Barringer Ppt

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1-1©2006 Prentice Hall

Lecture

Outline

Entrepreneurship:

Successfully Launching

New Ventures, 1/eBruce R. Barringer

R. Duane Ireland




Chapter 1

Entrepreneurship:

Successfully Launching

New Ventures, 1/e

Bruce R. Barringer

R. Duane Ireland




Chapter Objectives (1 of 2

1. !"plain entrepreneurship and discuss itsi#portance.

2. Describe corporate entrepreneurship and its use in

established fir#s.$. Discuss three #ain reasons that people beco#e

entrepreneurs.

%. Identif& four #ain characteristics of successful

entrepreneurs.'. !"plain the five co##on #&ths regarding

entrepreneurs.




Chapter Objectives(2 of 2

. Discuss the econo#ic i#pact of entrepreneurial

fir#s.

) Discuss the i#pact of entrepreneurial fir#s on

societ&.

) Identif& *a&s in *hich large fir#s benefit fro# the

presence of s#aller entrepreneurial fir#s.

) !"plain the entrepreneurial process.




Introduction to !ntrepreneurship

+here is tre#endous

interest in

entrepreneurship aroundthe *orld.

,ccording to the -!

2//$ stud&0 about $//#illion people0 or 12.'0

of the adults in the %/

countries surve&ed0 are

involved in for#ing

ne* businesses.




hat is !ntrepreneurship3(1 of $

) Origin of the ord 4!ntrepreneur5 6 +he *ord *as originall& used to describe people *ho 4ta7e

on the ris75 bet*een bu&ers and sellers or 4underta7e5 atas7 such as starting a ne* venture.

6 +he 4underta7e5 interpretation of the *ord has been centralto its usage in !nglish.

) Difference Bet*een an Inventor and an !ntrepreneur 6 ,n inventor creates so#ething ne*.

6 ,n entrepreneur puts together all the resources needed8the#one&0 the people0 the strateg&0 and the ris7 bearing abilit&to transfor# the invention into a viable business.




hat is !ntrepreneurship3(2 of $

) !ntrepreneurship Defined

6 !ntrepreneurship is the process b& *hich individuals

pursue opportunities *ithout regard to the resources the&

currentl& control. 6 +he essence of entrepreneurial behavior is identif&ing

opportunities and putting useful ideas into practice.

6 +he set of tas7s called for b& this behavior can be

acco#plished b& either an individual or a group andt&picall& re9uires creativit&0 drive0 and a *illingness to ta7e

ris7s.




hat is !ntrepreneurship3($ of $

eBa& Case

:ierre O#id&ar;ounder of eBa&

,ll these 9ualities *ere e"e#plified b&

:ierre O#id&ar0 the founder of eBa&.

O#ida&ar sa* an opportunit& to createa #ar7etplace *here people could find

each other online0 he ris7ed his career

b& 9uitting his job to *or7 on eBa& full

ti#e0 and he *or7ed hard to build a

profitable co#pan& that delivers a

creative and useful service to its

custo#ers.




Corporate !ntrepreneurship(1 of 2

) Corporate !ntrepreneurship

6 Is the conceptuali<ation of entrepreneurship at the fir#

level.

6 ,ll fir#s fall along a conceptual continuu# that rangesfro# highl& conservative to highl& entrepreneurial.

6 +he position of a fir# on this continuu# is referred to as its

entrepreneurial intensive.




Corporate !ntrepreneurship(2 of 2

!ntrepreneurial ;ir#s Conservative ;ir#s

) :roactive

) Innovative

) Ris7 ta7ing

) +a7e a #ore 4*ait and see5

posture

) Less innovative

) Ris7 adverse






Characteristics of =uccessful !ntrepreneurs(1 of 2

) :assion for the Business

6 +he nu#ber one characteristic shared b& successful

entrepreneurs is a passion for the business.

6 +his passion t&picall& ste#s fro# the entrepreneur>s beliefthat the business *ill positivel& influence people>s lives.

) :roduct?Custo#er ;ocus

6 , second defining characteristic of successful entrepreneurs

is a product?custo#er focus. 6 ,n entrepreneur>s 7een focus on products and custo#ers

t&picall& ste#s fro# the fact that #ost entrepreneurs are0 at

heart0 craftspeople.




Characteristics of =uccessful !ntrepreneurs(2 of 2

) +enacit& Despite ;ailure

6 Because entrepreneurs are t&picall& tr&ing so#ething ne*0

the failure rate is naturall& high.

6 , defining characteristic for successful entrepreneurs istheir abilit& to persevere through setbac7s and failures.

