Contents
Preface 23
Acknowledgments 26
SECTION 1 The Rewards and Challenges of Entrepreneurship 29
Chapter 1 Entrepreneurs: The Driving Force Behind Small Business 29
The Role of the Entrepreneur 30
What Is an Entrepreneur? 33
- ENTREPRENEUR IN ACTION Space: The Next Entrepreneurial Frontier? 37
How to Spot Entrepreneurial Opportunities 38
Monitor Trends and Exploit Them Early On 38
Travel-and Be Inspired 39
Take a Different Approach to an Existing Market 39
Put a New Twist on an Old Idea 39
Look for Creative Ways to Use Existing Resources 40
Realize That Others Have the Same Problem You Do 40
Take Time to Play 40
Notice What Is Missing 40
The Benefits of Owning a Small Business 41
Opportunity to Gain Control over Your Own Destiny 41
Opportunity to Make a Difference 41
Opportunity to Reach Your Full Potential 42
Opportunity to Reap Impressive Profits 42
Opportunity to Contribute to Society and Be Recognized for Your Efforts 42
Opportunity to Do What You Enjoy Doing 43
The Potential Drawbacks of Entrepreneurship 43
Uncertainty of Income 43
Risk of Losing your Entire Invested Capital 43
Long Hours and Hard Work 44
Lower Quality of Life Until the Business Gets Established 44
High Levels of Stress 44
Complete Responsibility 45
Discouragement 45
Why the Boom: The Fuel Feeding the Entrepreneurial Fire 45
Entrepreneurs as Heroes 45
Entrepreneurial Education 45
Shift to a Service Economy 45
Technology Advancements 45
Outsourcing 45
Independent Lifestyle 46
E-Commerce,the Internet,and Mobile Computing 46
International Opportunities 47
- IN THE ENTREPRENEURIAL SPOTLIGHT Collegiate Entrepreneurs 47