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So You Want to Be an Entrepreneur?

• Emily Heyward

One founder’s advice on what you should know before you quit your day job.

Starting a business is not easy, and scaling it is even harder. You may think you’re sitting on a completely original idea, but chances are the same cultural forces that led you to your business plan are also influencing someone else. That doesn’t mean you should give up, or that you should rush to market before you’re ready. It’s not about who’s first, it’s about who does it best, and best these days is the business that delivers the most value to the consumer. Consumers have more power and choice than ever before, and they’re going to choose and stick with the companies who are clearly on their side. How will you make their lives easier, more pleasant, more meaningful? How will you go out of your way for them at every turn? When considering your competitive advantage, start with the needs of the people you’re ultimately there to serve. If you have a genuine connection to your idea, and you’re solving a real problem in a way that adds more value to people’s lives, you’re well on your way.

When I graduated from college in 2001, I didn’t have a single friend whose plan was to start his or her own business. Med school, law school, finance, consulting: these were the coveted jobs, the clear paths laid out before us. I took a job in advertising, which was seen as much more rebellious than the reality. I worked in advertising for a few years, and learned an incredible amount about how brands get built and communicated. But I grew restless and bored, tasked with coming up with new campaigns for old and broken products that lacked relevance, unable to influence the products themselves. During that time, I was lucky to have an amazing boss who explained a simple principle that fundamentally altered my path. What she told me was that stress is not about how much you have on your plate; it’s about how much control you have over the outcomes. Suddenly I realized why every Sunday night I was overcome with a feeling of dread. It wasn’t because I had too much going on at work. It was because I had too little power to effect change.

• EH Emily Heyward is the author of Obsessed: Building a Brand People Love from Day One (Portfolio; June 9, 2020). She is the co-founder and chief brand officer at Red Antler, a full-service brand company based in Brooklyn. Emily was named among the Most Important Entrepreneurs of the Decade by Inc.  magazine, and has also been recognized as a Top Female Founder by Inc. and one of Entrepreneur’s Most Powerful Women of 2019.

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• How to Use Your Business Plan Most Effectively
• The Basics of Writing a Business Plan
• 12 Reasons You Need a Business Plan
• The Main Objectives of a Business Plan
• What to Include and Not Include in a Successful Business Plan
• The Top 4 Types of Business Plans
• A Step-by-Step Guide to Presenting Your Business Plan in 10 Slides
• 6 Tips for Making a Winning Business Presentation
• 12 Ways to Set Realistic Business Goals and Objectives
• 3 Key Things You Need to Know About Financing Your Business
• How to Perfectly Pitch Your Business Plan in 10 Minutes
• How to Fund Your Business Through Friends and Family Loans and Crowdsourcing
• How to Fund Your Business Using Banks and Credit Unions
• How to Fund Your Business With an SBA Loan
• How to Fund Your Business With Bonds and Indirect Funding Sources
• How to Fund Your Business With Venture Capital
• How to Fund Your Business With Angel Investors
• How to Use Your Business Plan to Track Performance
• How to Make Your Business Plan Attractive to Prospective Partners
• Is This Idea Going to Work? How to Assess the Potential of Your Business.
• When to Update Your Business Plan
• How to Write the Management Team Section to Your Business Plan
• How to Create a Strategic Hiring Plan
• How to Write a Business Plan Executive Summary That Sells Your Idea
• How to Build a Team of Outside Experts for Your Business
• Use This Worksheet to Write a Product Description That Sells
• What Is Your Unique Selling Proposition? Use This Worksheet to Find Your Greatest Strength.
• How to Raise Money With Your Business Plan
• Customers and Investors Don't Want Products. They Want Solutions.
• 5 Essential Elements of Your Industry Trends Plan
• How to Identify and Research Your Competition
• Who Is Your Ideal Customer? 4 Questions to Ask Yourself.
• How to Identify Market Trends in Your Business Plan
• How to Define Your Product and Set Your Prices
• How to Determine the Barriers to Entry for Your Business
• How to Get Customers in Your Store and Drive Traffic to Your Website
• How to Effectively Promote Your Business to Customers and Investors
• What Equipment and Facilities to Include in Your Business Plan
• How to Write an Income Statement for Your Business Plan
• How to Make a Balance Sheet
• How to Make a Cash Flow Statement
• How to Use Financial Ratios to Understand the Health of Your Business
• How to Write an Operations Plan for Retail and Sales Businesses
• How to Make Realistic Financial Forecasts
• How to Write an Operations Plan for Manufacturers
• What Technology Needs to Include In Your Business Plan
• How to List Personnel and Materials in Your Business Plan
• The Role of Franchising
• The Best Ways to Follow Up on a Buisiness Plan
• The Best Books, Sites, Trade Associations and Resources to Get Your Business Funded and Running
• How to Hire the Right Business Plan Consultant
• Business Plan Lingo and Resources All Entrepreneurs Should Know
• How to Write a Letter of Introduction
• What To Put on the Cover Page of a Business Plan
• How to Format Your Business Plan
• 6 Steps to Getting Your Business Plan In Front of Investors

6 Tips for Making a Winning Business Presentation How to ensure your business plan will make an impact.

By Eric Butow • Oct 27, 2023

Opinions expressed by Entrepreneur contributors are their own.

This is part 11 / 11 of Write Your Business Plan: Section 1: The Foundation of a Business Plan series.

So you've looked over different types of business plans. Which one is best for you? Odds are that you'll need more than one variety. If you want to get maximum impact from your plan, you'll need to tailor it to address the particular needs of each potential audience. Here are some tips to make your presentation stand out from the pack.

Target Your Audience

The potential readers of a business plan are varied, ranging from bankers and venture capitalists to employees. Although this is a diverse group, it is also a finite one. Each type of reader does have certain typical interests. If you know these interests up front, you can consider them when preparing a plan for that particular audience.

Active venture capitalists see hundreds of plans in a year. Most plans probably receive no more than a glance from a given venture capitalist before being rejected; others get just a cursory inspection. Even if your plan excites initial interest, it may receive only a few minutes of attention. When courting these harried investors, it's essential that you make the right impression fast.

Related: 4 Business Plan Strategies For Attracting Investors

The key is to emphasize a compelling, succinct summary and explanation of the primary business concept and not stint on the details about the impressive backgrounds of your management team. That said, make it concise and to the point. Remember, time is of the essence to venture capitalists and other investors. Bankers tend to be more formal than venture capitalists and more concerned with financial strength than with exciting concepts and impressive resumes. For these readers, you'll want to give extra attention to balance sheets and cash flow statements. Ensure they're fully detailed and come with notes to explain any anomalies or possible points of confusion.

Angel investors may not insist on seeing a plan at all, but your responsibilities as a businessperson require you to show them one anyway. For such an informal investor, prepare a less formal plan. Rather than going for impressive bulk, seek brevity. An angel investor used to playing her hunches might be put off by an imposing plan rather than impressed with your thoroughness. If you were thinking about becoming a partner in a firm, you'd no doubt be very concerned with the responsibilities you would have, the authority you would carry, and the ownership you would receive in the enterprise.

Naturally, anyone who is considering partnering with you is going to have similar concerns. So ensure that any plan presented to a potential partner deals comprehensively with the ownership structure and clearly spells out matters of control and accountability.

Related: Why You Shouldn't Send Your Business Plan To Investors

Customers looking at your business plan probably do so because they are contemplating building a long-term relationship with you. They will certainly be more concerned about your relationships with your other customers and, possibly, suppliers than most of your readers. So deal with these sections of your plan in greater depth, but you can be more concise in other areas. Customers rarely read a company's business plan, so you'll probably have your mini-plan available for these occasions.

Suppliers have many of the same concerns as customers, except they're in the other direction on the supply chain. They'll want, above all, to make sure you can pay your bills, so be sure to include adequate cash flow forecasts and other financial reports. Suppliers, who naturally would like their customers to order more and more, are likely to be quite interested in your growth.

If you can show you're growing a lot, you may be in a better position to negotiate terms with your suppliers. Like customers, most suppliers do not take the time to read lengthy business plans, so again, focus on the shorter version for such purposes. Strategic allies usually come to you for something specific—technology,

distribution, complementary customer sets, etc. So, any plan you show to a potential ally will stress this aspect of your operation. Sometimes potential strategic partners may also be potential competitors, so you may want to present your plan in stages, saving sensitive information such as financials and marketing strategies for later in the process when trust has been established.

Related: How To Use Your Business Plan

Managers in your company use the plan primarily to remind themselves of objectives, keep strategies clear, and monitor company performance and market conditions. You'll want to stress such things as corporate mission and vision statements and analyses of current industry and economic factors. The most important part of a plan intended for management consumption is probably in the financials. You'll want to take special care to make it easy for managers to compare sales revenue, profitability, and other key financial measures against planned performance.

There's one caution to the plan-customization exercise. Limit your alterations from one plan to another. Don't show one set of numbers to a banker you're trying to borrow money from and another to a partner you're trying to lure on board. It's one thing to stress one aspect of your operation over another for presentation purposes and entirely another to distort the truth.

