10/19/2021

Corporate Houses in Bangladesh 2

Entrepreneurship & Small

Business Management
Topic: Foundation of Entrepreneurship

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Corporate Houses in Bangladesh 3

Foundation of Entrepreneurship 4

All large Business Organizations in

Bangladesh are entering in all types Entrepreneurs
The Driving Force Behind Small Businesses
of Businesses and become
successful. With this background,
as a new entrepreneur how you
will start a New business to be
successful.
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The Age of the Entrepreneur
» A new business is born in the U.S. every 11
seconds.
» Study of influential Americans: THE defining
trend of the 21st century:
Entrepreneurship!
» One of every 25 adults is actively engaged in
trying to start a new business.
© Rashid, 2020
The Age of the Entrepreneur
» Entrepreneurs launch 3.5 to 4.5 million
businesses a year in the U.S.
» Survey of college seniors: 49% of men and
31% of women said they were interested in
pursuing entrepreneurship after graduation.
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10/19/2021
The Age of the Entrepreneur
5 6
Hello students
© Rashid, 2020
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What Is an Entrepreneur? 8
A person who creates a new business in the
face of risk and uncertainty for the purpose of
achieving profit and growth by identifying
opportunities and assembling the necessary
resources to capitalize on those opportunities.
© Rashid, 2020
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The Age of the Entrepreneur 9

Characteristics of Entrepreneurs 10

» Desire for » High level of energy

responsibility
» Future orientation
» Preference for
» Skilled in
moderate risk
organization
» Confidence in their
» Value achievement
ability to succeed
over money
» Desire for immediate
feedback
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The Entrepreneurial Personality 11

Benefits of Small Business Ownership 12

The opportunity to:

» gain control over your own destiny
» make a difference
» reach your full potential
» reap unlimited profits
» contribute to society and to be recognized for
your efforts
» do what you enjoy

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Drawbacks of Small Business Ownership 13

Owner Age of Business Formation 14

» Uncertainty of income

» Risk of losing your entire invested capital

» Long hours and hard work

» Lower quality of life until the business gets

established

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Drawbacks of Small Business Ownership 15

Feeding the Entrepreneurial Fire 16

» High levels of stress ❑Entrepreneurs as heroes

» Complete responsibility ❑Entrepreneurial education
» Discouragement ❑Economic and demographic
factors
❑Shift to a service economy

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Feeding the Entrepreneurial Fire 17

Trends in Entrepreneurship 18

❑Technological advancements
» Young entrepreneurs
❑Independent lifestyles
» Women
❑E-Commerce and the World
Wide Web » Minority enterprises

❑International Opportunities

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Women-Owned Businesses 19
Trends in Entrepreneurship 20

» Immigrant entrepreneurs

» Part-time entrepreneurs

» Home-based businesses

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Trends in Entrepreneurship 21
A Profile of Small Business by Industry 22

» Family businesses

» Copreneurs

» Corporate castoffs

» Corporate dropouts

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Small Businesses... 23
Small Businesses... 24

❑ employ 52% of the nation's private sector

❑ produce 51% of the nation's GDP.
workforce.
❑ account for 47% of business sales.
❑ create more jobs than big businesses.
❑ create 4X more innovations per
❑ lead the way in training workers for jobs.
R & D dollar spent than medium-sized firms
❑ make up 98.5% of all the businesses in the and 24X as many as large companies
U.S.

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Small Business Survival Rate 25

The Small Business Failure Record 26

•24% of new businesses fail after

two years.
•51% fail within four years.
•60% fail within six years.

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Ten Deadly Mistakes of Entrepreneurship 27 Ten Deadly Mistakes of Entrepreneurship 28

❑ Management incompetence
❑ Weak marketing effort
❑ Inability to make the “entrepreneurial
❑ Uncontrolled growth
transition”
❑ Poor location
❑ Undercapitalization
❑ Lack of inventory control
❑ Poor cash management

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Ten Deadly Mistakes of Entrepreneurship 29

Putting Failure Into Perspective 30

❑ Failure is a natural part of the creative process.

❑ Lack of experience ❑ Failures are simply stepping stones along the

path to success.
❑ Lack of strategic management
❑ The “secret” to success is the ability to fail
intelligently, learning why you failed so that
you can avoid making the same mistake again.

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How to Avoid the Pitfalls 31

How to Avoid the Pitfalls 32

» Know your business in depth. » Learn to manage people effectively.

» Prepare a business plan. » Set your business apart from the competition.

» Manage financial resources. » Keep in tune with yourself.

» Understand financial statements.

© Rashid, 2020 © Rashid, 2020