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ENTREPRENEURSHIP

Lecture No: 3

Resource Person:

Malik Jawad SaboorAssistant Professor

Department of Management SciencesCOMSATS Institute of Information Technology

Islamabad.

Previous Lecture Review

• Define the term entrepreneur

• Describe the entrepreneurial profile.

• Describe the benefits of entrepreneurship.

• Describe the drawbacks of entrepreneurship.

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Objectives

• Explain the forces that are driving the growth of entrepreneurship.

• Explain the cultural diversity of entrepreneurship.

• Put failure into proper perspective.

• Avoiding the Pitfalls of Small Business Failure.

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Feeding the Entrepreneurial Fire

• Entrepreneurs as heroes

• Entrepreneurial education

• Demographic and economic factors

• Shift to a service economy

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Feeding the Entrepreneurial Fire

• Technological advancements

• Independent lifestyles

• E-commerce and the World Wide Web

• International opportunities

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The Cultural Diversity of Entrepreneurship

• Young entrepreneurs• Women entrepreneurs• Minority-owned enterprises• Immigrant entrepreneurs• Part-time entrepreneurs

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The Cultural Diversity of Entrepreneurship

• Home-based businesses• Family businesses• Copreneurs• Corporate castoffs• Corporate dropouts

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Deadly Mistakes of Entrepreneurship

• Management mistakes• Lack of experience• Poor financial control• Weak marketing efforts• Failure to develop a strategic plan

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Ten Deadly Mistakes of Entrepreneurship

• Uncontrolled growth• Poor location• Improper inventory control• Incorrect pricing• Inability to make the “entrepreneurial

transition”

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Putting Failure into Perspective

• Entrepreneurs are not paralyzed by the prospect of failure.

• Failure – a natural part of the creative process.

• Successful entrepreneurs learn to fail intelligently.

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Avoiding the Pitfalls of Small Business Failure

• Know your business in depth• Develop a solid business plan• Manage financial resources• Understand financial statements• Learn to manage people effectively• Keep in tune with yourself

Lecture Review

• Explain the forces that are driving the growth of entrepreneurship.

• Explain the cultural diversity of entrepreneurship.

• Put failure into proper perspective.

• Avoiding the Pitfalls of Small Business Failure.

12Reference: Essentials of Entrepreneurship & Small Business Management,

Zimmer, Scarborough &Wilson, 5th Edition