Entrepreneurship and Small

slipalaskaManagement

Nov 20, 2013 (3 years and 6 months ago)

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Entrepreneurship and Small
Business Management

Spring 2010

Dr. Kevin Dickson

Characteristics of Entrepreneurs


Internal locus of control


High energy Level


High need for achievement


Tolerance for ambiguity


Self
-
confidence


Passion and action orientation


Self
-
reliance and desire for independence


Flexibility

Applications for Entrepreneurship


Corporate entrepreneurship


Respond to issues faced by mature organizations
in an entrepreneurial way


Necessity
-
based entrepreneurship


Takes place because other employment options
don’t exist


Social entrepreneurship


Has a mission to solve pressing social problems

Entry to Entrepreneurship


Start a new business


Buy an existing business


Run a franchise


Family businesses


Succession in family business


Internet
-
based businesses

Small Business Failure


Lack of experience


Lack of expertise


Lack of strategy and strategic leadership


Poor financial control


Growing too fast


Insufficient commitment


Ethical failure

Entrepreneurial Firms: Birth


Business Plan


First
-
mover Advantage


Form of Ownership


Sole proprietorship, Partnership


Corporation, Limited Liability Corporation


Financing


Debt


Equity


Venture capital firm


Angel investor


Entrepreneurial Firms: Breakthrough
and Maturity


Financing


IPO (initial public offering)


Growth and growth
-
related challenges


Change of leadership


Change of culture