... 2.) What is entrepreneur? 3.) Characteristics of entrepreneurship. 4.) Advantages or Benefits of becoming an Entrepreneur. 5.) Disadvantages of becoming an Entrepreneur. Answer. 1.) Entrepreneurship is the willingness to take risks and develop, organize and manage a business venture in a competitive global marketplace that is constantly evolving. An entrepreneurial spirit of innovation and ambition is essential to the process. Entrepreneurship is the process of creating or seizing an opportunity, and pursuing it regardless of the resources currently controlled. The capacity and willingness to develop, organize and manage a business venture along with any of its risks in order to make a profit. The most obvious example of entrepreneurship is the starting of new businesses. In economics, entrepreneurship combined with land, labor, natural resources and capital can produce profit. Entrepreneurial spirit is characterized by innovation and risk-taking, and is an essential part of a nation's ability to succeed in an ever changing and increasingly competitive global marketplace. 2.) An entrepreneur is a person who creates small businesses. Entrepreneurs are calculated risk-takers---they strive to maximize potential of their venture while simultaneously minimizing risk. They are able to recognize opportunities as they arise and create goods or services in order to take advantage of the opportunity before competitors catch on to it. Entrepreneurs may create...
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...benefits entrepreneurs and start-up businesses because it serves as a virtual marketplace, a platform of communication and a social influence in effectively gaining customers and building lasting relationships. I. II. Introduction: Digital Marketing and the 21st Century Social Media as a Virtual Marketplace a. Accessibility to both businesses and customers b. Convenience of online shopping c. Opportunities and potentials d. Examples (online businesses) III. Social Media as a Platform of Communication a. Attracting Online Audience b. Building fans and followers c. Managing customer relationships d. Staying connected with your customers e. Getting feedbacks IV. Social Media as a Social Influence a. Consumer Expectations b. Blogging and Microblogging c. Trends in the 21st Century V. Conclusion 2 Context The internet has become a part of our daily lives ever since it was introduced to us many years ago, and as a matter of fact, the generation today takes it for granted. The internet has given the people access to different parts of the world as a source of information and a platform of communication. With the advent of social media in today’s internet generation, that is easily accessible through smartphones, thanks to technology, it is expected to make communication faster and more convenient. As the social media constantly become a part of our lives, it is now integrated in education, lifestyle, entertainment and business. In the past, it will take weeks...
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...Rosanne Della Fave MGT 480-01 9-15-11 Luckily for Mark Zuckerberg, Facebook has been a rapidly growing social network for over six years. Considering he is a college drop-out, he has done well for himself. This genius of a man has built Facebook into the most used social network in the world. The inspiring thing about it is that he is still building. He refuses to be complacent and will not settle for anything but the best. As I know from the article, there is a lot of knowledge to be learned from the 27 year old entrepreneur, who made his first million dollars at age 19. This article is very useful in learning how to be a successful entrepreneur. Some important advice that I retained from this article is to stay in control of the situation. It's important not to let people walk all over you or take advantage of you because if you let them, they will continue to take advantage of you all the time. It will also allow you to gain respect from others when they see that you are steadfast. When executives met Mark Zuckerberg in his Adidas flip flops they assumed they were dealing with a young kid who happened to come up with this great idea but didn't know how good it really was, however, Zuckerberg outsmarted them in many ways. Many "big shots" jumped on the opportunity to try and buy Facebook from Zuckerberg. Their thinking was that they were dealing with a money hungry, ignorant adolescent. They were wrong; they didn't even know that they would actually learn something...
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...the benefits an entrepreneur might seek in starting a new business. Which benefits are most appealing to you? Why? 2. Do you recognize any of the entrepreneurial personality characteristics in yourselves? Which ones? Do you think it’s possible for a person to develop the characteristics that he or she lacks? Why or why not? 3. What role does failure sometimes play in entrepreneurial success? What can an entrepreneur gain from failure? 4. How could you convince family and friends to support your new business launch? What kind of assurances would they need? What could you do to keep the funding relationships professional? 5. Beyond personal resources, what are other funding options for small businesses? Why don’t more entrepreneurs tap into these resources? 6. Compare the opportunities and threats that small businesses face. Which opportunities are most compelling? Which threats are most intimidating? Why? 7. Review the definition of niche marketer, and cite three examples of niche marketers. How has technology affected niche marketing? 8. If you were to launch a new business, would you start from scratch, buy an established independent business, or buy a franchise? Why? 9. What are the key contributions...
