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- Section 1: The Challenge of Entrepreneurship Copyright © 2019, 2016, 2014 Pearson Education, Inc. All Rights Reserved
- Copyright © 2019, 2016, 2014 Pearson Education, Inc. All Rights Reserved. Essentials of Entrepreneurship and Small Business Management Ninth Edition Chapter 1 The Foundations of Entrepreneurship
- Copyright © 2019, 2016, 2014 Pearson Education, Inc. All Rights Reserved. Learning Objectives (1 of 3) 1. Define the role of the entrepreneur in business in the United States and around the world. 2. Describe the entrepreneurial profile.
- Copyright © 2019, 2016, 2014 Pearson Education, Inc. All Rights Reserved. Learning Objectives (2 of 3) 3-A. Describe the benefits of entrepreneurship. 3-B. Describe the drawbacks of entrepreneurship. 4. Explain the forces that are driving the growth of entrepreneurship. 5. Explain the cultural diversity of entrepreneurship. 6. Describe the important role that small businesses play in our nation’s economy.
- Copyright © 2019, 2016, 2014 Pearson Education, Inc. All Rights Reserved. Learning Objectives (3 of 3) 7. Put failure into the proper perspective. 8. Explain how an entrepreneur can avoid becoming another failure statistic. 9. Discover how the skills of entrepreneurship, including critical thinking and problem solving, written and oral communication, teamwork and collaboration, leadership, creativity, and ethics and social responsibility, apply to every career choice and every avenue of life.
- Copyright © 2019, 2016, 2014 Pearson Education, Inc. All Rights Reserved. The World of the Entrepreneur (1 of 2) • Every year U.S. entrepreneurs launch more than 6.6 million new businesses. • Entrepreneurial spirit - the most significant economic development in recent history. • Globally, nearly one in eight adults is actively engaged in launching a business.
- Copyright © 2019, 2016, 2014 Pearson Education, Inc. All Rights Reserved. Figure 1.1 Entrepreneurial Activity across the Globe Source: Based on data from Donna Kelley, Slavica Singer, and Mike Herrington, Global Entrepreneurship Monitor 2016/17 Global Report, Global Entrepreneurship Monitor, 2017, pp. 39–102.
- Copyright © 2019, 2016, 2014 Pearson Education, Inc. All Rights Reserved. Table 1.1 Entrepreneurship-Friendly Nations Which nations provide the best environment for cultivating entrepreneurship? A recent study ranked 137 countries on the quality of the entrepreneurial ecosystem in each nation using the Global Entrepreneurship and Development Index (GEDI), an index that includes a variety of factors that range from the availability of capital and workforce quality to attitudes toward entrepreneurs and technology available. The maximum GEDI score is 100. GEDI Score, Top Ten Countries GEDI Score, Bottom Ten Countries 1. United States 83.4 128. Venezuela 13.0 2. Switzerland 78.0 129. Nicaragua 12.7 3. Canada 75.6 130. Malawi 125 4. Sweden 75.5 131. Guinea 12.1 5. Denmark 74.1 132. Burkina Faso 11.9 6. Iceland 73.5 133. Bangladesh 11.8 7. Australia 72.5 134. Mauritania 11.6 8. United Kingdom 71.3 135. Sierra Leone 11.4 9. Ireland 71.0 136. Burundi 11.4 10. Netherlands 67.8 137. Chad 8.8 Source: Global Entrepreneurship Index, The Global Entrepreneurship and Development Institute, 2017, https://thegedi.org/global-entrepreneurship-and-development-index/.
- Copyright © 2019, 2016, 2014 Pearson Education, Inc. All Rights Reserved. The World of the Entrepreneur (2 of 2) • Global Entrepreneurship Monitor (GEM) study: – 12.6% of the U.S. population aged 18 to 64 is engaged in entrepreneurial activity. – 68% of working adults around the world perceive entrepreneurs as having high status.
- Copyright © 2019, 2016, 2014 Pearson Education, Inc. All Rights Reserved. What is an Entrepreneur? • Entrepreneur: ‒ 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.
- Copyright © 2019, 2016, 2014 Pearson Education, Inc. All Rights Reserved. Figure 1.2 Percentage of Start-Up Companies in the United States Source: Business Dynamics Statistics Data Tables: Firm Age, U.S. Department of Commerce, U.S. Census Bureau, 2017, www.census.gov/ces/dataproducts/bds/data_firm.html.
