382650
Description
Mind Map by Valleree Lim, updated more than 1 year ago
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Created by Valleree Lim
about 11 years ago
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Entrepreneurship &
Small Business
Management
- Entrepreneurship: risk taking behavior that results in new opportunities
- Classic entrepreneur: someone
who's willing to pursue
opportunities in situations others
view as problem or threats
- Serial entrepreneur: starts and run business
and nonprofits over and over again, moving
from interest & opportunity to the next
- Entrepreneur skill: first
mover advantage =
comes form being able
to exploit a niche or
enter a market
- May Kay Ash : Mary Kay
cosmetics to help women
everywhere to reach their full
potential, invest with $5000.
DAVID THOMAS- Founder of
WENDY's -- world's famous
burger cook
- Classic entrepreneur: someone
who's willing to pursue
opportunities in situations others
view as problem or threats
- Characteristics of enterpreneurs
- Found within organisations:
INTRAPRENEURS- those
with entreprenuerial
characteristics as
employees of larger firms
- attitudes & personal interests
- Flexibility (corrective actions) Tolerance for
ambiguity (risk takers)Self confidence
(competent) Internal locus of control
(destiny)High energy level (hardworking)
High need for achievement (motivated)
- Flexibility (corrective actions) Tolerance for
ambiguity (risk takers)Self confidence
(competent) Internal locus of control
(destiny)High energy level (hardworking)
High need for achievement (motivated)
- Background, experiences & interests
- Family environment & childhood experiences
- work history
- windows career of opportunity age 22-45 risk taking allowed
- deeply embedded life interests :
creative production (enjoy project
initiation & working with unknown &
find unconventional solutions&
enterprise control (enjoy running
things) = starts things and move
things toward a goal. Independence
& mastery sense.
- Family environment & childhood experiences
- Myths of entrepreneurs
- gamblers
- born not made--> talent is gained and enhanced by experience
- Money is the
key to
Entrepreneur
success
- gamblers
- Found within organisations:
INTRAPRENEURS- those
with entreprenuerial
characteristics as
employees of larger firms
- Diversity & Entreprenuership
- Necessity based entrepreneurship:
occurs when other employment don't
exist
- 38% of all US businesses are
women and they are starting new
businesses twice the rate of the
national average. In the private sector
employment business 33% said they
were not taken seriously by their prior
employer while 29% said they
experience glass ceiling issues.
glass ceiling problem motivates
women of color to persue
entrepreneurship include not being
recognised or valued by their
employers and seeing other promoted
ahead of them. Minortiy
entreprenuership is one of the fastest
growing sectors of our economy.
Businesses created by minortiy
entreprenuers now employ more than
4 million US workers and generat
eover 500 billion in annual revenues.
And the trend i upward. Those owned
by African American has grown by
45%, by Asians 24% and small
business owned by women 24%
- Necessity based entrepreneurship:
occurs when other employment don't
exist
- Social Entrepreneurship
(unique form of ethical
entrepreneurship that takes
risk seeks new ways to
solve pressing social
problems)
- 1) Cleaning for a reason- NPO that builds
networks of linkages with cleaning firms
around the country that are willing to offer free
home cleaning for cancer patient .2) 2 S.E
tackled public health in Africa Sub realizing
that developing nations are often bogged
down in paperwork of public healt, they
created software that make process quicker
and more efficient while increasing the
reliability of resulting databases. UN now
helping them.
- 1) Cleaning for a reason- NPO that builds
networks of linkages with cleaning firms
around the country that are willing to offer free
home cleaning for cancer patient .2) 2 S.E
tackled public health in Africa Sub realizing
that developing nations are often bogged
down in paperwork of public healt, they
created software that make process quicker
and more efficient while increasing the
reliability of resulting databases. UN now
helping them.
- Entrepreneurship & Small Business
- Small business
- has fewer than 500 employees, independently owned and operated and does
not dominate the industry. 99% of American business meet this definition, 87%
of them employ fewer than 20 persons. small business in the US employ 52%
private workers & provide 51% private sector output and provide 7/10 new jobs
in the economy . created 70% news jobs. they are life blood of the country and
help enhance our quality of life and creating personal wealth. they will lead the
way to prosperity, especially in today''s challenging economic environment
- Why they fail?
