A lecture by City of Chicago 12th Ward Alderman George Cardenas

*The act of creating a new enterprise

*Stimulates economic growth and job opportunities

*According to Webster’s online entrepreneurship is “the organization, management, and assumption of risks of a business or enterprise, usually implying an element of change or challenge and a new opportunity.”

*To be successful you must work as if you are going to succeed-you may not succeed at first

*Time matters

*Market readiness to when an idea is good

*Make a timely entrance and exit into the market

*Entrepreneurship is a HIGH risk investment

*Take risks!

*Focus on a few risks that are valuable

*Solve the easiest problems rather than the more difficult problems

*Pick something that NOT everyone else thinks

*Most entrepreneurs have several common personality traits including*Creativity*Dedication*Determination*Passion*Flexibility*Leadership*Self-confidence*“smarts”

*Entrepreneurs are their own bosses*Make the decisions

*Choose who to do business with

*Total control

*Higher chance at achieving more significant rewards than working for someone else

*Creates opportunity for a person to make a contribution*Can help the economy

*Motivation

*Incentive to starting a business

*Strategy

*What is the strategy for starting a business?

*Realistic Vision

*Is the potential of the business realistic?

*How to choose a product and a market

*One must come up with a good idea

*Ways to look for ideas

*Read

*Talk to people

*Think of questions:

*“What would you like that is not available?”

*“Are there any new uses for technology?

*Businesses usually fit into four categories

*Existing good or service for an existing market

*New good or service for a new market

*New good or service for an existing market

*Existing good or service for a new market

*Differentiation

*Niche

*Specification

*Innovation

*Marketing is selling!

*Advertising and promotions are the best tools in marketing

* Choose the form of business

* Sole Proprietorship

* Partnership

* Corporation

* Create a business

* Write a business plan

* Need capital-how can you find capital

* Personal savings

* Friends and Family

* Credit cards

* Banks

* Venture Investors

* Must know property rights

* Patents

* Copyright

* Trade Secrets

* Trademarks

* Know government policies

* Tax policy

* Regulatory policy

* Access to Capital

* USE YOUR RESOURCES

* Polsky Center for Entrepreneurship at Chicago Booth* Teaches the practice of

entrepreneurship through academics, research competitions, conferences, and global and community outreach

* Started offering courses in entrepreneurship in the 1970’s and was supported by the Ewing Marion Kauffman Foundation

* Chicago Innovation Mentors* Organization that supports

entrepreneurial activity of technology at Northwestern University, University Chicago, and University of Illinois at Chicago

* Founded in 2010

* Chicagoland Entrepreneurial Center

* Promotes and grows the startup community in Chicago

* Helps entrepreneurs build high-growth sustainable businesses

* Formed by the Chicagoland Chamber of Commerce in 1999

* Funded through private entities and corporations

*Chicagoland Chamber of Commerce* Provides programs in

advocacy, member benefits, and services to make members successful

* Founded in 1904

* Private, non-profit business assistance and economic development organization

*Help businesses grow

* The Chicago Innovation Chase* Intercollegiate

Entrepreneurship and Innovation Program

* Designed to mentor students to become entrepreneurs and inventors

* Provides resources, mentorship, training and guidance to students at universities across the country

* Created in 2008 by a group of students at the Illinois Institute of Technology

* http://academicearth.org/lectures/entrepreneurship-a-high-risk-investment

* http://www.america.gov/publications/books/principles-of-entrepreneurship.html

* http://www.chicagolandec.org/* http://www.chicagobooth.edu/entrepreneurship/about/

index.aspx* http://invo.northwestern.edu/news/2011/partners-

local-institutions-form-chicago-innovation-mentors* http://www.leadthechase.com/#!about* http://www.chicagolandchamber.org/wdk_cc/about/

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