1. © Pearson Education Limited 2015EM-1 Chapter EM Managing Entrepreneurial Ventures

2. What is Entrepreneurship? Entrepreneurship: The process of starting new businesses, generally in response to opportunities. © Pearson Education Limited 2015EM-2

3. What Do Entrepreneurs Do? Assess the potential of the venture Research the venture’s feasibility Plan the venture Organize the venture Launch the venture Manage the venture Manage the venture’s growth © Pearson Education Limited 2015EM-3

4. Business Plans Executive summary Synopsis business plan Summary business plan Fully business plan Operational business plan © Pearson Education Limited 2015EM-4

5. Components of a Full Business Plan Executive summary Analysis of opportunity Analysis of the context Description of the business Financial data and projections Supporting documentation © Pearson Education Limited 2015EM-5

6. Legal Forms of Organization 1.Sole proprietorship 2. General partnership 3. Limited liability partnership (LLP) 4. C corporation 5. S corporation 6. Limited liability company (LLC) © Pearson Education Limited 2015EM-6

7. Organizational Structure Work specialization Departmentalization Chain of command Span of control Amount of centralization or decentralization Amount of formalization © Pearson Education Limited 2015EM-7

8. Human Resource Management (HRM) Issues 1.Employee recruitment 2.Employee retention © Pearson Education Limited 2015EM-8

9. What Type of Personality Do Entrepreneurs Have? Some Common Traits: High motivation Abundant self-confidence High energy level Great persistence Moderate risk taker The proactive personality © Pearson Education Limited 2015EM-9

10. Motivating Employees Empowering employees by: Using participative decision making Delegating decisions or duties Giving them discretion over how they do their work © Pearson Education Limited 2015EM-10

11. Entrepreneurs as Leaders Drawing out the best in people Creating a vision for the organization Developing teams that are empowered, self- directed, and cross-functional © Pearson Education Limited 2015EM-11

12. Control Issues Managing growth Managing downturns Exiting the venture Managing personal life choices and challenges © Pearson Education Limited 2015EM-12

13. Personal Challenges Entrepreneurs manage personal challenges by: Becoming pros at time management Identifying competent business advisors Dealing with conflicts as they arise Developing a network of trusted friends/peers Recognizing when stress levels are too high © Pearson Education Limited 2015EM-13

14. EM-14© Pearson Education Limited 2015