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Transcript of Copyright © 2003 by South-Western. All Rights Reserved. CHAPTER SIX STARTING YOUR OWN BUSINESS: THE...
Copyright © 2003 by South-Western. All Rights Reserved.
CHAPTER SIXCHAPTER SIX
STARTING YOUR OWN BUSINESS:STARTING YOUR OWN BUSINESS:THE ENTREPRENEURSHIP THE ENTREPRENEURSHIP
ALTERNATIVEALTERNATIVE
Text by Profs. Gene Boone & David KurtzText by Profs. Gene Boone & David KurtzMultimedia Presentation byMultimedia Presentation byProf. Milton PressleyProf. Milton PressleyThe University of New OrleansThe University of New Orleans
[email protected]@uno.edu
Copyright © 2003 by South-Western. All Rights Reserved.
• Define the term Define the term entrepreneurentrepreneur, and , and distinguish among an entrepreneur, a distinguish among an entrepreneur, a small-business owner, and a managersmall-business owner, and a manager
• Identify three different types of Identify three different types of entrepreneursentrepreneurs
• Explain why people choose to Explain why people choose to become entrepreneursbecome entrepreneurs
• Discuss conditions that encourage Discuss conditions that encourage opportunities for entrepreneursopportunities for entrepreneurs
LEARNING GOALSLEARNING GOALSLEARNING GOALSLEARNING GOALS
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• Describe the role of entrepreneurs in Describe the role of entrepreneurs in the economythe economy
• Identify personality traits that typically Identify personality traits that typically characterize entrepreneurscharacterize entrepreneurs
• Summarize the process of starting a Summarize the process of starting a new venturenew venture
• Explain how organizations promote Explain how organizations promote intrapreneurshipintrapreneurship
LEARNING GOALSLEARNING GOALSLEARNING GOALSLEARNING GOALS
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CHAPTER OVERVIEWCHAPTER OVERVIEWCHAPTER OVERVIEWCHAPTER OVERVIEW
• People are increasingly choosing People are increasingly choosing the path of entrepreneurshipthe path of entrepreneurship
• To become an entrepreneur, learn as To become an entrepreneur, learn as much as possible by:much as possible by:• Completing academic programsCompleting academic programs• Gaining practical experience workingGaining practical experience working• Reading newspaper and magazine Reading newspaper and magazine
articles and biographies of successful articles and biographies of successful entrepreneursentrepreneurs
© PhotoDisc
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WHAT IS AN ENTREPRENEUR?WHAT IS AN ENTREPRENEUR?WHAT IS AN ENTREPRENEUR?WHAT IS AN ENTREPRENEUR?
• Entrepreneur:Entrepreneur: person who person who seeks a profitable opportunity seeks a profitable opportunity and takes the necessary risks to and takes the necessary risks to set up and operate a businessset up and operate a business
© PhotoDisc
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Figure 6.1 Categories of Entrepreneurs
Figure 6.1 Categories of Entrepreneurs
CATEGORIES OF ENTREPRENEURSCATEGORIES OF ENTREPRENEURSCATEGORIES OF ENTREPRENEURSCATEGORIES OF ENTREPRENEURS
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CATEGORIES OF ENTREPRENEURSCATEGORIES OF ENTREPRENEURSCATEGORIES OF ENTREPRENEURSCATEGORIES OF ENTREPRENEURS• Classic entrepreneurs:Classic entrepreneurs:
person who identifies a person who identifies a business opportunity and business opportunity and allocates available resources allocates available resources to tap that marketto tap that market
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CATEGORIES OF ENTREPRENEURSCATEGORIES OF ENTREPRENEURSCATEGORIES OF ENTREPRENEURSCATEGORIES OF ENTREPRENEURS• Intrapreneurs: Intrapreneurs:
