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Entrepreneurship

Entrepreneurship. Module 11. Objectives. Understand perceptions and definitions of entrepreneurship Understand the definition of small business and why it’s important Identify major characteristics of an entrepreneur. Definition of Entrepreneurship.

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Entrepreneurship

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  1. Entrepreneurship Module 11

  2. Objectives • Understand perceptions and definitions of entrepreneurship • Understand the definition of small business and why it’s important • Identify major characteristics of an entrepreneur

  3. Definition of Entrepreneurship • The word “entrepreneur” originates from the French word, entreprenedre, which means “to undertake” • Merriam-Webster Definition: • One who organizes, manages, and assumes the risks of a business or enterprise

  4. Perceptions of an Entrepreneur • An entrepreneur is a person of very high aptitude who pioneers change • Anyone who wants to work for himself or herself can be considered an entrepreneur

  5. What is a “small business” • We all have our own ideas of what constitutes a small business • Husband and wife operating a business • Neighbor who owns a hair salon • Tech company with 75 plus employees • All of these can be considered a “small business”

  6. Some Aspects of Entrepreneurship • Business Size • Can be assed in a number of ways, including number of employees and revenues • The SBA • Small Business Administration • Federally funded government agency providing loans and assistance to small businsses

  7. The NAICS • The SBA produces a table of size standards, matched to the North American Industry Classification System (NAICS) to guide the definition of a small business

  8. What does this all mean? • On average, the SBA defines most small businesses as having 500 or fewer employees, and revenues not exceeding $6-$8 million • A business could be as large as $30 million or have as many as 100 employees and still be considered a small business

  9. Fun Fact • Of all the businesses in the US with employees, four of five businesses have fewer than 20 people working in them

  10. Additional Notes • Federal agencies must use the SBA size charts when awarding contracts to small businesses • Financing institutions including the SBA make small business loans based on the table as well

  11. Major Characteristics of Entrepreneurs • Desire for Responsibility • Preference for moderate risk • Confidence in their ability to succeed • Desire for immediate feedback • High level of energy

  12. Characteristics of Entrepreneurs • Future orientation (visualize future) • Skilled at organizing • Value of achievement over money • High Degree of commitment • Tolerance for ambiguity • Flexibility

  13. Characteristics of Entrepreneurs • From what other entrepreneurs say…. • Tenacity and drive • Opportunity “vision” • Passion • Relationships • Judgment

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