Professional Development LAP 4 Career Opportunities in Entrepreneurship.

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Professiona Professiona l l Development Development LAP 4 LAP 4 Career Career Opportunities Opportunities in in Entrepreneurshi Entrepreneurshi p p

Transcript of Professional Development LAP 4 Career Opportunities in Entrepreneurship.

Page 1: Professional Development LAP 4 Career Opportunities in Entrepreneurship.

Professional Professional DevelopmentDevelopment

LAP 4LAP 4

Career Career Opportunities in Opportunities in

EntrepreneurshipEntrepreneurship

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ObjectivesObjectives

Describe the risks and rewards of Describe the risks and rewards of entrepreneurship.entrepreneurship.

Explain factors that relate to Explain factors that relate to entrepreneurial success.entrepreneurial success.

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Describe the risks and rewards of Describe the risks and rewards of entrepreneurship.entrepreneurship.

ObjectiveObjective

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• Have you ever thought about owning a Have you ever thought about owning a business?business?

• Consider these facts:Consider these facts: Seven out of every 10 high school Seven out of every 10 high school

students are interested in starting a students are interested in starting a business.business.

Approximately 370,000 young people Approximately 370,000 young people ages 16-24 are self-employed.ages 16-24 are self-employed.

Every day, an average of 2,356 people Every day, an average of 2,356 people go into business for themselves.go into business for themselves.

• More and more people start their own More and more people start their own businesses every year.businesses every year.

• To be successful, an entrepreneur must:To be successful, an entrepreneur must: Have a passion for her/his businessHave a passion for her/his business Work harder than ever beforeWork harder than ever before

• It’s not easy, but if done right, can be It’s not easy, but if done right, can be rewarding and satisfying.rewarding and satisfying.

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The Basics of EntrepreneurshipThe Basics of Entrepreneurship

• Elise Macmillan and Bill Gates Elise Macmillan and Bill Gates have one thing in common—they have one thing in common—they are both entrepreneurs.are both entrepreneurs.

• What have they both done?What have they both done? Started their own businessesStarted their own businesses Created new products for the Created new products for the

marketplacemarketplace Assumed the risks of starting Assumed the risks of starting

and building their businessesand building their businesses Received (and are still receiving) Received (and are still receiving)

personal and financial rewards personal and financial rewards for their effortsfor their efforts

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The Basics of EntrepreneurshipThe Basics of Entrepreneurship

• Successful entrepreneurs help Successful entrepreneurs help our society by:our society by:

Creating new jobsCreating new jobs Helping our economy to growHelping our economy to grow Helping us to save money and Helping us to save money and

solve everyday problems in solve everyday problems in our livesour lives

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• Entrepreneurs:Entrepreneurs:

Who’s Who in Business OwnershipWho’s Who in Business Ownership

Start businesses to support their Start businesses to support their passions and interestspassions and interests

Develop and offer unique Develop and offer unique productsproducts

Are like leadersAre like leaders Are creativeAre creative Take risksTake risks

Have a vision for the futureHave a vision for the future Motivate others to work toward Motivate others to work toward

that visionthat vision Look for ways to improveLook for ways to improve Learn from their mistakesLearn from their mistakes Work “on” their businessesWork “on” their businesses Focus on growing their Focus on growing their

businessesbusinesses

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• Small-Business Owners:Small-Business Owners:

Who’s Who in Business OwnershipWho’s Who in Business Ownership

Often sacrifice their own needs Often sacrifice their own needs and interests to build their and interests to build their businessesbusinesses

Don’t necessarily worry about Don’t necessarily worry about offering unique productsoffering unique products

Focus on running stable, secure Focus on running stable, secure businesses that generate incomebusinesses that generate income

Typically work “in” rather than Typically work “in” rather than “on” their businesses“on” their businesses

Are generally content to keep Are generally content to keep their business operations small their business operations small instead of always looking to grow instead of always looking to grow and expandand expand

Employ fewer than 500 peopleEmploy fewer than 500 people

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• Managers:Managers: Plan, organize, staff, direct, and Plan, organize, staff, direct, and

control the work of others in a control the work of others in a systematic waysystematic way

Set objectivesSet objectives Formulate policyFormulate policy Implement policies and Implement policies and

proceduresprocedures Help make entrepreneurs’ visions Help make entrepreneurs’ visions

a realitya reality Do not assume the risk involved Do not assume the risk involved

in starting a businessin starting a business

Who’s Who in Business OwnershipWho’s Who in Business Ownership

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Why Become an Entrepreneur?Why Become an Entrepreneur?

