Entrepreneurship 1.2. What is an Entrepreneur? People who launch and run their own businesses –At first, they must perform many of the basic management.

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Presentation transcript:

Entrepreneurship 1.2

What is an Entrepreneur? People who launch and run their own businesses –At first, they must perform many of the basic management functions Estee Lauder, Kellogg, General Electric, Microsoft, Dell, Land’s EndEstee LauderKelloggGeneral Electric MicrosoftDellLand’s End –All started by entrepreneurs!

What is an Entrepreneur? A lot of risk! Can lose all the money invested in their company Can be more rewarding than working for a company High reward!

What is an Entrepreneur? Tend to me more independent May have less formal education Some jump from job to job before starting their own business

What is an Entrepreneur? Start with an idea for creating or modifying a product or service they believe in Like being their own boss! Tremendous satisfaction in their work Must work long hours and make decisions about every aspect of a business Without entrepreneurs, there would be no new businesses and fewer exciting innovations in business and industry

What is an Entrepreneur? Types of ownership –Sole proprietorship: people who run their businesses single handedly Medicine, dentistry, accounting –Partnership: one or more partners supply the money and runs the business –Corporation: avoid being held personally liable for financial losses