Proofread Your Plan

Just as fine dining locales offer finer sensory experiences than coffee shops or fast-food eateries, your presentation will differ from a working plan. A working plan should be free from major errors, but a presentation plan must be proofread carefully several times by several people so that it is definitely free of grammatical errors or typos. You also may find inconsistencies in a working plan that you need to address as you move forward with your business planning. These must not exist in a plan ready for presentation.

Related: How To Craft A Business Plan That Will Turn Investors Heads

Include investments

If you are already invested in the stock market, bonds, or even more directly in other businesses, you should let this be clearly known in your business plan. This provides readers with:

• an understanding that you are somewhat versed in matters of investing your level of risk tolerance based on your investments
• your plans for growth, or ability to raise capital depending on your choices of investments

Investing indicates that you are planning ahead and looking to make profits through long-term growth, dividends, and other income-producing investment vehicles. Personal and business investments are essential to readers as they paint a picture of how you will handle financing.

Related: How To Create A Business Plan Investors Will Love

Consider a Modular Plan

Instead of writing a whole new plan for each audience, construct a modular plan with interchangeable sections. Pull out the resume section for internal use, for example, and plug it back in for presentation to an investor. A modular, mix-and-match plan saves time and effort while preserving flexibility. Many people do this with resumes: They have sections that they include or take out depending on the job for which they are applying.

It's also essential that a presentation plan be accurate. A mistake here could be construed as a misrepresentation by an unsympathetic outsider. At best, it will make you look less than careful. If the plan's summary describes a need for $40,000 in financing, but the cash flow projection shows $50,000 in financing during the first year, you might think, "Oops! Forgot to update that summary to show the new numbers." The investor you're asking to pony up the cash, however, is unlikely to be so charitable.

Related: 4 Strategies For Crafting A Business Plan That Attracts

Think Visually

From infographics to YouTube, embrace the power of visuals to communicate your story. Depending on your industry and the software you are using, it may be in your best interest to utilize graphics to enhance the presentation of any business plan.

If, for example, you are in the fashion, food, or design industry or you are creating a new product, your visual image will certainly be worth a thousand words. The key is to choose the best graphics and insert them appropriately—remember that any visual must fit into the plan. Don't overdo it. Consider the impact visuals have in marketing, where studies show that people are much more likely to remember any presentation or advertisement with visuals than those without.

"Not only does our brain process visual information so much more effectively than text, but visuals are also simply more persuasive, says Noah Parsons, a Silicon Valley product development veteran. "A 3M-sponsored study found that presenters who use visual aids are 43 percent more effective in getting people to do what they want."

Related: The Main Objectives Of A Business Plan

He continues, "Imagine that you're trying to get funding for your business and that your presentation could be more effective if it presents data visually instead of with text. I'll bet that any entrepreneur would take advantage of that fact if they knew the statistics were that much in their favor."

You can also provide plan readers with information and even apps to look at what it is you are proposing. Having everyone in the room on the same page, literally, can allow them to utilize interactive features and help you display any new technology that factors into your business operations.

More in Write Your Business Plan

Section 1: the foundation of a business plan, section 2: putting your business plan to work, section 3: selling your product and team, section 4: marketing your business plan, section 5: organizing operations and finances, section 6: getting your business plan to investors.

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Chapter 1 What is Entrepreneurship

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200 Entrepreneurship Topics

Venturing into the dynamic world of entrepreneurship can unleash innovative ideas and steer you towards success. Browse through our selection of 200 stimulating entrepreneurship topics, meticulously crafted to meet the interests and business goals of every budding entrepreneur.

