ENTREPRENEURSHIP

1. ENTREPRENEURSHIP Delivered in: Islamia University of Bahawalpur Presented By: Tasawar Javed

2. Driving Forces for ENTREPRENEURSHIP • Behind the BOOM! • Forces that are driving the growth of Entrepreneurship! • Entrepreneurs as heroes • An intangible but important factor is the attitude that Americas have toward entrepreneurs • They raised them to hero status and held out their accomplishment as models to follow • Bill Gates (Micro soft) • Mary Kay Ash (Cosmetics) • Jeff Bezos (Amazon.com) • Micheal Dell (Dell computers)

3. Driving Forces for ENTREPRENEURSHIP • Entrepreneurial Education: • Entrepreneurship is very popular subject so colleges and universities include it in course of study • In different nations it is realized that job offering is less promising career paths, so rapidly growing number of students sees owning a business as an attractive career option. • Demographic and economic factor • Many students start their business in age of 24-44 years, • Economic growth that spanned most of the 80s created significant amount of wealth among people of this age group and many business opportunities on which they can capitalize

4. Driving Forces for ENTREPRENEURSHIP • Shift to services economy • In US service sector produce 80% of the jobs and 64% of GDP • There is sharp rise in just one decade • Because low start-up cost, services building has become very popular among entrepreneurs • Booming services sector continues to provide many business opportunities • Technological advancements • Technology has changed the ways to do business, such as computers, fax, color printers, copiers, voice mail, e-commerce has given edge to entrepreneurs to harvest good opportunities • It is impossible some times for small business to include technological aspect of business due to limited operations and resources.

5. Driving Forces for ENTREPRENEURSHIP • Independent life style • It is fit for entrepreneurs and independent life style in found only in few countries and US is having this culture. • People have freedom of choice, freedom to live, freedom to work; financial securities is an important concern. • E-commerce and WWW • www, vast network that links computers world wide, helped business to operate across the border • Online commerce is growing rapidly, creating many opportunities • Selling, marketing, CRM, info sharing • The promise of internet is starting to pay off

6. Driving Forces for ENTREPRENEURSHIP • International Opportunities • A shift to a global economy has opened the door to tremendous business opportunities for entrepreneurs willing to reach across the globe • Small business strategies • Researching foreign markets thoroughly • Focusing on a single country initially • Utilizing Govt. resources designed to help small companies establish in international presence • Forging alliances with local partners

7. Cultural Diversity of ENTREPRENEURSHIP Others reasons 7% • Young entrepreneurs Frustrated with big companies 23%

8. Cultural Diversity of ENTREPRENEURSHIP • Women Entrepreneurs • Small business has been a leader in offering women opportunities for economic expression through employment and entrepreneurship • Progressive in business world • Small business in Pakistan has given an edge to women to make their lives better with the use of micro finance; it is leading them to empowerment and ultimately contribution in the good economic situation of house with their life partners • 11 million women in US women owned companies, 19.1 million workers, and general sales of more than 2.5 $ trillion a year • Discuss about Pakistan and views from Class?

9. Cultural Diversity of ENTREPRENEURSHIP • Minority Entrepreneurs • Immigrant Entrepreneurs • Part-time Entrepreneurs • Starting a part time business is gate way to entrepreneurship, a major advantage of going into a business part time is the lower risk in case of ventures flop • Home base business • Several factors make the home the first choice location for many entrepreneurs • Low start up cost cuz operate from home • Maintain a flexible life style • Technology, allows entrepreneurs to run a wide variety of business from their homes

10. Entrepreneurs Family businesses • Include members of family with financial control of the company. Integral part of economy. 25 million businesses are family businesses in US. • 60% of total employment and 78% new jobs • 65% of all wages • “when it works right,” “nothing succeeds like a family firm.

11. Entrepreneurs • COPRENEURS • Are entrepreneurial couples who work together as co-owners of their businesses. • Creating division of labor that is based on expertise as apposed to gender; says one expert Few characteristics • As assessment of whether their personalities will mesh-or conflict-in a business setting • Mutual respect for each other and on another’s talents • Compatible business and life goals, a common vision • A view that they are full and equal partners, not a superior and a subordinate • Ability to keep lines of communication open • Clear division of role and responsibilities and authority • Ability to encourage each other • A sense of humor

12. ENTREPRENEURSHIP • Corporate castoffs • Shedding the excess bulk that took away their flexibility and speed, many large American corporations have been downsizing to regain their competitive edge • Corporations announced layoffs, • Companies are cutting back their executive ranks as well • Millions of people have lost their jobs • And these corporate castoffs have become an important source of entrepreneurial activity Some of them corporate managers become entrepreneurs, and many of those left behind in corporate would like to join them

13. ENTREPRENEURSHIP • Corporate Dropouts • Downsizing of corporate has created another effect among the employees left after restructuring: a trust gap. The result of this trust gap is a growing number of dropouts from the corporate structures who then become entrepreneurs. • Although their workdays may grow longer and their incomes may shrink, • Other entrepreneurs are inspired to launch their companies after being treated unfairly by large, impersonal corporate entities. • Because the have college degrees, a working knowledge of business, and years of management experience, both corporate dropouts and castoffs may ultimately increase the small business survival rate • Social Entrepreneurs • They use their skills not only to create profitable business ventures, but also to achieve social and environmental goals for common good. Their businesses often have a triple bottom line that encompasses economic, social, and environmental objectives.

14. ENTREPRENEURSHIP • Ten deadly Mistakes of Entrepreneurs • Management Mistakes • Lack of Experience • Poor Financial Control • Weak Marketing Efforts • Failure to Develop a Strategic Plan • Uncontrolled Growth • Poor Location • Improper Inventory Control • Incorrect Pricing • Inability to make the “Entrepreneurial Transition”

15. Thanks Question & Answer