Entrepreneurship 9e. - Cengage

Entrepreneurship 9e. - Cengage

Part I Understanding the Entrepreneurial Mind-Set Introduction to Entrepreneurshi p, Ninth Edition Chapter 1 The Revolutionary Impact of Entrepreneurshi p PowerPoint PowerPoint Presentation Presentation by by Charlie Charlie Cook Cook

2014 Cengage Learning. All rights reserved. This edition is intended for use outside of the U.S. only, with content that may be different from the U.S. Edition. May not be scanned, copied, duplicated, or posted to a publicly accessible website, in whole or in part. Chapter Objectives 1. To examine the historical development of 2. 3. 4. 5. 6. 7. entrepreneurship To explore and debunk the myths of entrepreneurship To define and explore the major schools of entrepreneurial thought To explain the process approaches to the study of entrepreneurship To set forth a comprehensive definition of entrepreneurship To examine the entrepreneurial revolution taking place today

To illustrate todays entrepreneurial environment 2014 Cengage Learning. All rights reserved. This edition is intended for use outside of the U.S. only, with content that may be different from the U.S. Edition. May not be scanned, copied, duplicated, or posted to a publicly accessible website, in whole or in part. 12 EntrepreneursBreakthrough Innovators Entrepreneurs Recognize opportunities where others see chaos or confusion Are aggressive catalysts for change within the marketplace Challenge the unknown and continuously create the future

2014 Cengage Learning. All rights reserved. This edition is intended for use outside of the U.S. only, with content that may be different from the U.S. Edition. May not be scanned, copied, duplicated, or posted to a publicly accessible website, in whole or in part. 13 Entrepreneurship: A Mind-Set Entrepreneurship is more than the mere creation of business: Seeking opportunities Taking risks beyond security Having the tenacity to push an idea through to reality Entrepreneurship is an integrated

concept that permeates an individuals business in an innovative manner. 2014 Cengage Learning. All rights reserved. This edition is intended for use outside of the U.S. only, with content that may be different from the U.S. Edition. May not be scanned, copied, duplicated, or posted to a publicly accessible website, in whole or in part. 14 A Summary Description of Entrepreneurship Entrepreneurship (Robert C. Ronstadt) The dynamic process of creating incremental wealth. This wealth is created by individuals who assume major risks in terms of equity, time, and/or career commitment of providing value for a product or service. The product or service itself may or may not be new or unique but the entrepreneur must somehow infuse value by securing and allocating the necessary skills

and resources. 2014 Cengage Learning. All rights reserved. This edition is intended for use outside of the U.S. only, with content that may be different from the U.S. Edition. May not be scanned, copied, duplicated, or posted to a publicly accessible website, in whole or in part. 15 An Integrated Definition Entrepreneurship A dynamic process of vision, change, and creation. Requires an application of energy and passion towards the creation and implementation of new ideas and creative solutions. Essential ingredients include: The willingness to take calculated risksin terms of time, equity, or career. The ability to formulate an effective venture team; the creative skill to marshal needed resources. The fundamental skills of building a solid business plan. The vision to recognize opportunity where others see chaos, contradiction, and confusion.

2014 Cengage Learning. All rights reserved. This edition is intended for use outside of the U.S. only, with content that may be different from the U.S. Edition. May not be scanned, copied, duplicated, or posted to a publicly accessible website, in whole or in part. 16 Macro View: External Locus of Control The Environmental School of Thought Considers the external factors that affect a potential entrepreneurs lifestyle. The Financial/Capital School of Thought Based on the capital-seeking processthe search for seed and growth capital. The Displacement School of Thought Alienation drives entrepreneurial pursuits Political displacement (laws, policies, and regulations) Cultural displacement (preclusion of social groups) Economic displacement (economic variations) 2014 Cengage Learning. All rights reserved. This edition is intended for use outside of the U.S. only, with content that may be different from the U.S. Edition. May not be scanned, copied, duplicated, or posted to a publicly accessible website, in whole or in part. 17

Micro View: Internal Locus of Control The Entrepreneurial Trait School of Thought Focuses on identifying traits common to successful entrepreneurs. Achievement, creativity, determination, and technical knowledge The Venture Opportunity School of Thought Focuses on the opportunity aspect of venture developmentthe search for idea sources, the development of concepts, and the implementation of venture opportunities. Corridor principle: New pathways or opportunities will arise that lead entrepreneurs in different directions. 2014 Cengage Learning. All rights reserved. This edition is intended for use outside of the U.S. only, with content that may be different from the U.S. Edition. May not be scanned, copied, duplicated, or posted to a publicly accessible website, in whole or in part. 18 Micro View (contd) The Strategic Formulation School of Thought

