The Power of Entrepreneurship

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Presentation transcript:

The Power of Entrepreneurship Chapter 1 Copyright © 2014 John Wiley & Sons, Inc.

Copyright © 2014 John Wiley & Sons, Inc. DEFINITION OF ENTREPRENEURSHIP Schumpeter An entrepreneur is the person who destroys the existing economic order by introducing new products and services, by introducing new methods of production, by creating new forms of organization, or by exploiting new raw materials. Simpler An entrepreneur is the person who perceives an opportunity and creates an organization to pursue it. Copyright © 2014 John Wiley & Sons, Inc.

Copyright © 2014 John Wiley & Sons, Inc. BUSINESS IN THE U.S. 99.9% are small businesses (with 500 or fewer employees) Full-time businesses (14 million) 33% are incorporated 28 million businesses Part-time businesses (14 million) Copyright © 2014 John Wiley & Sons, Inc.

Copyright © 2014 John Wiley & Sons, Inc. 10-YEAR SURVIVAL RATES 81% survive 65% survive 40% survive 25% survive 1 YEAR 2 YEARS 5 YEARS 10 YEARS Copyright © 2014 John Wiley & Sons, Inc.

Copyright © 2014 John Wiley & Sons, Inc. DJIA COMPANIES 1896 1928 2012 American Cotton Oil Allied Can 3M American Sugar Allied Chemical Alcoa American Tobacco American Smelting & Refining American Express Chicago Gas AT&T Distilling & Cattle Feeding Bank of America General Electric Atlantic Refining Boeing Laclede Gas Light Bethlehem Steel Caterpillar National Lead Chrysler Chevron Corporation North American Cisco Systems Tennessee Coal, Iron & Railroad General Motors Coca-Cola U.S. Leather General Railway DuPont U.S. Rubber Goodrich ExxonMobil International Harvester International Nickel Hewlett-Packard Mack Trucks The Home Depot Nash Motors Intel IBM Paramount Publix Johnson & Johnson Postum JPMorgan Chase Radio Corporation UnitedHealth Group Sears, Roebuck McDonald's Standard Oil (NJ) Merck Texas Corporation Microsoft Texas Gulf Sulphur Pfizer Union Carbide Procter & Gamble U.S. Steel Travelers Victor Talking Machines United Technologies Corporation Westinghouse Verizon Woolworth Walmart Wright Walt Disney Copyright © 2014 John Wiley & Sons, Inc.

NEW TECHOLOGY ADOPTION TIME FOR NEW TECHNOLOGIES TO PENETRATE 25% OF U.S. POPULATION Household electricity (1873) 46 years Telephone (1875) 35 years Automobile (1885) 55 years Airplane travel (1903) 54 years Radio (1906) 22 years Television (1925) 26 years VCR (1952) 34 years PC (1975) 15 years Mobile Phone (1983) 13 years World Wide Web (1992) 5 years Source: The Wall Street Journal, June 1997; http://en.wikipedia.org/wiki/Advanced_Mobile_Phone_Service; www.netbanker.com/2000/04/internet_usage_web_users_world.html Copyright © 2014 John Wiley & Sons, Inc.

Copyright © 2014 John Wiley & Sons, Inc. INTERNET PENETRATION AROUND THE WORLD Copyright © 2014 John Wiley & Sons, Inc.

Copyright © 2014 John Wiley & Sons, Inc. ENTREPRENEURSHIP STRIKES GOLD Netscape Communications $6 million of own money + $6 million of VC money = $2.2 billion of market capitalization on the first day of IPO eBay Benchmark Capital’s investment of $5 million in eBay multiplied 1500-fold in just two years – the all-time record for Silicon Valley Copyright © 2014 John Wiley & Sons, Inc.

Copyright © 2014 John Wiley & Sons, Inc. VC FAST FACTS $500 billion of venture capital has backed 32,000 U.S. companies since the early 1970s Venture-backed companies employed more than 12 million people in 2010 Venture-backed companies generated revenues of $3.1 trillion, or 21% of the U.S. GDP, in 2010 Copyright © 2014 John Wiley & Sons, Inc.

SHIFTING INFLUENCES ON ENTREPRENEURSHIP Entrepreneurial Framework Cultural norms Education & training Government R&D transfer Commercial & legal Internal market openness Financial People resources Physical resources Copyright © 2014 John Wiley & Sons, Inc.

TOTAL ENTREPRENEURIAL ACTIVITY BY COUNTRY Nascent Entrepreneurship Rate New business ownership rate Early-stage (TEA) rate Established business ownership rate Discontinua-tion of businesses rate Necessity-driven (% of TEA) Improvement-driven opportunity LATIN AMERICA & CARRIBEAN Argentina 12 7 19 10 5 35 47 Brazil 4 11 15 30 59 Chile 8 23 17 69 Colombia 14 20 48 Mexico 13 52 Peru 6 53 Average 18 22 55 MIDDLE EAST & NORTH AFRICA Egypt 3 34 Iran 42 36 Israel 46 9 32 SUB-SAHARAN AFRICA Ghana 37 38 16 28 51 South Africa 2 40 ASIA PACIFIC & SOUTH ASIA China 39 Japan 1 21 66 Thailand 67 25 57 EUROPEAN UNION France Germany Greece Italy Netherlands Spain 26 33 UK 43 Average (unweighted) 44 NON-EUROPEAN UNION Russia 31 Switzerland 27 UNITED STATES USA Copyright © 2014 John Wiley & Sons, Inc.

TEA BY AGE FOR GEOGRAPHIC REGIONS 40 18-24 years 25-34 years 35-44 years 45-54 years 55-64 years 35 30 25 20 15 10 5 Latin America & Caribbean Middle East & North Africa Sub-Saharan Africa Asia Pacific & South Asia European Union Non-European Union United States Source: GEM 2012 Global Report. http://www.gemconsortium.org/docs/download/2645 Copyright © 2014 John Wiley & Sons, Inc.

TEA BY GENDER FOR GEOGRAPHIC REGIONS 35 30 25 20 15 10 Male (%TEA) Female (%TEA) 5 Latin America & Caribbean Middle East & North Africa Sub-Saharan Africa Asia Pacific & South Asia European Union Non-European Union United States Source: GEM 2012 Global Report. http://www.gemconsortium.org/docs/download/2645 Copyright © 2014 John Wiley & Sons, Inc.

21st CENTURY ECONOMIES ANGLO-SAXON OR SOCIAL MODELS? Economic Systems Anglo-Saxon economic systems have a high prevalence rate of high-expectation entrepreneurial activity Copyright © 2014 John Wiley & Sons, Inc.