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...SECTION 1: THE ENTREPRENEUR CASE You are purchasing a store that sells casual clothes, a specialty business in the retail apparel industry with a long history in the local community. It has been a family-owned business for many years, selling tops and pants for work and recreation at moderate prices. The youngest members of the family pursued careers in other fields and the retiring owners are interested in selling the business to ambitious entrepreneurs who can update the image and carry the business forward. You will be purchasing and managing a specialty retail business. Four startup decisions are required. They are: • naming your business • store location • product line • financing Your lease expires during the first simulation period, so you have the opportunity to renew the lease at the current rent or relocate. Location The store has been in the same location for many years, across from the college campus. The college location appeals to the student population and there is a fair amount of trade from surrounding neighborhoods. Rent is $5,000 per quarter, and the store is about 1,500 square feet, including both display area and storage space. While parking is limited, foot traffic in the area is constant, and the previous owners have been moderately successful in this location. Their sales last year were $400,000 and their after-tax profit was just over $11,000. The lease expires now, so you have the opportunity to renew the lease at the current rent or relocate. If you...
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... Education Requirements………………………………………………………………………………….. 3 Salary Ranging up to $140,000 Annually…………………………………………………………… 4 Fast-Growing Job Field…………………………………………………………………………………….. 4 Moving into Management…………………………………………………………………………………. 4 Financial Services Entrepreneur…………………………………………………………………………… 4 Starting a Business…………………………………………………………………………………………… 4 Potential Income Growth…………………………………………………………………………………. .5 Self-Management……………………………………………………………………………………………… 5 Conclusions and Recommendations……………………………………………………………………… 5 Works Cited………………………………………………………………………………………………………… 6 BIOMEDICAL ENGINEERING TECHNICIAN VERSUS FINANCIAL SERVICES ENTREPRENEUR INTRODUCTION Biomedical engineering is considered the fastest growing job field today, while the financial services industry has also remained strong due to the everlasting need for financial security. These are two drastically different career paths, and both have great potential in terms of career success. With the cost of schooling the way it is, many are wondering if it is even worth the investment to have a degree. So, this report was created to compare one of the best post-secondary school majors available with a career that requires no major at all. This report analyzes the costs of working and potential incomes of these two job fields. In this report, information from the Bureau of Labor Statistics as well as several University websites were used...
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...Entrepreneur Articles Jeremy Gonzalez’s author of FIVE TIPS FOR BOOTSTRAPPERS began his entrepreneur career at George Washington University. Doomed to face the economic recession, Jeremy developed a business plan to help lessen the chances of living at home after college. With only $200 to his name, Jeremy began to develop a cost effective business, which he calls bootstrapping. The article describes how to get products and ideas onto the market without large amounts of expense. According to Jeremy, the Young Entrepreneur Council calls Bootstrapping Shoe-strapping ( boots are too expensive. With this business philosophy in mind, Jeremy describes how he started up his business. His advice on business was 1 don’t get an office. When first starting out an office is unnecessary overhead. Spend money elsewhere, mainly on the team and its resources. “I worked out of my bedroom and some local coffee shops to cut overhead cost,” Jeremy stated. Second, Get accounting software on Day 1. Jeremy explains how keeping up with accounting will help track your expenses, profits, salaries and overhead cost. This helps in the beginning stages of business so your not surprised by how much you owe your employees later. Third, Ignore lawyers- they kill deals. “Lawyers are, by nature, very cautious” Jeremy states. As a result this can be very off putting to customers, especially if you present a new market niche. All in all, the section explains to be cautious about the legal formalities...
