Solutions Manual For Entrepreneurship, Successfully Launching New Ventures 6th Edition by Bruce Barringer, Duane Ireland
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Course
Master of Business Education
Institution
Master Of Business Education
Solutions Manual Entrepreneurship, Successfully Launching New Ventures 6th Edition by Bruce Barringer, Duane Ireland
ISBN13: 9780136878681.
Entrepreneurship 6e solutions.
SOLUTIONS MANUAL Entrepreneurship, Successfully Launching New
Ventures 6th Edition
CHAPTER 1
INTRODUCTION TO ENTREPRENEURSHIP
LEARNING OBJECTIVES
After studying this chapter students should be ready to:
1. Describe entrepreneurship, corporate entrepreneurship, and the characteristics of
entrepreneurial firms.
2. Discuss three main reasons people decide to become entrepreneurs.
3. Identify four main characteristics of successful entrepreneurs.
4. Explain five common myths regarding entrepreneurship.
5. Discuss the three types of start-up firms.
6. Discuss the changing demographics of entrepreneurs in the United States.
7. Discuss the positive effects of entrepreneurship and entrepreneurial firms on
economies and societies.
8. Explain the entrepreneurial process.
9. Learn how understanding entrepreneurship and the entrepreneurial process can
facilitate your career success.
CHAPTER OVERVIEW
This chapter (1) introduces the book, (2) provides an overview of the entrepreneurial
process, and (3) introduces a conceptual model that shows how the entrepreneurial
process typically unfolds. The model, which is shown at the top of the next page, depicts
the entrepreneurial process as a 10-step process, beginning with the decision to become
an entrepreneur. The chapters of the book follow the model. We hope that this approach
provides your students a nice visual way of understanding how the entrepreneurial
process unfolds.
The chapter focuses on why people become entrepreneurs, the characteristics of
successful entrepreneurs, the changing demographics of entrepreneurs, and the
importance of entrepreneurship to the economy and society. The three boxed features,
which appear in every chapter, are introduced. The chapter ends with a brief discussion of
each of the major sections of the book.
The chapter, like the rest of the book, is written in an upbeat yet realistic manner.
, Basic Model of the Entrepreneurial Process
The Model Parallels the Chapters in the Book
CHAPTER OUTLINE
CHAPTER OUTLINE
I. Introduction to Entrepreneurship
II. What Is Entrepreneurship and Why Is It Important?
III. Why Do People Become Entrepreneurs?
A. Be Their Own Boss
B. Pursue Their Own Ideas
C. Pursue Financial Rewards
IV. Characteristics of Successful Entrepreneurs
A. Passion for the Business
B. Product/Customer Focus
C. Tenacity Despite Failure
D. Execution Intelligence
V. Common Myths About Entrepreneurs
A. Myth 1: Entrepreneurs Are Born, Not Made
B. Myth 2: Entrepreneurs Are Gamblers
C. Myth 3: Entrepreneurs Are Motivated Primarily by Money
D. Myth 4: Entrepreneurs Should be Young and Energetic
E. Myth 5: Entrepreneurs Love the Spotlight
VI. Types of Start-Up Firms
VII. Changing Demographics of Entrepreneurs
A. Women Entrepreneurs
B. Minority Entrepreneurs
C. Senior Entrepreneurs
D. Millennial Entrepreneurs
VIII. The Positive Effects of Entrepreneurship and Entrepreneurial Firms
, A. Economic Impact of Entrepreneurial Firms
B. Entrepreneurial Firms’ Impact on Society
C. Entrepreneurial Firms’ Impact on Larger Firms
IX. The Entrepreneurial Process
A. Decision to Become an Entrepreneur (Chapter 1)
B. Developing Successful Business Ideas (Chapters 2–6)
C. Moving from an Idea to an Entrepreneurial Firm (Chapters 7–10)
D. Managing and Growing an Entrepreneurial Firm (Chapters 11–15)
X. Developing Skills for your Career
CHAPTER NOTES
I. Introduction to Entrepreneurship
• There is tremendous interest in entrepreneurship around the world.
• Although the highest rates of entrepreneurial start-up activity occur in low-
income countries, where good jobs are not plentiful, the rates are also
impressive in high-income countries. According to the GEM Study, 1 out of
every 8 ½ (11.9%) of American adults is actively engaged in starting a
business or is the owner/manager of a business that is less than three-and-a-
half years old.
II. What Is Entrepreneurship and Why Is It Important?
• Entrepreneurship is defined as the process by which individuals pursue
opportunities without regard to resources they currently control for the
purpose of exploiting future goods and services.
• We want to note here that established firms with an orientation toward acting
entrepreneurially practice corporate entrepreneurship.
• All firms fall on a conceptual continuum that ranges from highly conservative
to highly entrepreneurial.
III. Why Do People Become Entrepreneurs?
A. Be Their Own Boss. Many entrepreneurs want to be their own boss because
either they have had a long-term ambition to own their own business or they
have become frustrated working in traditional jobs.
B. Pursue Their Own Ideas. Some people are naturally alert, and when they
recognize ideas for new products or services, they have a desire to see those
ideas realized.
C. Pursue Financial Rewards. People start their own firms to pursue financial
rewards. This motivation, however, is typically secondary to the first two and
often fails to live up to its hype.
, IV. Characteristics of Successful Entrepreneurs
A. Passion for the Business. The number one characteristic shared by successful
entrepreneurs is passion for the business. This passion typically stems from
the entrepreneur’s belief that the business will positively influence people’s
lives.
B. Product/Customer Focus. An entrepreneur’s keen focus on products and
customers typically stems from the fact that most entrepreneurs are, at heart,
craftspeople.
C. Tenacity Despite Failure. Because entrepreneurs are typically trying
something new, the failure rate associated with their efforts is naturally high.
Developing a new business may require a certain degree of experimentation
before a success is attained. Setbacks and failures inevitably occur during the
process. The litmus test of entrepreneurs is their ability to persevere through
setbacks and failures.
D. Execution Intelligence. The ability to effectively execute a business idea
means developing a business model, putting together a new-venture team,
raising money, managing finances, leading employees, and so on.
V. Common Myths About Entrepreneurs
A. Myth 1: Entrepreneurs Are Born, Not Made. This myth is based on the
mistaken belief that some people are genetically predisposed to be an
entrepreneur.
B. Myth 2: Entrepreneurs Are Gamblers. Entrepreneurs are usually moderate risk
takers, as are most people.
C. Myth 3: Entrepreneurs Are Motivated Primarily by Money. It is naïve to think
that entrepreneurs don’t seek financial rewards. As discussed previously,
however, money is rarely the primary reason entrepreneurs start new firms.
D. Myth 4: Entrepreneurs Should Be Young and Energetic. Although it is
important to be energetic, investors often site the strength of the entrepreneurs
(in terms of business experience, skill, and talent) as their most important
criterion in the decision to fund a new venture.
E. Myth 5: Entrepreneurs Love the Spotlight. While some entrepreneurs are
flamboyant, the vast majority of them do not seek or attract public attention.
Typically those that are working on proprietary products or services avoid
public notice.
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