Essay about Entrepreneurship and William d. Bygrave

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THE ENTREPRENEURSHIP
PROCESS
Chapter 2

Entrepreneurship, Canadian Edition by William D. Bygrave, Andrew
Zacharakis & Sean Wise, Fall 2014, ©2014, Toronto, Wiley

1

Today’s Focus
• Critical Factors for Starting a New Enterprise
• Learning Objective 2.1 Identify the critical factors for starting a new venture.

• Evaluating Opportunities for New Businesses
• Learning Objective 2.2 Evaluate the opportunity for a new business.
• Determining Resource Needs and Acquiring Resources
• Learning Objective 2.3 Identify the resources needed for a new business. • Profit Potential
• Learning Objective 2.4 Evaluate the profit potential of a new business. • Ingredients for a Successful New Business
• Learning Objective 2.5 Identify the factors for a successful new business. Entrepreneurship, Canadian Edition by William D. Bygrave, Andrew
Zacharakis & Sean Wise, Fall 2014, ©2014, Toronto, Wiley

2

The Entrepreneurship Process

Adapted from Carol Moore, 1986

Entrepreneurship, Canadian Edition by William D. Bygrave, Andrew
Zacharakis & Sean Wise, Fall 2014, ©2014, Toronto, Wiley

The Entrepreneurship Process (cont’d)

Entrepreneurship, Canadian Edition by William D. Bygrave, Andrew
Zacharakis & Sean Wise, Fall 2014, ©2014, Toronto, Wiley

Entrepreneurship Defined










First used in 1723, today the term entrepreneur implies qualities of leadership, initiative and innovation in business. Economist Robert Reich has called team-building, leadership, and management ability essential qualities for the entrepreneur
1934: Joseph Schumpeter—Innovators who change the status quo to set up new products and new services and an entrepreneur is willing and able to convert a new idea or invention into a successful innovation.
Entrepreneur: someone who perceives an opportunity and builds an organization to pursue that opportunity.
Entrepreneurship is the process of starting a business or other organization.
The entrepreneur chooses/develops a business model, acquires the human and other required resources and is fully responsible for its success or failure
Entrepreneurship involves all the functions, activities, and actions associated with perceiving opportunities and creating organizations to pursue them.
These include:
• Market and customer research
• Service and product innovation
• Team building
• Finding & managing resources
• Leadership

Entrepreneurship, Canadian Edition by William D. Bygrave, Andrew
Zacharakis & Sean Wise, Fall 2014, ©2014, Toronto, Wiley

Factors Influencing an Entrepreneur

Personal
Attributes

Environmental
Factors

•Higher internal locus of control
•Desire for financial success
•Desire to achieve self-realization
•Desire for recognition
•Joy of innovation
•Risk tolerance

• Local, regional, or national attitudes
• Social and cultural pressures for or against risk taking
• Access to entrepreneurial role models • Responsibilities to family and community Remember: No single type of person is best suited for entrepreneurship.
Entrepreneurs come from all walks of life!

Entrepreneurship, Canadian Edition by William D. Bygrave, Andrew
Zacharakis & Sean Wise, Fall 2014, ©2014, Toronto, Wiley

Ten D’s of Entrepreneurship

1.
2.
3.
4.
5.

Dream
Decisiveness
Doers
Determination
Dedication

6. Devotion
7. Details
8. Destiny
9. Dollars
10. Distribute

Entrepreneurship, Canadian Edition by William D. Bygrave, Andrew
Zacharakis & Sean Wise, Fall 2014, ©2014, Toronto, Wiley

Other ENTREPRENERSHIP Paradigms

1. High Adversity Quotient
2. Internal Locus of Control
3. Creative Destruction

Entrepreneurship, Canadian Edition by William D. Bygrave, Andrew
Zacharakis & Sean Wise, Fall 2014, ©2014, Toronto, Wiley

Before Committing, Entrepreneurs Must:

1. Assess their own financial reality
• Live with little or no salary?
• What external financial commitments are there?

2. Identify key contacts in their networks
• Take an inventory of the resources in one’s network

3. Reach out to sources of free advice and feedback
• Who can…