) !"ecution Intelligence

6 +he abilit& to fashion a solid business idea into a viable

business is a 7e& characteristic of successful entrepreneurs.) +he abilit& to translate thought0 creativit&0 and i#agination into

action and #easurable results is the essence of e"ecution

intelligence.




Co##on &ths ,bout !ntrepreneurs(1 of '

) &th 1@ !ntrepreneurs ,re Born Aot ade

6 +his #&th is based on the #ista7en belief that so#e people

are geneticall& predisposed to be entrepreneurs.

6 +he consensus of #an& studies is that no one is 4born5 to be an entrepreneur ever&one has the potential to beco#e

one.

6 hether so#eone does or doesn>t beco#e an entrepreneur0

is a function of the environ#ent0 life e"periences0 and personal choices.




Co##on &ths ,bout !ntrepreneurs(2 of '

,lthough no one is 4born5 to be an entrepreneur0 there are co##on personalit& traits and characteristics of successful entrepreneurs.




Co##on &ths ,bout !ntrepreneurs($ of '

) &th 2@ !ntrepreneurs ,re -a#blers

6 , second #&th about entrepreneurs is that the& are

ga#blers and ta7e big ris7s. +he truth is0 #ost

entrepreneurs are #oderate ris7 ta7ers. 6 +he idea that entrepreneurs are ga#blers originates fro#

t*o sources@

) !ntrepreneurs t&picall& have jobs that are less structured0 and so

the& face a #ore uncertain set of possibilities than people in

traditional jobs.

) an& entrepreneurs have a strong need to achieve and set

challenging goals0 a behavior that is often e9uated *ith ris7 ta7ing.




Co##on &ths ,bout !ntrepreneurs(% of '

) &th $@ !ntrepreneurs ,re otivated :ri#aril& b&

one&.

6 hile it is nave to thin7 that entrepreneurs don>t see7

financial re*ards0 #one& is rarel& the reason entrepreneursstart ne* fir#s.

6 In fact0 so#e entrepreneurs *arn that the pursuit of #one&

can be distracting.




Co##on &ths ,bout !ntrepreneurs(' of '

) &th %@ !ntrepreneurs =hould Be oung ,nd

!nergetic.

6 +he average entrepreneur is $' to %' &ears old and has 1/

or #ore &ears of e"perience in a large fir#. 6 hile it is i#portant to be energetic0 investors often cite

the strength of the entrepreneur as their #ost i#portant

criteria in #a7ing invest#ent decisions.

) hat #a7es an entrepreneur 4strong5 in the e&es of an investor ise"perience0 #aturit&0 a solid reputation0 and a trac7 record of

success.

) +hese criteria often favor older rather than &ounger entrepreneurs.




!cono#ic I#pact of !ntrepreneurial ;ir#s(1 of 2

) Innovation

6 Is the process of creating so#ething ne*0 *hich is central

to the entrepreneurial process.

6 =#all entrepreneurial fir#s are responsible for over t*oEthirds of all innovations in the F.=.

) Gob Creation

6 In the past t*o decades0 econo#ic activit& has #oved in

the direction of s#aller entrepreneurial fir#s0 *hich #a& be due to their uni9ue abilit& to innovate and focus on

speciali<ed tas7s.




!cono#ic I#pact of !ntrepreneurial ;ir#s(2 of 2

) -lobali<ation

6 +oda&0 over H of all F.=. e"porters are s#all businesses

*ith fe*er than '// e#plo&ees.

6 !"port #ar7ets are vital to the F.=. econo#& and provideoutlets for the sale of F.=. produced products and services.




!ntrepreneurial ;ir#s> I#pact on =ociet&

and Larger ;ir#s

) I#pact on =ociet&

6 +he innovations of entrepreneurial fir#s have a dra#atic

i#pact on societ&.

6 +hin7 of all the ne* products and services that #a7e ourlives easier0 enhance our productivit& at *or70 i#prove our

health0 and entertain us in ne* *a&s.

) I#pact on Larger ;ir#s

6 an& entrepreneurial fir#s have built their entire business#odels around producing products and services that help

larger fir#s beco#e #ore efficient and effective.




+he !ntrepreneurial :rocess(1 of 1

+he !ntrepreneurial :rocess Consists of ;our =teps

=tep 1@ Deciding to beco#e an entrepreneur

=tep 2@ Developing successful business ideas =tep $@ oving fro# an idea to an entrepreneurial fir#

=tep %@ anaging and gro*ing the entrepreneurial fir#

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Barringer Ppt