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
