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/
about_us_landing_page.jsp
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