2What is an entrepreneur? Someone who recognizes a business opportunity and organizes, manages, and assumes the risk of starting a business.Entrepreneurs face many challenges, however those who succeed see many rewards.If you have ever thought about going into business for yourself, then you have thought becoming an entrepreneur.Can you think of any entrepreneur??
3Twelve characteristics of Entrepreneurs A venture is a new business undertaking that involves risk.PersistentRisk-takingSelf-confidentRestlessGoal-orientedAction-orientedResponsibleSelf-demandingCreativeIndependentInquisitiveEnthusiastic
4Small BusinessSBA (Small Business Administration) protects the interests of small businesses.A small business is an independently owned business that usually has the owner as its manager.A small business serves a limited geographic area and employs fewer than 500 people.
5Internet businesses Virtual/Dot-com company Make shopping for efficient for consumersExample of how an entrepreneurial venture can make a significant improvement to what already exists.Potential to attract a huge number of customers
6Rewards of Entrepreneurship Being the bossDoing what you enjoyHaving the opportunity to be creativeBuilding an enterprise
7Challenges of entrepreneurship Getting funds to start the businessBeing fully responsible for the businessLong HoursUncertain income
8The Impact of small businesses More than 99% of US firms are small businessesEmploy for than 50% of the US workforcePrinciple source of new jobs
9Class work/HomeworkQ.1) What are the 12 characteristics of successful entrepreneurs? Which of these characteristics do you feel is most important and explain why?Q.2) What reward is the main reason most people become an entrepreneur?Q.3) Identify some of the challenges of entrepreneurship.Q.4) Think of an entrepreneur that you admire. Write a paragraph describing their business venture. Identify why it was successful. Choose 4 of the 12 characteristics of successful entrepreneurs that describe your chosen entrepreneur.