoffs (downsizing),
corporate dropouts (left due to job insecurity), retiring baby boomers
Family-Owned
Businesses
·
One that includes two
or more members of a family with financial control of the company
Copreneurs
·
Entrepreneurial
couples who work together as co-owners of their businesses
Small Business
·
One that employs fewer
than 100 people (99.7% of businesses, mostly service and retail). Create more
jobs than big businesses
Gazelles
·
Small companies that
are growing at 20% or more per year with at least $100,000 in annual sales;
they create 70% of net new jobs in the economy
Mice
·
Small companies that
don't grow much and don't create any jobs (most small businesses)
Elephants
·
Largest businesses
which have continued to shed jobs for several years
How to avoid pitfalls
·
Know your business in
depth
Develop a solid business plan (planning tool for transforming an idea into a
reality) - switch away from the business plan towards a more experimental
approach
Manage financial resources (have adequate capital - estimate what you will need
and double the figure)
Understand financial statements (at least basic knowledge of accounting and
finance)
Learn to manage people effectively
Set your business apart from the competition
Maintain a positive attitude
USA 
India