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The EntrepreneurThe Entrepreneur
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DefinitionsEntrepreneurship is the dynamic process of
creating incremental wealth. The wealth is created by individuals who assume the major risks in terms of equity, time, and/or career commitment or provide value fro some product or service.
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Definitions (Formal)Entrepreneurship is the process of creating
something different with value by devoting the necessary time and effort, assuming the accompanying financial, psychic, and social risks, and receiving the resulting rewards of monetary and personal satisfaction and independence.
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Economic DevelopmentNew investment works on both the demand
and the supply side of the growth equation;New capital created expands capacity for
growth (supply side)New spending utilizes the new capacity &
output (demand side)
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Economic DevelopmentGovernment as Innovator
Technology Transfer NIST
Intrapreneurshipemphasis on short-term profits, highly
structured organization, inhibit creativityculturally ingrained (JVC, Rubbermaid)
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Future of EntrepreneurshipEducation
369 universities have at least one course32 have courses in engineering schools
Cultural Supportrevered by general populaceGlobal Competition and FRO’s shift from
bureacracy to intrapreneurship
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EntrepreneursBill Gates
Dropped out of HarvardTed Turner
Kicked out of BrownSteven Jobs
Founder of Apple ComputersRoss Perot
Left IBM to form EDSThomas A. EdisonAlbert Einstein
Failed 3rd grade
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Frank PhillipsStarted as BarberMarried daughter of wealthy banker1903 started Anchor Oil - 4th well successful1906 Sold Anchor Oil, founded Citizen’s Bank1917 started Phillips PetroleumKeys to Success???
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Frank PhillipsKeys to success
Married WellLucky on 4th oil wellAbility to attract investors (staged gushers)Knew banking industry
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Who should start a businessSBA; 1,000 small business firms fail each dayEntrepreneurial Characteristics
No such thing as a typical entrepreneurEntrepreneurial Assessment
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Characteristics of EntrepreneurAn entrepreneur is most commonly the
child in the family.a. oldestb. middlec. youngestd. doesn’t matter
An entrepreneur is most commonlya. marriedb. singlec. widowedd. divorced
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Characteristics of EntrepreneurAn entrepreneur is most typically a
a. manb. womanc. either
Usually an individual’s entrepreneurial tendency first appears evident in his or hersa. teensb. twentiesc. thirtiesd. forties
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Characteristics of EntrepreneurAn individual usually begins his or her first
significant entrepreneurial business enterprise at which age?a. teensb. twentiesc. thirtiesd. fortiese. fifties
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Characteristics of EntrepreneurAn entrepreneur has acheived the following
educational attainment by the time the first significant business venture begins:a. less than high schoolb. high schoolc. bachelor’s degreed. master’s degreee. doctor’s degree
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Characteristics of EntrepreneurAn entrepreneur’s primary motivation for
starting a business isa. to make moneyb. to be independentc. to be famousd. to create job securitye. to be powerful
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Characteristics of EntrepreneurThe primary motivation for the entrepreneur’s
high ego and need for achievement is based upon a relationship with:a. spouseb. motherc. fatherd. children
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Characteristics of EntrepreneurTo be successful in an entrepreneurial
venture you need:a. moneyb. luckc. hard workd. a good ideae. all of the above
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Characteristics of EntrepreneurEntrepreneurs and venture capitalists
a. get along wellb. are the best of friendsc. are cordial friendsd. are in conflict
A successful entrepreneur relies on which for critical management advice?a. international management teamb. external management professionalsc. financial sourcesd. no one
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Characteristics of EntrepreneurEntrepreneur’s are best as
a. managersb. venture capitalistsc. plannersd. doers
Entrepreneurs area. high risk takersb. moderate risk takersc. small risk takersd. doesn’t matter
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Characteristics of EntrepreneurEntrepreneurs:
a. are the life of the partyb. are bores at a cocktail partyc. never go to partiesd. just fit into the crowd at parties
Entrepreneur’s tend to “fall in love” witha. new ideasb. new employeesc. new manufacturing ideasd. new financial planse. all of the above
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Characteristics of EntrepreneurEntrepreneur’s typically form
a. service businessesb. manufacturing companiesc. financial companiesd. construction companiese. a variety of ventures