• The Rise of the Gig Economy and Its Impact on Entrepreneurship.
• Understanding the Lean Startup Methodology.
• The Importance of Adaptability in the Entrepreneurial Journey.
• How Technology Has Transformed Entrepreneurship in the 21st Century.
• Social Entrepreneurship and Its Role in Addressing Societal Issues.
• Female Entrepreneurship: Challenges and Opportunities.
• The Impact of COVID-19 on Small Businesses and Startups.
• Sustainable Entrepreneurship: Building Businesses That Care for the Environment.
• The Psychology of Entrepreneurship: Mindset and Motivation.
• The Role of Government Policy in Supporting Entrepreneurial Ventures.
• Networking Strategies for Budding Entrepreneurs.
• The Benefits and Risks of Crowdfunding for New Businesses.
• Youth Entrepreneurship Education and Its Importance.
• The Entrepreneurial Journey: From Idea to Execution.
• Innovations in Fintech: Opportunities for Startups.
• The Sharing Economy: A New Frontier for Entrepreneurs.
• Bootstrapping Versus Seeking Venture Capital.
• The Influence of Social Media on Entrepreneurship.
• Corporate Entrepreneurship: Fostering Innovation Within Established Companies.
• The Ethics of Entrepreneurship: Balancing Profit and Responsibility.
• Successful Entrepreneurship in Rural Areas: Overcoming the Challenges.
• Importance of Intellectual Property Rights for Entrepreneurs.
• How to Build a Customer-Centric Business Model.
• The Evolution of E-commerce and Its Effect on Traditional Businesses.
• Building an Entrepreneurial Team: Recruitment and Management.
• The Role of Mentorship in Entrepreneurial Success.
• Effective Leadership in a Startup Environment.
• The Pros and Cons of Entering a Saturated Market.
• The Impact of Globalization on Small Businesses.
• Navigating Business Partnerships and Co-founder Dynamics.
• Balancing Work and Life as an Entrepreneur.
• Franchising as an Entrepreneurial Strategy.
• Strategies for Scaling up a Small Business.
• The Significance of a Strong Business Plan.
• How to Conduct Market Research for a New Venture.
• The Future of Entrepreneurship: Trends and Predictions.
• The Challenges of International Expansion for Startups.
• Why Some Startups Fail and Others Succeed.
• Venture Capital Funding: A Guide for Startup Founders.
• The Role of Disruption in Creating Business Opportunities.
• Crafting a Unique Value Proposition for Your Business.
• The Influence of Culture on Entrepreneurship.
• Outsourcing Tasks: When and How Entrepreneurs Should Do It.
• Building a Personal Brand as an Entrepreneur.
• Overcoming Fear of Failure in Entrepreneurship.
• The Role of Customer Feedback in Shaping a Business.
• Importance of Continuous Learning and Development for Entrepreneurs.
• Analyzing the Competitive Landscape for New Ventures.
• Time Management Skills for Busy Entrepreneurs.
• The Power of Storytelling in Marketing a Startup.
• Managing Financial Challenges in the Early Stages of a Business.
• The Impact of Artificial Intelligence on Entrepreneurship.
• Ecosystem for Innovation: How Cities and Regions Foster Entrepreneurship.
• Measuring Business Success: Beyond Financial Metrics.
• How to Pivot Your Business Strategy Effectively.
• Business Incubators and Accelerators: How They Can Help Startups.
• The Effects of Digital Transformation on Entrepreneurship.
• Entrepreneurial Approaches to Crisis Management.
• Big Data and Analytics for Entrepreneurs.
• How Family Businesses Transition to Entrepreneurial Ventures.
• The Intersection of Entrepreneurship and Activism.
• Collaborative Consumption: A New Business Paradigm.
• Startup Culture and Its Influence on Employee Engagement.
• Legal Obstacles and Considerations for Startups.
• Ethics in Entrepreneurship: Starting and Running a Business Responsibly.
• Utilizing E-learning Platforms for Entrepreneurial Development.
• Startups and the Challenge of Creating a Brand Identity.
• The Significance of Exit Strategies for Entrepreneurs.
• The Gig Economy: Freelancers Fueling Entrepreneurship.
• The Effects of Demographic Shifts on Entrepreneurial Opportunities.
• Overcoming Supply Chain Challenges in Startups.
• Augmented Reality and Virtual Reality: Opportunities for Startups.
• Angel Investors and How They Impact Startups.
• Building a Socially Responsible Business.
• E-Health Innovation: The Role of Startups in Shaping the Future of Healthcare.
• The Phenomenon of Unicorn Startups and What Drives Their Success.
• Keeping up With Technological Change as an Entrepreneur.
• Emerging Markets: Opportunities and Hurdles for Entrepreneurs.
• Entrepreneurship and the Importance of Building Trust With Consumers.
• Cybersecurity Challenges for Small Businesses.
• Entrepreneurial Opportunities in the Food Industry.
• The Relevance of Customer Relationship Management for Small Businesses.
• Balancing Innovation With Practicality in Business.
• Crafting an Effective Digital Marketing Strategy on a Budget.
• Impact Investing: Entrepreneurs Driving Social Change.
• The Importance of Resilience in the Entrepreneurial Process.
• Design Thinking as a Tool for Entrepreneurs.
• The Essentials of Supply Chain Management for New Businesses.
• Entrepreneurial Strategies in the Entertainment Industry.
• Small Businesses and the Debate Over Raising the Minimum Wage.
• The Role of Co-working Spaces in Supporting Startups.
• Entrepreneurship in the Age of Remote Work.
• Cultural Competence: An Essential Skill for Global Entrepreneurs.
• Monetizing Innovations: From Concept to Market.
• The Importance of a Support System for Entrepreneurs.
• The Challenge of Balancing Quality and Growth in a Startup.
• Brand Collaborations and Partnerships: Boosting Growth and Credibility.
• How to Deal with Competition in Entrepreneurship.
• The Power of Niche Markets for Entrepreneurs.
• Financial Literacy Skills That Every Entrepreneur Should Have.
• The Impact of Cryptocurrencies on Entrepreneurial Ventures.
• Developing a Sustainable Business Model.
• Customer Service Excellence for Business Growth.
• Strategies to Leverage User-Generated Content for Small Businesses.
• The Entrepreneurial Mindset in Non-business Disciplines.
• The Significance of Patents and Trademarks for New Ventures.
• The Benefits of Diversity in Entrepreneurship.
• Building an Eco-Friendly Business From the Ground Up.
• Guerrilla Marketing Tactics for Startups.
• The Relevance of Traditional Marketing in the Digital Age.
• Strategies for Effective Online and Offline Retail Integration.
• Mobile Commerce and Its Opportunities for Entrepreneurs.
• Entrepreneurs Tackling the Affordable Housing Crisis.
• The Advantages of Starting a Business in a Small Town.
• Entrepreneurial Finance: Finding and Managing Your Funds.
• Overcoming Language Barriers in International Business.
• The Influence of Personal Branding on Entrepreneurial Success.
• Developing a Circular Economy Through Entrepreneurship.
• Managing Business Growth Pains Effectively.
• Big Business Versus Small Business: Entrepreneurial Perspectives.
• The Importance of Soft Skills in Entrepreneurship.
• The Rise of Subscription Services and Their Business Models.
• Challenges of Maintaining Innovation in Growing Startups.
• The Role of Passion in Driving Entrepreneurial Ventures.
• Combating Adversity With Creative Business Strategies.
• Strategies for Retaining Talented Employees in a Startup.
• The Potential of Renewable Energy Entrepreneurship.
• Growth Hacking Techniques for Early-Stage Startups.
• The Impact of 3D Printing on Manufacturing and Entrepreneurship.
• Lean Startup: Minimizing Waste and Maximizing Value.
• The Gig Economy’s Influence on Traditional Business Models.
• Addressing the Unique Challenges of Solo Entrepreneurship.
• Corporate Social Responsibility in Entrepreneurship.
• The Impact of Industry 4.0 on Entrepreneurship.
• The Role of Non-profit Organizations in Entrepreneurial Ecosystems.
• Local vs. Global: Scaling Your Business Effectively.
• Intrapreneurship: Encouraging Innovation Within Large Organizations.
• The Contribution of Side Hustles to the Entrepreneurial Landscape.
• Is Entrepreneurship the Key to Economic Growth?
• The Pros and Cons of Family and Friends as Investors.
• Enhancing Business Processes With Automation.
• Changing Customer Expectations and How Businesses Can Adapt.
• The Synergy Between Academia and Entrepreneurship.
• The Role of Blockchain in Innovative Business Practices.
• Transitioning From a Corporate Job to Entrepreneurship.
• The Impact of Expatriates on Entrepreneurial Ventures.
• The Phenomena of Lifestyle Entrepreneurship.
• Understanding the Customer Journey in the Digital Era.
• Navigating the Legalities of E-business.
• Combating Climate Change Through Innovative Startups.
• The Future of Work: Entrepreneurial Perspectives.
• Making the Most of Entrepreneurial Competitions and Awards.
• The Practice of Responsible Entrepreneurship.
• Leveraging Emotional Intelligence for Business Success.
• The Influence of Open-Source Software on Technology Startups.
• How to Foster Creativity and Innovation in Your Business.
• Preparing for and Managing Business Crises Effectively.
• The Power of Micro-Enterprises in Stimulating Local Economies.
• Strategies for Effective Delegation in a Growing Business.
• The Potential Impact of Universal Basic Income on Entrepreneurship.
• Understanding and Leveraging Business Analytics.
• Building a Mission-Driven Business: The Key to Long-Lasting Success?
• Creating a Business That Embodies Personal Values.
• Overcoming Societal and Self-Imposed Barriers to Entrepreneurship.
• The Impact of Tourism on Local Entrepreneurship.
• Online Marketplaces: Opportunities and Threats for Small Businesses.
• Successful Product Launches: Strategies and Lessons Learned.
• The Perks and Pitfalls of Remote Entrepreneurship.
• Exploring the Role of Incubators in Startup Success.
• Creating a Culture of Accountability in a Startup.
• The Art of Negotiation for Entrepreneurs.
• Strategies for Successful Mergers and Acquisitions in Small Businesses.
• Surviving the First Year: Tips for New Entrepreneurs.
• The Potential of Biotechnology Startups.
• Contemporary Entrepreneurial Leadership Styles and Their Effectiveness.
• The Impact of Student Entrepreneurship on Career Prospects.
• The Promise and Perils of Drop-Shipping Businesses.
• How to Cultivate Customer Loyalty in a Digital Age.
• Entrepreneurship and Mental Health: Managing Stress and Burnout.
• The Implications of Brexit for Uk-Based Entrepreneurs.
• Balancing Product Innovation With Customer Stability.
• The Role of Business Incubators in Fostering Local Entrepreneurship.
• Virtual Teams: A New Reality for Entrepreneurs.
• Strategies to Build an Environmentally Sustainable Business.
• The Advantages of Agile Methodology for Startups.
• How to Protect Your Business Against Cyber Threats.
• The Role of Influencers in Startup Marketing Campaigns.
• Developing Countries and the Rise of Entrepreneurship.
• The Effects of Trade Wars on Global Entrepreneurial Ventures.
• The Advantages of Multilingualism in International Business.
• Effective Risk Management in Early-Stage Startups.
• The Role of Entrepreneurial Education in Shaping Future Leaders.
• The Intersection of Entrepreneurship and Digital Privacy Concerns.
• The Significance of User Experience Design for Startups.
• Tackling the Challenges of Cross-Cultural Communication in Business.
• How to Use Big Data to Inform Business Decisions.
• The Role of Government Grants in Supporting Innovative Startups.
• Strategies for Building a Cross-Platform Brand Presence.
• Entrepreneurship as a Career: Is It Right for You?
• The Challenges and Benefits of Social Entrepreneurship in Developing Countries.

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1.1: Chapter 1 – Introduction to Entrepreneurship

• Last updated
• Save as PDF
• Page ID 21253

• Lee A. Swanson
• University of Saskatchewan

Whilst there is no universally accepted definition of entrepreneurship, it is fair to say that it is multi-dimensional. It involves analyzing people and their actions together with the ways in which they interact with their environments, be these social, economic, or political, and the institutional, policy, and legal frameworks that help define and legitimize human activities. – Blackburn (2011, p. xiii)

Entrepreneurship involves such a range of activities and levels of analysis that no single definition is definitive. – Lichtenstein (2011, p. 472)

It is complex, chaotic, and lacks any notion of linearity. As educators, we have the responsibility to develop our students’ discovery, reasoning, and implementation skills so they may excel in highly uncertain environments. – Neck and Greene (2011, p. 55)

Learning Objectives

• Examine the challenges associated with defining the concepts of entrepreneur and entrepreneurship
• Discuss how the evolution of entrepreneurship thought has influenced how we view the concept of entrepreneurship today
• Discuss how the list of basic questions in entrepreneurship research can be expanded to include research inquiries that are important in today’s world
• Discuss how the concepts of entrepreneurial uniqueness, entrepreneurial personality traits, and entrepreneurial cognitions can help society improve its support for entrepreneurship
• Apply the general venturing script to the study of entrepreneurship

This chapter provides you with an overview of entrepreneurship and of the language of entrepreneurship. The challenges associated with defining entrepreneur and entrepreneurship are explored, as is an overview of how entrepreneurship can be studied.

The objective is to enable you to apply current concepts in entrepreneurship to the evaluation of entrepreneurs, their ventures, and the venturing environment. You will develop skills, including the capability to add value in the new venture sector of the economy. You will acquire and practice evaluation skills useful in consulting, advising, and making new venture decisions.

Entrepreneurs and Entrepreneurship

Considerations influencing definitions of entrepreneur and entrepreneurship.

It is necessary to be able to determine exactly who entrepreneurs are before we can, among other things, study them, count them, provide special loans for them, and calculate how and how much they contribute to our economy.

• Does someone need to start a business from scratch to be called an entrepreneur?
• Can we call someone an entrepreneur if they bought an ongoing business from someone else or took over the operations of a family business from their parents?
• If someone starts a small business and never needs to hire employees, can they be called an entrepreneur?
• If someone buys a business but hires professional managers to run it so they don’t have to be involved in the operations, are they an entrepreneur?
• Is someone an entrepreneur if they buy into a franchise so they can follow a well-established formula for running the operation?
• Is someone an entrepreneur because of what they do or because of how they think?
• Can someone be an entrepreneur without owning their own business?
• Can a person be an entrepreneur because of the nature of the work that they do within a large corporation?