- Copyright © 2019, 2016, 2014 Pearson Education, Inc. All Rights Reserved. Characteristics of Entrepreneurs (1 of 2) • Desire for responsibility • Preference for moderate levels of risk • Willingness to break the rules • Self-reliance • Confidence in their ability to succeed • Determination • Desire for immediate feedback • High level of energy • Competitive • Future orientation – Opportunity entrepreneurs – Necessity entrepreneurs – Serial entrepreneurs
- Copyright © 2019, 2016, 2014 Pearson Education, Inc. All Rights Reserved. Characteristics of Entrepreneurs (2 of 2) • Skilled at organizing • Value achievement over money • High degree of commitment • Tolerance for ambiguity • Creativity • Flexibility • Resourcefulness • Willingness to work hard • Tenacity
- Copyright © 2019, 2016, 2014 Pearson Education, Inc. All Rights Reserved. Figure 1.3 Most Important Qualities of an Entrepreneur Source: Ryan Westwood, “What Traits Do We Need to Succeed as Entrepreneurs?” Forbes, September 4, 2015, www.forbes.com/sites/ryanwestwood/2015/09/04/what-traits-do-we-need-tosucceed-as-entrepreneurs/#4d7f537f8ff4.
- Copyright © 2019, 2016, 2014 Pearson Education, Inc. All Rights Reserved. Entrepreneurship • 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).
- Copyright © 2019, 2016, 2014 Pearson Education, Inc. All Rights Reserved. Benefits of Entrepreneurship • The opportunity to: – 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.
- Copyright © 2019, 2016, 2014 Pearson Education, Inc. All Rights Reserved. Drawbacks of Entrepreneurship • 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 • Discouragement
- Copyright © 2019, 2016, 2014 Pearson Education, Inc. All Rights Reserved. Feeding the Entrepreneurial Fire (1 of 3) • Entrepreneurs as heroes • Entrepreneurial education • Demographic factors
- Copyright © 2019, 2016, 2014 Pearson Education, Inc. All Rights Reserved. Figure 1.4 Global Entrepreneurial Activity by Age Group Source: Based on Zoltán J. Ács, László Szerb, and Erkko Autio, Global Entrepreneurship Index, 2016, Global Entrepreneurship and Development Institute, p. 2.
- Copyright © 2019, 2016, 2014 Pearson Education, Inc. All Rights Reserved. Feeding the Entrepreneurial Fire (2 of 3) • Entrepreneurs as heroes • Entrepreneurial education • Demographic factors • Shift to a service economy • Technology advancements • Independent lifestyle • The Internet, cloud computing, and mobile marketing
- Copyright © 2019, 2016, 2014 Pearson Education, Inc. All Rights Reserved. Figure 1.5 U.S. Online Retail Sales Source: Based on data from Forrester Research, 2016.
- Copyright © 2019, 2016, 2014 Pearson Education, Inc. All Rights Reserved. Feeding the Entrepreneurial Fire (3 of 3) • Entrepreneurs as heroes • Entrepreneurial education • Demographic and economic factors • Shift to a service economy • Technology advancements • Independent lifestyle • The Internet, cloud computing, and mobile marketing • International opportunities – micromultinationals
- Copyright © 2019, 2016, 2014 Pearson Education, Inc. All Rights Reserved. The Cultural Diversity of Entrepreneurship (1 of 4) • Young entrepreneurs • Women entrepreneurs
- Copyright © 2019, 2016, 2014 Pearson Education, Inc. All Rights Reserved. Figure 1.6 Characteristics of Women-Owned Businesses Source: Based on data from the 2016 State of Women-Owned Businesses Report, American Express OPEN, 2016, p. 3.
- Copyright © 2019, 2016, 2014 Pearson Education, Inc. All Rights Reserved. The Cultural Diversity of Entrepreneurship (2 of 4) • Young entrepreneurs • Women entrepreneurs • Minority-owned enterprises
- Copyright © 2019, 2016, 2014 Pearson Education, Inc. All Rights Reserved. Growth of New Entrepreneurs by Minority Group Figure 1.7 Percentage of New Entrepreneurs in the U.S. by Minority Group, 1996 and 2016 Source: Based on data from Robert Fairlie, Arnobio Morelix, and Inara Tareque, The Kauffman Index of Startup Activity, Kauffman Foundation, August 2017, p. 31.
- Copyright © 2019, 2016, 2014 Pearson Education, Inc. All Rights Reserved. The Cultural Diversity of Entrepreneurship (3 of 4) • Young entrepreneurs • Women entrepreneurs • Minority-owned enterprises • Immigrant entrepreneurs • Part-time entrepreneurs
- Copyright © 2019, 2016, 2014 Pearson Education, Inc. All Rights Reserved. The Cultural Diversity of Entrepreneurship (4 of 4) • Home-based businesses • Family businesses – Family-owned business • Copreneurs • Corporate castoffs • Encore entrepreneurs • Retiring baby boomers
- Copyright © 2019, 2016, 2014 Pearson Education, Inc. All Rights Reserved. Figure 1.8 Entrepreneurial Activity in the U.S. by Age Group Source: Based on data from Robert W. Fairlie and Inara Tareque, 2017 Kauffman Index of Startup Activity, Kauffman Foundation, 2017, p. 34.