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...“hey, if I can do this, you can too”, and since Foundr Magazine is founded on many of the values and driving forces that Branson is famous for, we thought he would be an absolute goldmine of advice for those of us who are starting out on our own entrepreneurial journeys. He’s also a bit of a rock star of the business world, so we were a little bit star-struck by his offer to answer some of our questions in an exclusive interview. I Does the world’s greatest mentor have a mentor of his own? S omething that many people define as critical to their success is identifying great mentors. For most of us, that means finding someone who can help you develop your business and leadership skills, or coach and guide you through specific challenges. And when you’re starting out, it might seem like there is the potential for mentoring from lots of the people you meet. But what about when you’re at the top of your game – is having a great mentor still important? Branson claims that it is, but when you’re already at the top, who is it you can look to for guidance? “In the past, I’ve had some wonderful mentors. Outside my friends, family and staff [there has been] Freddie Laker, Nelson Mandela, Desmond Tutu, Peter Gabriel, the late, great Mo Mowlam and the aviation genius Burt Rutan [have] all given me some great guidance and inspiration.” Branson offers a stellar list of heavy hitters to say the...
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...Class Discussion: Students will respond to the following: · How have entrepreneurs been impacted by the global economic crisis? · What excites you about being an entrepreneur? · What concerns you about being an entrepreneur? How have entrepreneurs been impacted by the global economic crisis? Entrepreneurs have been hit since the downward slope of the economy. The banks have stopped and/or made the loan process more stringent to receive funds and to continue business. Some entrepreneurs found investors to receive funding where they were able to get around receiving loans from banks. · What excites you about being an entrepreneur? The exciting attributes of being an entrepreneur is setting your own standards. Creating jobs for the community and putting resources back in the community served. Leaving a legacy for the next generation and giving young people an opportunity to learn a new skill and concepts. · What concerns you about being an entrepreneur? The concerns revolve around not having the resources to continue running the business. The product or service rendered is no longer needed and not having the technology to advance. The business failing because of bad decisions that were made. 1. The global economic crisis has negatively impacted many entrepreneurs. Those who began their businesses during better times have found themselves in severe financial trouble. However, the downfall in the global economy has also presented a...
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...affect other aspects of planning. Effective goal setting promotes good planning, and good planning facilitates future goal setting. 3rd goals can serve as a source of motivation for employees of the organization. (reward system) 4th goals provide an effective mechanism for evaluation and control; How successfully today’s goals are accomplished. (setting a high goal and half way there realizing you will not meat that goal then study why they didn’t reach their goal) KINDS OF GOALS Goals are set for and by different levels within an organization. FOUR BASIC LEVELS OF GOALS – mission, strategic, tactical and operational. Mission - a statement of an organization’s fundamental purpose Strategic goals - a goal set by and for top management of the organization Tactical goal - a goal set by and for middle managers of the organization Operational goal - a goal set by and for lower-level managers of the organization. All managers should be involved in the goal-setting process. Each manager, however, generally has responsibilities for setting goals that correspond to his or her level in the organization. The mission and...
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...Chapter 01 The Exceptional Manager: What You Do, How You Do It True / False Questions 1. | Virginia Rometty, CEO of IBM, believes that her success is due in part to her ability to take risks. True False | 2. | Exceptional managers have a gift that cannot be taught. True False | 3. | Management includes integrating the work of people through planning, organizing, leading, and controlling the organization's resources. True False | 4. | To be efficient in management means to use resources wisely and cost effectively. True False | 5. | Efficiency and effectiveness are terms used interchangeably and equivalently in management. True False | 6. | Automated telephone systems are typically both very effective and very efficient. True False | 7. | An effective manager has a multiplier effect on the organization, meaning his or her influence is multiplied beyond the results achievable by just one person. True False | 8. | John Hammergren's compensation of $145 million in 2010 as CEO of health care technology firm McKesson is typical for CEOs in North America today. True False | 9. | Studying management is likely to help you once you are in a manager role, but is unlikely to be beneficial before then. True False | 10. | One of the payoffs of studying management is an improved understanding of how to deal with organizations as a customer. True False | ...