It is also necessary to fully understand what we mean by entrepreneurship before we can study the concept.

Gartner (1990) identified 90 attributes that showed up in definitions of entrepreneurs and entrepreneurship provided by entrepreneurs and other experts in the field. The following are a few of these attributes:

• Innovation – Does a person need to be innovative to be considered an entrepreneur? Can an activity be considered to be entrepreneurial if it is not innovative?
• Activities – What activities does a person need to do to be considered an entrepreneur?
• Creation of a new business – Does someone need to start a new business to be considered to be an entrepreneur, or can someone who buys a business, buys into a franchise, or takes over an existing family business be considered an entrepreneur?
• Starts an innovative venture within an established organization – Can someone who works within an existing organization that they don’t own be considered an entrepreneur if they start an innovative venture for their organization?
• Creation of a not-for-profit business – Can a venture be considered to be entrepreneurial if it is a not-for-profit, or should only for-profit businesses be considered entrepreneurial?

After identifying the 90 attributes, Gartner (1990) went back to the entrepreneurs and other experts for help in clustering the attributes into themes that would help summarize what people concerned with entrepreneurship thought about the concept. He ended up with the following eight entrepreneurship themes:

1. The Entrepreneur – The entrepreneur theme is the idea that entrepreneurship involves individuals with unique personality characteristics and abilities (e.g., risk-taking, locus of control, autonomy, perseverance, commitment, vision, creativity). Almost 50% of the respondents rated these characteristics as not important to a definition of entrepreneurship (Gartner, 1990, p. 21, 24).

• “The question that needs to be addressed is: Does entrepreneurship involve entrepreneurs (individuals with unique characteristics)?” (Gartner, 1990, p. 25).

2. Innovation – The innovation theme is characterized as doing something new as an idea, product, service, market, or technology in a new or established organization. The innovation theme suggests that innovation is not limited to new ventures, but recognized as something which older and/or larger organizations may undertake as well (Gartner, 1990, p. 25). Some of the experts Gartner questioned believed that it was important to include innovation in definitions of entrepreneurship and others did not think it was as important.

• “Does entrepreneurship involve innovation?” (Gartner, 1990, p. 25).

3. Organization Creation – The organization creation theme describes the behaviors involved in creating organizations. This theme described acquiring and integrating resource attributes (e.g., Brings resources to bear, integrates opportunities with resources, mobilizes resources, gathers resources) and attributes that described creating organizations (new venture development and the creation of a business that adds value). (Gartner, 1990, p. 25)

• “Does entrepreneurship involve resource acquisition and integration (new venture creation activities)?” (Gartner, 1990, p. 25)

4. Creating Value – This theme articulated the idea that entrepreneurship creates value. The attributes in this factor indicated that value creation might be represented by transforming a business, creating a new business growing a business, creating wealth, or destroying the status quo.

• “Does entrepreneurship involve creating value?” (Gartner, 1990, p. 25).

5. Profit or Nonprofit

• “Does entrepreneurship involve profit-making organizations only” (Gartner, 1990, p. 25)?
• Should a focus on growth be a characteristic of entrepreneurship?

7. Uniqueness – This theme suggested that entrepreneurship must involve uniqueness. Uniqueness was characterized by attributes such as a special way of thinking, a vision of accomplishment, ability to see situations in terms of unmet needs, and creates a unique combination.

• “Does entrepreneurship involve uniqueness?” (Gartner, 1990, p. 26).

8. The Owner-Manager – Some of the respondents questioned by Gartner (1990) did not believe that small mom-and-pop types of businesses should be considered to be entrepreneurial. Some respondents felt that an important element of a definition of entrepreneurship was that a venture be owner-managed.

• To be entrepreneurial, does a venture need to be owner-managed?

Examples of Definitions of Entrepreneur

An entrepreneur can be described as “one who creates a new business in the face of risk and uncertainty for the purpose of achieving profit and growth by identifying significant opportunities and assembling the necessary resources to capitalize on them” (Zimmerer & Scarborough, 2008, p. 5).

An entrepreneur is “one who organizes, manages, and assumes the risks of a business or enterprise” (Entrepreneur, n.d.).

Examples of Definitions of Entrepreneurship

Entrepreneurship can be defined as a field of business that

seeks to understand how opportunities to create something new (e.g., new products or services, new markets, new production processes or raw materials, new ways of organizing existing technologies) arise and are discovered or created by specific persons, who then use various means to exploit or develop them, thus producing a wide range of effects (Baron, Shane, & Reuber, 2008, p. 4)

A concise definition of entrepreneurship “is that it is the process of pursuing opportunities without limitation by resources currently in hand” (Brooks, 2009, p. 3) and “the process of doing something new and something different for the purpose of creating wealth for the individual and adding value to society” (Kao, 1993, p. 70)

The Evolution of Entrepreneurship Thought

This section includes an overview of how entrepreneurship has evolved to the present day.

The following timeline shows some of the most influential entrepreneurship scholars and the schools of thought (French, English, American, German, and Austrian) their perspectives helped influence and from which their ideas evolved. Schools of thought are essentially groups of people who might or might not have personally known each other, but who shared common beliefs or philosophies.

Figure 1 – Historical and Evolutionary Entrepreneurship Thought (Illustration by Lee A. Swanson)

The Earliest Entrepreneurship

The function, if not the name, of the entrepreneur is probably as old as the institutions of barter and exchange. But only after economic markets became an intrusive element of society did the concept take on pivotal importance. Many economists have recognized the pivotal role of the entrepreneur in a market economy. Yet despite his central importance in economic activity, the entrepreneur has been a shadowy and elusive figure in the history of economic theory (Hebert & Link, 2009, p. 1).

Historically those who acted similarly to the ways we associate with modern day entrepreneurs – namely those who strategically assume risks to seek economic (or other) gains – were military leaders, royalty, or merchants. Military leaders planned their campaigns and battles while assuming significant risks, but by doing so they also stood to gain economic benefits if their strategies were successful. Merchants, like Marco Polo who sailed out of Venice in the late 1200s to search for a trade route to the Orient, also assumed substantial risks in the hope of becoming wealthy (Hebert & Link, 2009).

The entrepreneur, who was also called adventurer , projector , and undertaker during the eighteenth century, was not always viewed in a positive light (Hebert & Link, 2009).

Development of Entrepreneurship as a Concept

Risk and uncertainty.

Richard Cantillon (1680-1734) was born in France and belonged to the French School of thought although he was an Irish economist. He appears to be the person who introduced the term entrepreneur to the world. “According to Cantillon, the entrepreneur is a specialist in taking on risk, ‘insuring’ workers by buying their output for resale before consumers have indicated how much they are willing to pay for it” (Casson & Godley, 2005p. 26). The workers’ incomes are mostly stable, but the entrepreneur risks a loss if market prices fluctuate.

Cantillon distinguished entrepreneurs from two other classes of economic agents; landowners, who were financially independent, and hirelings (employees) who did not partake in the decision-making in exchange for relatively stable incomes through employment contracts. He was the first writer to provide a relatively refined meaning for the term entrepreneurship . Cantillon described entrepreneurs as individuals who generated profits through exchanges. In the face of uncertainty, particularly over future prices, they exercise business judgment. They purchase resources at one price and sell their product at a price that is uncertain, with the difference representing their profit (Chell, 2008; Hebert & Link, 2009).

Farmers were the most prominent entrepreneurs during Cantillon’s lifetime, and they interacted with “arbitrageurs” – or middlemen between farmers and the end consumers – who also faced uncertain incomes, and who were also, therefore, entrepreneurs. These intermediaries facilitated the movement of products from the farms to the cities where more than half of the farm output was consumed. Cantillon observed that consumers were willing to pay a higher price per unit to be able to purchase products in the smaller quantities they wanted, which created the opportunities for the intermediaries to make profits. Profits were the rewards for assuming the risks arising from uncertain conditions. The markets in which profits were earned were characterized by incomplete information (Chell, 2008; Hebert & Link, 2009).

Adolph Reidel (1809-1872), form the German School of thought, picked up on Cantillon’s notion of uncertainty and extended it to theorize that entrepreneurs take on uncertainty so others, namely income earners, do not have to be subject to the same uncertainty. Entrepreneurs provide a service to risk-averse income earners by assuming risk on their behalf. In exchange, entrepreneurs are rewarded when they can foresee the impacts of the uncertainty and sell their products at a price that exceeds their input costs (including the fixed costs of the wages they commit to paying) (Hebert & Link, 2009).

