BUSINESS ENTREPRENEURSHIP

(CUN704)
Module 1
Entrepreneurship Defined
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COURSE OVERVIEW
Business Entrepreneurship (CUN704) is a core Business Administration course
that will introduce students to an entrepreneurial mindset and the necessary
steps in launching a new business through a variety of exploratory activities.

The course will allow students to walk through the beginning stages of business
creation by designing a hypothetical business to launch and experiencing the
challenges that entrepreneurs must face when developing and formalizing a new
business opportunity.
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COURSE OVERVIEW (CONT.)
The goal of Business Entrepreneurship (CUN704) is to expose students to
elements of a new business start-up and launch through the practice of creating
a basic business plan.

• After completing this course, students will be able to:

• Describe the necessary qualities of an entrepreneur and properly identify
the elements of entrepreneurship.
• Understand factors that influence the business environment when
recognizing new business opportunities.
• Utilize the tool of having a business plan to describe and help formalize a
new venture.
• Describe the role of market research, marketing, estimating sales, and
financials in a new business start-up.
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MODULE ONE OVERVIEW
Module One defines what makes an entrepreneur and various characteristics
needed to succeed at starting a business.
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INTRODUCTION
When you are thinking about starting a business, are you a business
owner, entrepreneur, or both? What is entrepreneurship?

In general we can state that an entrepreneur can be more than a business

owner. An entrepreneur is someone who wants to work for themselves and be
involved in a start-up, generate new ideas or ventures, and/or form a new
business.

Let’s examine some specific definitions.

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WHO IS AN ENTREPRENEUR?
“The word entrepreneur originates from the French word, entreprendre, which
means "to undertake." In a business context, it means to start a business. The
Merriam-Webster Dictionary presents the definition of an entrepreneur as one
who organizes, manages, and assumes the risks of a business or enterprise.”

Source: http://www.quickmba.com/entre/definition/
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WHAT IS ENTREPRENEURSHIP?

“Entrepreneurship refers to the concept of developing and managing a business

venture in order to gain profit by taking several risks in the corporate world.
Simply put, entrepreneurship is the willingness to start a new business.
Entrepreneurship has played a vital role in the economic development of the
expanding global marketplace.”

Source: http://entrepreneurhandbook.co.uk/entrepreneurship/

ENTREPRENEUR VS. BUSINESS OWNER
Business Owner
Business owners have a financial interest
in the operation of a business.
Business owners usually take well
understood risks based on educational
expertise.
Business owners avoid businesses that
have a moderate or high risk of failure.
They prefer stable but slow gains.
Business owners work to make a living.
Source: http://www.theearlystageventure.com/what-is-entrepreneurship/
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Entrepreneur
Entrepreneurs take substantial risks in
new areas of business to chase massive
gains.
Entrepreneurs bring new products and
innovations together and offer them to
new markets.
Entrepreneurs are committed to failing
forward. They tend to struggle. They take
failure and criticism as a learning
experience.
Entrepreneurs work for the love of the
work.
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THE ENTREPRENEURIAL PROCESS
As you will see within the diagram on the next slide, the entrepreneurial process
begins not by starting a business, rather it begins by identifying opportunities.

An entrepreneur should already have in mind how much risk he or she is willing
to take to work towards realization of this opportunity, along with identifying
potential partners, resources required, and funding needed.

An entrepreneur must also evaluate the potential risk and future return to
determine if an idea could result in a profitable business venture.
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THE ENTREPRENEURIAL PROCESS

Source: catalog.flatworldknowledge.com
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CHARACTERISTICS OF AN ENTREPRENEUR
Below are two quotes from well-known leaders and experts in the field of
business management:

“I’m convinced that about half of what separates the successful entrepreneurs
from the non-successful ones is pure perseverance.” - Steve Jobs, co-founder
and CEO of Apple.

