Entrep

• small business owner is someone who owns or starts a business that already has an existing model, such as a restaurant
• Within the entrepreneurial world, harvesting is the typical exit strategy. The harvest is the point at which the investors and entrepreneurial team receive their return on creating and building the venture.
• One characteristic of a savvy entrepreneur is recognizing the ability to identify a problem from an opportunity-identification perspective. We might identify feeling hungry as a problem, but an entrepreneur would identify the problem using an opportunity-identifying perspective by determining how the problem could be translated into an opportunity to create a new venture
• Entrepreneurial Venture means the creation of any type of any business, organization, project, or operation of interest that includes a level of risk in acting on an opportunity that has not previously been established.
• The entrepreneurial journey is your exploration to discover if entrepreneurship is right for you. Every entrepreneurial journey is unique; no two individuals will experience it in the same way. It might also include potential obstacles and barriers that travelers on this path must overcome
• ENTREPRENEURIAL JOURNEY

  Step 1: Inspiration – What is your motivation for becoming an entrepreneur?

  
• ENTREPRENEURIAL JOURNEY

  Step 2: Preparation – Do you have what it takes to be an entrepreneur?
• ENTREPRENEURIAL JOURNEY

  Step 3: Assessment – What is the idea you plan to offer through your venture?

  
• ENTREPRENEURIAL JOURNEY

  Step 4: Exploring Resources – What resources and characteristics do you need to make this venture work?

  
• ENTREPRENEURIAL JOURNEYStep 5: Business Plan – What type of business structure and business model will your venture have?

  
• ENTREPRENEURIAL JOURNEY

  Step 6: Navigation – In what direction will you take your venture? Where will you go for guidance?

  
• ENTREPRENEURIAL JOURNEY

  Step 7: Launch – When and how will you launch your venture?
• Historical Perspective

  
• An innovation is any new idea, process, or product, or a change to an existing product or process
• Around 1730, economist Richard Cantillon identified the first academic meaning and characteristics of “entrepreneurship” as the “willingness to bear the personal financial risk of a business venture”
• The First Industrial Revolution was notable for the explosion of inventive activities by the “great inventors,” who pursued entrepreneurial opportunities to meet market needs, demands, and economic incentives
• The First Industrial Revolution: 1776–1865
• The First Industrial Revolution: 1776–1865

  A) Eli Whitney's Cotton Gin patented

  B) Alexander Graham Bell telephone

  C) Elias Howe Sewing machine

  
• The Second Industrial Revolution: 1865–1920
• Second Industrial Revolution helped shape consumer demand for the latest inventions and innovations developed by small and large businesses.
• The nineteenth-century economists Jean-Baptiste Say and John Stuart Mill (1806–1873) refined and popularized Cantillion’s definition of an entrepreneur to capture the spirit of their era. Their definition of “entrepreneur” describes someone who creates value by effectively managing resources for better productivity, and someone who is a financial risk taker.
• After the US Civil War and into the 1870s, many industries flourished with improvements in production organization (petroleum refinery storage, mass production) and technological systems (electricity and the telephone).
• The Second Industrial Revolution: 1865–1920

  A) typewriter

  B) Wright Flyer

  
• Interwar and Postwar America: 1920–1975

  • World War I in 1917, an economic boom ensued. Unemployment declined from 7.9 percent in 1914 to 1.4 percent in 1918 as the United States produced goods and equipment necessary to support the war efforts of the nation and its allies.
  • From an entrepreneurial perspective, World War I contributed to military-related advancements, communication equipment, and improvements in production processes. The
• Interwar and Postwar America: 1920–1975

  
• The Knowledge Economy: 1975 to Today
• In the mid-1970s, the promises of corporate life began to lose their appeal to entrepreneurial-minded individuals.
• An intrapreneur is an employee who acts as an entrepreneur within an organization, rather than going solo. Intrapreneurs contribute entrepreneurial ideas, products, and services, using corporate work time and resources, but on a much less formal basis than past corporate contributions to innovation.
• The Entrepreneurial Process - the set of decisions and actions that you might follow
• The Entrepreneurial Process: Venture Life Cycle and Product Life Cycle

  
• Business Life Cycle

  
• A situational opportunity is one that becomes available, depending on factors such as where you work, your family obligations, your idea or invention, your unique creative expression, or a recent career search or job change.
• As you plan your venture, you should consider opportunities in these areas:

  •On the Job

  •Family Obligations

  •Franchises

  •Web-Based Venture

  •Work for Hire, or Independent Contractor

  •Unemployment

  •Purchase

  •Frustration

  •Serendipity
• SELECTING A FRAMEWORK

  Business Model Canvas: Key partners, Key activities, Key resources

  
• Lean Model Canvas: Problems, Solutions, Metrics

  
• Design Thinking Process

  
• Four Lenses Strategic Framework

  
• When inspired to start an entrepreneurial venture, one questions whether they can do it and identifies obstacles that might present challenges
• In preparing for your venture, you need to ask what you want to accomplish, what you want to offer, and who you need to target. You also need to consider what potential obstacles might present challenges.
• Assessing relationships and resources allows for reflection on your idea and intention.