entrepreneurially oriented person entrepreneurially oriented person who develops innovations within who develops innovations within the context of a large corporationthe context of a large corporation
• Change agents (turnaround Change agents (turnaround entrepreneurs):entrepreneurs): manager who manager who tries to revitalize an established tries to revitalize an established firm to keep it competitivefirm to keep it competitive
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REASONS TO CHOOSE REASONS TO CHOOSE ENTREPRENEURSHIP AS A ENTREPRENEURSHIP AS A CAREER PATHCAREER PATH
REASONS TO CHOOSE REASONS TO CHOOSE ENTREPRENEURSHIP AS A ENTREPRENEURSHIP AS A CAREER PATHCAREER PATH• If you want to start your If you want to start your
own firm someday, you own firm someday, you have plenty of companyhave plenty of company
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Figure 6.2 U.S. Adults Currently Engaged in Starting a BusinessFigure 6.2 U.S. Adults Currently Engaged in Starting a Business
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Figure 6.3 Why People Become Entrepreneurs
Figure 6.3 Why People Become Entrepreneurs
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REASONS TO CHOOSE REASONS TO CHOOSE ENTREPRENEURSHIP AS A ENTREPRENEURSHIP AS A CAREER PATHCAREER PATH
REASONS TO CHOOSE REASONS TO CHOOSE ENTREPRENEURSHIP AS A ENTREPRENEURSHIP AS A CAREER PATHCAREER PATH
Being One’s Own Boss
Being One’s Own Boss • Self-management Self-management
is the motivation is the motivation of many of many entrepreneursentrepreneurs
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Figure 6.4 Guru.com: Portraying an Entrepreneurial Icon
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REASONS TO CHOOSE REASONS TO CHOOSE ENTREPRENEURSHIP AS A ENTREPRENEURSHIP AS A CAREER PATHCAREER PATH
REASONS TO CHOOSE REASONS TO CHOOSE ENTREPRENEURSHIP AS A ENTREPRENEURSHIP AS A CAREER PATHCAREER PATH
Being One’s Own Boss
FinancialSuccess
FinancialSuccess
• Entrepreneurs:Entrepreneurs:• Are wealth creatorsAre wealth creators• Believe they won’t Believe they won’t
get rich working for get rich working for othersothers
• Path to riches can Path to riches can be long and be long and uncertainuncertain
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REASONS TO CHOOSE REASONS TO CHOOSE ENTREPRENEURSHIP AS A ENTREPRENEURSHIP AS A CAREER PATHCAREER PATH
REASONS TO CHOOSE REASONS TO CHOOSE ENTREPRENEURSHIP AS A ENTREPRENEURSHIP AS A CAREER PATHCAREER PATH
Being One’s Own Boss
FinancialSuccess
JobSecurity
JobSecurity
• Many workers lack Many workers lack job securityjob security
• Growing Growing percentage of percentage of Americans create Americans create their own by their own by starting their own starting their own firmsfirms
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REASONS TO CHOOSE REASONS TO CHOOSE ENTREPRENEURSHIP AS A ENTREPRENEURSHIP AS A CAREER PATHCAREER PATH
REASONS TO CHOOSE REASONS TO CHOOSE ENTREPRENEURSHIP AS A ENTREPRENEURSHIP AS A CAREER PATHCAREER PATH
• Gives the founder Gives the founder some choice over some choice over when, where, and when, where, and how to workhow to work
• Many work Many work extraordinarily long extraordinarily long hours . . . often at hours . . . often at the whim of their the whim of their customerscustomers
Being One’s Own Boss
FinancialSuccess
JobSecurity
Quality of Life
Quality of Life
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THE ENVIRONMENT FOR THE ENVIRONMENT FOR ENTREPRENEURSENTREPRENEURSTHE ENVIRONMENT FOR THE ENVIRONMENT FOR ENTREPRENEURSENTREPRENEURS• Factors that support and expand Factors that support and expand
opportunities for entrepreneurs are opportunities for entrepreneurs are shown on the next slide . . .shown on the next slide . . .