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...Advantages of being a McDonald’s franchisee 9 Conclusion 10 Annex 11 Sources 13 “McDonald’s doesn’t confer success on anyone. It takes guts and staying power to make it with one of our restaurants. A total commitment of personal time and energy is the most important thing. You must be willing to work hard and concentrate exclusively on the challenge of operating that restaurant.” Ray Kroc: American businessman who joined McDonald's in 1954 and built it into the most successful fast food operation in the world Introduction As we all know this huge American firm, we decided to analyze the type of contract, which made the international success of McDonald. Although we can understand its success by the price of its hamburgers, the waiting time and many other things we do not always know how and how important is the type of contract used in its business model. Entrepreneur Magazine – Every year, Entrepreneur Magazine lists its Franchise 500. Over the last several years McDonald’s has been recognized as one of the Top 10 Franchises. Franchise Times Magazine – McDonald’s has been ranked #1 on its list of top 200 franchises. USA Today – McDonald’s has been selected by the National Minority Franchise Initiative (NMFI) as one of the 50 Top Franchises for Minorities. Black Enterprise Magazine – McDonald’s was listed as one of the 40 best Franchises for African Americans. I. Presentation of McDonald’s a. The History In 1954 in the USA, a man called Ray Kroc was a simple...
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...by: Audrey LOW Hui Xin Justus WEE Rui Hao LUO Jingwei Nicolas Olivier Valentin VILMIN TEO Wei Xin Entrepreneurial Management Group Report 1 Contents Abstract ........................................................................................................................................................ 4 Introduction ................................................................................................................................................. 5 Background of Manager............................................................................................................................ 5 Background of Entrepreneur ..................................................................................................................... 6 Attributes and personal beliefs system of both Manager and Entrepreneur ............................................. 7 Evaluation of Interviews ............................................................................................................................. 8 Manager’s Views on Entrepreneurship – Michael Goh ............................................................................ 8 Entrepreneur’s Views on Entrepreneurship – Peter Low .......................................................................... 9 Comparison of Views.............................................................................................................................. 11 Similarities ............................
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...The Entrepreneurial Process "Who can be on entrepreneur you ask? Anyone who wants to experience the deep, dark canyons of uncertainly and ambiguity, and who wonts to walk the breathtaking highlands of success. But caution, do not plan to walk the Iotter until you hove experienced the former" An entrepreneur Results Expected Upon completion of this chapter you will have: l. Developed a definition of entrepreneurship and the entrepreneurial process that spans lifestyle to high potential ventures. 2. Examined the practical issues you will address and explore throughout the book. 3. Learned how entrepreneurs and their financial backers get the odds for success in their favor, defYing the pattern of disappointment and failure experienced by many. 4. Examined the Timmons Model of the entrepreneurial process, how it can be applied to your entrepreneurial career aspirations and ideas for businesses, and how recent research confirms its validity. Demystifying Entrepreneurship Entrepreneurship is a way of thinking, reasoning, and acting that is opportunity obsessed, holistic in approach, and leadership balanced. 1 Entrepreneurship results in the creation, enhancement, realization, and renewal of value, not just for owners, but for all participants and stakeholders. At the heart of the process is the creation and/or recognition of opportunities, 2 followed by the will and initiative to seize these opportunities. It requires a willingness to take risksboth personal and financial-out in a...
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...Potential Problems of an Entrepreneur [ April 1, 2012 ] When we scope in on potential problems of entrepreneurship, we notice that the main seven problems that they deal with is Political instability which in most cases does not encourage an investor to invest in the economy even if he has invested, he might decide to fold up due to the prevailing hostile economic climate. Presence of inflation: Inflation is an economic condition characterized by a general and continuous rise in the price level coupled with a fall in the value of money. Hence inflation is economically harmful to suppliers because of unstable quoted market prices. Inadequacy of information dealing with the collation and analysis of relatively dependable, reliable and authentic data that may facilitate and enhance forecasting and planning. It is pertinent to point out that the entrepreneur may not be conscious of the existing forces of law of demand and supply that directly or indirectly affects consumers’ behavior. Capital: Capital is relatively inadequate to finance entrepreneurial business transactions in Nigeria. The initial capital for the take-off of the business may not be adequate or it may be non-existent. Due to lack of funds acquisition of entrepreneurial is not yardstick or prerequisite for establishing a small-scale business. Inadequate of infrastructural facilities which may hamper or hinder the development of entrepreneurial activities. Inadequate of Government support or motivation...
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