Frank Knight (1885-1972) founded the Chicago School of Economics and belonged to the American School of thought. He refined Cantillon’s perspective on entrepreneurs and risk by distinguishing insurable risk as something that is separate from uncertainty, which is not insurable. Some risks can be insurable because they have occurred enough times in the past that the expected loss from such risks can be calculated. Uncertainty, on the other hand, is not subject to probability calculations. According to Knight, entrepreneurs can’t share the risk of loss by insuring themselves against uncertain events, so they bear these kinds of risks themselves, and profit is the reward that entrepreneurs get from assuming uninsurable risks (Casson & Godley, 2005).

Distinction Between Entrepreneur and Manager

Jean-Baptiste Say (1767-1832), also from the French School, advanced Cantillon’s work, but added that entrepreneurship was essentially a form of management. Say “put the entrepreneur at the core of the entire process of production and distribution” (Hebert & Link, 2009, p. 17). Say’s work resulted in something similar to a general theory of entrepreneurship with three distinct functions; “scientific knowledge of the product; entrepreneurial industry – the application of knowledge to useful purpose; and productive industry – the manufacture of the item by manual labour” (Chell, 2008, p. 20).

Frank Knight made several contributions to entrepreneurship theory, but another of note is how he distinguished an entrepreneur from a manager. He suggested that a manager crosses the line to become an entrepreneur “when the exercise of his/her judgment is liable to error and s/he assumes the responsibility for its correctness” (Chell, 2008, p. 33). Knight said that entrepreneurs calculate the risks associated with uncertain business situations and make informed judgments and decisions with the expectation that – if they assessed the situation and made the correct decisions – they would be rewarded by earning a profit. Those who elect to avoid taking these risks choose the relative security of being employees (Chell, 2008).

Alfred Marshall (1842-1924), from the English School of thought, was one of the founders of neoclassical economics. His research involved distinguishing between the terms capitalist, entrepreneur, and manager. Marshall saw capitalists as individuals who “committed themselves to the capacity and honesty of others, when he by himself had incurred the risks for having contributed with the capital” (Zaratiegui & Rabade, 2005, p. 775). An entrepreneur took control of money provided by capitalists in an effort to leverage it to create more money; but would lose less if something went wrong then would the capitalists. An entrepreneur, however, risked his own reputation and the other gains he could have made by pursuing a different opportunity.

Let us suppose that two men are carrying on smaller businesses, the one working with his own, the other chiefly with borrowed capital. There is one set of risks which is common to both; which may be described as the trade risks of the particular business … But there is another set of risks, the burden of which has to be borne by the man working with borrowed capital, and not by the other; and we may call them personal risks (Marshall, 1961, p. 590; Zaratiegui & Rabade, 2005, p. 776).

Marshall recognized that the reward capitalists received for contributing capital was interest income and the reward entrepreneurs earned was profits. Managers received a salary and, according to Marshall, fulfilled a different function than either capitalists or entrepreneurs – although in some cases, particularly in smaller firms, one person might be both an entrepreneur and a manager. Managers “were more inclined to avoid challenges, innovations and what Schumpeter called the ‘perennial torment of creative destruction’ in favour of a more tranquil life” (Zaratiegui & Rabade, 2005, p. 781). The main risks they faced from firm failure were to their reputations or to their employment status. Managers had little incentive to strive to maximize profits (Zaratiegui & Rabade, 2005).

Amasa Walker (1799-1875) and his son Francis Walker (1840-1897) were from the American School of thought, and they helped shape an American perspective of entrepreneurship following the Civil War of 1861-1865. These scholars claimed that entrepreneurs created wealth, and thus played a different role than capitalists. They believed that entrepreneurs had the power of foresight and leadership qualities that enabled them to organize resources and inject energy into activities that create wealth (Chell, 2008).

Entrepreneurship versus Entrepreneur

Adam Smith (1723-1790), from the English School of thought, published An Inquiry into the Nature and Causes of the Wealth of Nations in 1776. In a departure from the previous thought into entrepreneurship and economics, Smith did not dwell on a particular class of individual. He was concerned with studying how all people fit into the economic system. Smith contended that the economy was driven by self-interest in the marketplace (Chell, 2008).

Also from the English School, David Ricardo (1772-1823) was influenced by Smith, Say, and others. His work focused on how the capitalist system worked. He explained how manufacturers must invest their capital in response to the demand for the products they produce. If demand decreases, manufacturers should borrow less and reduce their workforces. When demand is high, they should do the reverse (Chell, 2008).

Carl Menger (1840-1921), from the Austrian School of thought, ranked goods according to their causal connections to human satisfaction. Lower order goods include items like bread that directly satisfy a human want or need like hunger. Higher order goods are those more removed from satisfying a human need. A second order good is the flour that was used to make the bread. The grain used to make the flour is an even higher order good. Entrepreneurs coordinate these factors of production to turn higher order goods into lower order goods that more directly satisfy human wants and needs (Hebert & Link, 2009).

Menger (1950 [1871], p. 160) established that entrepreneurial activity includes: (a) obtaining information about the economic situation, (b) economic calculation – all the various computations that must be made if a production process is to be efficient, (c) the act of will by which goods of higher order are assigned to a particular production process, and (d) supervising the execution of the production plan so that it may be carried through as economically as possible (Hebert & Link, 2009, p. 43).

Entrepreneurship and Innovation

Jeremy Bentham (1748-1832), from the English School of thought, considered entrepreneurs to be innovators. They “depart from routine, discover new markets, find new sources of supply, improve existing products and lower the costs of production” (Chell, 2008).

Joseph Schumpeter’s (1883-1950) parents were Austrian, he studied at the University of Vienna, conducted research at the University of Graz, served as Austria’s Minister of Finance, and was the president of a bank in the country. Because of the rise of Hitler in Europe, he went to the United States and conducted research at Harvard until he retired in 1949. Because of this, he is sometimes associated with the American School of thought on entrepreneurship (Chell, 2008).

Whereas Menger saw entrepreneurship as occurring because of economic progress, Schumpeter took the opposite stance. Schumpeter saw economic activity as leading to economic development (Hebert & Link, 2009). Entrepreneurs play a central role in Schumpeter’s theory of economic development, and economic development can occur when the factors of production are assembled in new combinations .

Schumpeter (1934) viewed innovation as arising from new combinations of materials and forces. He provided the following five cases of new combinations.

• The introduction of a new good – that is one with which consumers are not yet familiar – or of a new quality of good.
• The introduction of a new method of production, that is one not yet tested by experience in the branch of manufacture concerned, which need by no means be founded upon a discovery scientifically new, and can also exist in a new way of handling a commodity commercially.
• The opening of a new market, that is a market into which the particular branch of manufacture of the country in question has not previously entered, whether or not this market has existed before.
• The conquest of a new source of supply of raw materials or half-manufactured goods, again irrespective of whether this source already exists or whether it has first to be created.
• The carrying out of the new organisation of any industry, like the creation of a monopoly position … or the breaking up of a monopoly position (Schumpeter, 1934, p. 66).

Another concept popularized by Schumpeter – in addition to the notion of new combinations – was creative destruction . This was meant to indicate that the existing ways of doing things need to be dismantled – to be destroyed – to enable a transformation through innovation to a new way of doing things. Entrepreneurs use innovation to disrupt how things are done and to establish a better way of doing those things.

Basic Questions in Entrepreneurship Research

According to Baron (2004a), there are three basic questions of interest in the field of entrepreneurship:

• Why do some persons but not others choose to become entrepreneurs?
• Why do some persons but not others recognize opportunities for new products or services that can be profitably exploited?
• Why are some entrepreneurs so much more successful than others (Baron, 2004a, p. 221)?

To understand where these foundational research questions came from and what their relevance is today, it is useful to study what entrepreneurship research has uncovered so far.

Entrepreneurial Uniqueness

Efforts to teach entrepreneurship have included descriptions of entrepreneurial uniqueness based on personality, behavioural, and cognitive traits (Chell, 2008; Duening, 2010).

• Need for achievement
• Internal locus of control (a belief by an individual that they are in control of their own destiny)
• Risk-taking propensity
• Behavioural traits
• Cognitive skills of successful entrepreneurs

Past studies of personality characteristics and behavioural traits have not been overly successful at identifying entrepreneurial uniqueness.

As it turned out, years of painstaking research along this line has not borne significant fruit. It appears that there are simply not any personality characteristics that are either essential to, or defining of, entrepreneurs that differ systematically from non-entrepreneurs…. Again, investigators proposed a number of behavioural candidates as emblematic of entrepreneurs. Unfortunately, this line of research also resulted in a series of dead ends as examples of successful entrepreneurial behaviours had equal counterparts among samples of non-entrepreneurs. As with the personality characteristic school of thought before it, the behavioural trait school of thought became increasingly difficult to support (Duening, 2010, p. 4-5).

This shed doubt on the value of trying to change personality characteristics or implant new entrepreneurial behaviours through educational programs in an effort to promote entrepreneurship.