Emphasizes the planning process in successful venture development. Strategic formulation is a leveraging of unique elements: Unique Marketsmountain gap strategies Unique Peoplegreat chef strategies Unique Productsbetter widget strategies Unique Resourceswater well strategies 2014 Cengage Learning. All rights reserved. This edition is intended for use outside of the U.S. only, with content that may be different from the U.S. Edition. May not be scanned, copied, duplicated, or posted to a publicly accessible website, in whole or in part. 19 Process Approaches to Entrepreneurship An Integrative Approach Built around the concepts of inputs to the

entrepreneurial process and outcomes from the entrepreneurial process. Focuses on the entrepreneurial process itself and identifies five key elements that contribute to the process. Provides a comprehensive picture regarding the nature of entrepreneurship that can be applied at different levels. 2014 Cengage Learning. All rights reserved. This edition is intended for use outside of the U.S. only, with content that may be different from the U.S. Edition. May not be scanned, copied, duplicated, or posted to a publicly accessible website, in whole or in part. 110 Process Approaches (contd) Dynamic States Approach

Stresses dependency of venture on environment and the interaction of: The dominant logic of the firm The business model Value creation 2014 Cengage Learning. All rights reserved. This edition is intended for use outside of the U.S. only, with content that may be different from the U.S. Edition. May not be scanned, copied, duplicated, or posted to a publicly accessible website, in whole or in part. 111 Entrepreneurial Ventures in the United States Reasons for the exceptional entrepreneurial activity in the U.S. include: A national culture that supports risk taking and seeking opportunities.

Americans alertness to unexploited economic opportunity and a low fear of failure. U.S. leadership in entrepreneurship education at both the undergraduate and graduate level. A high percentage of individuals with professional, technological or business degrees who are likely to become entrepreneurs. 2014 Cengage Learning. All rights reserved. This edition is intended for use outside of the U.S. only, with content that may be different from the U.S. Edition. May not be scanned, copied, duplicated, or posted to a publicly accessible website, in whole or in part. 112 The Impact of Gazelles A Gazelle A business establishment with at least 20% sales growth in each year for five years, starting with a base of at least $100,000 in annual sales.

Gazelles as leaders in innovation: Produce twice as many product innovations per employee as do larger firms. Are responsible for 55% of innovations in 362 different industries and 95% of radical innovations. Obtain more patents per sales dollar than do larger firms. 2014 Cengage Learning. All rights reserved. This edition is intended for use outside of the U.S. only, with content that may be different from the U.S. Edition. May not be scanned, copied, duplicated, or posted to a publicly accessible website, in whole or in part. 113 Gazelles And Survival How many gazelles survive? The simple answer is none. Sooner or later, all firms wither and die.

The Common Myth of Failure: 85% of all firms fail in the first yearin actuality, about half of all start-ups last between 5 and 7 years. 2014 Cengage Learning. All rights reserved. This edition is intended for use outside of the U.S. only, with content that may be different from the U.S. Edition. May not be scanned, copied, duplicated, or posted to a publicly accessible website, in whole or in part. 114 Legacy of Entrepreneurial Firms Entrepreneurial components of the U.S. Economy: 1. Large firms have increased profitability by returning to their core competencies through restructuring and downsizing. 2. New entrepreneurial companies have been

blossoming in new technologies and new markets. 3. Thousands of smaller firms established by women, minorities, and immigrants have strengthened the economy. 2014 Cengage Learning. All rights reserved. This edition is intended for use outside of the U.S. only, with content that may be different from the U.S. Edition. May not be scanned, copied, duplicated, or posted to a publicly accessible website, in whole or in part. 115 Entrepreneurial Firms Economic Impact Entrepreneurial firms make two indispensable contributions to an economy: 1. They are an integral part of the renewal process that pervades and defines market economies. 2. They are the essential mechanism by which millions enter the economic and social mainstream of society. 2014 Cengage Learning. All rights reserved. This edition is intended for use outside of the U.S. only, with content that may be different from the U.S. Edition. May not be scanned, copied, duplicated, or posted to a publicly accessible website, in whole or in part.

116 21st Century Trends in Entrepreneurship Research Venture Financing Corporate Entrepreneurship Entrepreneurial Cognition Global Entrepreneurial Movement Social Entrepreneurship Trends in Entrepreneurship Research

Women and Minority Entrepreneurs Entrepreneurial Education Family Businesses 2014 Cengage Learning. All rights reserved. This edition is intended for use outside of the U.S. only, with content that may be different from the U.S. Edition. May not be scanned, copied, duplicated, or posted to a publicly accessible website, in whole or in part. 117 Key Concepts Entrepreneurship A process of innovation and new-venture creation through four major dimensionsindividual, organizational, environmental, and processthat is aided by collaborative networks in government, education, and institutions. Entrepreneur

A catalyst for economic change who uses purposeful searching, careful planning, and sound judgment when carrying out the entrepreneurial process. 2014 Cengage Learning. All rights reserved. This edition is intended for use outside of the U.S. only, with content that may be different from the U.S. Edition. May not be scanned, copied, duplicated, or posted to a publicly accessible website, in whole or in part. 118

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