Presentation on theme: "What is an Entrepreneur?. Someone who takes risks in starting a business. Entrepreneur Jay-Z."— Presentation transcript:
What is an Entrepreneur?
Someone who takes risks in starting a business. Entrepreneur Jay-Z
Risks??? Venture- business undertaking involving risks Risks- possibility of damage, injury, or loss Can you be successful without taking risks?
6 Types of Entrepreneurial Business Manufacturing- actually produce the products they sell Wholesaling- sell the products to people other than the final customer Retailing- selling products to people Service- sell services
6 Types of Entrepreneurial Businesses Agricultural- generate fresh produce & other farm products Mining & extracting- take resources like coal out of the ground so they can be consumed
What is Entrepreneurship?
Ability and willingness to develop, organize and manage a business. Entrepreneur Oprah Winfrey Goal: Profit Challenge: Risk
Personal Traits of Successful Entrepreneurs
Entrepreneurs are… C ompetitive C reative E nergetic G oal oriented I ndependent I nquisitive P ersistent R eliable S elf-confident Entrepreneur Mark Zuckerberg
Entrepreneurs can… P artner with others S ecure resources S pot opportunity L earn from failure S elf-motivate P roblem solve M aintain integrity D eal with ambiguity W ork hard Entrepreneur Ted Turner
Entrepreneur Economy 1 in 10 Americans, Ages involved in entrepreneur activities 6 25,000 new businesses/year V ery risky A lmost as many close each year S tart with $10K or less
Opportunities and Risks in Starting a Business
Opportunities I ndependence P ersonal satisfaction M ake a profit A dventure I ncome C ontrol over your own business C ontribute to society Entrepreneur Truett Cathy
Risks I ncome M ight lose investment L ong hours, hard work Q uality of life S tress D iscouragement R esponsibility C ompetitive pressure E xpenses, lack of money L ack of experience Entrepreneur Donald Trump
Reasons for Failure
Failure: Top 10 Reasons M anagement mistakes** L ack of experience P oor financial control W eak marketing efforts L ack of a strategic plan U ncontrolled growth P oor location I mproper inventory control I ncorrect pricing I nability to make the “entrepreneurial transition”
Success Effective planning Good management
Failure in Perspective
The venture fails, not the entrepreneur.
Entrepreneurs can fail even if they are committed and have the characteristics needed to be successful. Why do you think this can happen?
Why is it important for entrepreneurs to choose a field that they will enjoy?
Do you think the advantages of entrepreneurship outweigh the disadvantages?