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What Is an Entrepreneur?An entrepreneur is someone who is willing to work 16 hours a day to keep from working 8 hours a day for someone else!Copyright 2009 Pearson Education, Inc. Publishing as Prentice Hall
Chapter 1 Entrepreneurs
Characteristics of EntrepreneursSurvey: 72% of adults in the U.S. have considered starting their own businesses Willingness to take initiativePreference for moderate riskConfidence in their ability to succeedSelf-reliancePerseveranceDesire for immediate feedback
Chapter 1 Entrepreneurs
Characteristics of EntrepreneursHigh level of energyCompetitivenessFuture orientationSerial entrepreneursSkilled at organizingValue achievement over money
Chapter 1 Entrepreneurs
EntrepreneurshipOne characteristic of entrepreneurs stands out:Diversity!Anyone regardless of age, race, gender, color, national origin, or any other characteristic can become an entrepreneur (although not everyone should)
Chapter 1 Entrepreneurs
How to Spot Entrepreneurial OpportunitiesCreativity vs. Innovation Creativity the ability to develop new ideas and to discover new ways of looking at problems and opportunitiesInnovation the ability to apply creative solutions to problems and opportunities to enhance or to enrich peoples lives
Chapter 1 Entrepreneurs
How to Spot Entrepreneurial OpportunitiesMonitor trends and exploit them early onStarwichTake a different approach to an existing marketGoodwin Heart PinePut a new twist on an old ideaPODS
Chapter 1 Entrepreneurs
How to Spot Entrepreneurial OpportunitiesLook for creative ways to use existing resourcesAlaska Glacial Mud Company Realize that others have the same problem that you doStroller StridesNotice what is missingDogs on Wheels
Chapter 1 Entrepreneurs
Benefits of Small Business OwnershipThe opportunity to:Control your own destinyMake a differenceSocial entrepreneursReach your full potentialReap impressive profitsContribute to society and to be recognized for your effortsDo what you enjoy and to have fun at it
Chapter 1 Entrepreneurs
Drawbacks of Small Business OwnershipUncertainty of incomeRisk of losing your entire investmentLong hours and hard work
Chapter 1 Entrepreneurs
Source: MasterCard Global Small Business Survey, 2007. Average workweek = 54 hours
Work Week
Small Business Owner's Work Week
MasterCard Survey, 2007
Number of Hours per WeekPercentage of Owners
1 to 39 hours10%
40 to 49 hours29%Average workweek54 hours
50 to 59 hours22%
60 to 69 hours19%
More than 70 hours20%
Total100%
MasterCard Global Small Business Survey. P. 20.
http://www.mastercard.com/us/company/en/docs/MasterCard%20Global%20Small%20Business%20Survey%202006_Report.pdf
http://www.mastercard.com/us/company/en/docs/MasterCard%20Global%20Small%20Business%20Survey%202006_Report.pdf
Chart
0.1
0.29
0.22
0.19
0.2
&LSource: Adapted from &"Arial,Italic"Dun & Bradstreet 21st Annual Small Survey Summary Report&"Arial,Regular", 2002, p. 35.
Percentage of Owners
Small Business Owners' Work WeekNumber of Hours Worked per Week
Chart PPT
0.1
0.29
0.22
0.19
0.2
&LSource: Adapted from &"Arial,Italic"Dun & Bradstreet 21st Annual Small Survey Summary Report&"Arial,Regular", 2002, p. 35.
Percentage of Owners
Small Business Owners' Work WeekNumber of Hours Worked per Week
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Sheet3
Chapter 1 Entrepreneurs
Drawbacks of Small Business OwnershipUncertainty of incomeRisk of losing your entire investmentLong hours and hard workLower quality of life until the business gets established
Chapter 1 Entrepreneurs
Source: National Federation of Independent Businesses and Wells Fargo Bank, 2002.
Owner Age at Bus. Formation
Owner Age When Business Formed
Age%
Under 259.8%
25-3433.5%Total Age 25-39
35-4431.1%82.4%
45-5417.8%
55-646.1%
65+1.7%Total Age 25-44
100.0%88.5%
Source: NFIB and Wells Fargo Bank
&F
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Chart
0.098
0.335
0.311
0.178
0.061
0.017
&LSource: National Federation of Indepedent Businesses and Wells Fargo Bank, 2002.
%
Age
Owner Age at Business Formation
Chart PPT
0.098
0.335
0.311
0.178
0.061
0.017
&LSource: National Federation of Indepedent Businesses and Wells Fargo Bank, 1999.