• To obtain personal satisfactionTo obtain personal satisfaction

• To make a difference in the lives To make a difference in the lives of othersof others

• To pursue your passionsTo pursue your passions

• To become more independentTo become more independent

• To be more creativeTo be more creative

• To have a flexible work scheduleTo have a flexible work schedule

• To gain financial independenceTo gain financial independence

• To experience the adventure and To experience the adventure and excitement of business ownershipexcitement of business ownership

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The Risks of EntrepreneurshipThe Risks of Entrepreneurship

• Around 50% of all small Around 50% of all small businesses fail within the first businesses fail within the first five years.five years.

• Factors that contribute to Factors that contribute to business failure:business failure:

Poor managementPoor management Poor planningPoor planning Insufficient capitalInsufficient capital Dismal salesDismal sales OverexpansionOverexpansion Lack of experienceLack of experience

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The Risks of EntrepreneurshipThe Risks of Entrepreneurship

• Issues and challenges in Issues and challenges in entrepreneurship:entrepreneurship:

Financial concernsFinancial concerns Sole responsibilitySole responsibility Personal commitmentPersonal commitment

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• Technological advancements help Technological advancements help entrepreneurs to:entrepreneurs to:

• Operate exclusively via the Operate exclusively via the InternetInternet

• Own home-based businessesOwn home-based businesses

• Reach a much larger, often Reach a much larger, often international audienceinternational audience

Factors ContributingFactors Contributingto Increased Entrepreneurshipto Increased Entrepreneurship

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• Increased availability of resources Increased availability of resources and support systemsand support systems

Factors ContributingFactors Contributingto Increased Entrepreneurshipto Increased Entrepreneurship

These resources and support These resources and support systems include:systems include: BooksBooks MagazinesMagazines Web sitesWeb sites Specialized government agenciesSpecialized government agencies Small business development centersSmall business development centers Private foundations devoted to Private foundations devoted to

entrepreneurshipentrepreneurship

These resources and support These resources and support systems can help entrepreneurs to:systems can help entrepreneurs to: Decide what types of businesses Decide what types of businesses

to startto start Find ways to secure financingFind ways to secure financing Develop components for a Develop components for a

business planbusiness plan

Other entrepreneurs who are Other entrepreneurs who are successful can also be good successful can also be good resources.resources.

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• More options in obtaining More options in obtaining financingfinancing

BanksBanks FamilyFamily FriendsFriends Government agenciesGovernment agencies Professional associationsProfessional associations Corporate sponsorsCorporate sponsors Angel investorsAngel investors ScholarshipsScholarships

Factors ContributingFactors Contributingto Increased Entrepreneurshipto Increased Entrepreneurship

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• U.S. legislative reforms provide U.S. legislative reforms provide small businesses with tax breaks.small businesses with tax breaks.

Tax deductions are available for:Tax deductions are available for: Home officesHome offices Supplies and equipmentSupplies and equipment MileageMileage TravelTravel Insurance premiumsInsurance premiums

Factors ContributingFactors Contributingto Increased Entrepreneurshipto Increased Entrepreneurship

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Explain factors that relate to Explain factors that relate to entrepreneurial success.entrepreneurial success.

ObjectiveObjective

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Entrepreneurs Are Self-AwareEntrepreneurs Are Self-Aware

• They know what their They know what their strengths and weaknesses strengths and weaknesses are.are.

• They work hard to develop They work hard to develop or enhance needed traits or enhance needed traits and skills.and skills.

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Entrepreneurs HaveEntrepreneurs HavePassion For What They DoPassion For What They Do

• Entrepreneurs’ businesses are Entrepreneurs’ businesses are successful because they enjoy successful because they enjoy their work.their work.

• Many entrepreneurs start their Many entrepreneurs start their businesses to enjoy or share a businesses to enjoy or share a natural talent, interest, or hobby natural talent, interest, or hobby that is important to them.that is important to them.

