1. Business Concepts/Entrepreneurial Discovery Part I
BCS-BE-6: The student demonstrates and understanding of basic business concepts and how they are applied to business activities.
BCS-BE-10: The student recognizes and demonstrates an understanding of the unique characteristics, traits and concepts of the successful entrepreneur

2. Entrepreneurship
An entrepreneur is a person who:
Recognizes an ___________
____________
___________
Assumes the risks of starting and operating a business

3. Entrepreneurship
Entrepreneurship is:
The ________ of recognizing an opportunity
_________ testing
Gathering the resources ___________ to go into business.

4. Entrepreneurship
A ___________ is a new business undertaking that involves risk.

5. Personal Characteristics of Entrepreneurs
The ___________________ (SBA) created a checklist to help people see if they have the recommended traits for a career in entrepreneurship.

6. Personal Characteristics of Entrepreneurs
Figure 5.1
Personal Characteristics of Entrepreneurs

7. Small Businesses
A __________serves a limited ________ area and employs fewer than 500 people.
small business
an independently owned ________ that usually has the owner as its manager

8. Small Businesses
The SBA is a U.S. _________ agency that protects the interests of small businesses.

9. Internet Businesses
A virtual business or __________________can make shopping easier and more efficient for consumers.
virtual business or dot-com company
a business that operates on the ____________

10. Internet Businesses
According to the _______ City Business Journals, small businesses that use the _________ have grown more than 45 percent faster than those that do not.

11. Graphic Organizer Being the Boss Doing What You Enjoy
Number One Reason People Become Entrepreneurs
Being the Boss
Doing What You Enjoy
Rewards of Entrepreneurship
Having the Opportunity to Be Creative
Building an Enterprise

12. Young Entrepreneurs
More than ever, teens are starting businesses across the country. The SBA even offers a teen business link at its Web site. The link helps teens determine if their ideas have potential.

13. Other Reasons for Entrepreneurship
Entrepreneurs develop their own ________.
Many entrepreneurs run home-based _______
Entrepreneurs _________ to the economy and help create jobs.
Entrepreneurs are ________ for assuming risk.

14. Home-Based Businesses
Some home-based business experts say the best opportunities to start a home-based business stem from tasks employees do for their employer.

15. Challenges of Entrepreneurship
Getting Funds to Start the Business
Being Fully Responsible for the Business
Financial institutions are concerned about whether the business would succeed and they would be repaid.
Business owners must see that everything gets done—from sweeping the floors to handling financial records.

16. Other Challenges for Entrepreneurs
Feeling alone and _______ about making the right decisions
____ work hours
Uncertain _______ levels
Risk of ________

17. The Impact of Small Business
More than ____________of U.S. firms are small businesses.
Small businesses employ more than __percent of the U.S. workforce.
Small businesses are the _________source of new jobs.