%
Age
Owner Age at Business Formation
Chapter 1 Entrepreneurs
Drawbacks of Small Business OwnershipUncertainty of incomeRisk of losing your entire investmentLong hours and hard workLower quality of life until the business gets establishedHigh levels of stressComplete responsibilityDiscouragement
Chapter 1 Entrepreneurs
Feeding the Entrepreneurial FireEntrepreneurs as heroesEntrepreneurial educationDemographic and economic factorsShift to a service economyTechnological advancementsIndependent lifestylesE-Commerce and the World Wide WebInternational opportunities
Chapter 1 Entrepreneurs
The Cultural Diversity of EntrepreneurshipYoung entrepreneurs
Chapter 1 Entrepreneurs
Source: Milken Institute, 2003.
Data
Aspiring Teenage Entrepreneurs
BackgroundPercent Interested in Starting a Business
Asian/Pacific Islander89%
African-American86%
Hispanic-American79%
White69%
Source: Milken Institute
Teen Chart
0.89
0.86
0.79
0.69
&LFigure 1.
&LSource: Milken Institute 2003, cited in Cora Daniels, "Minority Rules," &"Arial,Italic"FSB&"Arial,Regular", December 2003/January 2004, p. 66.
Percent Interested in Starting a Business
Aspiring Teenage EntrepreneursPercent Interested in Starting a Business
PPT Chart
0.89
0.86
0.79
0.69
&LFigure 1.
&LSource: Milken Institute 2003, cited in Cora Daniels, "Minority Rules," &"Arial,Italic"FSB&"Arial,Regular", December 2003/January 2004, p. 66.
Percent Interested in Starting a Business
Aspiring Teenage EntrepreneursPercent Interested in Starting a Business
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Sheet3
Chapter 1 Entrepreneurs
The Cultural Diversity of EntrepreneurshipYoung entrepreneursWomen entrepreneurs
Chapter 1 Entrepreneurs
Source: National Federation of Women Business Owners, 2003.
Women-Owned Businesses
Women-Owned Businesses
Year# in MillionsYear# in Millions
19771.719781.8
19781.819812.2
19792.019842.6
19802.119873.5
19812.219904.7
19822.419936.8
19832.519968.0
19842.619999.1
19853.0200210.1
19863.3
19873.5
19883.8
19894.2
19904.7
19915.4
19926.4
19936.8
19947.3
19957.7
19968.0
19978.5
19988.7
19999.1
2000
2001
200210.1
Source: National Foundation for Women Business Owners.
&A
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Updated Chart
1.8
2.2
2.6
3.5
4.7
6.8
8
9.1
10.1
&LFigure 1.
&LSource: National Federation of Women Business Owners, 2003.
# in Millions
Millions of businesses
Women Owned Businesses in the United States
PPT Chart
1.8
2.2
2.6
3.5
4.7
6.8
8
9.1
10.1
&LFigure 1.
&LSource: National Federation of Women Business Owners, 2003.
# in Millions
Millions of businesses
Women Owned Businesses in the United States
Growth Chart PPT
0.4230.233
0.0040.123
0.0440.156
Women-owned firms
All firms
Category
Growth Rate
Growth of Women-Owned Companies1997 to 2006
Growth Chart
0.4230.233
0.0040.123
0.0440.156
Women-owned firms
All firms
Category
Growth Rate
Growth of Women-Owned Companies1997 to 2006
Data
Growth of Women-owned Small Companies
1997 to 2006
Growth Rate
CategoryWomen-owned firmsAll firms
Number of firms42.3%23.3%
Number of employees0.4%12.3%
Sales4.4%15.6%
Source: Center for Women's Business Research, 2006.
http://www.cfwbr.org/national/index.php
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http://www.cfwbr.org/national/index.php
Sheet1
Women-Owned Businesses
Year# in Millions
19751.0
19802.1
19853.0
19904.3
19957.0
25.5
0.997
25.4235
&A
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Sheet1
Number (in Millions)
Women-Owned Businesses
Chapter 1 Entrepreneurs
The Cultural Diversity of EntrepreneurshipYoung entrepreneursWomen entrepreneurs
Minority-owned enterprisesImmigrant entrepreneursPart-time entrepreneurs
Chapter 1 Entrepreneurs
The Cultural Diversity of EntrepreneurshipHome-based business ownersFamily business ownersCopreneursCorporate castoffsCorporate dropoutsRetired baby Boomers
Chapter 1 Entrepreneurs
Source: Kauffman Foundation, Kauffman Index of Entrepreneurial Activity, 2006.
Chart PPT
0.0026
0.003
0.0029
0.0034
0.0021
&LFigure 1.4
&L&9Source: Kauffman Foundation, Kauffman Index of Entrepreneurial Activity, 2006, http://www.kauffman.org/pdf/KIEA_national_052206.pdf.
