PREPARING FOR THE ENTREPRENEURIAL JOURNEY

1. PREPARING FOR THE ENTREPRENEURIAL JOURNEY 2

2. Learning Objectives • Dispel myths about entrepreneurs. • Understand the many pathways to entrepreneurship. • Prepare to become an entrepreneur.

3. Seven Myths • Entrepreneurs start businesses solely to make money • It takes a lot of money to start a business • It takes a great idea • The bigger the risk, the bigger the reward • A business plan is required for success • Entrepreneurship is for the young and reckless • Entrepreneurship cannot be taught

4. Paths to Entrepreneurship • The home-based entrepreneur • The serial or portfolio entrepreneur • The nonprofit entrepreneur • The corporate entrepreneur

5. The Corporate Entrepreneur • Entrepreneurial mindset in large corporations: • Senior management commitment • A champion or several champions • Corporate interoperability • Clearly defined stages and metrics • A superior team • Spirit of entrepreneurship

6. Challenges and Opportunities with the Entrepreneur Career Path Table 2.1

7. Preparing for Entrepreneurship Figure 2.1

8. Build a Professional Network • Networking • The exchange of information and resources among individuals, groups, or organizations whose common goals are to mutually benefit and create value for the members • Strong ties – close friends and family • Weak ties – acquaintances and business contacts • Brokering

9. Understand Personality and Business Preferences • Barriers to self-employment: • Lack of confidence • Financial needs • Startup logistics • Personal or family issues • Time constraints • Lack of skills

10. Critical Entrepreneurial Skills Table 2.4

11. New Venture Action Plan • Complete the personality and preferences questionnaire. • Find a mentor and begin building a network. • Pick and industry and begin studying it.