- Copyright © 2019, 2016, 2014 Pearson Education, Inc. All Rights Reserved. The Power of Small Businesses (1 of 2) • Small businesses: – Make up 99.7% of the 28.8 million businesses in the United States – Employ 48% of the nation’s private sector workforce – Create more jobs than big businesses Created 63% of net new jobs over the last decade 5% of small companies create 67% of net new jobs in the economy – Gazelles
- Copyright © 2019, 2016, 2014 Pearson Education, Inc. All Rights Reserved. Figure 1.9 Small Businesses by Industry Source: Based on data from “Statistics of U.S. Businesses, U.S. and States, NAICS Sectors, Small Employment Sizes,” United States Census Bureau, 2013, www.census.gov/econ/susb/.
- Copyright © 2019, 2016, 2014 Pearson Education, Inc. All Rights Reserved. The Power of Small Businesses (2 of 2) • Small businesses: – Produce 48.5% of the nation’s private GDP. – Account for 47% of business sales. – Create 16 times more patents per employees than large companies. Zipper, FM radio, the laser, air conditioning, the escalator, the lightbulb, the personal computer, automatic transmission, and many more!
- Copyright © 2019, 2016, 2014 Pearson Education, Inc. All Rights Reserved. Putting Failure into Perspective • Entrepreneurs are not paralyzed by the prospect of failure. • Failure: a natural part of the creative process. • Successful entrepreneurs learn to fail intelligently.
- Copyright © 2019, 2016, 2014 Pearson Education, Inc. All Rights Reserved. Figure 1.10 Small Business Failure Rate Source: Based on data from “Survival Rates of Establishments, by Year Started and Number of Years Since Starting, 1994–2016,” Business Employment Dynamics, U.S. Bureau of Labor Statistics, www.bls.gov/bdm/entrepreneurship/bdm_chart3.htm.
- Copyright © 2019, 2016, 2014 Pearson Education, Inc. All Rights Reserved. Avoiding the Pitfalls of Small Business Failure (1 of 2) • Know your business in-depth • Build a viable business model – and test it • Use lean start-up principles • Know when to pivot • Develop a solid business plan • Understand financial statements
- Copyright © 2019, 2016, 2014 Pearson Education, Inc. All Rights Reserved. Avoiding the Pitfalls of Small Business Failure (2 of 2) • Manage financial resources • Understand financial statements • Build the right team • Learn to manage people effectively • Set your business apart from the competition • Maintain a positive attitude
- Copyright © 2019, 2016, 2014 Pearson Education, Inc. All Rights Reserved. Developing Career Skills • Critical thinking and problem solving • Written and oral communication • Teamwork and collaboration • Leadership • Creativity • Ethics and social responsibility
- Copyright © 2019, 2016, 2014 Pearson Education, Inc. All Rights Reserved. Conclusion • Entrepreneurs: – Are an important part of the free enterprise system – Are a diverse and talented group of people – Represent a cross-section of society as a whole – Are able to enhance the profitability of their businesses through acquiring additional knowledge and experience
- Copyright © 2019, 2016, 2014 Pearson Education, Inc. All Rights Reserved. What is Ahead? Chapter 2 Ethics and Social Responsibility Section 2 The Entrepreneurial Journey Begins Section 3 Launching the Business Section 4 Putting the Business Plan to Work
- Copyright © 2019, 2016, 2014 Pearson Education, Inc. All Rights Reserved. Copyright
Hinweis der Redaktion
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- Welcome to Chapter 1: The Foundations of Entrepreneurship, of the ninth edition of Essentials of Entrepreneurship and Small Business Management by Norman M. Scarborough and Jeffrey R. Cornwall.
- In this chapter, you will: 1. Define the role of the entrepreneur in business in the United States and around the world. 2. Describe the entrepreneurial profile.
- In addition, you will: 3-A. Describe the benefits of entrepreneurship. 3-B. Describe the drawbacks of entrepreneurship. 4. Explain the forces that are driving the growth of entrepreneurship. 5. Explain the cultural diversity of entrepreneurship. 6. Describe the important role that small businesses play in our nation’s economy.