Ashley Qualls, Whatever LifeAshley Qualls, Whatever Life

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Entrepreneurial TraitsEntrepreneurial Traitsand Characteristicsand Characteristics

• CreativityCreativity

• InnovationInnovation

• DeterminationDetermination

• ConfidenceConfidence

• OptimismOptimism

• EnthusiasmEnthusiasm

• OrganizationOrganization

• Willingness to take risksWillingness to take risks

• Open-mindednessOpen-mindedness

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Entrepreneurial Know-HowEntrepreneurial Know-How

• Risk-management skillsRisk-management skills

• Sales and marketing skillsSales and marketing skills

• Financial skillsFinancial skills

• Administrative skillsAdministrative skills

• Time-management skillsTime-management skills

• Technical skillsTechnical skills

• Communication skillsCommunication skills

• Leadership skillsLeadership skills

• Decision-making and problem-solving skillsDecision-making and problem-solving skills

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Professional DevelopmentProfessional Development

• Entrepreneurs should continue Entrepreneurs should continue to seek training and education to seek training and education throughout their careers.throughout their careers.

• Professional development Professional development sources include:sources include: The InternetThe Internet PublicationsPublications Workshops, seminars, Workshops, seminars,

classes, trade showsclasses, trade shows Trade and entrepreneurial Trade and entrepreneurial

organizationsorganizations

NetworkingNetworking InternshipsInternships Volunteer workVolunteer work

• Since there are many ways to Since there are many ways to obtain professional development, obtain professional development, the path you take depends on the the path you take depends on the business you are starting.business you are starting.

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Be on the Lookout Be on the Lookout for New Opportunitiesfor New Opportunities

• Entrepreneurs find inspiration for Entrepreneurs find inspiration for new business ventures by:new business ventures by: Looking for gaps between what Looking for gaps between what

is currently being done and what is currently being done and what needs to be done.needs to be done.

Taking note of trends in:Taking note of trends in: SocietySociety TechnologyTechnology The economyThe economy The governmentThe government

Fred Smith,Fred Smith,FedExFedEx

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Be on the Lookout Be on the Lookout for New Opportunitiesfor New Opportunities

• Some of the latest trends include:Some of the latest trends include:

Fred Smith,Fred Smith,FedExFedEx

An aging populationAn aging population The growth of e-commerceThe growth of e-commerce The increasing number of dual The increasing number of dual

wage-earner familieswage-earner families The government’s focus on The government’s focus on

terrorism and homeland securityterrorism and homeland security Environmental protectionEnvironmental protection

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A New Breed ofA New Breed ofEntrepreneurs: EcopreneursEntrepreneurs: Ecopreneurs

• There are two types of ecopreneurs:There are two types of ecopreneurs: Entrepreneurs who use recycled Entrepreneurs who use recycled

materials in their products and materials in their products and utilize alternative sources of utilize alternative sources of energy for business operationsenergy for business operations

Entrepreneurs who have Entrepreneurs who have developed businesses that focus developed businesses that focus directly on the environmentdirectly on the environment Recycling facilitiesRecycling facilities Water treatment plantsWater treatment plants Renewable energy businessesRenewable energy businesses

Tom Szaky,Tom Szaky,Cofounder Cofounder and CEO,and CEO,

TerracycleTerracycle

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• Do you want to start your own business?

• Do you have the entrepreneurial traits, skills, and knowledge that are needed to be successful?

• Think about your personal strengths, as well as your weaknesses.

• What hobby, talent, or interest are you passionate about?

How could you use those strengths to your advantage when starting a business?

How could you improve your weak areas?

How could you turn that passion into a profitable business?

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• Jack truly enjoyed his work at first.

• Then, the company’s focus changed.

• Jack is no longer happy with his job.

• He dreams of owning his own agency.

• Two coworkers are also upset with the company.

• Jack wonders whether Rick and Gary would be interested in going into business with him.

• Should Jack tell them about his plans to start his own advertising agency?

• Is it ethical for him to talk with them about becoming partners in the new venture?

• Why or why not?

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MBAResearchAcknowledgments

Original DevelopersChristopher C. Burke,

April J. Miller, MBAResearch

Version 2.0

Copyright © 2009MBA Research and Curriculum Center

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Digital-based photography sources:

DIGITAL VISION LTD. Teenager TodayObj. B: #130271Photos copyright Digital Vision Ltd., all rights reserved. 833 Fourth Ave. SW, Suite 800 Calgary, AB, Canada T2P 3T5

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Copyright:

All photographic digital images on this CD are owned by the aforementioned photographic resources or their licensors and are protected by the United States copyright laws, international treaty provisions, and applicable laws. No title to or intellectual property rights to the images on this CD are transferred to you. These sources retain all rights and are not to be used, digitally copied, transferred, or manipulated in any way. To do so is a violation of federal copyright laws.

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