Entrepreneurs Take out a pen and paper to take notes!!!

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Presentation transcript:

Entrepreneurs Take out a pen and paper to take notes!!!

Definitions Entrepreneurs- own, (may) operate, and take the risk of a business venture Entrepreneurship- The process of running one’s own business. Employee- people who work for someone else

6 Types of Entrepreneurial Business Manufacturing- produce the products they sell Wholesaling- seller to sellers Retailing- resell products to people Service- sell services

6 Types of Entrepreneurial Businesses con’t Agricultural- fresh produce & other farm products Mining & extracting- resources from ground to consume

Small Business Employ fewer than 20 people!

Characteristics of successful Entrepreneurs Independence Self-confident Determination & perseverance Goal-orientated The need to achieve & Set high standards Are able to act quickly

Advantages of Entrepreneurship Own boss Businesses that interest them Creativity Money Money Money Monnnneeyyyyy

Disadvantages of Entrepreneurship Risky Uncertain and irregular incomes Long hours All decisions on own

THINK CRITICALLY!! 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? Why or why not? Explain!