Lecture 1 / Module 1

The Entrepreneur

Introduction
Advantages of being an Entrepreneur

Making Your Own Rules Creating Greater Wealth Helping Your Community

Entrepreneurs help others

Depending on your A successful busines by providing products or s
business, you can de s, particularly one th ervices needed by the co
cide what type of sch at keeps growing, ca mmunity.
edule you work, whe n often be sold for m They also create jobs.
re you work, and how uch more than the a Entrepreneurs often gain p
and when you get pa ersonal satisfaction and co
mount that was inves
mmunity recognition from
id t in it. the time and money they d
onate to worthy causes.
Types of Entrepreneurs

1. Small business 2. Home-Based Business

the primary factor in this case is that it's
This includes mom and pop shops and
run from home, as opposed to an office or
local business owners. Small business can
other location. But just because a
include partnerships, sole proprietors,
business is run from home, doesn't mean
and LLCs. Generally it's any business that
it can't compete with larger businesses. In
has less than 500 employees, according to
fact, many large corporations were
the Small Business Administration.
started from a home, including Apple and
Disney.
3. Online Business 4. Inventors

For an inventor to be considered an

The key difference here is that the
entrepreneur, he needs to go beyond the
business is operated primarily online.
idea stage to build the product and get it
This includes companies like Amazon or
to market. A good example of inventors
other e-commerce businesses,
that transition to entrepreneurs are the
bloggers, Ebay etc..
contestants on Shark Tank.
5. Serial Entrepreneur 6. Lifestyle Entrepreneur
Many entrepreneurs get the most joy out
of starting and building a business, but
not in its continued management, so they
sell it to launch a new idea. They are still A lifestyle entrepreneur is one that builds
considered entrepreneurs because they a business that incorporates their
operate and assume risk in the business interests and passions, and sustains their
for the time they own it. Other times, life goals.
serial entrepreneurs juggle several
businesses at once, earning multiple
streams of income.
Vision
It helps to know your end goal when yo
u start. Further, vision is the fuel that pr
Characteristics
opels you forward toward your goal. Tenacity
Following your passion is one of the
Passion best predictors of success.
Following your passion is one of the
best predictors of success. Self-confidence
They believe they can achieve the
Independent thinking ir goal.
Often think outside the box and aren'
t swayed by others who might questi
Resourceful and problem solvers
on their ideas.
They never let problems and challen
ges get in the way, and instead find w
Optimism ays to achieve success .
Entrepreneurs are dreamers and believ .
e their ideas are possible, even when th
Focus
ey seem unattainable.
Successful entrepreneurs are focuse
d on what will bring results.
Action oriented
They overcome challenges and avoid p
rocrastination.
Entrepreneurial Ecosystem
MARKETS
▪ Markets and market access provides opportunities
for proof of concept, sales and
distribution. Customers include both domestic and
foreign markets, companies large and small, and
government contracts.
CULTURE & MEDIA
▪ Culture beliefs influence acceptance and
promotion of entrepreneurs and the
entrepreneurship ecosystem. Success stories and
role models should be promoted by influential
leaders through media and social media channels.
HUMAN CAPITAL
▪ Human Capital in the form of experienced
managerial and technical talent is required to
ensure entrepreneurial success. Training institutions
and outsourcing support should respond to growing
needs for skills in the marketplace.
LEADERSHIP & POLICY
▪ Leadership and Policy provides strategy and legitimacy
to entrepreneurs and the entrepreneurship ecosystem
through promotion and support, problem solving and
venture friendly legislation and incentives.
FINANCES
▪ Finance provides the fuel for early stage and growth
oriented startups and growth of the entrepreneurship
ecosystem through access to micro loans, angel investors,
and venture capital. Support is needed for capital raise
preparation and pitch opportunities.
SUPPORT SERVICES
▪ Support Systems should include a wide range of
support infrastructure (energy, telecom, transport) and
entrepreneurship networks and networking platforms
and events. Experienced coaches and mentors and
professional support services help ensure success.
THANK YOU