Chapter 1: Entrepreneurship 1 Copyrig ht 2002 Prentice Hall Publishing Company SpeakerSpeaker : Dr. Nay : Dr . Nay Zin Z in Latt Latt(Chairman) (Chairman) Business Group Business Group Hotel Group Hotel Group Venue V enue : India : India Date Date : Oct:2010 : Oct:2010
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Chapter 1: Entrepreneurship 3Copyright 2002 Prentice Hall Publishing Company
Small Businesses...Small Businesses...
make upmake up 90%90% of all the businesses in the U.S.of all the businesses in the U.S.
employemploy 53%53% of the nation's private sectorof the nation's private sectorworkforce.workforce.
create more jobs than big businessescreate more jobs than big businesses.. produceproduce 51%51% of the nation¶s private GDPof the nation¶s private GDP
account foraccount for 47%47% of business salesof business sales
createcreate 4X4X more innovations per R&D
dollarmore innovations per R&D
dollarspent than medium size firms andspent than medium size firms and 24X24X asas
Chapter 1: Entrepreneurship 10Copyright 2002 Prentice Hall Publishing Company
Overcoming Resistance to ChangeOvercoming Resistance to Change
Build trustBuild trust
Open channels of communicationOpen channels of communication
Involve your employeesInvolve your employees Provide incentivesProvide incentives
Deal with employees feelingsDeal with employees feelings
AttitudesAttitudes ± ± evaluative statements orevaluative statements or judgments concerning objects, people, or judgments concerning objects, people, oreventsevents ± ± (how people feel about things)(how people feel about things)
Chapter 1: Entrepreneurship 13Copyright 2002 Prentice Hall Publishing Company
The World of the EntrepreneurThe World of the Entrepreneur
A new business is born everyA new business is born every 11 seconds11 seconds in the U.S.in the U.S.
Study of influential AmericansStudy of influential Americans ± ± thethe defining issue of thedefining issue of the
2121stst
Century: Entrepreneurship!Century: Entrepreneurship! One of 12One of 12 Americans is actively involved in trying toAmericans is actively involved in trying to
Chapter 1: Entrepreneurship 21Copyright 2002 Prentice Hall Publishing Company
Four Vital Tasks of a LeaderFour Vital Tasks of a Leader
11. Hire the right employees and constantly. Hire the right employees and constantly
improve their skillsimprove their skills
2. Build an organizational culture and structure2. Build an organizational culture and structurethat enable the company to reach its potentialthat enable the company to reach its potential
3. Motivate workers to higher levels of 3. Motivate workers to higher levels of
performanceperformance
4. Plan for ³passing the torch´ to the next4. Plan for ³passing the torch´ to the nextgeneration of leadership.generation of leadership.
Chapter 1: Entrepreneurship 27Copyright 2002 Prentice Hall Publishing Company
Road to Great LeadershipRoad to Great Leadership
Challenge the processChallenge the process ± ± Find a process you need to beFind a process you need to beimproved mostimproved most
Inspire a shared visionInspire a shared vision ± ± share the vision in wordsshare the vision in words
which can be easily understoodwhich can be easily understood Enable others to actEnable others to act ± ± Provide tools and methodsProvide tools and methods
Model the wayModel the way ± ± Get your hands dirty; A bossGet your hands dirty; A bosstells others what to do, atells others what to do, aleader shows how it is doneleader shows how it is done
Encourage the heartEncourage the heart -- share the glory with yourshare the glory with yourfollowers, while keeping thefollowers, while keeping thepains with yourself pains with yourself
Chapter 1: Entrepreneurship 31Copyright 2002 Prentice Hall Publishing Company
Road to Great LeadershipRoad to Great Leadership
Challenge the processChallenge the process ± ± Find a process you need to beFind a process you need to beimproved most.improved most.
Inspire a shared visionInspire a shared vision ± ± share the vision in wordsshare the vision in wordswhich can be easily understood.which can be easily understood.
Enable others to actEnable others to act ± ± Provide tools and methods .Provide tools and methods .
Model the wayModel the way ± ± Get your hands dirty; A boss tellsGet your hands dirty; A boss tellsothers what to do, a leader shows how it is done.others what to do, a leader shows how it is done.
Encourage the heartEncourage the heart -- share the glory with yourshare the glory with yourfollowers, while keeping the pains with yourself followers, while keeping the pains with yourself