Ent New Vent Creation Chapt 1

Front 1

The three primary reasons that people become entrepreneurs and start their own firms

Back 1

Desire to be their own boss (Primary)

Desire to pursue their
own ideas

Financial rewards

Front 2

Four Primary Characteristics of Successful Entrepreneurs

Back 2

Passion for the Business

Product/Customer Focus

Tenacity Despite Failure:Amidst adversity


Execution Intelligence: Know how to talk idea and turn it into a business

Front 3

Passion for the Business

Back 3

The number one characteristic shared by successful entrepreneurs is a passion for the business.
This passion typically stems from the entrepreneur’s belief that the business will positively influence people’s lives.

Front 4

Product/Customer Focus

Back 4

A second defining characteristic of successful entrepreneurs is a product/customer focus.
An entrepreneur’s keen focus on products and customers typically stems from the fact that most entrepreneurs are, at heart, craftspeople.

Front 5

Tenacity Despite Failure

Back 5

Because entrepreneurs are typically trying something new, the failure rate is naturally high.
A defining characteristic for successful entrepreneurs’ is their ability to persevere through setbacks and failures.

Front 6

Execution Intelligence

Back 6

The ability to fashion a solid business idea into a viable business is a key characteristic of successful entrepreneurs.

Front 7

Myth 1: Entrepreneurs Are Born Not Made

Back 7

This myth is based on the mistaken belief that some people are genetically predisposed to be entrepreneurs.
The consensus of many studies is that no one is “born” to be an entrepreneur; everyone has the potential to become one.
Whether someone does or doesn’t become an entrepreneur, is a function of the environment, life experiences, and personal choices.

Front 8

Although no one is “born” to be an entrepreneur, there are common traits and characteristics of successful entrepreneurs

Back 8

Achievement motivated
Alert to opportunities
Creative
Decisive
Energetic
Has a strong work ethic
Is a moderate risk taker
Is a networker
Lengthy attention span

Optimistic disposition
Persuasive
Promoter
Resource assembler/leverager
Self-confident
Self-starter
Tenacious
Tolerant of ambiguity
Visionary

Front 9

Myth 2: Entrepreneurs Are Gamblers

Back 9

Most entrepreneurs are moderate risk takers.
The idea that entrepreneurs are gamblers originates from two sources:
Entrepreneurs typically have jobs that are less structured, and so they face a more uncertain set of possibilities than people in traditional jobs.
Many entrepreneurs have a strong need to achieve and set challenging goals, a behavior that is often equated with risk taking.

Front 10

Myth 3: Entrepreneurs Are Motivated Primarily by Money.

Back 10

While it is naïve to think that entrepreneurs don’t seek financial rewards, money is rarely the reason entrepreneurs start new firms.
In fact, some entrepreneurs warn that the pursuit of money can be distracting.

Front 11

Myth 4: Entrepreneurs Should Be Young and Energetic.

Back 11

The most active age for business ownership is 35 to 45 years old.
While it is important to be energetic, investors often cite the strength of the entrepreneur as their most important criteria in making investment decisions.
What makes an entrepreneur “strong” in the eyes of an investor is experience, maturity, a solid reputation, and a track record of success.
These criteria favor older rather than younger entrepreneurs.

Front 12

Changing Demographics of Entrepreneurs:Women Entrepreneurs

Back 12

There were 6.2 million women-
owned businesses in 2002 (the
most recent statistics available)
This number was up 20% from
1997.

Front 13

Changing Demographics of Entrepreneurs:Minority Entrepreneurs

Back 13

Minorities owned roughly 18%
of U.S. businesses in 2002.
This number was up 10% from
1997.

Front 14

Changing Demographics of Entrepreneurs:Senior Entrepreneurs

Back 14

Although statistics are not kept
on senior entrepreneurs, there is
strong evidence that the number
of older people choosing
entrepreneurial careers is rapidly
increasing.

Front 15

Changing Demographics of Entrepreneurs:Young Entrepreneurs

Back 15

Interest among young people in entrepreneurial careers is
growing.
According to a Gallop study, 7 out of 10 high school students
want to start their own business.
Over 2,000 two-year and four-year colleges and universities
offer entrepreneurship courses.

Front 16

The Entrepreneurial Process(4 steps)

Back 16

Step 1: Deciding to become an entrepreneur.
Step 2: Developing successful business ideas.
Step 3: Moving from an idea to an entrepreneurial firm.
Step 4: Managing and growing the entrepreneurial firm.