1. What is an Entrepreneur?

2. Someone who takes risks in starting a business.
Entrepreneur Jay-Z

3. Risks??? Venture- business undertaking involving risks
Risks- possibility of damage, injury, or loss
Can you be successful without taking risks?
Risks???

4. 6 Types of Entrepreneurial Business
Retailing- selling products to people
Service- sell services
Manufacturing- actually produce the products they sell
Wholesaling- sell the products to people other than the final customer

5. 6 Types of Entrepreneurial Businesses
Agricultural- generate fresh produce & other farm products
Mining & extracting- take resources like coal out of the ground so they can be consumed

6. Entrepreneurs

7. What is Entrepreneurship?

8. Ability and willingness to develop, organize and manage a business.
Goal: Profit
Challenge: Risk
Entrepreneur Oprah Winfrey

9. Personal Traits of Successful Entrepreneurs

10. Entrepreneur Mark Zuckerberg
Entrepreneurs are…
Competitive
Creative
Energetic
Goal oriented
Independent
Inquisitive
Persistent
Reliable
Self-confident
Entrepreneur Mark Zuckerberg

11. Entrepreneur Ted Turner
Entrepreneurs can…
Partner with others
Secure resources
Spot opportunity
Learn from failure
Self-motivate
Problem solve
Maintain integrity
Deal with ambiguity
Work hard
Entrepreneur Ted Turner

12. 1 in 10 Americans, Ages 18-64 involved in entrepreneur activities
625,000 new businesses/year
Very risky
Almost as many close each year
Start with $10K or less
Entrepreneur Economy

13. Opportunities and Risks in Starting a Business

14. Entrepreneur Truett Cathy
Opportunities
Independence
Personal satisfaction
Make a profit
Adventure
Income
Control over your own business
Contribute to society
Entrepreneur Truett Cathy

15. Entrepreneur Donald Trump
Risks
Income
Might lose investment
Long hours, hard work
Quality of life
Stress
Discouragement
Responsibility
Competitive pressure
Expenses, lack of money
Lack of experience
Entrepreneur Donald Trump

16. Reasons for Failure

17. Failure: Top 10 Reasons Management mistakes** Lack of experience
Poor financial control
Weak marketing efforts
Lack of a strategic plan
Uncontrolled growth
Poor location
Improper inventory control
Incorrect pricing
Inability to make the “entrepreneurial transition”

18. Effective planning
Good management
Success

19. Failure in Perspective

21. The venture fails, not the entrepreneur.

22. Discussion Questions

23. Entrepreneurs can fail even if they are committed and have the characteristics needed to be successful. Why do you think this can happen?

24. Why is it important for entrepreneurs to choose a field that they will enjoy?

25. Do you think the advantages of entrepreneurship outweigh the disadvantages?