- In addition, you will: 7. Put failure into the proper perspective. 8. Explain how an entrepreneur can avoid becoming another failure statistic. 9. Discover how the skills of entrepreneurship, including critical thinking and problem solving, written and oral communication, teamwork and collaboration, leadership, creativity, and ethics and social responsibility, apply to every career choice and every avenue of life.
- Entrepreneurship is thriving in nearly every part of the world creating companies, jobs, wealth, and innovative solutions to some of the world’s most vexing problems. Globally, the highest rates of entrepreneurial activity are among people between the ages of 25 and 34, but entrepreneurship is the desired career path for many people who are still in college.
- This figure shows entrepreneurial activity across the globe.
- Table 1.1 shows which nations are most friendly to entrepreneurs.
- Today, small business is “cool” and entrepreneurs are the rock stars of the business world.
- An entrepreneur is the one who creates a new business in the face of risk and uncertainty for the purpose of achieving profit and growth by identifying significant opportunities and assembling the necessary resources to capitalize on them.
- Entrepreneurs are essential change agents in the global economy, but unfortunately, in the United States, the percentage of private companies that are start-ups has been declining since the 1970s.
- Entrepreneurs tend to exhibit certain traits including: Desire for responsibility Preference for moderate levels of risk Willingness to break the rules Self-reliance Confidence in their ability to succeed Determination Desire for immediate feedback High level of energy Competitive Future orientation
- In addition, entrepreneurs: Are skilled at organizing Value achievement over money Have a high degree of commitment Have a tolerance for ambiguity Are creative Are flexible Are resourceful Have a willingness to work hard Are tenacious
- No single set of characteristics describes successful entrepreneurs. Anyone can become an entrepreneur.
- Entrepreneurship is not a genetic trait; it is a skill that most people can learn.
- Some of the benfits of entrepreneurship are the opportunity to: 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.
- Some of the drawbacks of entrepreneurship are: 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 Discouragement
- To understand the growth in entrepreneurship, consider: Entrepreneurs as heroes Entrepreneurial education Demographic factors
- Globally, the rate of entrepreneurial activity is highest among people between the ages of 25 and 44 .
- In addition, consider: Shift to a service economy Technology advancements Independent lifestyle The Internet, cloud computing, and mobile marketing
- Currently, about 54% of small business have Web sites.
- Finally, consider: International opportunities – micromultinationals
- Virtually, anyone has the potential to become an entrepreneur.
- For many women, the best way to break the “glass ceiling” is through entrepreneurship. The number of women-owned businesses is growing 1.5 times faster than the national average.
- Like women, minorities also are choosing entrepreneurship more often than ever before. Hispanics, African Americans, and Asians are most likely to become entrepreneurs.
- Minority-owned businesses have grown significantly over the last two decades, but still have a long way to go.
- Immigrants or their children started more than 40% of Fortune 500 companies. Many part-timers are “testing the entrepreneurial waters” to see whether their business ideas will work, whether there is sufficient demand for their products and services, and whether they enjoy being self-employed.
- Twenty percent of home-based businesses generate between $100,000 and $500,000 in annual revenue. A family-owned business is a business that includes two or more members of a family who have financial control of the company. Family-owned businesses account for 70 to 90% of global GDP. Copreneurs are entrepreneurial couples who work together as co-owners of their businesses. Some 20% of discharged corporate managers have become entrepreneurs, and many of those left behind in corporate America would like to join them. Encore entrepreneurs people who drop out of the corporate world to become entrepreneurs. Members of the Baby Boom Generation (born between 1946 and 1964) are retiring, but many of them are not idle; instead, they are launching businesses of their own.
- One advantage that older entrepreneurs have is the wisdom that comes from experience.
- A small business is a business that employs fewer than 100 people. Gazelles are small companies that are growing at 20% or more per year with at least $100,000 in annual sales; they create 70% of net new jobs in the economy.
- The majority of small businesses are concentrated in the service, construction, and retail industries.
- Traditionally, small businesses have played a vital role in innovation, and they continue to do so today.
- Successful entrepreneurs have the attitude that failures are simply stepping-stones along the path to success.
- Failure isn’t necessarily bad! New companies that replace old ones with better ideas, market approaches, and products are a sign of a healthy entrepreneurial economy.
- To avoid business failure: Know your business in-depth Build a viable business model – and test it Use lean start-up principles Know when to pivot Develop a solid business plan Understand financial statements
- In addition, Manage financial resources Understand financial statements Build the right team Learn to manage people effectively Set your business apart from the competition Maintain a positive attitude
- Whether you choose to start your own business or work for someone else in either a for-profit or non-profit organization, the skills you will learn in this course with the help of this book will be extremely valuable to you.
- As you can see, the journey down the road of entrepreneurship will be a fascinating and exciting one. Let’s get started!