6What is Entrepreneurship? An entrepreneur is someone who organizes and then runs a business.The risks can be high, but the rewards can also be great.continued
7Advantages of Entrepreneurship You’re in charge.There is great job satisfaction.Entrepreneurship can lead to a good income.
8Disadvantages of Entrepreneurship There is financial risk.Entrepreneurs often work long hours.Competition can be stiff.There are no guarantees of success.
9ETHICS in Action Becoming the Competition You have been the assistant manager of a coffee shop for the past five years and have made friends with many of the customers. You recently inherited a large sum of money and are thinking about opening up a coffee shop of your own.continued
10ETHICS in Action Becoming the Competition There is a perfect space available in a shopping center around the corner from your current place of work, and you think many of the customers that you have befriended would follow you there.continued
11ETHICS in Action Becoming the Competition THINK ABOUT IT Is it fair to open up a shop in direct competition with your current shop? Why or why not? Are there any other solutions?
12Motivation Successful entrepreneurs are highly self-motivated. They keep themselves motivated by setting short- and long-term goals.
13MotivationEntrepreneurs make and follow a plan for achieving their goals.
14Sight and Foresight Entrepreneurs recognize opportunities. They see problems and find a way to build success on them.
15Sight and ForesightEntrepreneurs constantly evaluate their businesses and their customers’ needs in order to achieve success.
16Decision MakingEntrepreneurs make business decisions every day, and the decisions must be good ones.
17Traits of Entrepreneurs Graphic Organizer4.1Traits of EntrepreneursRecognizeopportunitiesDesireachievementHave highenergyWant tocontroldestinySuccessfulEntrepreneursTakerisksDesire toearn profitAredeterminedAreenthusiasticHave self-confidenceChapter 4 • EntrepreneurshipSucceeding in the World of Work
18CAREER CHECKLISTWhen Starting Your Own Business…Talk to entrepreneurs who have started their own businesses, especially if they work in your area of interest.continued
19CAREER CHECKLISTWhen Starting Your Own Business…Take a good look at yourself. Do you possess the personal qualities that an entrepreneur needs? If not, brainstorm ways that you can start developing these important qualities.continued
20CAREER CHECKLISTWhen Starting Your Own Business…Perform further research about business plans and create one for your business.Be creative—sometimes the craziest idea can be a booming success in the business world.Investigate the unfulfilled business needs of your own community.continued
21CAREER CHECKLISTWhen Starting Your Own Business…Brainstorm with friends and find a partner that you work well with.Be persistent! It may take some time for your plan to become a success.
22Key Concept Checkpoint SECTION 4.1 REVIEWKey Concept CheckpointComprehensionGive an example of a successful business in your community. How might the traits of an entrepreneur have helped this business succeed?continued
23Key Concept Checkpoint SECTION 4.1 REVIEWKey Concept CheckpointComprehensionAre the advantages or the disadvantages of entrepreneurship more important to you? Why?continued
24Key Concept Checkpoint SECTION 4.1 REVIEWKey Concept CheckpointComprehensionWhy might entrepreneurship offer greater job satisfaction than working for someone else?
25What is Entrepreneurship? End of Section 4.1What is Entrepreneurship?