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The Entrepreneur Chapter 4. Characteristics of Successful Entrepreneurs Entrepreneurs: Entrepreneurs: –Individuals who start their own business or expand.

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Presentation on theme: "The Entrepreneur Chapter 4. Characteristics of Successful Entrepreneurs Entrepreneurs: Entrepreneurs: –Individuals who start their own business or expand."— Presentation transcript:

1 The Entrepreneur Chapter 4

2 Characteristics of Successful Entrepreneurs Entrepreneurs: Entrepreneurs: –Individuals who start their own business or expand existing ones. –Organize the factors of production for the purpose of producing goods and services. –Willing to take risks with the expectation of making a profit. Successful entrepreneurs have these characteristics… Keating Centre - Charles V. Keating Centre - Charles V. Keating

3 1. Opportunism – recognize opportunities that exist in situations. “cup is half full rather than …..” 1. Opportunism – recognize opportunities that exist in situations. “cup is half full rather than …..” 2. Risk Taking – take risks where their abilities can have a significant impact on the outcome and where profit can be made. 2. Risk Taking – take risks where their abilities can have a significant impact on the outcome and where profit can be made. –Entrepreneurs don’t gamble, but they don’t look for safe investments either.

4 3. Hard Working – creative and energetic, when entrepreneurs are working they don’t notice the passage of time. 3. Hard Working – creative and energetic, when entrepreneurs are working they don’t notice the passage of time. –They know the hard work involved in establishing a business. 4. Objectivity – recognize the need for skilled help. 4. Objectivity – recognize the need for skilled help. –They will seek out skilled help rather than going it alone. –Don’t hire friends or family but the best people to do the job.

5 5. Motivation – to work for themselves rather than anyone else, to be the boss!! The other motivation is making money. 5. Motivation – to work for themselves rather than anyone else, to be the boss!! The other motivation is making money. 6. Self-Confidence – believe that they can make a success of any business they try. 6. Self-Confidence – believe that they can make a success of any business they try. –Rely on themselves, not luck or friends, to be successful.

6 Why Business fail Personal characteristics of the entrepreneur. Personal characteristics of the entrepreneur. Lack of understanding of the market for their goods and services. Lack of understanding of the market for their goods and services. Insufficient start-up capital. Insufficient start-up capital. Poor judgment. Poor judgment.

7 The Franchise A license or privilege granted by a corporation (the franchiser) to another corporation or individual (the franchisee) to sell or use a recognized brand name. A license or privilege granted by a corporation (the franchiser) to another corporation or individual (the franchisee) to sell or use a recognized brand name. Tim Hortons - Frequently Asked Questions Tim Hortons - Frequently Asked Questions Tim Hortons - Frequently Asked Questions Tim Hortons - Frequently Asked Questions

8 To purchase a franchise you must… Pay a fee Pay a fee Give a % of sales to the franchiser Give a % of sales to the franchiser Maintain certain standards Maintain certain standards Follow certain methods of operating Follow certain methods of operating Purchase supplies from the franchiser Purchase supplies from the franchiser

9 In return you get… Business advice Business advice Financial advice Financial advice Training programs Training programs Use of a widely recognized name, image or product Use of a widely recognized name, image or product Free advertising Free advertising A business with a proven record of success A business with a proven record of success High motivation to succeed because of the amount of money invested. High motivation to succeed because of the amount of money invested. Good quality supplies and product. Good quality supplies and product.

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