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Chapter 37 What is Entrepreneurship?

Chapter 37 What is Entrepreneurship?. Entrepreneurship . Entrepreneurship - Is the process of starting and managing your own business. Entrepreneurs – are people who attempt to earn money and profits by taking the risk of owning and operating a business.

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Chapter 37 What is Entrepreneurship?

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  1. Chapter 37What is Entrepreneurship?

  2. Entrepreneurship • Entrepreneurship - Is the process of starting and managing your own business. • Entrepreneurs – are people who attempt to earn money and profits by taking the risk of owning and operating a business

  3. Activity #1 Adv. vs Disad. of Entrepreneurship Advantages Disadvantages

  4. Advantages of Entrepreneurship • Personal Freedom – You are Your own BOSS! • Increased Income – You make profits! • You make all of the decisions • Increased Self Esteem

  5. Disadvantages of Entrepreneurship • Take a huge financial RISK! • You do all of the work • You may lack special skills and abilities. • You may run out of money.

  6. Activity #2 – What makes an Entrepreneur Successful? • Do self Evaluation on page 491 • List the characteristics that you think make a good entrepreneur.

  7. Characteristics of a Successful Entrepreneur • Strong Organizational Skills • Drive or Ambition • Leadership Ability • Skills to operate the business

  8. Statistics About Businesses • 60% of those who start a business are between the ages of 25 and 40. • 8,400 new businesses are started each week. • Small businesses produce 50% of the GDP • 420,000 businesses are started each year.

  9. Types of Business Ownership • Sole Proprietorship – owner • Partnerships – more than owners • Corporations – chartered by the state to operate

  10. Sole Proprietorship • Is a business owned by 1 owner Advantages Disadvantages

  11. Partnership • Is a legal agreement between 2 or more people to be jointly responsible for the success or failure of a business. Advantages Disadvantages

  12. Corporation • A business that is chartered by a state & legally operates apart from the owners. • Stockholders • Board of Directors • Articles of Incorporation

  13. Adv. & Disadvantages of Corporations Advantages Disadvantages

  14. Percentages of Business Ownership

  15. What is a Franchise? • Franchise – a legal agreement to operate a business in the name of a recognized company. • Franchisee – the person purchasing the franchise • Franchisor – the owner of the recognized company

  16. Adv. & Disadvantages of Franchises Advantages Disadvantages

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