- insufficient financing
- lack of expertise
- lack of experience
- lack of strategy & strategic leadership
- poor financial control
- growing too fast
- lack of commitment
- ethical failure
- insufficient financing
- Development
- Business incubators: offer space,
shared services and advise to help
get small business started
- Small Business Development Centers founded
with support from the US small business
administration provide advise to new and existing
small businesses
- Business incubators: offer space,
shared services and advise to help
get small business started
- has fewer than 500 employees, independently owned and operated and does
not dominate the industry. 99% of American business meet this definition, 87%
of them employ fewer than 20 persons. small business in the US employ 52%
private workers & provide 51% private sector output and provide 7/10 new jobs
in the economy . created 70% news jobs. they are life blood of the country and
help enhance our quality of life and creating personal wealth. they will lead the
way to prosperity, especially in today''s challenging economic environment
- Why & how they get started/
- 1)want to be their own
boss & control their future
2)going to work for a family
owned business 3)seeking
to fulfill a dream
- Franchise: when one business
owner sells to another the right
to operate the same business in
another location
- Start Up: a new and
temporary venture
that is trying to
discover a profitable
business model for
future success
- Lean Startups: use open
source software, while
staying small and striving to
keep operations as simple as
possible
- 1)want to be their own
boss & control their future
2)going to work for a family
owned business 3)seeking
to fulfill a dream
- FAMILY BUSINESS
- family business feud
- Succession problem
- succession plan
- succession plan
- family business feud
- Small business
- INTERNET ENTREPRENEURSHIP
- ADVERTISING MODEL
- SUBSCRIPTION MODEL
- INTERMEDIARY MODEL
- TRANSACTION MODEL
- ADVERTISING MODEL
- New venture creation of
entrepreneurial firms
- Life
cycles
- Writing
Business Plan
- Business plan describes the
direction for new business &
financing needed to operate it
- sample outline
- Executive summary .
Industry analysis.
Company description.
Products & services
description. market
description. marketing
strategy. Milestones
- Executive summary .
Industry analysis.
Company description.
Products & services
description. market
description. marketing
strategy. Milestones
- Business plan describes the
direction for new business &
financing needed to operate it
- forms of ownership
- Sole proprietorship
- Partnership
- general partnership:
partners share
management
responsibilities
- limited partnership: consists of a
general partner and one or more
limited partners who do not
participate in daily business
management, they share in the
profits but their losses are limited
to the amount of their investment
- limited liability partnership: common
among professionals, limits the liability of
one partner for the negligence of another
- general partnership:
partners share
management
responsibilities
- Corporation
- Pros: grants the organisation
certain legal rights (e.g. to
engage in contracts) &
corporation becomes
responsible for its own
liabilities which seperates
the owners from personal
liability and gives the firm a
life of its own that can extend
beyond of its owners/
- Con: Rests largely with the
cost of incorporating and
the complexity of the
documentation required to
operate as an incorporated
business
- LIMITED LIABILITY
CORPORATION
- a hybrid business form combining the
pros of the sole proprietorship,
partnership and corporation. For liability
purpose it functions like a corporation
and protects the assets of owners
against claims made against the
company. For tax purposes, it functions
as a partnership in the case of multiple
owners and a sole proprietorship in the
case of a single owner
- a hybrid business form combining the
pros of the sole proprietorship,
partnership and corporation. For liability
purpose it functions like a corporation
and protects the assets of owners
against claims made against the
company. For tax purposes, it functions
as a partnership in the case of multiple
owners and a sole proprietorship in the
case of a single owner
- Pros: grants the organisation
certain legal rights (e.g. to
engage in contracts) &
corporation becomes
responsible for its own
liabilities which seperates
the owners from personal
liability and gives the firm a
life of its own that can extend
beyond of its owners/
- Sole proprietorship
- FINANCING
- Debt financing
- Equity financing
- Venture capitalists
- Initial public offering
- Initial public offering
- Angel investor
- Debt financing
- Life
cycles
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