2012 Cengage Learning All Rights Reserved May not

CHAPTER 5 PATHS TO ENTREPRENEURSHIP & PREPARING TO BECOME AN ENTREPRENEUR (Personal Values) ©

Learning Objectives § Understand the many pathways to entrepreneurship. § Prepare to become an

Paths to Entrepreneurship § The home-based entrepreneur § The serial or portfolio entrepreneur §

The Corporate Entrepreneur § Entrepreneurial mindset in large corporations: • • • Senior management

Table 2. 1 Challenges and Opportunities with the Entrepreneur Career Path © 2012 Cengage

Figure 2. 1 Preparing for Entrepreneurship © 2012 Cengage Learning. All Rights Reserved. May

Build a Professional Network § Networking • The exchange of information and resources among

Understand Personality and Business Preferences § Barriers to self-employment: • • • Lack of

Table 2. 4 Critical Entrepreneurial Skills Analysis and critical thinking Persuasion and negotiation Opportunity

New Venture Action Plan ü Complete the personality and preferences questionnaire. ü Find a

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CHAPTER 5 PATHS TO ENTREPRENEURSHIP & PREPARING TO BECOME AN ENTREPRENEUR (Personal Values) © 2012 Cengage Learning. All Rights Reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part.

Learning Objectives § Understand the many pathways to entrepreneurship. § Prepare to become an entrepreneur. © 2012 Cengage Learning. All Rights Reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part.

Paths to Entrepreneurship § The home-based entrepreneur § The serial or portfolio entrepreneur § The nonprofit entrepreneur § The corporate entrepreneur © 2012 Cengage Learning. All Rights Reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part.

The Corporate Entrepreneur § Entrepreneurial mindset in large corporations: • • • Senior management commitment A champion or several champions Corporate interoperability Clearly defined stages and metrics A superior team Spirit of entrepreneurship © 2012 Cengage Learning. All Rights Reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part.

Table 2. 1 Challenges and Opportunities with the Entrepreneur Career Path © 2012 Cengage Learning. All Rights Reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part.

Build a Professional Network § Networking • The exchange of information and resources among individuals, groups, or organizations whose common goals are to mutually benefit and create value for the members • Strong ties – close friends and family • Weak ties – acquaintances and business contacts • Brokering © 2012 Cengage Learning. All Rights Reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part.

Understand Personality and Business Preferences § Barriers to self-employment: • • • Lack of confidence Financial needs Startup logistics Personal or family issues Time constraints Lack of skills © 2012 Cengage Learning. All Rights Reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part.

Table 2. 4 Critical Entrepreneurial Skills Analysis and critical thinking Persuasion and negotiation Opportunity recognition Written and oral communication Resource gathering Leadership and people management Organizational and time management Decision making Calculated risk taking Storytelling © 2012 Cengage Learning. All Rights Reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part.

New Venture Action Plan ü Complete the personality and preferences questionnaire. ü Find a mentor and begin building a network. ü Pick and industry and begin studying it. © 2012 Cengage Learning. All Rights Reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part.