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Chapetr 1 note.docx

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Department
Administrative Studies
Course Code
ADMS 3920
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Chapter 1The Entrepreneurial LifeCHAPTER OUTLINESpotlight Bridgecreek video provided at httpwwwbridgecreekcom1Entrepreneurship and Small Business Distinguish between an entrepreneur and a small business ownerWho Are the EntrepreneursPoint out how entrepreneurial ventures are critical to the health of the US economy so an entrepreneurial career contributes to personal rewards and societal welfareContributions of Small Business to the EconomySmall business makes a positive contribution to the economyMore than twice the number of jobs contributed by larger businessesLarger firms could cut costs as the recession developedSmall businesses in general didnt have that optionEntrepreneurship offered in Universities across the US reflecting the desire to own a businessEntrepreneurship offers many opportunitiesMegan Wettach Fashion designerOpened a store to sell prom dresses in Mount Pleasant IowaTook an entrepreneurship class at University of IowaBegan designing her own gowns and obtained a 150000 line of creditSigned a deal with an apparel maker in China and negotiated a deal to sell her own dressesShe feels she can be a global force in fashionSergey Brin and Larry Page founded GoogleExample of unlimited potential of entrepreneurial venturesOverwhelming successGoogle used as a verb in languages around the world12TypetextEntrepreneurs not limited to business founders includes secondgeneration firm owners franchisees and ownermanagersAsk students for examples of entrepreneurs they know or know aboutDefinition of an entrepreneurA person who relentlessly focuses on an opportunity either in a new or existing enterprise to create value while assuming both the risk and reward for his or her effortWhat Is Small BusinessCriteria VariesNumber of employees sales volume and value of assets have been usedCriteria used in this textNumber of employees in the business is fewer than 100Except for marketing function operations are geographically localizedFinancing provided by no more than a few individualsBusiness may begin with a single individual but may growProvide examples of local businesses Microsoft and Apple could also be examples of small businesses that grew from 13 owners and are no longer small businesses2Entrepreneurial OpportunitiesExplain the characteristics of entrepreneurial opportunities and give examples of successful businesses started by entrepreneursEntrepreneurial OpportunityEconomically attractive and timely opportunity that creates value for prospective customers and firms ownersInvolves more than just a good business idea requires critical resourcesPeopleAssetsCapitalThree Success Stories2
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