Professional Documents
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BBA220, S2 2017
Week 1: What to expect today?
Introduction to
Entrepreneurship
About this unit
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recordings of lectures, announcements, make use of discussion boards, links
to resources, assessment tasks and gradebook
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When you email (use only your mq student email), please state Unit code,
tutorial time. Address your tutors appropriately, use appropriate English (eg.
refrain from twitter/text speak).
Description 3000 words individual report. Team work on a new business venture. Answer four essay
Critical reflection of the Max 6 groups per tut. Each group 4 to 5 questions
meaning and different students. Identify, assess and develop a
perspectives of an business concept culminating in written a
entrepreneur. Include preliminary business plan
secondary and primary
research. Interview a
business owner.
Due Date Week 6, 4 September, by Business Plan in Week 11, 25 Oct by 9am Exam period
9am
Pitch presentation: in class in Week 12
and 13
Submission Upload to turnitin on iLearn. Team business plan upload to turnitin Formal closed
method No hard copies. book exam
Team and individual presentations upload
slides to iLearn before presentation
We have expectations of you
https://www.youtube.com/watch?v=3LEprgHwv9o
Sunrise Young entrepreneurs
What is Entrepreneurship?
Academic Definition (Stevenson & Jarillo)
process by which individuals pursue opportunities without
regard to resources they currently control.
Venture Capitalist (Fred Wilson)
art of turning an idea into a business.
Explanation of What Entrepreneurs Do
assemble and integrate all the resources needed the
money, the people, the business model, the strategy to
transform an invention or an idea into a viable business.
Financial rewards
Examples of each ?
Changing Demographics of Entrepreneurs
1 of 4
Women Entrepreneurs
While men are more likely to start businesses than women,
the number of women-owned businesses is increasing.
There were 8.6 women-owned businesses in the United
States in 2013, generating over $1.3 trillion in revenue and
employing nearly 7.8 million people.
In some industries, women control a significant share of the
business.
Women-owned businesses account for 52% of all businesses in
health care.
Changing Demographics of Entrepreneurs
2 of 4
Minority Entrepreneurs
There has been a substantial increase in minority
entrepreneurs in the United States.
Between 2002 and 2007 (the most recent statistics
available), minority-owned firms outpaced the growth of
non-minority firms in gross receipts, employment, and
number of firms.
In 2007, there were about 1.9 million African American-
owned firms in the United States, 1.5 million Asian
American-owned firms, and 2.3 million Hispanic-owned
firms.
Changing Demographics of Entrepreneurs
3 of 4
Senior Entrepreneurs
The numbers of seniors (those 50 years old and older)
starting businesses is substantial and growing.
In 2012, 20% of new businesses were started by people
between 50 and 59 years old, while another 12.5 percent
were founded by individuals 60 years old and older.
This increase is attributed to corporate downsizing, an
increasing desire among older people for more personal
fulfillment in their lives, growing worries about the cost of
health care, and similar factors.
Changing Demographics of Entrepreneurs
4 of 4
Young Entrepreneurs
A desire to pursue an entrepreneurial career is high among
young people.
According to a recent Gallop survey, about 4 in 10 kids in
grades 5-12 say they plan to start their own business.
About 59% of students in grades 5-12 say their school offers
classes in how to start a business.
About one-third of young people say their parents or
guardians have started a business, which provides them a
firsthand look at the entrepreneurial lifestyle.
Economic Impact of Entrepreneurial Firms
Innovation
Is the process of creating something new, which is central to
the entrepreneurial process.
Small innovative firms are 16 times more productive than
larger innovative firms in terms of patents per employee.
Job Creation
Small businesses create a substantial number of net new jobs
in the United States.
Firms with 500 or fewer employees create 65% of new jobs
on an annual basis.
http://www.abs.gov.au/ausstats/abs@.nsf/mf/8165.0
http://www.theaustralian.com.au/business/opinion/bernard-salt-demographer/australia-
a-nation-of-small-businesses/news-story/a73834c0f227f0d0a83f0aefb3e8ff3b
Entrepreneurial Firms Impact on Society
and Larger Firms
Impact on Society
The innovations of entrepreneurial firms have a dramatic
impact on society.
Think of all the new products and services that make our
lives easier, enhance our productivity at work, improve our
health, and entertain us in new ways.
Impact on Larger Firms
Many entrepreneurial firms have built their entire business
models around producing products and services that help
larger firms become more efficient and effective.
The Entrepreneurial Process
Step 1 Step 2
Developing Successful Business Ideas
Steps in the Entrepreneurial Process
2 of 2
Step 3 Step 4
In closing