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Transcript of Mainstream Entrepreneurship
Entrepreneurship: The Four Steps
STEP 2: SHOW ENTREPRENEURIAL INITIATIVE
STEP 3: DEVELOP
What is Entrepreneurship?
Refers to conceiving an opportunity to offer new or improved goods or services.
OPPORTUNITY to REALITY
Changes in task, macro or international environments
HIGHER FINANCIAL RETURN
Unique Added Value
LIKELIHOOD OF EXHIBITING ENTREPRENEURIAL INITIATIVE
Life Path Circumstances
HIGH NEED FOR ACHIEVEMENT
HIGH LEVEL OF SELF CONFIDENCE
STEP 4: MOBILIZE RESOURCES
CONCEPT OF THE NEW VENTURE
PROJECTED PERFORMANCE, & CONTINGENCY PLANS
Identifies the Market
Indicates the Resources
Offers an Appraisal
1. Describes Customers and Other Organizations
2. Describes the Product or Service
Description of Management Team's Experience & Expertise
Information of Basic Management Philosophy
Describes the Resources Required
Along with the Expected Financial Costs
Describes how Resources will be Mobilized
Contains Financial Projections
Describe how Critical Risks will be Managed
AND IMPLEMENTING THE ORGANIZATIONAL STRUCTURE
ESTABLISH RELATIONSHIPS WITH
Governments also provide resources to support entrepreneurial activity
"Incubators" -- Designed to help particular types of entrepreneurs get started
Entrepreneurs BORROW Money from family, friends, a bank, or other financial institution.
Money must be PAID BACK in the future.
Investors receives SHARES and become PART OWNERS
Company or Individual that INVESTS MONEY in an Organization in exchange for a SHARE of its Ownership and Profits