Chapter 1: The Foundations of Entrepreneurship

Cloud computing:

• Cloud computing:
• Internet-based subscription or pay-per-use software services that allow business owners to use a variety of business applications, from database management and inventory control to customer relationship management and accounting

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Entrepreneurs as heroes

• Entrepreneurs as heroes
• Entrepreneurial education
• Demographic and economic factors
• Shift to a service economy
• Technology advancements
• Independent lifestyle
• The Internet, cloud computing, and mobile marketing
• International opportunities

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• (continued from 1-19)

Young entrepreneurs

• Young entrepreneurs
• Women entrepreneurs

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Young entrepreneurs

• Young entrepreneurs
• Women entrepreneurs
• Minority-owned enterprises

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• (continued from 1-22)

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Young entrepreneurs

• Young entrepreneurs
• Women entrepreneurs
• Minority-owned enterprises
• Immigrant entrepreneurs
• Part-time entrepreneurs

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• (continued from 1-24)

Home-based businesses

• Home-based businesses
• Family businesses
• Copreneurs
• entrepreneurial couples who work together as co-owners of their businesses.
• Corporate castoffs
• Corporate dropouts
• Retiring baby boomers

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Corporate castoffs:

• Corporate castoffs:
• Those individuals who are unemployed and are highly educated and skilled, and had corporate executive jobs.
• Corporate dropouts:
• Executives who leave the corporate to pursue their own dreams and aspirations by starting their own businesses.

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Retiring baby boomers

• Retiring baby boomers
• Baby boomer is a group of people who were born between 1946 and 1964.
• Labeled so because during this period of time , there was a statistically significant increase in the number of births that occurred.
• During the 22-year period , 76.4 million people were born (one quarter of US population)

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Small businesses (employs less than 100 people).

• Small businesses (employs less than 100 people).
• Make up 99.7% of the 27.8 million businesses in the United States
• Employ 49.2% of the nation’s private sector workforce
• Create more jobs than big businesses
• Created 64% of net new jobs over the last decade
• 5% of small companies create 67% of net new jobs in the economy
• Gazelles

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Gazelles are small companies that are growing at 20 percent or more per year with at least $100,000 in annual sales; they create 70 percent of net new jobs in the economy

• Gazelles are small companies that are growing at 20 percent or more per year with at least $100,000 in annual sales; they create 70 percent of net new jobs in the economy

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Small businesses:

• Small businesses:
• Produce 46% of the nation’s private GDP.
• Account for 47% of business sales.
• Create 16 times more patents per employees than large companies.
• Zipper, light bulb, FM radio, laser, air conditioning, escalator, personal computer, automatic transmission, and many more!

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