Entrepreneurship (1)

Dreams Come True If You Allow Them ToBy: Leanna Kirch

Entrepreneurship

What Is an Entrepreneur?

● An Entrepreneur is a creative and innovative individual who implements ideas to start a business.

■ Create a job for themselves and potentially for others.

■ They ultimately take on a great amount of financial risk.

● Not all entrepreneurs start a business to achieve a higher profit, most are trying to expand on their ideas.

Who Becomes An Entrepreneur?

● Entrepreneurs○ did better in high

school than they did in college.

○ come from middle class or upper-lower class families

○ have high self- esteem and close peer connections

● Entrepreneurial values usually begin to appear during youth.

Leadership Skills● Entrepreneurs are natural born

leaders.● More than half of all entrepreneurs

were not satisfied while working under someone else.

● A majority of entrepreneurs were the first in their families to launch a business.

Leadership Skills are shaped by:○ Negative and positive family

influences○ Previous life experiences ○ Past occupations○ Childhood

Creativity and Critical Thinking

● Entrepreneurs are the most creative individuals in society.

● Entrepreneurs have the ability to invent, combine concepts and compose novel ideas.

● New discoveries are uncovered by the entrepreneurial mind.

● The generation of new ideas is a critical part of entrepreneurship

The Risk of Entrepreneurship

● Entrepreneurs are not afraid to take risks or deal with change○ have elevated initiative○ determined to go through with their ideas○ willing to endure any consequences

● There’s a chance of failure, especially if the managing individual cannot focus on only one thing at a time.

● Approaches toward the project are shaped by existing constraints○ Pressures cause an individual to go about things in a

different way

Useful Ideas

● The lifeblood of entrepreneurship is novel and beneficial ideas○ Ideas must be rational

and well-thought through

○ Original ideas have the potential of generating revenue

○ Ideas must appeal to a particular market

The Skills Possessed

● Tenacity/ stubbornness● Motivation● Courage● Determination● Self-Discipline● Creative● Confidence● Open minded● Competitive● Outgoing● Passion

Why Starting a Business Could Benefit you

● Entrepreneurial success is the greatest way to achieve personal growth, as well as possible fortune and independence.○ The benefits in the long run

are endless; it’s just a matter of formulating ideas and acting upon them.

○ Occupational independence○ Ability to improvise on

thoughts and ideas

ASK ME FOR GREENGATE STICKERS!!!

Now You Get to Make Marshmallow Towers...

● You will be provided with:○ 20 sticks of spaghetti○ 10 toothpicks○ 2 ft. of string○ 3-4 in. of duct tape○ 4 large marshmallows○ 5 small marshmallows○ 1 green marshmallow

● I will put you into groups of 3 or 4● Your group will be given 7 minutes to build the tallest tower

possible with the materials provided.○ It is recommended that your group take a few minutes to

brainstorm, but it is not required○ The green marshmallow must be at the top of your tower○ After the 7 minutes is up, the group with the tallest tower

wins!

ALL of you will get marshmallows to eat after the activity, so please refrain from eating the ones I've provided

Works CitedBurns, Paul. Entrepreneurship and Small Business. Palgrave Macmillan Limited, 2001. Print.

Peredo, Ana Maria and Chrisman, James J., Toward a Theory of Community-Based Enterprise (August

10, 2004). Academy of Management Review, Vol. 31, No. 2, pp. 309-328, 2004. Available at SSRN:

http://ssrn.com/abstract=1190122

Sambrook, Sally, Henley, Andrew, Jones, Karen and Norbury, Heather, A Biographical Approach to

Researching Leadership and Entrepreneurship Development Processes in a Small Business

Context (October 1, 2011). Bangor Business School Research Paper No. 11/004. Available at

SSRN: http://ssrn.com/abstract=1952667 or http://dx.doi.org/10.2139/ssrn.1952667

Wadhwa, Vivek, Holly, Krisztina, Aggarwal, Raj and Salkever, Alex, Anatomy of an Entrepreneur:

Family Background and Motivation (July 7, 2009). Kauffman Foundation Small Research Projects

Research. Available at SSRN: http://ssrn.com/abstract=1431263 or http://dx.doi.org/10.2139/ssrn.

1431263

Ward, Thomas B. "Cognition, Creativity, and Entrepreneurship." Journal of Business Venturing (2003):

1-16. Elsevier Science Inc., 2003. Web. 25 Mar. 2013.