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Chapter 2 Preparing for the Entrepreneurial Journey.

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Presentation on theme: "Chapter 2 Preparing for the Entrepreneurial Journey."— Presentation transcript:

1 Chapter 2 Preparing for the Entrepreneurial Journey

2 Copyright © Houghton Mifflin Company. All rights reserved.2 | 2 Learning Objectives Dispel myths about entrepreneurs Understand the pathways to entrepreneurship. Prepare to become an entrepreneur.

3 Copyright © Houghton Mifflin Company. All rights reserved.2 | 3 Seven Myths 1.Entrepreneurs start businesses solely to make money 2.It takes a lot of money to start a business 3.It takes a great idea

4 Copyright © Houghton Mifflin Company. All rights reserved.2 | 4 Seven Myths (continued) 4.The bigger the risk, the bigger the reward 5.A business plan is required for success 6.Entrepreneurship is for the young and reckless 7.Entrepreneurship cannot be taught

5 Copyright © Houghton Mifflin Company. All rights reserved.2 | 5 Pathways to Entrepreneurship The home-based entrepreneur The internet entrepreneur The serial or portfolio entrepreneur The traditional entrepreneur The nonprofit entrepreneur The corporate venturer

6 Copyright © Houghton Mifflin Company. All rights reserved.2 | 6 Table 2.1: Challenges and Opportunities with the Entrepreneur Career Path

7 Copyright © Houghton Mifflin Company. All rights reserved.2 | 7 Preparing to be an Entrepreneur Find a mentor Build a network Learn about entrepreneurs Identify reasons for wanting to own a business Analyze personality and business preferences

8 Copyright © Houghton Mifflin Company. All rights reserved.2 | 8 Preparing to be an Entrepreneur (continued) Improve or acquire critical skills Study an industry

9 Copyright © Houghton Mifflin Company. All rights reserved.2 | 9 New Venture Checklist Do you have what it takes to make it as an entrepreneur? Why do you want to start a business? What type of business would be good for you?


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