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Entrepreneurship Chapter Five McGraw-Hill/Irwin
Copyright © 2011 by The McGraw-Hill Companies, Inc. All rights reserved.
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Entrepreneurship Entrepreneurship
The pursuit of lucrative opportunities by enterprising individuals.
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Who is The Entrepreneur?
Figure 5.1
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What Does it Take, Personally?
Commitment and determination Leadership Opportunity obsession Tolerance of risk, ambiguity, and uncertainty Creativity, self-reliance, and ability to adapt Motivation to excel
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Entrepreneurial Strategy Matrix
Figure 5.2
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Success and Failure Anticipate risk
Consider the role of the economic environment Utilize business incubators Realize there are common management challenges Going public with an initial public offering (IPO)
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Common Management Challenges
You might not enjoy it Survival is difficult Growth creates new challenges It’s hard to delegate Misuse of funds Poor controls Mortality
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Outline of a Business Plan
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Outline of a Business Plan
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Five Key Factors The people The opportunity The competition
The context Risk and reward
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Building Support for your Idea
Clear the investment with your immediate boss Make cheerleaders who will support your idea Horse trading for support, time, money, and other resources Get the blessing of relevant higher-level officials
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Checklist for Choosing Ideas
Table 5.2
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Checklist for Choosing Ideas (cont.)
Table 5.2
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Management Challenges in Intrapreneurship
Failing to foster innovation Overreliance on a single project Spread intrapreneurial efforts over too many projects
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Characteristics of Entrepreneurial Orientation
Allow independent action Innovativeness Risk taking Proactiveness Competitive aggressiveness
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