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Entrepreneurship

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Entrepreneurship ­ MGT602
VU
Lesson 9
THE INDIVIDUAL ENTREPRENEUR (continued...)
LEARNING OBJECTIVES
1.
To identify some key entrepreneurial feelings and motivations.
2.
To identify key elements in an entrepreneur's background.
3.
To discuss the importance of role models and support systems.
4.
To identify the similarities and differences between male and female entrepreneurs.
5.
To explain the differences between inventors and entrepreneurs.
ENTREPRENEURIAL BACKGROUND AND CHARACTERISTICS
Education
Education appears important in the upbringing of the entrepreneur, in the level of education obtained and
in playing a major role in coping with problems. Although formal education is not necessary for starting a
new business, it does provide a good background. In education, female entrepreneurs previously
experienced some disadvantage, with few having degrees in engineering, science, or math. The ability to
deal with people and communicate clearly in written and spoken work is also important.
Personal Values
Studies have failed to indicate that entrepreneurs can be differentiated on personal valued from managers,
unsuccessful entrepreneurs, or the general public. Leadership, support, aggression, benevolence,
conformity, creativity, veracity, and resource seeking may also be important. A successful entrepreneur is
frequently characterized as a winner; winning may be a prerequisite for his or her actually becoming one.
Age
Entrepreneurial age is the age of the entrepreneur reflected in the experience. Entrepreneurial experience is
one of the best predictors of success. In chronological age, most entrepreneurs start their careers between
ages 22 and 55. Earlier starts in an entrepreneurial career seem to be better than later ones. Generally, male
entrepreneurs start their first venture in their early 30s, while women tend to do so in their middle 30s.
Work History
Dissatisfaction with one's job often motivates the launching of a new venture. Previous technical and
industry experience is also important once the decision to start a business is made. Experience in the
following areas is particularly important: financing; product or service development; manufacturing;
development of distribution channels; and preparation of a marketing plan. As the venture becomes
established, managerial experience and skills become more important. Entrepreneurial experience becomes
increasingly important as the complexity of the venture increases.
MOTIVATION
While motivations may vary, the reason cited most often for becoming an entrepreneur independence-not
wants to work for anyone else. Other motivating factors differ between male and female entrepreneurs.
Money is the second reason for men's starting a venture. Job satisfaction, achievement, opportunity, and
money are the second order reasons for women.
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Entrepreneurship ­ MGT602
VU
KEY TERMS
Motivations
That causes people to do something
Need for achievement
An individual's need to be recognized
Need for independence.
Being one's own boss-one of the strongest needs of an entrepreneur
Professional-support network
Individuals who help the entrepreneur in business activities
Role models
Individuals influencing an entrepreneur's career choice and style
Social status
The level at which an individual in viewed by society
Work history
The past work experiences of an individual
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Table of Contents:
