Create Your Identity
Your Core Message
Website Checklist
Social Media Strategy
Trade Shows and Industry Events
What’s the Hook?
Marketing Vehicles Comparison Chart
Sales Force
Plan Your Distribution Needs
Distribution Considerations
Creating a Proposal
Sales Procedures and Operations
Key Management
Your Management Structure
Leadership Traits
Employee Tasks
Write a Job Description
Supplier Comparison Chart
Determine Your Supply Needs
Inventory Control
Identifying Your Technology Needs
Your Technology Policies
Your Legal Structure
Discussing Partnership Terms
Questions to Ask Potential Partners
Business Licenses and Permits
Social Responsibility
Global Financial Considerations
International Marketing
Sales
Global Social Responsibility
Company Vision
Priorities
Milestones
CHAPTER
1
What Is Entrepreneurship?
Entrepreneurs change the world
Factors driving the growth of entrepreneurship
Great entrepreneurs expect change
Great entrepreneurs know how to fail
“The gig economy” entrepreneur
learning objectives
In this chapter, you’ll learn how to:
■ Understand the importance of entrepreneurship
■ Recognize the positive contributions of entrepreneurship to society
■ Describe the characteristics of successful entrepreneurs
■ Recognize the various aspects of change and learn to embrace and leverage them
■ Understand the positive aspects of failure
■ Define the advantages and disadvantages of entrepreneurship
■ Determine personal goals and a company vision
Understanding Entrepreneurship
Do you dream of one day owning your own business? Do you have an idea for a new or improved product or service that you hope to turn into a reality—something that people will want, buy, value, and even love?
Do you feel a need to be in control of your own life? To have the opportunity to act on your ideas? Do you want to be your own boss?
Are you able to motivate yourself to work hard, to do well, even without a boss, or teacher, or parent looking over your shoulder? Do you have the persistence to stick with something until you can make it a reality?
Are you willing to risk security—of a job, a paycheck, a manager guiding you, the structure of a workplace—for the excitement and possibility of creating your own company? For the chance to perhaps make a fortune or at least earn a good living?
Are you willing to learn how to handle failure in return for the possibility of independent business success?
Then what you are dreaming about is “entrepreneurship.”
The origin of the word is “entreprendre”—French for “to undertake.” Take a look at that word—“undertake.” Notice that it emphasizes an attempt to act, and not the outcome of that action. You undertake something.
This implies that what matters is that you have begun something; you’ve started on a journey. And although traveling on that journey may not always be a smooth ride, at least you’re in the driver’s seat.
Entrepreneurship paves