Entrepreneurship: Key Concepts and Pitfalls
Forces driving entrepreneurship growth, cultural diversity, and common mistakes to avoid in entrepreneurship. Learn about entrepreneurial profiles, benefits, drawbacks, and how to navigate failure. Discover the diverse landscape of entrepreneurs and essential strategies for success.
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Presentation Transcript
ENTREPRENEURSHIP Lecture No: 4 Resource Person: Malik Jawad Saboor Assistant Professor Department of Management Sciences COMSATS Institute of Information Technology Islamabad. 1
Previous Lecture Review Define the term entrepreneur Describe the entrepreneurial profile. Describe the benefits of entrepreneurship. Describe the drawbacks of entrepreneurship. 2
Objectives Explain the forces that are driving the growth of entrepreneurship. Explain the cultural diversity of entrepreneurship. Put failure into proper perspective. Avoiding the Pitfalls of Small Business Failure. 3
Feeding the Entrepreneurial Fire Entrepreneurs as heroes Entrepreneurial education Demographic and economic factors Shift to a service economy 4
Feeding the Entrepreneurial Fire Technological advancements Independent lifestyles E-commerce and the World Wide Web International opportunities 5
The Cultural Diversity of Entrepreneurship Young entrepreneurs Women entrepreneurs Minority-owned enterprises Immigrant entrepreneurs Part-time entrepreneurs 6
The Cultural Diversity of Entrepreneurship Home-based businesses Family businesses Copreneurs Corporate castoffs Corporate dropouts 7
Deadly Mistakes of Entrepreneurship Management mistakes Lack of experience Poor financial control Weak marketing efforts Failure to develop a strategic plan 8
Ten Deadly Mistakes of Entrepreneurship Uncontrolled growth Poor location Improper inventory control Incorrect pricing Inability to make the entrepreneurial transition 9
Putting Failure into Perspective Entrepreneurs are not paralyzed by the prospect of failure. Failure a natural part of the creative process. Successful entrepreneurs learn to fail intelligently. 10
Avoiding the Pitfalls of Small Business Failure Know your business in depth Develop a solid business plan Manage financial resources Understand financial statements Learn to manage people effectively Keep in tune with yourself 11
You Be The Consultant.. CASE STUDY 12
Ed Sabol, a once unhappy coat salesman, had a passion for filming his son s high school football games and other activities. Word of Ed s filming abilities soon got around and he found himself working a number of local high school games. This led to Ed s successful bid ($3,000) to film the 1962 NFL championship game. Then Commissioner Pete Rozelle was so impressed with the work that he agreed to Ed s proposal to create a new entity known as NFL Films that would both preserve the history of the game and promote it to the nation s sports fans. NFL Films creative approach to the game has resulted in 82 Emmy Awards to date. Ed retired in 1987, turning the reins over to his son Steve who has taken the company to new heights thanks in part to his empowering leadership style and product innovation. The company now has a 200,000 square foot state-of-the-art facility. Q1. Identify the entrepreneurial traits that Ed Sabol and his son Steve exhibit? Q2. How would you characterize the Sabol s philosophy, beliefs, and values to a small business as it grows? Q3. What factors have led to NFL Films success? 13
Lecture Review Explain the forces that are driving the growth of entrepreneurship. Explain the cultural diversity of entrepreneurship. Put failure into proper perspective. Avoiding the Pitfalls of Small Business Failure. Reference: Essentials of Entrepreneurship & Small Business Management, Zimmer, Scarborough &Wilson, 5th Edition 14
