ENTREPRENEURSHIP 101: Keys to Starting a Business

[Pages:47]ENTREPRENEURSHIP 101: Keys to Starting a Business

Dr. Edwin Cottrell Entrepreneurial Leadership Center

Fall 2009 - Speaker Series

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Today We Will Address

? What is Entrepreneurship? ? 7 Keys to Success

1. Idea Generation 2. Funding 3. Legal Issues 4. Marketing 5. The Business Plan 6. You, the Entrepreneur 7. Do your research

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Today We Will Address

? What is Entrepreneurship? ? 7 Keys to Success

1. Idea Generation 2. Funding 3. Legal Issues 4. Marketing 5. The Business Plan 6. You, the Entrepreneur 7. Do your research

3

Famous Entrepreneurs

Oprah Winfrey

Donald Trump

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Steve Jobs

Estee Lauder

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Vera Wang

Russell Simmons

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Definitions of Entrepreneurship

? Creation of a new venture (Gartner, 1988) ? Change implementing innovation through the

carrying out of new combinations (Schumpeter, 1934) ? A way of thinking, reasoning, and acting that is opportunity obsessed, holistic in approach, and leadership balanced (Spinellli & Muller, Jr.) ? Nexus of enterprising individuals and valuable opportunities which constitute the process of existence, discovery, and exploitation of entrepreneurial opportunities (Shane & Venkataraman, 2000).

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Entrepreneurship is used to describe

? Creation of new businesses ? Small businesses ? Sole proprietorships ? Family owned businesses ? High growth new businesses ? Franchises ? Intrapreneurship

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