Marketing Manager Course - Chapter 08

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Marketing Manager Course - Chapter 08

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  1. McGraw-Hill © 2004 The McGraw-Hill Companies, Inc. All rights reserved.
  2. Chapter 8 Entrepreneurship McGraw-Hill © 2004 The McGraw-Hill Companies, Inc. All rights reserved.
  3. Learning Objectives After reading this chapter, you should be able to: Distinguish between an entrepreneurship and a small business. Develop negotiation, networking, and leadership skills that can help you as an entrepreneur. Recognize why some entrepreneurships fail. Analyze the advantages and disadvantages of the legal forms of enterprises. McGraw-Hill © 2004 The McGraw-Hill Companies, Inc. All rights reserved.
  4. Learning Objectives(continued) Learn how capital is raised through debt and equity financing and recognize the merits of each approach. Evaluate alternative forms of entrepreneurship, such as franchising, spin-offs, and intrapreneurships. Recognize and evaluate entrepreneurship as a career path and a source of innovation and new job opportunities. McGraw-Hill © 2004 The McGraw-Hill Companies, Inc. All rights reserved.
  5. Introduction Creating a new enterprise is one of the greatest management challenges. Entrepreneurs have built successful companies by being able to exploit unmet needs in the market. McGraw-Hill © 2004 The McGraw-Hill Companies, Inc. All rights reserved.
  6. What is Entrepreneurship? The process of creating a business enterprise capable of entering new or established markets. It involves deploying resources and people in a unique way to develop a new organization. An entrepreneur is an individual who creates an enterprise that becomes a new entry to a market. McGraw-Hill © 2004 The McGraw-Hill Companies, Inc. All rights reserved.
  7. Entrepreneurship Myths Myth 1: Entrepreneurs are born, not made. Myth 2: It is necessary to have access to money to become an entrepreneur. Myth 3: An entrepreneur takes a large or irrational risk in starting a business. Myth 4: Most successful entrepreneurs start with a break-through invention. Myth 5: Entrepreneurs become successful on their first venture. McGraw-Hill © 2004 The McGraw-Hill Companies, Inc. All rights reserved.
  8. Entrepreneurial Venture versus Small Business Management Small Business Entrepreneurship Independently owned and Growth is one of the most operated important goals Small in size The goal is to become a Does not dominate its medium-sized firm of 100- markets 499 employees; or Has less than 100 A large firm with 500 or employees more employees. McGraw-Hill © 2004 The McGraw-Hill Companies, Inc. All rights reserved.
  9. The Importance of Entrepreneurship Job Creation Entrepreneurship accounts for most new jobs in the U.S. economy. Innovation Entrepreneurships are responsible for introducing a major proportion of new and innovative products and services into market. Opportunities for Diverse People People of diverse background can improve their economic status by becoming entrepreneurs. McGraw-Hill © 2004 The McGraw-Hill Companies, Inc. All rights reserved.
  10. Key Characteristics of Entrepreneurs High need for achievement Internal locus of control Willingness to take risks Self-confidence McGraw-Hill © 2004 The McGraw-Hill Companies, Inc. All rights reserved.
  11. Entrepreneurial Skills Negotiation skills Ability to obtain resources that are controlled by other individuals. Networking skills Gather information and build alliances Personal network Business network Leadership skills Provide a shared vision McGraw-Hill © 2004 The McGraw-Hill Companies, Inc. All rights reserved.
  12. Starting and Managing an Entrepreneurship New Ideas come from: newspapers, magazines, and trade journals inventions or discoveries trade shows and exhibitions hobbies family members business school classes McGraw-Hill © 2004 The McGraw-Hill Companies, Inc. All rights reserved.
  13. Why Entrepreneurships Fail Lack of capital Poor knowledge of the market Faulty product design Human resource problems Poor understanding of the competition McGraw-Hill © 2004 The McGraw-Hill Companies, Inc. All rights reserved.
  14. Business Plan Once an entrepreneur conceives a good idea for a new venture, next critical step is to prepare a business plan. It is a blueprint that maps out the business strategy for entering markets. It explains the business to potential investors. It develops strategies and tactics to minimize risk of failure. McGraw-Hill © 2004 The McGraw-Hill Companies, Inc. All rights reserved.
  15. Key Components of the Business Plan Description of the product or service Analysis of market trends and potential competitors Estimate for pricing the product or service Estimate for the time it will take to generate profits Plan for manufacturing the product Plan for growth and expansion of the business Sources of funding Plan for obtaining financing Organizational and management plan McGraw-Hill © 2004 The McGraw-Hill Companies, Inc. All rights reserved.
  16. Legal Forms of Entrepreneurship Proprietorship – business owned by an individual Partnership – association of two or more persons acting as co-owners of a business Corporation – legal entity separate from the individuals who own it McGraw-Hill © 2004 The McGraw-Hill Companies, Inc. All rights reserved.
  17. Proprietorship Advantages Disadvantages Easy to create Unlimited liability Owner keeps all profits Harder to obtain credit Owner makes all and capital decisions McGraw-Hill © 2004 The McGraw-Hill Companies, Inc. All rights reserved.
  18. Partnership Advantages Disadvantages Ease of formation Unlimited liability for firm’s Direct share of profits debt Division of labor and Limited continuity of life of management responsibility enterprise More capital available than in Difficulty in obtaining capital a sole proprietorship Partners share responsibility Less governmental control for other partners’ actions. and regulation McGraw-Hill © 2004 The McGraw-Hill Companies, Inc. All rights reserved.
  19. Corporation Advantages Disadvantages Owners’ liability for the Extensive government firm’s debt limited to their regulation of activities investment High corporation fees Ease of raising large amounts Corporate capital, profits, of capital dividends, and salaries Ease of transfer of ownership double-taxed through sale of stock Activities limited to those Life of enterprise distinct stated in charter. from owners McGraw-Hill © 2004 The McGraw-Hill Companies, Inc. All rights reserved.
  20. Sources of Financial Resources Debt Financing – obtaining a commercial loan setting up a plan to repay the principal and interest Equity Financing – raising money by selling part ownership of the business to investors Private investors Venture capitalists Public offerings of stock McGraw-Hill © 2004 The McGraw-Hill Companies, Inc. All rights reserved.
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