Goals of course
     •To distinguish between an idea and a 
       business opportunity
        – Inventor vs. entrepreneur
     •To understand the value of and know 
       how to conduct market research to 
       help identify a market opportunity
        – Marketplace advantage(s)
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                Entrepreneurship
     •Why do we care?
        – Creation of jobs 
           »5% of young and fast growing companies 
             create 77% of new jobs
           »15% of them account for 94% of all these 
             new jobs
           »Fortune 500 employed 1 in 5 in 1980; 
             now 1 in 14
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         Entrepreneurship continued
     •70% of companies that are hiring ≤  
       4 years old
     •70-80% of jobs are with companies 
       ≤  20 people
     • > 95% of the wealth in America has been 
       created by entrepreneurs since 1980
     • Millionaires are self-made : > 80% 
       accumulated their wealth in 1 generation
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            PA entrepreneurship
     •PA: > 200K businesses
        – 98% = small (< 500)
     •+ Almost 400K self employed
     •Women owned businesses 
       increasing at 65%
        –  78% nationwide
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                     Large companies
                                    Small businesses
             1920                                 2000
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