©2012 Cengage Learning. All Rights Reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part. PREPARING FOR THE ENTREPRENEURIAL JOURNEY 2

©2012 Cengage Learning. All Rights Reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part. Learning Objectives  Dispel myths about entrepreneurs.  Understand the many pathways to entrepreneurship.  Prepare to become an entrepreneur.

©2012 Cengage Learning. All Rights Reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part. Seven Myths 1. Entrepreneurs start businesses solely to make money 2. It takes a lot of money to start a business 3. It takes a great idea 4. The bigger the risk, the bigger the reward 5. A business plan is required for success 6. Entrepreneurship is for the young and reckless 7. Entrepreneurship cannot be taught

©2012 Cengage Learning. All Rights Reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part. Paths to Entrepreneurship  The home-based entrepreneur  The serial or portfolio entrepreneur  The nonprofit entrepreneur  The corporate entrepreneur

©2012 Cengage Learning. All Rights Reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part. The Corporate Entrepreneur  Entrepreneurial mindset in large corporations: Senior management commitment A champion or several champions Corporate interoperability Clearly defined stages and metrics A superior team Spirit of entrepreneurship

©2012 Cengage Learning. All Rights Reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part. Challenges and Opportunities with the Entrepreneur Career Path Table 2.1

©2012 Cengage Learning. All Rights Reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part. Preparing for Entrepreneurship Figure 2.1

©2012 Cengage Learning. All Rights Reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part. Build a Professional Network  Networking The exchange of information and resources among individuals, groups, or organizations whose common goals are to mutually benefit and create value for the members Strong ties – close friends and family Weak ties – acquaintances and business contacts Brokering

©2012 Cengage Learning. All Rights Reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part. Understand Personality and Business Preferences  Barriers to self-employment: Lack of confidence Financial needs Startup logistics Personal or family issues Time constraints Lack of skills

©2012 Cengage Learning. All Rights Reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part. Critical Entrepreneurial Skills Analysis and critical thinkingPersuasion and negotiation Opportunity recognitionWritten and oral communication Resource gatheringLeadership and people management Organizational and time management Decision making Calculated risk takingStorytelling Table 2.4

©2012 Cengage Learning. All Rights Reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part. New Venture Action Plan Complete the personality and preferences questionnaire. Find a mentor and begin building a network. Pick and industry and begin studying it.