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1

Entrepreneurship

is a dynamic process of vision, change, and creation that requires an application of energy and passion toward the creation and implementation of new ideas and creative solutions.

2

Entrepreneur

Is an innovator or developer who recognizes and seizes opportunities; converts those opportunities into workable/marketable ideas; adds value through time, effort, money or skills; assumes the risks of the competitive marketplace to implement these ideas; and realizes the rewards from these efforts.

3

Small businesses vs. entrepreneurs

Small businesses:
- usually do not not engage in many new or innovative practices.
- May never grow large
- Generally, not focused on new innovative technology
- They want lower risk
- Not in it for major returns
- Fear the unknown
- Manage the business for steady growth

Entrepreneurs:
- are innovative, profitability and growth
- Want explosive growth – need big returns
- Need higher margins
- Don’t have business models
- High risk
- More failure

4

Myths of entrepreneurs

1. Entrepreneurs are doers not thinkers
2. Entrepreneurs are born, not made
3. Entrepreneurs are always inventors
4. Entrepreneurs are academic and social misfits
5. Entrepreneurs must fit the profile
6. All entrepreneurs need is money
7. All entrepreneurs need Is luck
8. Entrepreneurship is unstructured and chaotic
9. Most entrepreneurial initiatives fail
10. Entrepreneurs are extreme risk takers

5

Reasons why America is strong at Entrepreneurship

- Culture that encourage/supports risk taking
- Relatively low fear of failure
- Leader in entrepreneurship education
- Home to a high percentage of individuals with
professional, technological, or business degrees

6

Gazelle

Is a business establishment with at least 20 percent sales growth every year, starting with a base of at least $100.000.

7

Some dangers of going global

- Danger of not understanding local issues
- Reliable data on demographics – demographics are
important
- Corruption

8

GEM groups the participating economics into three levels:

o Factor-driven
o Efficiency-driven
o Innovation-driven