New research, however, has resurrected the idea that there might be some value in revisiting personality traits as a topic of study. Additionally, Duening (2010) and has suggested that an important approach to teaching and learning about entrepreneurship is to focus on the “cognitive skills that successful entrepreneurs seem uniquely to possess and deploy” (p. 2). In the next sections we consider the new research on entrepreneurial personality traits and on entrepreneurial cognitions.

Entrepreneurial Personality Traits

While acknowledging that research had yet to validate the value of considering personality and behaviour traits as ways to distinguish entrepreneurs from non-entrepreneurs or unsuccessful ones, Chell (2008) suggested that researchers turn their attention to new sets of traits including: “the proactive personality, entrepreneurial self-efficacy, perseverance and intuitive decision-making style. Other traits that require further work include social competence and the need for independence” (p. 140).

In more recent years scholars have considered how the Big Five personality traits – extraversion, agreeableness, conscientiousness, neuroticism (sometimes presented as emotional stability ), and openness to experience (sometimes referred to as intellect) – might be used to better understand entrepreneurs. It appears that the Big Five traits might be of some use in predicting entrepreneurial success. Research is ongoing in this area, but in one example, Caliendo, Fossen, and Kritikos (2014) studied whether personality constructs might “influence entrepreneurial decisions at different points in time” (p. 807), and found that “high values in three factors of the Big Five approach—openness to experience, extraversion, and emotional stability (the latter only when we do not control for further personality characteristics)—increase the probability of entry into self-employment” (p. 807). They also found “that some specific personality characteristics, namely risk tolerance, locus of control, and trust, have strong partial effects on the entry decision” (p. 807). They also found that people who scored higher on agreeableness were more likely to exit their businesses, possibly meaning that people with lower agreeableness scores might prevail longer as entrepreneurs. When it came to specific personality traits, their conclusions indicated that those with an external locus of control were more likely to stop being self-employed after they had run their businesses for a while. There are several implications for research like this, including the potential to better understand why some entrepreneurs behave as they do based upon their personality types and the chance to improve entrepreneurship education and support services.

Entrepreneurial Cognitions

It is only fairly recently that entrepreneurship scholars have focused on cognitive skills as a primary factor that differentiates successful entrepreneurs from non-entrepreneurs and less successful entrepreneurs. This approach deals with how entrepreneurs think differently than non-entrepreneurs (Duening, 2010; Mitchell et al., 2007).

Entrepreneurial cognitions are the knowledge structures that people use to make assessments, judgments or decisions involving opportunity evaluation and venture creation and growth. In other words, research in entrepreneurial cognition is about understanding how entrepreneurs use simplifying mental models to piece together previously unconnected information that helps them to identify and invent new products or services, and to assemble the necessary resources to start and grow businesses (Mitchell, Busenitz, et al., 2002, p. 97).

Mitchell, Smith, et al. (2002) provided the example of how the decision to create a new venture (dependent variable) was influenced by three sets of cognitions (independent variables). They described these cognitions as follows:

Arrangements cognitions are the mental maps about the contacts, relationships, resources, and assets necessary to engage in entrepreneurial activity; willingness cognitions are the mental maps that support commitment to venturing and receptivity to the idea of starting a venture; ability cognitions consist of the knowledge structures or scripts (Glaser, 1984) that individuals have to support the capabilities, skills, norms, and attitudes required to create a venture (Mitchell et al., 2000). These variables draw on the idea that cognitions are structured in the minds of individuals (Read, 1987), and that these knowledge structures act as “scripts” that are the antecedents of decision making (Leddo & Abelson, 1986, p. 121; Mitchell, Smith, et al., 2002, p. 10)

Cognitive Perspective to Understanding Entrepreneurship

According to Baron (2004a), by taking a cognitive perspective, we might better understand entrepreneurs and the role they play in the entrepreneurial process.

The cognitive perspective emphasizes the fact that everything we think, say, or do is influenced by mental processes—the cognitive mechanisms through which we acquire store, transform, and use information. It is suggested here that this perspective can be highly useful to the field of entrepreneurship. Specifically, it can assist the field in answering three basic questions it has long addressed: (1) Why do some persons but not others choose to become entrepreneurs? (2) Why do some persons but not others recognize opportunities for new products or services that can be profitably exploited? And (3) Why are some entrepreneurs so much more successful than others (Baron, 2004a, p. 221-222)?

Baron (2004a), illustrated how cognitive differences between people might explain why some people end up pursuing entrepreneurial pursuits and others do not. For example, prospect theory (Kahneman & Tversky, 1977) and other decision-making or behavioural theories might be useful in this regard. Research into cognitive biases might also help explain why some people become entrepreneurs.

Baron (2004a) also revealed ways in which cognitive concepts like signal detection theory, regulation theory, and entrepreneurial might help explain why some people are better at entrepreneurial opportunity recognition. He also illustrated how some cognitive models and theories – like risk perception, counterfactual thinking, processing style, and susceptibility to cognitive errors – might help explain why some entrepreneurs are more successful than others.

Cognitive Perspective and the Three Questions

• Prospect Theory
• Cognitive Biases
• Signal Detection Theory
• Regulation Theory
• Entrepreneurial Alertness
• Risk Perception
• Counterfactual Thinking
• Processing Style
• Susceptibility to Cognitive Errors

Entrepreneurial Scripts

• “Cognition has emerged as an important theoretical perspective for understanding and explaining human behavior and action” (Dutta & Thornhill, 2008, p. 309).
• Cognitions are all processes by which sensory input is transformed, reduced, elaborated, stored, recovered, and used (Neisser, 1976).
• Cognitions lead to the acquisition of knowledge, and involve human information processing.
• Is a mental model, or information processing short-cut that can give information form and meaning, and enable subsequent interpretation and action.
• The subsequent interpretation and actions can result in expert performance … they can also result in thinking errors.
• the processes that transfer expertise, and
• the actual expertise itself.
• Scripts are generally framed as a linear sequence of steps, usually with feedback loops, that can explain how to achieve a particular task – perhaps like developing a business plan.
• Sometimes scripts can be embedded within other scripts. For example, within a general venturing script that outlines the sequences of activities that can lead to a successful business launch, there will probably be sub-scripts describing how entrepreneurs can search for ideas, screen those ideas until one is selected, plan how to launch a sustainable business based upon that idea and including securing the needed financial resources, setting up the business, starting it, effectively managing its ongoing operations, and managing the venture such that that entrepreneur can extract the value that they desire from the enterprise at the times and in the ways they want it.
• The most effective scripts include an indication of the norms that outline performance standards and indicate how to determine when any step in the sequence has been properly completed.

General Venturing Script

Generally, entrepreneurship is considered to consist of the following elements, or subscripts (Brooks, 2009; Mitchell, 2000).

• Idea Screening
• Planning and Financing
• Ongoing Operations

Searching (also called idea formulation or opportunity recognition)

• This script begins when a person decides they might be a potential entrepreneur (or when an existing entrepreneur decides they need more ideas in their idea pool ).
• This script ends when there are a sufficient number of ideas in the idea pool.
• overcome mental blockages to creativity which might hinder this person’s ability to identify viable ideas;
• implement steps to identify a sufficient number of ideas (most likely 5 or more) which the person is interested in investigating to determine whether they might be viable given general criteria such as this person’s personal interests and capabilities;

Idea Screening (also called concept development)

• This script begins when the person with the idea pool is no longer focusing on adding new ideas to it; but is instead taking steps to choose the best idea for them given a full range of specific criteria .
• This script ends when one idea is chosen from among those in the idea pool.
• Evaluate the political, economic, social, technological, environmental, and legal climates
• Evaluate the degree of competitiveness in the industry, the threat of substitutes emerging, the threat of new entrants to the industry, the degree of bargaining power of buyers, and the degree of bargaining power of suppliers.
• Do a market profile analysis to assess the attractiveness of the position within the industry that the potential venture will occupy.
• Formulate and evaluate potential strategies to leverage organizational strengths, overcome/minimize weaknesses, take advantage of opportunities, and overcome/minimize threats;
• Complete financial projections and analyze them to evaluate financial attractiveness;
• Assess the founder fit with the ideas;
• Evaluate the core competencies of the organization relative to the idea;
• Assess advice solicited from trusted advisers

Planning and Financing (also called resource determination and acquisition)

• This script begins when the idea screening script ends and when the person begins making the plans to implement the single idea chosen from the idea pool, which is done in concert with securing financing to implement the venture idea.
• This script ends when sufficient business planning has been done and when adequate financing has been arranged.
• The scripting process involves a logical flow of steps to develop a business plan and secure adequate financing to start the business.

Set-Up (also called launch)

• This script begins when the planning and financing script ends and when the person begins implementing the plans needed to start the business.
• This script ends when the business is ready to start-up.
• The scripting process involves a logical flow of steps, including purchasing and installing equipment, securing the venture location and finishing all the needed renovations, recruiting and hiring any staff needed for start-up, and the many other steps needed to prepare for start-up.
• Start-Up (also called launch)
• This script begins when the set-up script ends and when the business opens and begins making sales.
• This script ends when the business has moved beyond the point where the entrepreneur must continually fight for the business’s survival and persistence. It ends when the entrepreneur can instead shift emphasis toward business growth or maintaining the venture’s stability.
• The scripting process involves a logical flow of steps needed to establish a new venture.