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Figure 6.5 Factors Supporting and Expanding Opportunities for Entrepreneurship
Figure 6.5 Factors Supporting and Expanding Opportunities for Entrepreneurship
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© PhotoDisc
• Creates many opportunities for entrepreneurs
• Allows products to be sold overseas
• Provides international talent pool
• 40% of the fastest-growing small U.S. firms have international sales
GlobalizationGlobalization
THE ENVIRONMENT FOR THE ENVIRONMENT FOR ENTREPRENEURSENTREPRENEURSTHE ENVIRONMENT FOR THE ENVIRONMENT FOR ENTREPRENEURSENTREPRENEURS
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© PhotoDisc
• Tremendous growth in educational opportunity for would-be entrepreneurs via:• College Classes• Business schools
helping students start businesses
• Other organizations like the Center for Entrepreneurial Leadership
GlobalizationGlobalization
THE ENVIRONMENT FOR THE ENVIRONMENT FOR ENTREPRENEURSENTREPRENEURSTHE ENVIRONMENT FOR THE ENVIRONMENT FOR ENTREPRENEURSENTREPRENEURS
EducationEducation
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InformationInformationTechnologyTechnology
• Provided a big boost for entrepreneurs
• Helps entrepreneurs work quickly and efficiently, provide attentive customer service, increase sales,and project a professional image
• Has created demand for new products
EducationEducation
GlobalizationGlobalization
THE ENVIRONMENT FOR THE ENVIRONMENT FOR ENTREPRENEURSENTREPRENEURSTHE ENVIRONMENT FOR THE ENVIRONMENT FOR ENTREPRENEURSENTREPRENEURS
© PhotoDisc
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© PhotoDisc
InformationInformationTechnologyTechnology
• Internet is also a challenge for entrepreneurs
• Customers can go online, quickly get needed information, and buy from anywhere in the world
• Entrepreneurs need a distinctive advantage over big competitors
EducationEducation
GlobalizationGlobalization
THE ENVIRONMENT FOR THE ENVIRONMENT FOR ENTREPRENEURSENTREPRENEURSTHE ENVIRONMENT FOR THE ENVIRONMENT FOR ENTREPRENEURSENTREPRENEURS
© PhotoDisc
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© PhotoDisc
Demographic &Demographic &Economic TrendsEconomic Trends
• Demographic trends create opportunities for new goods and services
• Last decade’s strong economy created markets for products that consumers might do without in harder times
EducationEducation
InformationInformationTechnologyTechnology
GlobalizationGlobalization
THE ENVIRONMENT FOR THE ENVIRONMENT FOR ENTREPRENEURSENTREPRENEURSTHE ENVIRONMENT FOR THE ENVIRONMENT FOR ENTREPRENEURSENTREPRENEURS
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Entrepreneurship Around Entrepreneurship Around the Worldthe WorldEntrepreneurship Around Entrepreneurship Around the Worldthe World
• Growth of entrepreneurship is a Growth of entrepreneurship is a worldwide phenomenonworldwide phenomenon
• Level of entrepreneurship Level of entrepreneurship varies considerably even varies considerably even among industrialized among industrialized nationsnations
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Figure 6.6 Levels of Entrepreneurial Activities in Ten Countries
Figure 6.6 Levels of Entrepreneurial Activities in Ten Countries
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THE INFLUENCE OF ENTREPRENEURS THE INFLUENCE OF ENTREPRENEURS ON THE ECONOMYON THE ECONOMYTHE INFLUENCE OF ENTREPRENEURS THE INFLUENCE OF ENTREPRENEURS ON THE ECONOMYON THE ECONOMY• American entrepreneurs have given American entrepreneurs have given
the world goods and services that the world goods and services that have changed the way people live, have changed the way people live, work, and playwork, and play
• Products include:Products include:• Ball-point pensBall-point pens• Netscape Navigator softwareNetscape Navigator software• Fiberglass skisFiberglass skis• Velcro fastenersVelcro fasteners• FedEx delivery serviceFedEx delivery service• MacDonald'sMacDonald's
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Figure 6.7 Influence of Entrepreneurs on the Economy
Figure 6.7 Influence of Entrepreneurs on the Economy
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THE INFLUENCE OF ENTREPRENEURS THE INFLUENCE OF ENTREPRENEURS ON THE ECONOMYON THE ECONOMYTHE INFLUENCE OF ENTREPRENEURS THE INFLUENCE OF ENTREPRENEURS ON THE ECONOMYON THE ECONOMY
• Entrepreneurs:Entrepreneurs:• Create new productsCreate new products• Build new industriesBuild new industries• Bring new life to old Bring new life to old
industriesindustries• Since WWII, behind:Since WWII, behind:
• 2/32/3rdsrds of Inventions of Inventions• 95% of major 95% of major
innovationsinnovations
InnovationInnovation
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THE INFLUENCE OF ENTREPRENEURS THE INFLUENCE OF ENTREPRENEURS ON THE ECONOMYON THE ECONOMYTHE INFLUENCE OF ENTREPRENEURS THE INFLUENCE OF ENTREPRENEURS ON THE ECONOMYON THE ECONOMY
