Starting Your Own Business

Advantages of Entrepreneurship Entrepreneur – person who organizes, manages, and assumes the risk of the business Risk – a chance of a possible loss Advantages –Being your own boss Setting your own hours Giving orders –Being able to create something new and different Disadvantages –Possibility of failure –Financial responsibility (borrow money) –Working hard for long hours

What it takes to be Successful Qualities –Self-confidence –Take risks, like challenges (Not safe, secure) –Not afraid to make decisions –Strong desire to achieve (don’t quit, not easily talked out of something –Lot of energy (work hard, not lazy) –Like to be recognized –Look for and see opportunities—looking for a better way or a better product

Persistent – sticking with something in spite of difficulties (not giving up) Needs to be something you like to do Types of Business Ownership Basic type of business – Sole proprietorship (owned by one person), oldest and most common Partnership – two or more people own and operate the business – pool their money, skills, knowledge, time—share profits and risk Corporation – owned by a number of people who buy shares of stock – these people are called stockholders Stock – share of ownership tht stockholders buy in the company