"Entrepreneurship is neither a science nor an art. It is a practice." – Peter

Drucker, management consultant, educator, and author.
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CHARACTERISTICS OF AN ENTREPRENEUR
Within the next couple of slides you will learn about some of the characteristics
and skills that are needed as an entrepreneur. Below is the first overview.

1. Passion. A startup founder is often driven by the quest for deeper purpose
beyond the sheer mechanics of operating a business.
2. Perseverance. Entrepreneurs need to be able to deal with obstacles.
3. Resourcefulness. A vital ability for an entrepreneur is knowing how to make
the most of what you have.
4. Open-Mindedness. As an entrepreneur, you may think you've zeroed in on a
business plan, but you'll need to learn to take in the opinions of others.
5. Spongelike nature. Being an entrepreneur involves a learning process.

Source: https://www.entrepreneur.com/article/232991
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CHARACTERISTICS AND SKILLS NEEDED FOR AN ENTREPRENEUR

Optimism Drive and Persistence Leadership and Motivation

Desire for Control Creative Thinking Communication Skills
Resilience Problem Solving Listening
Risk Tolerance Recognizing Opportunities Personal Relations
Vision Goal Setting Negotiation
Initiative Planning and Organizing Ethics

Source: https://www.mindtools.com/pages/article/newCDV_76.htm
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CHARACTERISTICS OF AN ENTREPRENEUR
The Seven Characteristics Of A Committed Entrepreneur

• Actively seeks leadership and responsibility.

• Exhibits surging raw ambition.
• Minimum positive feedback required.
• Social life is not the highest priority.
• Comfortable with unpredictable working hours.
• Vacation is an interruption.
• Hasn’t even thought about retirement.

Source: http://www.businessinsider.com/seven-characteristics-of-a-committed-entrepreneur-2011-1
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ADVANTAGES OF ENTREPRENEURSHIP
There are some distinct potential advantages to working as an entrepreneur
and includes:

• Excitement: compared to being regular employees, entrepreneurs enjoy

much excitement beginning from the planning stage of the business up to
development and realization.
• Salary Potential: most people who are employed generally feel that they
are not being compensated for the work they do.
• Flexibility: having control of work schedules and commitments makes the
life of these entrepreneurs enviable.
• Independence: for people who love the idea of not being answerable to
anyone else but themselves, becoming an entrepreneur would surely be
wonderful.

Source: http://EzineArticles.com/618160
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DISADVANTAGES OF ENTREPRENEURSHIP

There are also potential disadvantages to being an entrepreneur and includes:

• No Regular Salary: when you start a business, you should be prepared to

leave behind the security of having a paycheck each month.
• Work Schedule: although they have the luxury of a flexible schedule,
entrepreneurs also make sacrifices especially during situations that require
them to work longer hours.
• Administration: because they own the business, all major decisions are
made by entrepreneurs.

Source: http://EzineArticles.com/618160
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BECOMING AN ENTREPRENEUR
How does a person become an entrepreneur? The source below provides some
insight:

• “Being an entrepreneur is more about a state of mind than having a specific

business idea. I subscribe to the Reid Hoffman and Ben Casnocha philosophy
that an entrepreneur is someone who thinks of themselves as a startup. You
are the business.
• Entrepreneurship is not exclusively about starting a company. It is about
approaching your career in a different way. Embracing this philosophy of
entrepreneurship will help unlock your potential and allow you to make the
greatest impact in your professional life.”

Source: http://fortune.com/2014/07/30/how-do-i-become-an-entrepreneur/
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BECOMING AN ENTREPRENEUR
Below is another helpful perspective about becoming an entrepreneur:

“We all think about it from time to time — taking our skills and gifts and
knowledge out into the world and starting our own companies. So, what are the
qualifications for successfully doing that? It might not be what you think: You
don’t need an MBA. You don’t need permission. You don’t need to have
experience in startups. You don’t need to have a revelatory experience where the
clouds part and you are blessed with the mother of all business ideas. You don’t
need a million dollars. You don’t need rich friends or family to back you. You
don’t need to be a genius, and you don’t need perfect timing.

