Chapter 1: The Foundations of Entrepreneurship

The opportunity to:

• The opportunity to:
• Create your own destiny.
• Make a difference.
• Reach your full potential.
• Reap impressive profits.
• Contribute to society and to be recognized for your efforts.
• Do what you enjoy and to have fun at it.

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Uncertainty of income

• Uncertainty of income
• Risk of losing your entire investment
• Long hours and hard work
• Lower quality of life until the business gets established
• High levels of stress
• Complete responsibility
• Discouragement

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Some of the most significant factors that have led to this age of entrepreneurship include:

• Some of the most significant factors that have led to this age of entrepreneurship include:
• Entrepreneurs as heroes (as model to follow)
• Entrepreneurial education
• Universities and colleges should include it in course study

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Demographic and economic factors

• Demographic and economic factors
• Many people start their business in age of 24-44.
• Economic growth that spanned most of the 80s created significant amount of wealth among people of this age group and many business opportunities

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Shift to a service economy

• Shift to a service economy
• In US service sector (low start-up cost) produce 80% of the jobs and 64% of GDP (Gross Domestic Product)
• GDP:
• a monetary measure of the market value of all final goods and services produced in a period (quarterly or yearly). Used to determine the economic performance of a whole country or region, and to make international comparisons.

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Technology advancements

• Technology advancements
• Technology has changed the ways to do business, such as computers, voice mail, e-commerce, fax,…..
• The Internet (www), cloud computing, and mobile marketing

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