BUS 190 Week 1 Lecture 1
BUS 190 Week 1 Lecture 1 BUS 190
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This 2 page Class Notes was uploaded by Danielle Linska on Tuesday September 6, 2016. The Class Notes belongs to BUS 190 at Michigan State University taught by Professor Szymusiak in Summer 2015. Since its upload, it has received 141 views. For similar materials see The Art of Starting: Entrepreneurship in Business at Michigan State University.
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Date Created: 09/06/16
9/1/16 Lecture 1 Thursday, September 1, 2016 3:13 PM I. What is Entrepreneurship? • Entrepreneurship is the pursuit of opportunity without regard to resources currently controlled. ○ -‐Howard Stevenson • Nature vs. Nurture ○ Can entrepreneurship be taught? § Yes Characteristics of an Entrepreneur: 1. Desire for responsibility 2. Preference for moderate risk 3. Confidence in their ability to succeed 4. Determination 5. Desire for immediate feedback 6. High level of energy 7. Future Orientation (Forward Looking) 8. Skill at organizing 9. Value of achievement over money What is the upside? • Being in control of your own destiny • Make a difference • Personally rewarding • Possibly make substantial profits What is the downside? • Being in control of your own life -‐ destiny • Income uncertainty • Risk of failing • Long hours and hard work • Stress II. Opportunity vs. Necessity • Number of people who actually end up starting a business (12%) • Small Business in America ○ (Failure Rates) § Year 1: 19% II. Opportunity vs. Necessity • Number of people who actually end up starting a business (12%) • Small Business in America ○ (Failure Rates) § Year 1: 19% § Year 3: 35% § Year 5: 60% ACTION TRUMPS EVERYTHING ELSE
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