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Cultural Diversity of Entrepreneurship

This document discusses the cultural diversity of entrepreneurship and identifies several groups that are embracing entrepreneurship. It outlines that young people, women, minorities, immigrants, part-time entrepreneurs, those with home-based businesses, families, co-preneurs, corporate castoffs, corporate dropouts, and retiring baby boomers are all increasingly choosing entrepreneurship. It provides some brief details about the trends and motivations for each of these groups in embracing entrepreneurship.

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63 views16 pages

Cultural Diversity of Entrepreneurship

This document discusses the cultural diversity of entrepreneurship and identifies several groups that are embracing entrepreneurship. It outlines that young people, women, minorities, immigrants, part-time entrepreneurs, those with home-based businesses, families, co-preneurs, corporate castoffs, corporate dropouts, and retiring baby boomers are all increasingly choosing entrepreneurship. It provides some brief details about the trends and motivations for each of these groups in embracing entrepreneurship.

Uploaded by

chen18111007 KFUEIT
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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Download as PDF, TXT or read online on Scribd
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Entrepreneurship

Cultural Diversity of
Entrepreneurship

Course Instructor: Prof. Dr. Engr. Suleman Tahir / Engr. Muhammad Kashif Ashraf

Department of Chemical
Engineering
Study Material for Lecture

Lecture Slides

Jeffrey R. Cornwall & Norman M. Scarborough


“Essentials of Entrepreneurship and
Small Business Management” Ch 1 (Sec.
The Cultural Diversity of Entrepreneurship), Pg. 41-
48, 8th Ed, 2016, Pearson Education Limited
Lecture Objectives

• To know what diverse kind of people who can be

entrepreneur
The Cultural Diversity of
Entrepreneurship
• Young entrepreneurs • Co-preneurs

• Women entrepreneurs • Corporate castoffs

• Minority-owned enterprises • Corporate dropouts

• Immigrant entrepreneurs • Retiring baby boomers

• Part-time entrepreneurs

• Home-based businesses

• Family businesses
Young entrepreneurs

• Young people are embracing Reasons for youngsters to


become entrepreneur
entrepreneurship enthusiastically
as a career choice • Opportunity to use their skills and

• 40 percent of young people abilities

between the ages of 8 and 24 • Build something for their future

have already started a business


• Be their own bosses

• Earn lots of money


or would like to do so in the future
• To convert ideas into reality
Women entrepreneurs
• Despite years of legislative effort, women

still face discrimination in the workforce

• Small business is offering too much

opportunities to women as entrepreneurs

• The number of women-owned businesses

is growing 1.5 times faster than the national


Read about Sophia Amoruso &
average of USA Blondie Bumstead
Minority-owned enterprises

•
In USA
Another rapidly growing
segment of the small
business population is
minority owned businesses

• More business experience


Immigrant entrepreneurs

• Not applicable in Pakistan

• Applicable to Pakistanis when they go abroad and try


to set their own business

• In USA, 24.3 percent of all the high technology


companies started between 2006 and 2012 were
founded by immigrants
Part-time entrepreneurs

• Starting a part-time business is a popular gateway to


entrepreneurship

• They can ease into business for themselves without


sacrificing the security of a steady paycheck and benefits

• The Internet and mobile communication devices make


establishing and running a part-time business very easy
Home-based businesses

• Fifty-two percent of all small businesses are home


based.

• Operating a business from home keeps start-up and


operating costs to a minimum.

• Wide range of businesses can be possible and can be


targeted for the whole world
Family businesses
• A family-owned business is one that includes two or more members of
a family with financial control of the company.

• About 90% of businesses in US are family owned.

• However, one-third of family business owners expressed


apprehension about transferring the business to the next generation

• Only 30 percent of family businesses survive to the second


generation, just 12 percent make it to the third generation, and only 3
percent survive into the fourth generation and beyond
Copreneurs

• Entrepreneurial couples who work together as co-owners of


their businesses

• Managing a small business with a spouse may appear to be a


recipe for divorce, but most copreneurs say not

• They are full and equal partners, not a superior and a


subordinate
Corporate castoffs

• Those individuals who are unemployed and are highly


educated and skilled, and had corporate executive
jobs.

• Lost jobs because of downsizing

• There is really no safe job anymore


Corporate dropouts

• Executives who leave the corporate to pursue their own dreams and
aspirations by starting their own businesses.

• Their workdays may grow longer and their incomes may shrink

• They have college degrees, a working knowledge of business, and


years of management experience, both corporate dropouts and
castoffs may ultimately increase the small business survival rate
Retiring baby boomers

• Remaining active as they grow older,


the ranks of older entrepreneurs are
growing

• The level of entrepreneurial activity


among people ages 55 to 64 actually
exceeds that of people ages 20 to 34

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