8: Entrepreneurship
- Page ID
- 3643
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\(\newcommand{\avec}{\mathbf a}\) \(\newcommand{\bvec}{\mathbf b}\) \(\newcommand{\cvec}{\mathbf c}\) \(\newcommand{\dvec}{\mathbf d}\) \(\newcommand{\dtil}{\widetilde{\mathbf d}}\) \(\newcommand{\evec}{\mathbf e}\) \(\newcommand{\fvec}{\mathbf f}\) \(\newcommand{\nvec}{\mathbf n}\) \(\newcommand{\pvec}{\mathbf p}\) \(\newcommand{\qvec}{\mathbf q}\) \(\newcommand{\svec}{\mathbf s}\) \(\newcommand{\tvec}{\mathbf t}\) \(\newcommand{\uvec}{\mathbf u}\) \(\newcommand{\vvec}{\mathbf v}\) \(\newcommand{\wvec}{\mathbf w}\) \(\newcommand{\xvec}{\mathbf x}\) \(\newcommand{\yvec}{\mathbf y}\) \(\newcommand{\zvec}{\mathbf z}\) \(\newcommand{\rvec}{\mathbf r}\) \(\newcommand{\mvec}{\mathbf m}\) \(\newcommand{\zerovec}{\mathbf 0}\) \(\newcommand{\onevec}{\mathbf 1}\) \(\newcommand{\real}{\mathbb R}\) \(\newcommand{\twovec}[2]{\left[\begin{array}{r}#1 \\ #2 \end{array}\right]}\) \(\newcommand{\ctwovec}[2]{\left[\begin{array}{c}#1 \\ #2 \end{array}\right]}\) \(\newcommand{\threevec}[3]{\left[\begin{array}{r}#1 \\ #2 \\ #3 \end{array}\right]}\) \(\newcommand{\cthreevec}[3]{\left[\begin{array}{c}#1 \\ #2 \\ #3 \end{array}\right]}\) \(\newcommand{\fourvec}[4]{\left[\begin{array}{r}#1 \\ #2 \\ #3 \\ #4 \end{array}\right]}\) \(\newcommand{\cfourvec}[4]{\left[\begin{array}{c}#1 \\ #2 \\ #3 \\ #4 \end{array}\right]}\) \(\newcommand{\fivevec}[5]{\left[\begin{array}{r}#1 \\ #2 \\ #3 \\ #4 \\ #5 \\ \end{array}\right]}\) \(\newcommand{\cfivevec}[5]{\left[\begin{array}{c}#1 \\ #2 \\ #3 \\ #4 \\ #5 \\ \end{array}\right]}\) \(\newcommand{\mattwo}[4]{\left[\begin{array}{rr}#1 \amp #2 \\ #3 \amp #4 \\ \end{array}\right]}\) \(\newcommand{\laspan}[1]{\text{Span}\{#1\}}\) \(\newcommand{\bcal}{\cal B}\) \(\newcommand{\ccal}{\cal C}\) \(\newcommand{\scal}{\cal S}\) \(\newcommand{\wcal}{\cal W}\) \(\newcommand{\ecal}{\cal E}\) \(\newcommand{\coords}[2]{\left\{#1\right\}_{#2}}\) \(\newcommand{\gray}[1]{\color{gray}{#1}}\) \(\newcommand{\lgray}[1]{\color{lightgray}{#1}}\) \(\newcommand{\rank}{\operatorname{rank}}\) \(\newcommand{\row}{\text{Row}}\) \(\newcommand{\col}{\text{Col}}\) \(\renewcommand{\row}{\text{Row}}\) \(\newcommand{\nul}{\text{Nul}}\) \(\newcommand{\var}{\text{Var}}\) \(\newcommand{\corr}{\text{corr}}\) \(\newcommand{\len}[1]{\left|#1\right|}\) \(\newcommand{\bbar}{\overline{\bvec}}\) \(\newcommand{\bhat}{\widehat{\bvec}}\) \(\newcommand{\bperp}{\bvec^\perp}\) \(\newcommand{\xhat}{\widehat{\xvec}}\) \(\newcommand{\vhat}{\widehat{\vvec}}\) \(\newcommand{\uhat}{\widehat{\uvec}}\) \(\newcommand{\what}{\widehat{\wvec}}\) \(\newcommand{\Sighat}{\widehat{\Sigma}}\) \(\newcommand{\lt}{<}\) \(\newcommand{\gt}{>}\) \(\newcommand{\amp}{&}\) \(\definecolor{fillinmathshade}{gray}{0.9}\)- 8.1: Why It Matters- Entrepreneurship
- This page emphasizes the significance of entrepreneurship in small businesses, challenging the belief that success relies only on large corporations. It notes that while small businesses may operate on a smaller scale, they significantly contribute to innovation and economic stability. The discussion includes definitions, opportunities, risks, motivations, characteristics of entrepreneurs, and business planning steps, highlighting the inherent value of entrepreneurship across all business sizes.
- 8.2: Small Business
- This page emphasizes the crucial role of small businesses in the U.S. economy, responsible for 99.9% of all businesses and half of new jobs, while also driving local growth and innovation. It also highlights the top 25 inventions of 2017 from millennial entrepreneurs, showcasing their creativity and entrepreneurial spirit. Together, these elements illustrate the importance of entrepreneurship and innovation in both local and national economic landscapes.
- 8.3: Entrepreneurs
- This page examines the characteristics and motivations of successful entrepreneurs, underscoring their role in American culture. It highlights proactive traits like creativity, people skills, and resilience, while noting the emotional and financial challenges they face. It categorizes entrepreneurs into four types based on their strengths and weaknesses.
- 8.4: Advantages, Disadvantages, and Considerations
- This page outlines the pros and cons of starting a small business, focusing on decision-making freedom and the inherent responsibilities. It notes the high failure rates related to inadequate planning and market understanding. Important pre-launch considerations include evaluating entrepreneurial qualities, confirming a viable business idea, and aligning motivations with values.
- 8.5: Steps on Starting a Business
- This page presents a comprehensive guide to starting a business, highlighting the necessity of thorough preparation and research. It details a 10-step process from the SBA, including market research, business planning, funding, and registration, which are essential for establishing a successful venture. Additionally, it stresses the importance of validating business ideas through research and developing a marketing strategy to target customers, thereby reducing the risk of failure.
- 8.6: Business Plans
- This page details the essential components of a business plan for entrepreneurs, highlighting its significance in market understanding and strategy formulation. Key elements recommended by the SBA include the Executive Summary, Company Description, Market Analysis, and Financial Projections, among others. It differentiates between types of business plans, such as comprehensive plans for bank loans and lean plans for experienced entrepreneurs, offering guidance on content for each section.
- 8.7: Putting It Together- Entrepreneurship
- This page discusses the significant impact of entrepreneurs on the economy and daily life, highlighting the challenging nature of their work contrary to its glamorous image. It emphasizes that entrepreneurship is often driven by ambition rather than choice and notes that risks are relative to traditional employment.