• Vital source of new jobsVital source of new jobs• Typically hire small Typically hire small
numbers of employees numbers of employees per firm . . . spread over per firm . . . spread over many companiesmany companies
• See potential employees See potential employees where established firms where established firms overlook themoverlook them
InnovationInnovation
Job GenerationJob Generation
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THE INFLUENCE OF ENTREPRENEURS THE INFLUENCE OF ENTREPRENEURS ON THE ECONOMYON THE ECONOMYTHE INFLUENCE OF ENTREPRENEURS THE INFLUENCE OF ENTREPRENEURS ON THE ECONOMYON THE ECONOMY
• Entrepreneurship Entrepreneurship offers excellent offers excellent economic economic opportunities for opportunities for women and minoritieswomen and minorities
InnovationInnovation
Job GenerationJob Generation
DiversityDiversity© PhotoDisc
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Figure 6.8 Diversity of 21st Century Entrepreneurs
Figure 6.8 Diversity of 21st Century Entrepreneurs
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Figure 6.9 Characteristics of EntrepreneursFigure 6.9 Characteristics of Entrepreneurs
CHARACTERISTICS OF CHARACTERISTICS OF ENTREPRENEURSENTREPRENEURSCHARACTERISTICS OF CHARACTERISTICS OF ENTREPRENEURSENTREPRENEURS
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CHARACTERISTICS OF CHARACTERISTICS OF ENTREPRENEURSENTREPRENEURSCHARACTERISTICS OF CHARACTERISTICS OF ENTREPRENEURSENTREPRENEURS• VisionVision
• Have an overall idea for how to make Have an overall idea for how to make a business inspiration a successa business inspiration a success
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CHARACTERISTICS OF CHARACTERISTICS OF ENTREPRENEURSENTREPRENEURSCHARACTERISTICS OF CHARACTERISTICS OF ENTREPRENEURSENTREPRENEURS
• High Energy LevelHigh Energy Level• Willingly work hard to Willingly work hard to
realize their visionsrealize their visions
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CHARACTERISTICS OF CHARACTERISTICS OF ENTREPRENEURSENTREPRENEURSCHARACTERISTICS OF CHARACTERISTICS OF ENTREPRENEURSENTREPRENEURS
• Need to AchieveNeed to Achieve• Need to work hard because Need to work hard because
they want to excelthey want to excel
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CHARACTERISTICS OF CHARACTERISTICS OF ENTREPRENEURSENTREPRENEURSCHARACTERISTICS OF CHARACTERISTICS OF ENTREPRENEURSENTREPRENEURS
• Self-Confidence and OptimismSelf-Confidence and Optimism• Believe in ability to succeed, and Believe in ability to succeed, and
they instill their optimism in othersthey instill their optimism in others
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CHARACTERISTICS OF CHARACTERISTICS OF ENTREPRENEURSENTREPRENEURSCHARACTERISTICS OF CHARACTERISTICS OF ENTREPRENEURSENTREPRENEURS• Tolerance for FailureTolerance for Failure
• Entrepreneurs view setbacks and failures Entrepreneurs view setbacks and failures as learning experiencesas learning experiences
• Not easily discouraged or disappointed Not easily discouraged or disappointed when things don’t go as plannedwhen things don’t go as planned
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CHARACTERISTICS OF CHARACTERISTICS OF ENTREPRENEURSENTREPRENEURSCHARACTERISTICS OF CHARACTERISTICS OF ENTREPRENEURSENTREPRENEURS• CreativityCreativity
• Entrepreneurs typically conceive new Entrepreneurs typically conceive new ideas for goods and servicesideas for goods and services
• Devise innovative ways to overcome Devise innovative ways to overcome difficult problems and situationsdifficult problems and situations
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CHARACTERISTICS OF CHARACTERISTICS OF ENTREPRENEURSENTREPRENEURSCHARACTERISTICS OF CHARACTERISTICS OF ENTREPRENEURSENTREPRENEURS
• Tolerance for AmbiguityTolerance for Ambiguity• Take the uncertainties Take the uncertainties
associated with launching a associated with launching a venture in stride venture in stride
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CHARACTERISTICS OF CHARACTERISTICS OF ENTREPRENEURSENTREPRENEURSCHARACTERISTICS OF CHARACTERISTICS OF ENTREPRENEURSENTREPRENEURS• Internal Locus of ControlInternal Locus of Control
• Believe that they control their own fatesBelieve that they control their own fates• Take personal responsibility for the Take personal responsibility for the
success or failure of their actions rather success or failure of their actions rather than believing in luck or fatethan believing in luck or fate
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Figure 6.10 An Entrepreneur With an Internal Locus of Control
Figure 6.10 An Entrepreneur With an Internal Locus of Control
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Figure 6.11 Think You Might Be a Good Entrepreneur?Figure 6.11 Think You Might Be a Good Entrepreneur?
