Professional Documents
Culture Documents
SH 23&0
SMALL BUSINESS
OPERATION
Lecture 1
ENTREPRENEURSHIP IN THE
NEW MILLENNIUM
PREPARED BY:
MS.KOMLAVATHI
SCHOOL OF BUSINESS
Entrepreneurship & Small Business Operation
LECTURE 1:ENTREPRENEURSHIP IN THE NEW MILLENNIUM
http://www.biography.com/people/michael-dell-9542199#synopsis
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Entrepreneurship & Small Business Operation
LECTURE 1:ENTREPRENEURSHIP IN THE NEW MILLENNIUM
TOPIC OUTLINES
1.0 Entrepreneurship In The New Millennium
1.1 Entrepreneurial Opportunities
1.2 The Rewards and Drawbacks of Entrepreneurship
1.3 Who are the Entrepreneurs?
1.4 The Changing Context of Small Business
1.5 The Winning Hand of Entrepreneurs
1.6 Getting Started in Entrepreneurship
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CHAPTER AIMS
After studying this chapter, you should be able to:
Discuss the availability of entrepreneurial opportunities and give example
of successful businesses started by entrepreneurs.
Identify three rewards and three drawbacks of entrepreneurial careers.
Describe the types of entrepreneurs, entrepreneurial management styles
and entrepreneurial venture.
Explain the aspects of the changing context of small business.
Identify three tools that provide a potential competitive edge for small
entrepreneurial firms.
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Entrepreneurs are;
Decision makers, help shape the free-enterprise economic system of the
new millennium
Energizers who take risks and spark economic growth.
A person who starts and/or operates a business
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Carla Connor of Sunrise, Florida started her business after losing a sales
job.
Using her home as base, Connor started C&B Industrial Safety, Inc. to sell
industrial safety equipment.
C&B Industrial Safety, Inc succeeded with four employees and more than $1
mil sales revenue.
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Rewards
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Drawbacks of Entrepreneurship
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Characteristics of Entrepreneurs
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Women as Entrepreneurs
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Artisan Entrepreneurs
Artisan Entrepreneur
A person with primarily technical skills and little business knowledge
who starts a business.
Characteristics:
Technical training
Paternalistic approach
Reluctance to delegate
Few sources of capital
Narrow view of strategy
Personal sales effort
Short planning horizon
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Opportunistic Entrepreneurs
Opportunistic Entrepreneur
A person with both sophisticated managerial skills and technical
knowledge who starts a business.
Characteristics:
Broad-based education
Scientific approach to problems
Willing to delegate
Broad view of strategy
Diversified marketing approach
Longer planning horizon
Sophisticated accounting
and financial control
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Entrepreneurial Teams
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Entrepreneurial Ventures
Limited returns
Limited potential
Marginal firms
Substantial returns to its
owner
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20 25 35 45+
Age
Generation Y Generation X Baby Boomers
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ACTIVITY
1. People who own, operate, and take risk of a business venture
1. A.Aptitude
2. B.Employee
3. C.Entrepreneurs
4. D.Entrepreneurship
2. Which one is NOT a disadvantage of Entrepreneurship?
1. A.Risky
2. B.Uncertain Income
3. C.You are the boss
4. D.Work long hours
3. Which one is NOT an advantage of Entrepreneurship?
1. A.Can choose a business of interest
2. B.You can be creative
3. C.Make a lot of money
4. D.You will make decisions alone
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KEY TERMS
Entrepreneur Entrepreneurial team
Lifestyle business Marginal firm
Need for achievement Attractive small firm
Internal locus of control High potential venture
External locus of control Refugee
Founder Foreign refugee
General manager Corporate refugee
Franchisee
Artisan entrepreneur
Opportunistic entrepreneur
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List of references
Petty, W.J.; Palich, L.E.; Hoy, F. & Longenecker, J.G. ( 2012) Managing
Small Business: An Entrepreneurial Emphasis, International Edition. (16th
ed.) Cengage Learning.
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