UNIT 1. Mastering Entrepreneurship 1. The Engine of Capitalist Process: Entrepreneurs in Economic Theory, Robert L. Formaini, Federal Reserve Bank of Dallas Economic and Financial Review , Fourth Quarter 2001 Market economies rely on entrepreneurs as their driving force. In this article, Robert Formaini examines why entrepreneurs are important for us today. He traces the history of the concept of entrepreneurship in economic theory, showing how the concept's popularity has varied greatly since its first use. 2. The Origin of the Entrepreneurial Species, George Gendron, Inc Magazine , February 2000 What differentiates a successful start-up from the masses of new businesses that are created every year? Based on interviews with author Amar Bhid, this article provides answers to the question: What's the secret of start-up success? 3. Who Are the Self-Employed?, Yannis Georgellis and Howard J. Wall, Review (Federal Reserve Bank of St. Louis) , November/December 2000 This snapshot of U.S. self-employment reveals many interesting characteristics and data concerning entrepreneurship. These include differences in characteristics such as sex, race, region, age, and education, as well as occupations and industries in which self-employment occurs. 4. Accidental Entrepreneur, Luisa Kroll and Emily Lambert, Forbes , May 12, 2003 The ranks of the unemployed in the United States now total 8.4 million. The authors describe how some people who get laid off often go out and start their own ventures. They found that some actually did much better than when working for other companies. 5. The Making of an Entrepreneur, Blake Barker, Business Week Online , January 15, 2004 The author, who has made the transition from employee to entrepreneur , writes that there is a fine line between employee and entrepreneurand that it is difficult to describe. Learn how to prepare for entrepreneurship and why it is so critical to do. 6. Michael Dell, Richard Murphy, Success , January 1999 From his dorm room at college, Michael Dell harnessed his discipline, focus, and $1,000 in 1984 to build a multibillion-dollar global computer empire. In doing so he became one of the most successful entrepreneurs in American history. 7. Success Rules!, Thomas Melville, Success , September 2000 Read how to succeed with these five rules of success from five entrepreneurs who have made it. Also included in this article is an excerpt from Joe Mancuso's 20 commandments, which includes advice such as "Abdicate vs. Delegate" and "Avoid the 'Sandbox Syndrome.'" 8. From Needle to Nose, Claudia Kalb and Jamie Reno, Newsweek , May 12, 2003 Entrepreneurs first figure out how to solve a problem in an innovative way. Next, they create a marketable solution. This article profiles a biotech entrepreneur and his long road to commercialization. 9. Going Global, Eric J. Adams, IQ Magazine , November/December 2001 Globalizing a business venture is not a simple task. Read in this article how the Internet provides both the marketplace and the backbone to make it worthwhile. Eric Adams outlines the four steps to globalization. UNIT 2. Creating and Launching the Business Venture 10. A Strategy to Meet the Challenges of Entrepreneurship, Donald Sull, The Financial Times , August 12, 2002 The dot-com boom and bust reminded us that entrepreneurship is a risky business. In some cases, entrepreneurs can anticipate the risks. In this article, Donald Sull introduces six management tactics to manage risk in innovation and entrepreneurship. 11. The Inventor Next Door, Carleen Hawn and Michael Boland, Forbes ASAP , June 24, 2002 Read how independent tinkerers, following a lonely and unlikely path to their fortune, get by with a little help from their friends. Included in this article are some tips on how to get started in the patent process. 12. One More Time ... Should Small Companies Attempt Strategic Planning?, William R. Sandberg, Richard Robinson, and John A. Pearce II, The Entrepreneurial Executive , April 2001 Most entrepreneurs and small business owners agree they need a strategic plan, but few are willing to spend the time to complete one. This article explains why a strategic plan is needed. 13. The Entrepreneur's Financial-Fitness Checklist, Bradley Feld, Business Week Online , March 24, 2004 A serial entrepreneur, and now experienced venture capitalist, presents important sage advice. He presents some fundamental financial tenets that all early-state entrepreneurs should be aware of, understand, and heed. 14. Preliminary Legal Considerations in Forming a New Enterprise, Michael P. Ridley, Pratt's Guide to Venture Capital Sources , 1997 In a strategic overview, Michael Ridley presents a summary of the key legal concerns of the entrepreneur in the planning and start-up stages of a business. 15. Outline for a Business Plan: A Proven Approach for Entrepreneurs Only, Ernst & Young LLP , 1997 The business plan is probably the single most important document for the entrepreneur. It is the preferred mode of communication between entrepreneurs and potential investors and becomes a selling document that conveys excitement and promise to any potential investor or stakeholder. A generalized business plan outline is presented here. 16. Finding Your Competitive Edge, Sid Davis, Emerging Business , Summer 2001 In this marketing article, read how entrepreneurs can develop their company's unique selling proposition and how they can quickly put it to work for a new business. 17. Listening to Your Inner Entrepreneur, Harry Vardis, Business Week Online , July 18, 2003 This author suggests that when a problem defies all of the obvious solutions, it is important for entrepreneurs to step back and take a whole new approach to creativity. From this new approach, inspiration will come for a new opportunity. 18. Solving the Puzzle of the Cash Flow Statement, Julie H. Hertenstein and Sharon M. McKinnon, Business Horizons , January/February 1997 Entrepreneurs should know that the cash flow statement provides a treasure chest of clues to potential investors as to how a company is balancing its payables and receivables, paying for its growth, and otherwise managing its flow of funds. The authors present a step-by-step method that readers can use in creating this valuable financial statement. 19. Characteristics of a Successful Entrepreneurial Management Team, Alexander L. M. Dingee, Brian Haslett, and Leonard E. Smollen, Pratt's Guide to Venture Capital Sources , 1997 The authors share guidelines for building great venture teaPrice, Robert W. is the author of 'PowerWeb : Entrepreneurship', published 2001 under ISBN 9780072527506 and ISBN 0072527501.