“the role of the entrepreneur is to stand up to all…to stand up to ridicule.”
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Entrepreneurship
“The role of the entrepreneur is to stand up to all…to stand up to ridicule.”
Tom Peters
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The Entrepreneurial Task
• Capacity to perceive and act upon opportunities in the environment
• Ability to create and build something from practically nothing
• Successful pursuit of opportunity without regard to resources currently controlled
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Opportunity
• Favorable set of circumstances creating a need or opening for a new business concept
• A situation where something can be improved at a profit
• The existence of “pain” that can be removed—something is unsatisfactory
• But you can have opportunity without something being wrong
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Opportunity versus Concept/Idea
• Opportunity:– Labor shortage in fast food industry– High employee turnover in fast food restaurants– Bad/inconsistent service
Business Concept:
Hire and train high school students; act as outsourced labor supply to local fast food franchisees
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Finding Opportunity
• Look for pattern of trends (in markets, demographics, social behaviors, customer buying behavior, competitive practices, etc.
• Monitor changes in rules, laws, regulations• Conduct ‘needs’ research, focus on
problems• Look for under-utilized resources
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Social Entrepreneurship
• A social entrepreneur:– Identifies and solves social problems on a
large scale– They act as change agents for society, seizing
opportunities others miss in order to:• Improve systems• Invent and disseminate new approaches• Advance sustainable solutions that create social
value
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Some vexing questions
• Are entrepreneurs born?• Is there a prototype of the entrepreneur?• Are all small business owners entrepreneurs?• Are entrepreneurs different from managers?• Can people be taught to be entrepreneurs?• Is there a right time to be an entrepreneur?• What makes for a successful entrepreneur?
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Entrepreneurship as a Process
Identifying an Opportunity
Develop the Concept
Determine the Required Resources
Acquire the Necessary Resources
Implement and Manage
Harvest the Venture
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So what is an entrepreneurial mindset?
• Healthy dissatisfaction• Passionate pursuit of new opportunities• Enormous discipline and tenacity• Prioritizing opportunities and not exhausting
oneself or resources by pursuing every one• Focus• Building a team of zealots
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Small Business-10 Factors to Success
• Prepare a business plan• Gain experience• Know the competition• Master marketing• Location• Family support• Tenacity• Be entertaining• Have an internet presence• Use the SBDC
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Entrepreneurship
• The reasonable man (or woman) adapts himself (herself) to the world. The unreasonable man (or woman) persists in adapting the world to himself (herself). Therefore, all progress depends on unreasonable men (and women).
• George Bernard Shaw
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Resources
• Youngentrepreneurfoundation.wordpress.com
• www.sba.gov
• www.nyssbdc.org