Part 1 of Business Plan- Deadline July 8, 2019

Keywords
Entrepreneurship- to enter and to take
A process of creating something different with value by devoting the necessary time and effort,
assuming the accompanying financial, psychic, and social risk and receiving the resulting rewards of
monetary and personal satisfaction and independence (Hisrich and Brush, 1985)

Entrepreneur- Capital User

Venture Capitalist- Money provider
Marco Polo
John Law- Banque Generale(17th Century)
Eli Whitney- 18th Century
Thomas Edison- 18th Century- Electric Bulb
Innovation
Andrew Carnegie- 19th Century- American Steel Industry
Albert Shapero
Timmons’ Model of entrepreneurial process
MONEY. MANPOWER.MARKET. MOMENT

The Entrepreneur’s Dozen

1. Examine needs wants and problems for which he/she feels something can be done to improve
and overcome
2. Narrow the possible opportunities
3. Think of an innovative idea
4. Researches the opportunities and idea thoroughly
5. Enlist the best sources of advice and assistance that can be found
6. Plan the ventures and looks for possible problems that might arise
7. Rank the risk and possible rewards and makes decision
8. Never hangs on to the idea, as much as it is loved, if the research shows it won’t work
9. Employs the resources for the necessary for the venture if the decision is made to go ahead
10. Understand that any entrepreneurial venture will take a great deal of long hard work
11. Realizes a sense of accomplishment from successful ventures and learns from the failed ones

PERSONAL ENTREPRENEURIAL COMPETENCIES (pecs)

1. Achievement Cluster
Opportunity Seeking (setting up a business)
Persistence
Commitment to work
Risk- taking
Demand for efficiency and quality
2. Planning cluster
Goal Setting
Information seeking
Systematic Planning and monitoring

3. Power Cluster
Persuasion and networking
Self Confidence