Percentage of age group starting a company (2005)
Age Group
Percentage of Age Group Starting a Company
Entrepreneurial Activity by Age Group
Chart
0.0026
0.003
0.0029
0.0034
0.0021
&LFigure 1.4
&L&9Source: Kauffman Foundation, Kauffman Index of Entrepreneurial Activity, 2006, http://www.kauffman.org/pdf/KIEA_national_052206.pdf.
Percentage of age group starting a company (2005)
Age Group
Percentage of Age Group Starting a Company
Entrepreneurial Activity by Age Group
Sheet1
Entrepreneurial Activity by Age Group
AgePercentage of age group starting a company (2005)
20-340.26%
35-440.30%
45-540.29%
55-640.34%
65 and older0.21%
Source: Kauffman Index of Entrepreneurial Activity
http://www.kauffman.org/pdf/KIEA_national_052206.pdf
http://www.kauffman.org/pdf/KIEA_national_052206.pdf
Sheet2
Sheet3
Chapter 1 Entrepreneurs
Source: Small Business Administration, 2006.
Chart PPT
0.1281
0.0474
0.0563
0.1247
0.0905
0.4977
0.0553
&LFigure 1.5
&LSource: U.S. Small Business Administration, 2006.
Percentage
Small Businesses by Industry
Chart
0.1281
0.0474
0.0563
0.1247
0.0905
0.4977
0.0553
&LFigure 1.5
&LSource: U.S. Small Business Administration, 2006.
Percentage
Small Businesses by Industry
Sheet1
Figure 1.5
Small Business by Industry
2004
IndustryPercentage
Construction12.81%
Manufacturing4.74%
Wholesale5.63%
Retail12.47%
Finance & Real Estate9.05%
Services49.77%94.47%
Other5.53%
Total100.00%
Source, SBA, 2006
Sheet2
Sheet3
Chapter 1 Entrepreneurs
Small Businesses...Make up 99.7% of all the 29.3 million businesses in the U.S.Employ 52% of the nations private sector workforcePay 45% of total private payrollCreate more jobs than big businesses1996 to 2006: Between 60% and 80% of all net new jobs in the U.S.
Chapter 1 Entrepreneurs
Small Businesses...Are leaders in offering training and advancement opportunities to workersProvide 67% of workers with their first jobs Produce 51% of the nations private GDPAccount for 47% of business salesKey role in innovation:Produce 13X to 14X more patents per employees than large companies
Chapter 1 Entrepreneurs
Source: National Federation of Independent Businesses Business Policy Guide, 2003.
Chart5
1
0.81
0.65
0.54
0.46
0.4
0.36
0.32
0.29
0.27
0.25
% Surviving
# of Years in Business
% of Small Firms Surviving
Small Business Survival Rate
Chart3
1
0.81
0.65
0.54
0.46
0.4
0.36
0.32
0.29
0.27
0.25
% Surviving
Percent
Small Business Survival Rate
Survival Rate
Small Business Survival Rate
Years in Business% Surviving
New100%
181%
265%
354%
446%
540%
636%
732%
829%
927%
1025%
Source: NFIB Business Policy Guide 2003, p. 16.
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Chart
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Chart
1
0.81
0.65
0.54
0.46
0.4
0.36
0.32
0.29
0.27
0.25
&L&"Arial,Bold"&12Figure 1.9.
&L&9Source: NFIB Foundation/VISA Business Card Primer.
% Surviving
# of Years in Business
% of Small Firms Surviving
Small Business Survival Rate
Chart (2)
&A
Page &P
Chart (2)
1
0.81
0.65
0.54
0.46
0.4
0.36
0.32
0.29
0.27
0.25
&L&"Arial,Bold"&12Figure 1.9.
&L&9Source: NFIB Foundation/VISA Business Card Primer.
% Surviving
# of Years in Business
% of Small Firms Surviving
Small Business Survival Rate
Sheet3
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Sheet7
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Sheet8
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Sheet9
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Sheet10
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Sheet12
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Chapter 1 Entrepreneurs
Putting Failure into PerspectiveMedian age of U.S. companies = 12 years Entrepreneurs are not paralyzed by the prospect of failureFailure a natural part of the creative process Successful entrepreneurs learn to fail intelligently
Chapter 1 Entrepreneurs
Avoiding the Pitfalls of Small Business FailureKnow your business in depthPrepare a business planManage financial resourcesUnderstand financial statements
Chapter 1 Entrepreneurs
Avoiding the Pitfalls of Small Business FailureLearn to manage people effectivelySet your business apart from the competitionMaintain a positive attitude
Chapter 1 Entrepreneurs
All rights reserved. No part of this publication may be reproduced, stored in a retrieval system, or transmitted, in any form or by any means, electronic, mechanical, photocopying, recording, or otherwise, without the prior written permission of the publisher. Printed in the United States of America.
Copyright 2009 Pearson Education, Inc. Publishing as Prentice Hall
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