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The Foundations of Entrepreneurship

The Foundations of Entrepreneurship. Yudith Dwi Anggraeni , SIP, MAC(HRM) yda@ppm-manajemen.ac.id. The world of Entrepreneur - Indonesia -. O,18 % of the total population (400,000) Ideal number : 2% of the total population (4,400,000). What Is an Entrepreneur?.

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The Foundations of Entrepreneurship

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  1. The Foundations of Entrepreneurship Yudith DwiAnggraeni, SIP, MAC(HRM) yda@ppm-manajemen.ac.id

  2. Chapter 1: Entrepreneurship The world of Entrepreneur - Indonesia - • O,18 % of the total population (400,000) • Ideal number : 2% of the total population (4,400,000)

  3. Chapter 1: Entrepreneurship What Is an Entrepreneur? One who creates a new business in the face of risk and uncertainty for the purpose of achieving profit and growth by identifying opportunities and assembling the necessary resources to capitalize on them.

  4. Chapter 1: Entrepreneurship Characteristics of Entrepreneurs • Desire for responsibility • Preference for moderate risk – risk eliminators • Confidence in their ability to succeed • Desire for immediate feedback • High level of energy - activator • Future orientation • Skilled at organizing

  5. Chapter 1: Entrepreneurship Entrepreneurship • One characteristic of entrepreneurs stands out: Diversity! • Anyone – regardless of age, race, gender, color, national origin, or any other characteristic – can become an entrepreneur (although not everyone should).

  6. Chapter 1: Entrepreneurship Benefits of Entrepreneurship The opportunity to: • Create your own destiny • Make a difference • Reach your full potential • Reap impressive profits • Contribute to society and to be recognized for your efforts • Do what you enjoy and to have fun at it

  7. Chapter 1: Entrepreneurship Drawbacks of Entrepreneurship • Uncertainty of income • Risk of losing your entire investment • Long hours and hard work

  8. Source: Adapted from Dun & Bradstreet 21st Annual Small Business Survey Summary Report, 2002, p. 35.

  9. Chapter 1: Entrepreneurship Drawbacks of Entrepreneurship • Uncertainty of income • Risk of losing your entire investment • Long hours and hard work • Lower quality of life until the business gets established

  10. Source: 2004 Global Entrepreneurship Monitor.

  11. Chapter 1: Entrepreneurship Drawbacks of Entrepreneurship • Uncertainty of income • Risk of losing your entire investment • Long hours and hard work • Lower quality of life until the business gets established • High levels of stress • Complete responsibility • Discouragement

  12. Chapter 1: Entrepreneurship Feeding the Entrepreneurial Fire • Entrepreneurs as heroes • Entrepreneurial education • Economic factors • Shift to a service economy • Technological advancements • Independent lifestyle • E-commerce and the World Wide Web

  13. Chapter 1: Entrepreneurship Feeding the Entrepreneurial Fire • Entrepreneurs as heroes • Entrepreneurial education • Demographic and economic factors • Shift to a service economy • Technological advancements • Independent lifestyles • E-commerce and the World Wide Web • International opportunities

  14. Chapter 1: Entrepreneurship The Cultural Diversity of Entrepreneurship • Young entrepreneurs • Women entrepreneurs

  15. Source: Center for Women’s Business Research, 2004.

  16. Chapter 1: Entrepreneurship The Cultural Diversity of Entrepreneurship • Young entrepreneurs • Women entrepreneurs • Minority-owned enterprises • Immigrant entrepreneurs • Part-time entrepreneurs

  17. Chapter 1: Entrepreneurship The Cultural Diversity of Entrepreneurship • Home-based businesses • Family businesses • Copreneurs • Corporate castoffs • Corporate dropouts

  18. Source: U.S. Small Business Administration, 2005.

  19. WHY ??? Source: NFIB Business Policy Guide, 2003, p. 16.

  20. Chapter 1: Entrepreneurship Ten Deadly Mistakes of Entrepreneurship • Management mistakes • Lack of experience of the business • Poor financial control • Weak marketing efforts • Failure to develop a strategic plan

  21. Chapter 1: Entrepreneurship Ten Deadly Mistakes of Entrepreneurship • Uncontrolled growth • Poor location – Location, location, location • Improper inventory control • Incorrect pricing • Inability to make the “entrepreneurial transition”

  22. Chapter 1: Entrepreneurship Putting Failure into Perspective • Entrepreneurs are not paralyzed by the prospect of failure. • Failure – a natural part of the creative process. SO, HOW TO AVOID FAILURES ???

  23. Chapter 1: Entrepreneurship 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 – don’t give up

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