Ongoing Operations (also called venture growth)

• This script begins when the start-up script ends and when the business has established persistence and is implementing growth (or maintenance) strategies.
• This script ends when the entrepreneur chooses to harvest the value they generated with the venture.
• The scripting process involves a logical flow of steps needed to grow (or maintain) a venture.

Studying Entrepreneurship

The following quotations from two preeminent entrepreneurship and entrepreneurship education researchers indicate the growing interest in studies in this field.

Entrepreneurship has emerged over the last two decades as arguably the most potent economic force the world has ever experienced. With that expansion has come a similar increase in the field of entrepreneurship education. The recent growth and development in the curricula and programs devoted to entrepreneurship and new-venture creation have been remarkable. The number of colleges and universities that offer courses related to entrepreneurship has grown from a handful in the 1970s to over 1,600 in 2005 (Kuratko, 2005, p. 577).

Interest in entrepreneurship has heightened in recent years, especially in business schools. Much of this interest is driven by student demand for courses in entrepreneurship, either because of genuine interest in the subject, or because students see entrepreneurship education as a useful hedge given uncertain corporate careers (Venkataraman, 1997, p. 119).

Approaches to Studying Entrepreneurship

Entrepreneurship is a discipline, which means an individual can learn about it, and about how to be an effective entrepreneur. It is a myth that people are born entrepreneurs and that others cannot learn to become entrepreneurs (Drucker, 1985). Kuratko (2005) asserted that the belief previously held by some that entrepreneurship cannot be taught has been debunked, and the focus has shifted to what topics should be taught and how they should be covered.

Solomon (2007) summarized some of the research on what should be covered in entrepreneurship courses, and how it should be taught. While the initial focus was on actions like developing business plans and being exposed to real entrepreneurs, more recently this approach has been supplemented by an emphasis on technical, industry, and personal experience. “It requires critical thinking and ethical assessment and is based on the premise that successful entrepreneurial activities are a function of human, venture and environmental conditions” (p. 172). Another approach “calls for courses to be structured around a series of strategic development challenges including opportunity identification and feasibility analysis; new venture planning, financing and operating; new market development and expansion strategies; and institutionalizing innovation” (p. 172). This involves having students interact with entrepreneurs by interviewing them, having them act as mentors, and learning about their experiences and approaches through class discussions.

Sources of Information for Studying Entrepreneurship

According to Kuratko (2005), “three major sources of information supply the data related to the entrepreneurial process or perspective” (p. 579).

• Academic journals like Entrepreneurship Theory and Practice , Journal of Business Venturing , and Journal of Small Business Management
• Proceedings of conferences like Proceedings of the Academy of Management and Proceedings of the Administrative Sciences Association of Canada
• Textbooks on entrepreneurship
• Books about entrepreneurship
• Biographies or autobiographies of entrepreneurs
• News periodicals like Canadian Business and Profit
• Trade periodicals like Entrepreneur and Family Business
• Government publications available through sources like the Enterprise Saskatchewan and Canada-Saskatchewan Business Service Centre (CSBSC) websites and through various government resource centers
• Data might be collected from entrepreneurs and about entrepreneurs through surveys, interviews, or other methods applied by researchers.
• Speeches and presentations by practicing entrepreneurs

5 Must-Have Presentation Skills For Entrepreneurs To Ace The Race

Sharing is Good Karma:

“ If you can’t explain it simply, you don’t understand it well enough. ” 

Great advice from Albert Einstein. The ability to convey a viewpoint or new idea is critical for an entrepreneur. The success of their business depends on it. 

In the startup phase, presentation skills are essential in landing investors and new customers. In the growth phase, they keep the vision alive and clients onboard. And when a business is more established, entrepreneurs start aiming for high-profile investors for future expansion of the business. 

This is why their presentation skills need to be on par with the level of business they seek to gain.

So, let’s learn more about acquiring the presentation skills you’ll need to succeed:  

What is a Presentation?

In today’s world, there are many ways to communicate and exchange ideas. Doing so with a PowerPoint presentation is an effective way to do so. It is a slide show designed to convey the presenter’s message in a way that helps people understand and make it easier for them to do so. 

Creating a PowerPoint presentation can be a daunting task at first because you’re presented with just a blank presentation. But don’t worry! There are thousands of free slides which you can use to prepare an engaging presentation. With these templates, you’ll be able to save time and come up with an awesome-looking presentation in no time. 

Be that as it may, an experienced presenter will know that they can’t let the slide deck do all the talking. 

A presenter will need to be well-prepared and have in-depth knowledge of their topic of discussion. They must be able to answer any question posed by the audience to maintain credibility as an authority on the topic.

Acting as an interactive mediator between the audience and the presentation slideshow, the presenter can adeptly engage with and hold the attention of the audience.

Types of Presentations

Your intention and purpose for presenting will inform the type of presentation that will best convey your ideas. There are six general types of presentations, and once you identify your purpose, you can prepare and practice with this aim in mind. 

Also, read: 7 Outstanding Tips To Promote Your Brand On Instagram And Generate Sales

Let’s now check out the six types of presentations:

• Instructive Presentation : If you aim to instruct the audience and give direction or specific orders, then this is the presentation type most suited to your purpose. People attend this type of presentation to gain practical knowledge and learn new skills. This presentation can run longer and may offer support materials such as manuals, guides, or workbooks.
• Motivational Presentation : The perfect example of a motivational presentation is TED Talks. Many speakers use this platform to inform, inspire, and motivate listeners to improve their lives. And for entrepreneurs, such a presentation can tell the story of the dream and hard work that led to their company’s success. 
• Informative Presentation : An informative presentation is all about sharing relevant information. These can be project reports, research analysis, and technical product information that are often prepared by marketing, sales, and tech teams. The focus of these presentations is on providing concise, instructive information to an engaged audience. 
• Persuasive Presentation : When the main goal of the presenter is to sell something or persuade the audience to a course of action, this is the most effective style of presentation. Entrepreneurs use it to launch new products or convince investors to back their projects. When done right, this can secure new business or funding to grow the company.
• Decision-making Presentation : Need a decision to be made? Well, this presentation style outlines the problems, available options for solutions, and possible outcomes. Generally found in business meetings or all-hands meetings, this presentation can efficiently and comprehensively address the issues and guide everyone involved to make informed decisions. Making use of the decision making templates for free can be another handy way of producing outstanding presentations.
• Progress Presentation : As the name suggests, this presentation style works to report the progress being made on any campaign or project. Entrepreneurs use this format to share status updates, collected data, deadlines, tasks on priority, and other relevant information. In short, it is a kind of team stand-up presentation where all members can discuss the agenda about the progress to move forward.

To figure out the right presentation style for you, ask yourself: Am I addressing friends, colleagues, or clients? Am I entertaining, or informing, or both? Answering these questions helps you choose the best type of presentation. From there, it’s all about using the right skill set to present the very best. 

Also, read: This Himachali Woman Offers Sustainable Products Obtained Directly From The Mountains

5 Essential Presentation Skills for Entrepreneurs

Let’s now move on to the five essential presentation skills for entrepreneurs.

1. Know Your Audience

To be familiar with the target audience is of the utmost importance for a presenter – what are their questions and queries, what hits close to their heart, what makes them tick? If the presenter can cover these areas successfully, there is a better chance that their message will resonate with their audience.  

To be successful and connect with customers, entrepreneurs will need to know their audience well. Knowing the target audience is one of the most important rules in the book. If you don’t know the market, how do you know what’s in demand, or what customers need? And if you don’t know this, how can you provide anything useful or valuable?

2. Establish Your Content Credibility

No matter how accomplished a speaker, or however well-known, presenters should never assume their audience finds them trustworthy. Every single presentation needs to be demonstratively credible. Present facts and figures; provide substantiation to any claims.

Know your agenda. Be prepared. 

3. Inspire the Audience with Your Vision

Being able to share your achievements with the goal of inspiring people is an art form of its own. There is a very thin line between wanting to show people they can achieve more because you were able to do it and just plain bragging. 

Aim to motivate and inspire your audience with some real tips that worked for you. Make sure that these tips are attainable and realistic. It’s also important to consider if the tips that you’ll be giving them are within their capabilities. Sometimes, some speakers tend to overlook the privilege they have when they give other people tips.

4. Use Stats and Facts to Address the Issue

In this new era, everyone wants to save time and resources and is open to seeing things in interesting new ways. If an entrepreneur’s presentation can tap into all these things, it will stand out and be a topic of discussion long after the presentation is over. 

To achieve this satisfying goal, one needs to have a solid presentation based on facts and statistics. The audience should be able to see and get the hang of the data quickly.

This is where skills in making infographics come in handy. Infographics are a great way to summarize data and present them in a visually appealing way. You make it easier for people to digest information and make it interesting at the same time.