  1. THE NATURE AND IMPORTANCE OF ENTREPRENEURSHIP:DEFINITION OF ENTREPRENEUR
  2. THE NATURE AND IMPORTANCE OF ENTREPRENEURSHIP:Possibility of New Venture Formation
  3. ENTREPRENEURIAL PROCESS/START UPS:GOVERNMENT AS AN INNOVATOR
  4. THE ENTREPRENEURIAL AND ENTREPRENEURIAL MIND:ENTREPRENEURIAL PROCESS
  5. THE ENTREPRENEURIAL AND ENTREPRENEURIAL MIND (continued…)
  6. THE ENTREPRENEURIAL AND ENTREPRENEURIAL MIND (continued…):CLIMATE FOR ENTREPRENEURSHIP
  7. THE ENTREPRENEURIAL AND ENTREPRENEURIAL MIND (continued…):PROBLEMS AND SUCCESSFUL EFFORTS
  8. THE INDIVIDUAL ENTREPRENEUR:ENTREPRENEURIAL BACKGROUND AND CHARACTERISTICS
  9. THE INDIVIDUAL ENTREPRENEUR (continued…):Personal Values, Work History, MOTIVATION
  10. THE INDIVIDUAL ENTREPRENEUR (continued…):ROLE MODELS AND SUPPORT SYSTEMS
  11. INTERNATIONAL ENTREPRENEURIAL OPPORTUNITIES:INTERNATIONAL ENTREPRENEURIAL OPPORTUNITIES, Minority interests
  12. INTERNATIONAL ENTREPRENEURIAL OPPORTUNITIES (continued…):DIRECT FOREIGN INVESTMENT
  13. INTERNATIONAL ENTREPRENEURIAL OPPORTUNITIES (continued…):BARRIERS TO INTERNATIONAL TRADE
  14. INTERNATIONAL ENTREPRENEURIAL OPPORTUNITIES (continued…):ENTREPRENEURIAL PARTNERING
  15. INTERNATIONAL ENTREPRENEURIAL OPPORTUNITIES (continued…):SOURCES OF NEW IDEAS
  16. CREATIVITY AND THE BUSINESS IDEA:METHODS OF GENERATING NEW IDEAS, CREATIVE PROBLEM SOLVING
  17. CREATIVITY AND THE BUSINESS IDEA:PRODUCT PLANNING AND DEVELOPMENT PROCESS
  18. LEGAL ISSUES FOR THE ENTREPRENEUR:NEED FOR A LAWYER, PATENTS
  19. LEGAL ISSUES FOR THE ENTREPRENEUR:TRADEMARKS, LICENSING
  20. LEGAL ISSUES FOR THE ENTREPRENEURS:PRODUCT SAFETY AND LIABILITY, INSURANCE
  21. CREATING AND STARTING THE VENTURE:WHAT IS THE BUSINESS PLAN, PRESENTING THE PLAN
  22. CREATING AND STARTING THE VENTURE (Continued….):WRITING THE BUSINESS PLAN
  23. CREATING AND STARTING THE VENTURE (Continued….):
  24. CREATING AND STARTING THE VENTURE (Continued….):WHY SOME BUSINESS PLANS FAIL, MARKETING PLAN
  25. THE MARKETING PLAN:MARKET RESEARCH FOR THE NEW VENTURE
  26. THE MARKETING MIX:STEPS IN PREPARING THE MARKETING PLAN
  27. THE ORGANIZATIONAL PLAN:DEVELOPING THE MANAGEMENT TEAM, LEGAL FORMS OF BUSINESS
  28. THE ORGANIZATIONAL PLAN (Continued….)
  29. THE ORGANIZATIONAL PLAN (Continued….):THE LIMITED LIABILITY COMPANY
  30. THE FINANCIAL PLAN:OPERATING AND CAPITAL BUDGETS
  31. THE FINANCIAL PLAN (Continued….):PRO FORMA INCOME STATEMENTS, PRO FORMA CASH FLOW
  32. PRO FORMA SOURCES AND USES OF FUNDS:PERSONAL FUNDS, FAMILY AND FRIENDS
  33. PRO FORMA SOURCES AND USES OF FUNDS:COMMERCIAL BANKS
  34. BANK LENDING DECISIONS:SMALL BUSINESS ADMINISTRATION LOANS
  35. SOURCES OF CAPITAL:GOVERNMENT GRANTS
  36. SOURCES OF CAPITAL:PRIVATE PLACEMENT, BOOTSTRAP FINANCING
  37. CAPITAL SOURCES IN PAKISTAN:PROVINCIAL LEVEL INSTITUTIONS, FINANCIAL INSTITUTIONS
  38. PREPARING FOR THE NEW VENTURE LAUNCH: EARLY MANAGEMENT DECISIONS (Continued….)
  39. PREPARING FOR THE NEW VENTURE LAUNCH: EARLY MANAGEMENT DECISIONS (Continued….)
  40. PREPARING FOR THE NEW VENTURE LAUNCH: EARLY MANAGEMENT DECISIONS (Continued….)
  41. PREPARING FOR THE NEW VENTURE LAUNCH: EARLY MANAGEMENT DECISIONS (Continued….)
  42. PREPARING FOR THE NEW VENTURE LAUNCH: EARLY MANAGEMENT DECISIONS (Continued….)
  43. NEW VENTURE EXPANSION STRATEGIES AND ISSUES:JOINT VENTURES, ACQUISITIONS
  44. NEW VENTURE EXPANSION STRATEGIES AND ISSUES (Continued….):DETERMINING THE PRICE FOR AN ACQUISITION
  45. ENTREPRENEURSHIP & PAKISTAN:GENDER DEVELOPMENT STATUS WOMAN AS AN ENTREPRENEUR IN PAKISTAN