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STARTING A NEW VENTURESTARTING A NEW VENTURESTARTING A NEW VENTURESTARTING A NEW VENTURE
Selecting a Business IdeaSelecting a
Business Idea
Creating aBusiness Plan
Creating aBusiness Plan
FindingFinancingFinding
Financing
© PhotoDisc
• Steps involved Steps involved in beginning in beginning a new businessa new business
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STARTING A NEW VENTURESTARTING A NEW VENTURESTARTING A NEW VENTURESTARTING A NEW VENTURE
Selecting a Business IdeaSelecting a
Business Idea
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• Important Important considerations:considerations:• Finding something you Finding something you
love to do and are good love to do and are good at doingat doing
• Determining whether Determining whether your idea can satisfy a your idea can satisfy a need in the marketneed in the market
• Success also depends Success also depends on your offering being on your offering being appealing to the appealing to the marketplacemarketplace
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STARTING A NEW VENTURESTARTING A NEW VENTURESTARTING A NEW VENTURESTARTING A NEW VENTURE
Selecting a Business IdeaSelecting a
Business Idea© PhotoDisc
• Buying an Existing Buying an Existing BusinessBusiness• Some prefer not to Some prefer not to
assume the risks of assume the risks of starting a new firmstarting a new firm
• Buying a FranchiseBuying a Franchise• Another less risky Another less risky
way to begin a way to begin a businessbusiness
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STARTING A NEW VENTURESTARTING A NEW VENTURESTARTING A NEW VENTURESTARTING A NEW VENTURE
Selecting a Selecting a Business IdeaBusiness Idea
Creating aBusiness Plan
Creating aBusiness Plan
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• Entrepreneurs haveEntrepreneurs have traditionally seized traditionally seized opportunities as opportunities as they arise and they arise and changed course as changed course as necessary necessary
• A formal business A formal business plan, however, is plan, however, is an integral part of an integral part of managing a managing a business business
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STARTING A NEW VENTURESTARTING A NEW VENTURESTARTING A NEW VENTURESTARTING A NEW VENTURE
Selecting a Selecting a Business IdeaBusiness Idea
Creating aCreating aBusiness PlanBusiness Plan
FindingFinancingFinding
Financing
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• Finding FinancingFinding Financing• Seed Capital:Seed Capital: initial initial
funding needed to funding needed to launch a new venturelaunch a new venture
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Figure 6.12 Preparing to Convince Others to Invest in BusinessFigure 6.12 Preparing to Convince Others to Invest in Business
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STARTING A NEW VENTURESTARTING A NEW VENTURESTARTING A NEW VENTURESTARTING A NEW VENTURE
Selecting a Selecting a Business IdeaBusiness Idea
Creating aCreating aBusiness PlanBusiness Plan
FindingFinancingFinding
Financing
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• Debt Financing:Debt Financing: borrowed funds that borrowed funds that entrepreneurs must entrepreneurs must repayrepay
• Equity Financing:Equity Financing: funds invested in new funds invested in new ventures in exchange ventures in exchange for part ownershipfor part ownership
• Venture Capitalists:Venture Capitalists: business firm or group business firm or group of individuals who of individuals who invest in new and invest in new and growing firmsgrowing firms
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Figure 6.13 Where Venture Capital Dollars Go
Figure 6.13 Where Venture Capital Dollars Go
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STARTING A NEW VENTURESTARTING A NEW VENTURESTARTING A NEW VENTURESTARTING A NEW VENTURE
Selecting a Selecting a Business IdeaBusiness Idea
Creating aCreating aBusiness PlanBusiness Plan
FindingFinancingFinding
Financing
• Angel Investors:Angel Investors: wealthy individuals wealthy individuals who invest directly in who invest directly in new ventures in new ventures in exchange for an equity exchange for an equity stakestake
© PhotoDisc
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INTRAPRENEURSHIPINTRAPRENEURSHIPINTRAPRENEURSHIPINTRAPRENEURSHIP
• Intrapreneurship:Intrapreneurship: process of process of promoting innovation within the promoting innovation within the structure of an existing organizationstructure of an existing organization• Helps retain employees who might Helps retain employees who might
otherwise leave to start their own otherwise leave to start their own businessesbusinesses
• Intrapreneurship practiced in:Intrapreneurship practiced in:• 3M3M• Thermo ElectronThermo Electron• XeroxXerox• IntuitIntuit
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WHAT’S AHEADWHAT’S AHEADWHAT’S AHEADWHAT’S AHEAD
• Next Chapter:Next Chapter:• Describes technology Describes technology
behind electronic behind electronic commercecommerce
• Introduces challenges and Introduces challenges and opportunities available to opportunities available to those who want to use the those who want to use the InternetInternet
© PhotoDisc