5. Adjust to Your Audience Accordingly

A good presenter needs to know how to interpret the non-verbal cues offered by the audience. As the presentation progresses, the presenter needs to read the audience, make adjustments, and reconnect on the spot.

Keep in mind your audience’s expectations. Since each audience is unique, each presentation will have its own flow.

Presentation settings, such as the setup of the conference room, will highly influence how well the audience hears you. Age, gender, religion, class, education, job type, etc., are major demographic factors that a presenter must factor in. 

An entrepreneur’s presentation skills will determine their ability to lead and inspire others to share in their vision. The effectiveness of a presentation is directly proportional to the proficiency of the presenter.

You can work hard to prepare your presentation, but if your delivery is at all lacking, your message will miss the mark.   

So, hone your skills and thoroughly familiarize yourself with the audience and topic of discussion. Everything else will fall into line.

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Attributes, qualities, and characteristics of an entrepreneur

Nov 03, 2014

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Attributes, qualities, and characteristics of an entrepreneur. Attributes, Qualities, and Characteristics of an Entrepreneur. The Entrepreneur According to Schumpeter (1950), an entrepreneur is a person who is willing and able to convert a new idea or invention into a successful innovation.

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Attributes, Qualities, and Characteristics of an Entrepreneur • The Entrepreneur • According to Schumpeter (1950), an entrepreneur is a person who is willing and able to convert a new idea or invention into a successful innovation. • Schumpeter is also famous for the phrase “creative destruction”

Attributes, Qualities, and Characteristics of an Entrepreneur • The Entrepreneur • Webster’s – someone who runs a business at his or her own financial risk • An entrepreneur is a person who undertakes the creation of an enterprise or business that has the chance of profit (or success).

Attributes, Qualities, and Characteristics of an Entrepreneur • Who is the Entrepreneur? • Somebody who has IDEAS and makes these ideas happen or come to life. • Must have some BUSINESS SKILLS (ideation, creativity & innovation) • Somebody who ASSUMES RISKS • Desires to MAKE PROFIT

Attributes, Qualities, and Characteristics of an Entrepreneur • The Role of an Entrepreneur: 1. Entrepreneurs are innovators • They observe an opportunity. • They create new goods and services. • They improve existing products.

Attributes, Qualities, and Characteristics of an Entrepreneur • The Role of an Entrepreneur: 2. Entrepreneurs provide choice • They add goods and services to the marketplace. • They offer variety. • They design different approaches to familiar problems.

Attributes, Qualities, and Characteristics of an Entrepreneur • The Role of an Entrepreneur: 3. Entrepreneurs provide jobs • They hire workers for their businesses. • They consume resources, thus providing jobs in the industries that supply those resources.

Attributes, Qualities, and Characteristics of an Entrepreneur • The Role of an Entrepreneur: 4. Entrepreneurs help the economy grow.

Why Become an Entrepreneur? The three primary reasons that people become entrepreneurs and start their own firms Desire to be their own boss Desire to pursue their own ideas Financial rewards

Characteristics of Successful Entrepreneurs1 of 3 Four Primary Characteristics

Characteristics of Successful Entrepreneurs2 of 3 • Passion for the Business • The number one characteristic shared by successful entrepreneurs is a passion for the business. • This passion typically stems from the entrepreneur’s belief that the business will positively influence people’s lives. • Product/Customer Focus • A second defining characteristic of successful entrepreneurs is a product/customer focus. • An entrepreneur’s keen focus on products and customers typically stems from the fact that most entrepreneurs are, at heart, craftspeople.

Characteristics of Successful Entrepreneurs3 of 3 • Tenacity Despite Failure • Because entrepreneurs are typically trying something new, the failure rate is naturally high. • A defining characteristic for successful entrepreneurs’ is their ability to persevere through setbacks and failures. • Execution Intelligence • The ability to fashion a solid business idea into a viable business is a key characteristic of successful entrepreneurs.

Attributes, Qualities, and Characteristics of an Entrepreneur • The Qualities of an Entrepreneur: 1. Inner Drive to SucceedEntrepreneurs are driven to succeed and expand their business. They see the bigger picture and are often very ambitious. Entrepreneurs set massive goals for themselves and stay committed to achieving them regardless of the obstacles that get in the way.

Attributes, Qualities, and Characteristics of an Entrepreneur • The Qualities of an Entrepreneur: 2. Strong Belief in themselvesSuccessful entrepreneurs have a healthy opinion of themselves and often have a strong and assertive personality. They are focused and determined to achieve their goals and believe completely in their ability to achieve them. Their self optimism can often been seen by others as flamboyance or arrogance but entrepreneurs are just too focused to spend too much time thinking about un-constructive criticism.

Attributes, Qualities, and Characteristics of an Entrepreneur • The Qualities of an Entrepreneur: 3. Search for New Ideas and InnovationAll entrepreneurs have a passionate desire to do things better and to improve their products or service. They are constantly looking for ways to improve. They're creative, innovative and resourceful.

Attributes, Qualities, and Characteristics of an Entrepreneur • The Qualities of an Entrepreneur: 4. Openness to ChangeIf something is not working for them they simply change. Entrepreneurs know the importance of keeping on top of their industry and the only way to being number one is to evolve and change with the times. They're up to date with the latest technology or service techniques and are always ready to change if they see a new opportunity arise.

Attributes, Qualities, and Characteristics of an Entrepreneur • The Qualities of an Entrepreneur: 5. Competitive by NatureSuccessful entrepreneurs thrive on competition. The only way to reach their goals and live up to their self imposed high standards is to compete with other successful businesses.

Attributes, Qualities, and Characteristics of an Entrepreneur • The Qualities of an Entrepreneur: 6. Highly Motivated and EnergeticEntrepreneurs are always on the move, full of energy and highly motivated. They are driven to succeed and have an abundance of self motivation. The high standards and ambition of many entrepreneurs demand that they have to be motivated!

Attributes, Qualities, and Characteristics of an Entrepreneur • The Qualities of an Entrepreneur: 7. Accepting of Constructive Criticism and RejectionInnovative entrepreneurs are often at the forefront of their industry so they hear the words "it can't be done" quite a bit. They readjust their path if the criticism is constructive and useful to their overall plan, otherwise they will simply disregard the comments as pessimism. Also, the best entrepreneurs know that rejection and obstacles are a part of any leading business and they deal with them appropriately.

Types of Entrepreneurs • Novice Entrepreneur • Has no prior business ownership experiences as a business founder, inheritor, or purchaser • Habitual Entrepreneur • Has prior business ownership experience • Nascent Entrepreneur • In the process of starting a new business • Can be either a novice or a habitual entrepreneur

Types of Entrepreneurs (cont’d) • Serial Entrepreneur • Has sold or closed an original business and establishes another new business • Continues the cycle of selling/closing and establishing • Portfolio Entrepreneur • Retains an original business and builds a portfolio of additional businesses • Through inheriting, establishing, and purchasing the businesses

Common Myths About Entrepreneurs1 of 5 • Myth 1: Entrepreneurs Are Born Not Made • This myth is based on the mistaken belief that some people are genetically predisposed to be entrepreneurs. • The consensus of many studies is that no one is “born” to be an entrepreneur; everyone has the potential to become one. • Whether someone does or doesn’t become an entrepreneur, is a function of the environment, life experiences, and personal choices.

Common Myths About Entrepreneurs2 of 5 Although no one is “born” to be an entrepreneur, there are common traits and characteristics of successful entrepreneurs • Achievement motivated • Alert to opportunities • Creative • Decisive • Energetic • Has a strong work ethic • Is a moderate risk taker • Is a networker • Lengthy attention span • Optimistic disposition • Persuasive • Promoter • Resource assembler/leverager • Self-confident • Self-starter • Tenacious • Tolerant of ambiguity • Visionary

Common Myths About Entrepreneurs3 of 5 • Myth 2: Entrepreneurs Are Gamblers • Most entrepreneurs are moderate risk takers. • The idea that entrepreneurs are gamblers originates from two sources: • Entrepreneurs typically have jobs that are less structured, and so they face a more uncertain set of possibilities than people in traditional jobs. • Many entrepreneurs have a strong need to achieve and set challenging goals, a behavior that is often equated with risk taking.

Common Myths About Entrepreneurs4 of 5 • Myth 3: Entrepreneurs Are Motivated Primarily by Money. • While it is naïve to think that entrepreneurs don’t seek financial rewards, money is rarely the reason entrepreneurs start new firms. • In fact, some entrepreneurs warn that the pursuit of money can be distracting.

Common Myths About Entrepreneurs5 of 5 • Myth 4: Entrepreneurs Should Be Young and Energetic. • The most active age for business ownership is 35 to 45 years old. • While it is important to be energetic, investors often cite the strength of the entrepreneur as their most important criteria in making investment decisions. • What makes an entrepreneur “strong” in the eyes of an investor is experience, maturity, a solid reputation, and a track record of success. • These criteria favor older rather than younger entrepreneurs.

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