Although each of these things can help with becoming an entrepreneur, none of
them are necessary.” (continued on next slide)
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BECOMING AN ENTREPRENEUR
Below is another helpful perspective about becoming an entrepreneur: (continued)

“There is only one absolutely necessary ingredient

for becoming an entrepreneur. It sounds almost
too simple, but everything that you need to be
successful as an entrepreneur can be bundled as
a mere sub-heading to this one central idea.
What is that all-critical requirement? A willingness
to do the work. That’s it, and there is no way
around it.”

Source: http://www.cnbc.com/id/46311341
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SUMMARY
Module One defined what makes an entrepreneur and various characteristics
needed to succeed at starting a business. Definitions were provided for an
entrepreneur and entrepreneurship, and a contrast was made between being an
entrepreneur and a business owner.

The three primary steps in the entrepreneurial process were identified and
include 1) identifying opportunities, 2) planning and preparing for the venture,
and 3) finding resources and taking action. The essential skills and
characteristics required to be an entrepreneur were presented, the advantages
and disadvantages of being an entrepreneur were discussed, and the module
concluded with insight on becoming an entrepreneurship.
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THE COURSE AHEAD
Below is a preview of the upcoming modules:

Module 2 – Opportunity Recognition

Module 3 – Beginning The Business Plan

Module 4 – Market Analysis

Module 5 – Marketing Strategy

Module 6 – Pricing and Economics of One Unit of Sale

Module 7 – Financial Health of Your Company

Module 8 – Investors and Your Pitch

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THE COURSE AHEAD
Coming Up in Module Three:

You will be asked to begin working with the Business Plan Template:

Download the business plan template provided in the course materials

and familiarize yourself with it. You will continue to work with this template for
the remaining modules until it is complete at the end of the course.

There will sections completed throughout the module, until it is completed by the
end of the course.
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RESOURCES
A Definition of Entrepreneurship
http://www.quickmba.com/entre/definition/

Can Anybody Be an Entrepreneur?

http://www.cnbc.com/id/46311341

Definition of Entrepreneurship
http://entrepreneurhandbook.co.uk/entrepreneurship/

Entrepreneur Advantages and Disadvantages

http://EzineArticles.com/618160

Entrepreneurial Skills: The Skills You Need to Build a Great Business

https://www.mindtools.com/pages/article/newCDV_76.htm
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RESOURCES
5 Key Characteristics Every Entrepreneur Should Have
https://www.entrepreneur.com/article/232991

How do I become an entrepreneur?

http://fortune.com/2014/07/30/how-do-i-become-an-entrepreneur/

The Seven Characteristics Of A Committed Entrepreneur

http://www.businessinsider.com/seven-characteristics-of-a-committed-
entrepreneur-2011-1

What is Entrepreneurship – Entrepreneur vs Business Owner

http://www.theearlystageventure.com/what-is-entrepreneurship/
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You have completed Module One.
Once you close out of this Module you will see your assignment for
Module One.

Module 1 Assignment:

In 2-3 paragraphs, describe what accountability, creativity, and

WHAT IS problem-solving would look like in a start-up business and why those
qualities would be necessary. You can include any other characteristics
discussed in the videos and why you feel those are necessary as well.
NEXT? Write your response in essay format, in a Word document, and upload it
for the Module One Assignment. (Use the sample paper template
provided under “My Files” section on the upper right side of the LMS.)
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Module 1 Quiz:

WHAT IS After you complete the assignment for Module 1, close out of the
assignment section and you will see the Module 1 Quiz. After you
complete your quiz, please review it thoroughly and press SUBMIT.
NEXT? If you do not press SAVE, you may lose everything. You must complete
the Module 1 quiz before you can move on to Module 2.
 Next is Module 2:
WHAT IS • Opportunity Recognition

NEXT? You’ll begin by reviewing the presentation for Module 2.