1

Lecture # 3

Entrepreneurship and Business

Development

Textbook / Chapter 1
The Foundations of Entrepreneurship
 The Benefits of Entrepreneurship

Opportunity to Create Your Own Destiny:

– Independent
– Living where and how they choose
Opportunity to Make a Difference:
– Social entrepreneurs, business builders seek innovative solutions
to some of society’s most vexing problems.
– Social entrepreneurs who use their skills not only to create
profitable businesses but also to achieve economic, social, and
environmental goals for the common good.

2
 The Benefits of Entrepreneurship

Opportunity to Reach Your Full Potential:

– Self-expression and self-actualization
– Their boundaries of success are imposed by their own creativity,
enthusiasm, and vision.
Opportunity to Reap Impressive Profits:
– The profit usually is an important motivating factor in their
decision to launch companies.
Opportunity to Contribute to Society and be Recognized for
Your Efforts
Opportunity to Do What You Enjoy and have Fun at It.

3
The Potential Drawbacks (Disadvantages) of
Entrepreneurship

1. Uncertainty of Income
2. Risk of Losing Your Entire Investment
3. Long hours and Hard Work
4. Lower Quality of Life Until the Business Gets
Established:
✓ Launching a business consumes so much of an entrepreneur’s
time, energy, and focus.
✓ Family relationship and friendship
5. High Levels of Stress
6. Complete Responsibility

4
 The Potential Drawbacks of
Entrepreneurship

8. Discouragement:
✓ Discouragement and disillusionment are common emotions.

5
 Behind the Boom: What’s Feeding The
Entrepreneurial Fire

Entrepreneurs as heroes
Entrepreneurial education
Demographic and economic factor
Shift to a service economy
Technology advancements. Smartphones…
Independent lifestyle
The internet, cloud computing, and mobile marketing. Using
free software for the business
International opportunities. Outsourcing…