MGT253-28350

Owning and Operating a Small Business

Instructor: Dan Piercy
Course correspondence: dangl68371@mesacc.edu
General Correspondence: daniel.piercy@mesacc.edu
Phone/Message/Text: (480) 206-5692

Due this Week:

Review Entrepreneurship Chapters 1 and 2
• Submit Add your photo to Canvas
• Complete the syllabus quiz
• Complete the discussion Assignment Introduce yourself to your classmates
• Complete the quiz for chapters 1 and 2
• Complete the personal research assignment, Entrepreneurial self-assessment
• Submit your learning journal assignments
Student Success Workshop
Self-Advocacy: Communication Skills for
College Success
• Tuesday, January 24th from 2-3
PM (Southern and Dobson: Bldg 38 - Room
608, Think Tank )
• Wednesday, January 25th from 12-1
PM (Online viaWebEx)
 In class discussion

How do you define an entrepreneur?

 In class discussion

How do you define an entrepreneur?

An entrepreneur is an individual who

creates a new business, bearing most
of the risks and enjoying most of the
rewards. The process of setting up a
business is known as
entrepreneurship
 Entrepreneur

The term entrepreneur is derived from the French

word “entreprenere” which means to undertake a
business venture.

“Entrepreneurs are simply those who understand

that there is little difference between obstacles
and opportunity and are able to turn both to their
advantage.”
Niccolo Machiavelli
 Entrepreneurial Ventures

Intrapreneur is a person within a company who

promotes innovative product development and
marketing. Intrapreneurship is the act of behaving
like an entrepreneur while working within a large
organization. Intrapreneurship is known as the
practice of a corporate management style that
integrates risk-taking and innovation approaches, as
well as the reward and motivational techniques, that
are more traditionally thought of as being the province
of entrepreneurship.
 Entrepreneurial Ventures

Techpreneur is a new age entrepreneur who makes use

of technology to come out with something new to make
some innovation. Once the person succeeds in it, s/he
exploits his/her achievement in the market to make
money. A techpreneur operates business differently from
any other businessman.

• Bill Gates, founder of Microsoft

• Steve Jobs, co-founder of Apple computers, which produces
Macs, iPods and iPhones, as well as Apple TV
• Mark Zuckerberg, the founder of Facebook
 Entrepreneurial Ventures

Disruptive entrepreneurs are innovations or

innovative processes that completely change the
market they serve.

• Examples are: the hospitality sector (Airbnb), taxicabs

and limousines (Uber and self driving vehicles), health
care (23andMe), agriculture (sensors and RFID) and
manufacturing (3-D printing).
 Entrepreneurial Ventures
Green entrepreneurship is the activity of consciously
addressing environmental and social problems and
coming up with brilliant innovative entrepreneurial
ideas that will bring a solution to them.

• Eric Fitch, Founder and CEO started a biogas company

called of PurposeEnergy. The company developed a
technology that takes all of the waste byproducts from the
beer brewing industry and converts them to renewable
natural gas, treated water, and organic fertilizer. The
company’s first, full-scale plant is at Magic Hat in Vermont.
 Entrepreneurial Ventures

Social entrepreneur, a person who establishes an

enterprise with the aim of solving social problems or
effecting social change.

• Grameen Bank is a microfinance organization

and community development bank founded
in Bangladesh. It makes small loans (known
as microloans to the impoverished without
requiring collateral.
 Entrepreneurial Ventures

Nikola Motor Company

• Nikola Motor Company is a pioneer in zero-

emisson trucks. Nikola offers both the battery-
electric and hydrogen fuel-cell electric cabover
semi-truck.

How do you categorize a company like Nikola Motor

Company?
Techpreneur, Disruptive entrepreneur, Green Entrepreneur
 Entrepreneurial Ventures

Elon Musk

• SpaceX - space launches (Aerospace, Telecommunications)

• Tesla - electric vehicles, solar energy (Automotive, Transportation,
Energy)
• The Boring Co. - tunneling (Infrastructure)
• Open AI - AI machine learning
• Neuralink - prosthetics, medical treatments, robotics (Healthcare)

How do you label a person like Elon Musk?

 In class discussion

What is an entrepreneurial mindset?

 In class discussion

What is an entrepreneurial mindset?

An entrepreneurial mindset is a set of

skills that enable people to identify
and make the most of opportunities,
overcome and learn from setbacks,
and succeed in a variety of settings.
 In class discussion

What is an entrepreneurial mindset?

• Our greatest weakness lies in giving up.

• The most certain way to succeed is always
try just one more time.
• I have not failed. I’ve simply discovered
10,000 ways that won't work.
• There's a way to do it better – find it.
(Thomas Edison)
 In class discussion
What are the characteristics of an entrepreneur?
 In class discussion
What are the characteristics of an entrepreneur?

While impossible to define, here are 5 universally

accepted characteristics:
• A Positive Mental Attitude
• A Creative Mindset
• Persuasive Communication Ability
• Intrinsic Motivation and Drive
• Tenacity and an Ability to Learn from Failure
 In class discussion

Who is Marty Cooper?

Hint, considered one of the greatest

entrepreneurs of all time!
https://www.youtube.com/watch?v=bodPO9PWwcI
 In class discussion

Why start your own business?

Fascinating Entrepreneurship Statistics:
What you should know about entrepreneurship
90% of new American billionaires are self-made (Forbes).
In 2016, there were 25 million Americans who were starting
or already running their own business. 15 million are full
time self employed (Quickbooks).
62% of adults believe entrepreneurship is a good career
(Babson).
55% of entrepreneurs say their biggest motivation for
starting their own business was the idea of being their own
boss (Guidant Financial).

46% of small business entrepreneurs are between the ages

Fascinating Entrepreneurship Statistics:

30% of entrepreneurs only have a high school

degree (Guidant Financial).
Only 9% of entrepreneurs have a Bachelor’s Degree
in business (TSheets).
46% of small business entrepreneurs are between
the ages of 41 and 56 (Guidant Financial).
Fascinating Entrepreneurship Statistics:

Studies show middle-aged men start the most

successful businesses (MIT Sloan).
For every 10 male entrepreneurs, there are seven
female entrepreneurs (Babson).
There are 8 million minority-owned businesses in the
US (Office of Advocacy).
Fascinating Entrepreneurship Statistics:

There are 582 million entrepreneurs in the world

(The Hill).
62% of small businesses don’t have any staff (Fresh
Books).
Small businesses failure rate has declined by 30%
since 1977 (Entrepreneur).
Fascinating Entrepreneurship Statistics:

Office of Advocacy statistics show 60.1% of small

businesses without paid employees are home-based
(Office of Advocacy).
27. 39% of business owners use personal cash
(bootstrapping) to start their companies (Guidant
Financial).
97% of self-employed professionals say they would
never go back to traditional employment
(FreshBooks).
 In class discussion
• With a Global Entrepreneurship Index of 83.6, Why is
the US the best country for entrepreneurs (GEDI).

• The Global Entrepreneurship Index (GEDI) is a

numerical presentation of the climate a country creates
for the development of small businesses. This index
takes into account numerous factors to create one
comprehensive overview of the situation. Switzerland
takes an unexpected second place with 80.4, followed
by three English-speaking countries – Canada, the UK,
and Australia. Chad is at the bottom of the list with an
index of just 9.
Entrepreneurial Life Cycle
Entrepreneurial Life Cycle