COMSATS University Islamabad, Virtual Campus MGT403 Entrepreneurship Lecture # 4 Handouts

COMSATS University Islamabad, Virtual Campus
MGT403 Entrepreneurship
Lecture # 4 Handouts
Lecture Topic; The Cultural Diversity of Entrepreneurship
If you go to the market or go to various businesses, you will come across entrepreneurs that come
across from various backgrounds, all of them are not necessary young, all of them are not necessarily
old, all of them are not necessary males, there are various segments of entrepreneurs that are given
below as accordingly.
Young Entrepreneurs
Young people are setting the pace in entrepreneurship. Disenchanted with their prospects in
corporate America and willing to take a chance to control their own destinies, scores of people are
choosing entrepreneurship as their primary career path.
In youngster the trend of starting business is improving e.g. Food trucks, Event management,
carrying business over the web, retailing business, launching a clothing business.
Generation X made up of those people that were born between 1965 and 1980 is the most
entrepreneurial generation in history.
Women Entrepreneurs
Another segment of business considered to be as women entrepreneurs. But despite years of
legislative efforts, women still face discrimination in the workforce. However, small business has been
a leader in offering women opportunities for economic expression through employment and
entrepreneurship. Increasing number of women are discovering that the best way to break the “Glass
Ceiling” that prevent them from rising to the top of many organizations is to start their own companies.
The freedom that owing their own companies gives them is one reason that entrepreneurship is a
popular career choice for women. In fact, women now own 40 percent of all privately held business in
the United States and many of them are in field that traditionally have been male dominated. Although
the business women start tending to be small than those men start, their impact is anything but small.
e.g. Women empowerment schemes in Pakistan has been initiated by President General
Mushraffe, Women literacy rate program, launching of brands, running boutiques and outlets of
clothing, clothing business, hand weaving, making handicrafts, running beauty parlors, sewing clothes,
stitching clothes, embroidery, hand-weaving items.
Minority Entrepreneurs
Like women, minorities are also choosing entrepreneurship more often than ever before.
Hispanics, Asians and African-America respectively are most likely to become entrepreneurs.
Hispanics represent the fastest growing segment of the U.S. population and exhibit the greatest level of
entrepreneurial activity among minorities in the United States.
Minority entrepreneurs see owning their own business as an ideal way to battle discrimination and
minority-owned companies have come a long way in the last decade.
Immigrant entrepreneurs
In this form of entrepreneurship, Individuals move from one place to another place for
economic fortunes. They tend to go for that opportunity of entrepreneurship when they failed to get an
opportunity, or they fail to pursue their career, or fail to get jobs. Immigrant entrepreneurs own 12.5
percent of business in the United states and are 30 percent more likely to start business as compared to
non-immigrants. Although many immigrants come to the United states with few assets, the dedication
and desire to succeed enable them to achieve their entrepreneurial dreams.

Part-time entrepreneurs
They get to enjoy the best of both worlds. They continue their employment by continuing their
business. Another category of entrepreneurship is considered to be as part time entrepreneurs. Starting
a part-time business is a popular gateway to entrepreneurship. Part-timers have the best of both worlds.
They can ease into a business without sacrificing the security of steady paychecks.
A major advantage of going into part-time business is the lower risk in case the venture flops.
Starting a part time business and maintaining a “regular” job can challenge the endurance of the most
determined entrepreneurs, but it does provide a safety net in case the business venture fails. You may
also launch a business with a part-time entrepreneurship mode as well.
Home-Based Entrepreneurs
In the past, home based business tended to be rather unexciting cottage industry such as making
handicrafts, home cook food and sewing clothes. Todays home based business are more diverse;
modern home-based entrepreneurs are more likely to be running high-tech or service companies with
million of dollars in sales. The biggest advantage home-based business offer entrepreneurship is the
cost savings of not having to lease or buy an external location. Home-based entrepreneurs also enjoy
the benefits of flexible work and lifestyles.
Because of their low-cost locations, home based businesses generate higher gross profit
margins than companies that have location outside the home. Less costly and powerful technology and
the internet, which are transforming many ordinary homes into “electronic cottage’ will continue to
drive the growth of home-based businesses.

e.g. Home cook food, Silai School, Cottage industry (Trade that you get to conduct at home is
known as home-based entrepreneurs).
Family-Based Business Owners
A family-owned business is one that includes two or more members of a family with financial
control of the company. They are an integral part of our economy. The benefit of doing family-owned
entrepreneurs includes the reduced cost because you don’t have to pay wages to any third person apart
from your home members which creates a sort of competitive advantage over others.
Copreneurs
“Copreneurs” are entrepreneurial couples who work together as co-owner of their business. More
than 1.2 million husband and wife teams operate businesses in the United States. Coprenurs divide
their business responsibilities on the basis of their skills, experience and abilities rather than on gender.
Corporate Castoffs
Corporate castoffs are those individuals who get fired by their organizations due to the economic
recession. Concentrating on trying to operate more efficiently, corporations have been downsizing,
shedding their excess bulk, and slashing employment at all levels in the organization. These
downsizing victims or “corporate castoffs” have become an important source of entrepreneurial
activity
“Corporate Dropouts”
The dramatic downsizing in corporate America has created another effect among the employees left
after restructuring; a trust gap. The result of this trust gap is growing number of “dropouts” from the
corporate structure who then become entrepreneurs. Although their work days may grow longer, and
their incomes may shrink, those who strike out on their own often find their work more rewarding and
more satisfying because they are doing what they enjoy, and they are in control.
Retired-Baby Boomers
Members of the baby boom generation (1946-1964) are retiring, but many of them are not idle; instead
they are launching business of their own.

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COMSATS University Islamabad, Virtual Campus

Lecture Topic; The Cultural Diversity of Entrepreneurship

choosing entrepreneurship as their primary career path.

entrepreneurial generation in history.

Another segment of business considered to be as women entrepreneurs. But despite years of

stitching clothes, embroidery, hand-weaving items.

entrepreneurial activity among minorities in the United States.

minority-owned companies have come a long way in the last decade.

and desire to succeed enable them to achieve their entrepreneurial dreams.

business. Another category of entrepreneurship is considered to be as part time entrepreneurs. Starting

also launch a business with a part-time entrepreneurship mode as well.

the benefits of flexible work and lifestyles.

drive the growth of home-based businesses.

known as home-based entrepreneurs).

Family-Based Business Owners

downsizing victims or “corporate castoffs” have become an important source of entrepreneurial

they are launching business of their own.

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