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BEN2014 Introduction to Cyberpreneurship (by: TPL)

Original Source: Zimmerer & Scarborough (Pearson)

Lecture 1: Introduction

Overview

1. The World of the Entrepreneur

2. Entrepreneurs
• Characteristics of Entrepreneurs

3. Entrepreneurship
• Benefits of Entrepreneurship
• Drawbacks of Entrepreneurship
• Feeding the Entrepreneurial Fire
• Culture Diversity of Entrepreneurship
• Ten Deadly Mistakes of Entrepreneurship
• Avoiding the Pitfalls of Small Business Failure

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BEN2014 Introduction to Cyberpreneurship (by: TPL)
Original Source: Zimmerer & Scarborough (Pearson)

The World of the Entrepreneurs Pg 2-3

• GEM study
– Globally 9.4 percent of adults are actively
engaged in trying to start a business.
– Men are twice as likely as women to start a
business (exactly the opposite trend in the
U.S., however).
– Nearly one-third of global entrepreneurs are
between the ages of 25 and 44.

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BEN2014 Introduction to Cyberpreneurship (by: TPL)
Original Source: Zimmerer & Scarborough (Pearson)

What is an Entrepreneur? Pg 5-8

One who creates a new business in the face of


risk and uncertainty for the purpose of
achieving profit and growth by identifying
opportunities and assembling the necessary
resources to capitalize on them.

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BEN2014 Introduction to Cyberpreneurship (by: TPL)
Original Source: Zimmerer & Scarborough (Pearson)

Characteristics of Entrepreneurs Pg 5-8

• Desire for responsibility


• Preference for moderate risk – risk
eliminators
• Confidence in their ability to succeed
• Desire for immediate feedback
• High level of energy
• Future orientation – serial entrepreneurs
• Skilled at organizing
• Value achievement over money

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BEN2014 Introduction to Cyberpreneurship (by: TPL)
Original Source: Zimmerer & Scarborough (Pearson)

Entrepreneurship Pg 5-8

• One characteristic of entrepreneurs stands out:

Diversity!
• Anyone – regardless of age, race, gender,
color, national origin, or any other
characteristic – can become an entrepreneur
(although not everyone should).

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BEN2014 Introduction to Cyberpreneurship (by: TPL)
Original Source: Zimmerer & Scarborough (Pearson)

Benefits of Entrepreneurship Pg 8-11

The opportunity to: (small business ownership)


• Create your own destiny
• Make a difference
• Reach your full potential
• Reap impressive profits
• Contribute to society and to be recognized for
your efforts
• Do what you enjoy and to have fun at it

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BEN2014 Introduction to Cyberpreneurship (by: TPL)
Original Source: Zimmerer & Scarborough (Pearson)

Drawbacks of Entrepreneurship Pg 12-15

• Uncertainty of income
• Risk of losing your entire investment
• Long hours and hard work
• Lower quality of life until the business gets
established
• High levels of stress
• Complete responsibility
• Discouragement

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Stress !!!
BEN2014 Introduction to Cyberpreneurship (by: TPL)
Original Source: Zimmerer & Scarborough (Pearson)

Feeding the Entrepreneurial Fire Pg 15-19

• Entrepreneurs as heroes
• Entrepreneurial education
• Demographic and economic factors
• Shift to a service economy
• Technological advancements
• Independent lifestyle
• E-commerce and the World Wide Web
• International opportunities

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BEN2014 Introduction to Cyberpreneurship (by: TPL)
Original Source: Zimmerer & Scarborough (Pearson)

One-armed Shoppers
By: Bill McLemore

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Source: http://www.statehousereport.com
BEN2014 Introduction to Cyberpreneurship (by: TPL)
Original Source: Zimmerer & Scarborough (Pearson)

Culture Diversity of Entrepreneurship Pg 20-27

• Young entrepreneurs
• Women entrepreneurs
• Minority enterpreneurs
• Immigrant entrepreneurs
• Part-time entrepreneurs
• Home-based businesses
• Family businesses
• Copreneurs

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BEN2014 Introduction to Cyberpreneurship (by: TPL)
Original Source: Zimmerer & Scarborough (Pearson)

Ten Deadly Mistakes of Entrepreneurship Pg 28-31

1. Management mistakes
2. Lack of experience
3. Poor financial control
4. Weak marketing efforts
5. Failure to develop a strategic plan
6. Uncontrolled growth
7. Poor location
8. Improper inventory control
9. Incorrect pricing
10. Inability to make the “entrepreneurial transition”
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BEN2014 Introduction to Cyberpreneurship (by: TPL)
Original Source: Zimmerer & Scarborough (Pearson)

A Good Idea…?

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Source: http://swier.blogspot.com
BEN2014 Introduction to Cyberpreneurship (by: TPL)
Original Source: Zimmerer & Scarborough (Pearson)

What the customers want…?

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Source: http://www.cubiccompass.com/blogs/main/content/binary/TireSwingCartoon.png
BEN2014 Introduction to Cyberpreneurship (by: TPL)
Original Source: Zimmerer & Scarborough (Pearson)

Putting Failure into Perspective Pg 33-35

• Entrepreneurs are not paralyzed by the


prospect of failure.

• Failure – a natural part of the creative


process.

• Successful entrepreneurs learn to fail


intelligently.

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BEN2014 Introduction to Cyberpreneurship (by: TPL)
Original Source: Zimmerer & Scarborough (Pearson)

Avoiding the Pitfalls of Small Business Failure Pg 35-37

• Know your business in depth


• Develop a solid business plan
• Manage financial resources
• Understand financial statements
• Learn to manage people effectively
• Keep in tune with yourself

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