1. CstM 301 - Management & Organization entrepreneurship & new ventures

2. entrepreneurship… en·tre·pre·neur [ahn-truh-pruh-noor] - noun 1. a person who organizes and manages any enterprise, especially a business, usually with considerable initiative and risk. 2. an employer of productive labor; contractor. classic vs. serial

3. attitudes & characteristics… internal locus of control high energy level high need for achievement tolerance for ambiguity self-confidence passion & action oriented self-reliant & independent flexibility personal experiences personal interests

4. social enterprise…

5. getting started… franchise startup lean startup

6. internet entrepreneurship… advertising model subscription model intermediary model transaction model

7. family businesses… advantages work with family legacy shared values & goals disadvantages work with family succession planning values & goals change

8. why small businesses fail… failure lack of experience lack of commitment lack of strategy ethical failure lack of expertise growing too fast lack of strategic leadership poor financial control

9. small business development… business incubators small business development centers

10. new venture creation… life cycle of entrepreneurial firms

11. writing a business plan… why do it? identify strengths & weaknesses examine market potential examine competition mission, goals & objectives identify capital & operating expenses communication with lenders & investors

12. writing a business plan… what is it? executive summary industry analysis company description products & services description market description marketing strategy operations description staffing description financial projection capital needs milestones

13. ownership types… sole proprietorship partnership corporation limited liability corporation

14. financing options… debt financing equity financing venture capital initial public offering angel investor