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Chapter 1: The Foundations of Entrepreneurship
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səhifə | 4/6 | tarix | 23.12.2023 | ölçüsü | 18,31 Kb. | | #154807 |
| 2. The Challenge of EntrepreneurshipThe 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.
- 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
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
- 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
- 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.
- 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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