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What is an Entrepreneur?. Someone who takes risks in starting a business. Entrepreneur Jay-Z.

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Presentation on theme: "What is an Entrepreneur?. Someone who takes risks in starting a business. Entrepreneur Jay-Z."— Presentation transcript:

1 What is an Entrepreneur?

2 Someone who takes risks in starting a business. Entrepreneur Jay-Z

3 Risks??? Venture- business undertaking involving risks Risks- possibility of damage, injury, or loss Can you be successful without taking risks?

4 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

5 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

6 Entrepreneurs

7 What is Entrepreneurship?

8 Ability and willingness to develop, organize and manage a business. Entrepreneur Oprah Winfrey Goal: Profit Challenge: Risk

9 Personal Traits of Successful Entrepreneurs

10 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

11 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

12 Entrepreneur Economy 1 in 10 Americans, Ages 18-64 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

13 Opportunities and Risks in Starting a Business

14 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

15 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

16 Reasons for Failure

17 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”

18 Success Effective planning Good management

19 Failure in Perspective


21 The venture fails, not the entrepreneur.

22 Discussion Questions

23 Entrepreneurs can fail even if they are committed and have the characteristics needed to be successful. Why do you think this can happen?

24 Why is it important for entrepreneurs to choose a field that they will enjoy?

25 Do you think the advantages of entrepreneurship outweigh the disadvantages?

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