Chapters 5, 6 & 7

Entrepreneurs  An entrepreneur assumes the risk of starting and operating a business for the purpose of making a profit

Trait of entrepreneurs 1. Vision: an overall idea for how to make their business idea a success. Ex: Bill Gates’ vision was a computer on every desk & home-all running Microsoft software. 2. High Energy Level: willingness to work hard and put in a lot of extra hours due to the passion and love they have for their idea. One of the reasons why most start-ups require long hours and demands is because of research and development. 3. Need to achieve: entrepreneurs enjoy the challenge and competition to succeed. 4. Self Confidence & Optimism: entrepreneurs believe in themselves and their idea.

Traits of entrepreneurs (cont’d) 5. Tolerance for failure and ambiguity: Failures are viewed by entrepreneurs as lessons to be learned in helping them succeed in the future. They take the good with the bad, keeping themselves on an even keel and still confident about their idea. 6. Creativity: entrepreneurs devise unique ways to hit markets currently untapped or overcome difficult odds in making their idea or product successful. 7.Internal Locus of Control: entrepreneurs believe they control their own fate & take personal responsibility for success or failure.

Entrepreneurial categories  Intrapreneur: develop new ideas for already existing companies.  Example: an intrapreneur at 3M developed the post-it note  Change agents: also known as turnaround entrepreneurs. Seek to revitalize established firms.

Entrepreneurial categories  Venture Capitalist: business organizations or individuals that invest in new and growing firms. Take risk but expect high rates of return, especially technology & communication.  Angel investors: wealthy individuals who invest directly in start-ups in exchange for equity stakes. Different from Venture capitalist because they focus only on start-ups.

Interpreneur  One who sets up, maintains and assumes the financial risks of an Internet business venture.  Some companies started by interpreneurs:  Google  Yahoo  MySpace  Facebook  YouTube  Second Life  eBay

What keeps most people from becoming entrepreneurs? 1. Funding 2. Manpower 3. Strong backing 4. Branding/Marketing 5. FEAR ( the most common)

Chapters 5, 6 & 7

Entrepreneurs  An entrepreneur assumes the risk of _________ and __________a business for the purpose of making a ________.  Anyone who starts their own _______ is an entrepreneur.

Traits of entrepreneurs 1. __________: an overall idea for how to make their business idea a success. Ex: _____ _______ vision was a computer on every desk & home-all running Microsoft software. 2. ___________________: willingness to work hard and put in a lot of extra hours due to the passion and love they have for their idea. One of the reasons why most start-ups require long hours and demands is because of ______________ and _____________. 3. __________________: entrepreneurs enjoy the challenge and competition to succeed. 4. __________________: entrepreneurs believe in themselves and their idea.

Traits of entrepreneurs (cont’d) 5. _________ for failure and ambiguity. Failures are viewed by entrepreneurs as _________ ____ ____ ___________in helping them succeed in the future. They take the good with the bad, keeping themselves on an even keel and still _________about their idea. 6. ____________: entrepreneurs devise unique ways to hit __________ currently untapped or overcome difficult odds in making their idea or product successful. 7. ______________________: entrepreneurs believe they control their own fate & take personal responsibility for ________ or _______.

Entrepreneurial categories  _____________: develop new ideas for already existing companies.  Change agent: also known as _________ entrepreneurs. Seek to revitalize established firms.

Entrepreneurial categories  Venture Capitalist: business organizations or individuals that invest in ____ and ________firms. Take risk but expect high rates of return. Focus especially in ____________ & ___________ industries.  Angel investors: wealthy individuals who invest directly in start-ups in exchange for ______ stakes. Different from Venture capitalist because they focus only on ______ -____.

Intrepreneur  One who sets up, maintains and assumes the financial risks of an _________ business venture.  Some companies started by intrepreneurs:

What keeps most people from becoming entrepreneurs? 1. _________ 2. _________ 3. _________ 4. _________ 5. _________ (the most common)

Mark Cuban  What business did Mark Cuban sell?  How much did he sell his business for and who bought it?  What is the name of his new business and how much did he buy it for?

Mark Cuban (cont’d)  What entrepreneurial traits does Mark possess? Give examples.

Google  Does Google employ intrapreneurs? If so, provide examples  Would you consider Google a good place to work at?

Google (cont’d)  Describe Google’s hiring process?  What has happened to their number of employees over the last 3 years?

Google (cont’d)  Which company is worth more money: Google or Microsoft?   What is the term called that identifies this answer?  Based on the reading why is Google a successful company?