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Chapter 1

Chapter 1. SHOULD YOU BECOME AN ENTREPRENEUR?. WHAT DOES AN ENTREPRENEUR DO?. OWN OPERATE TAKE ALL THE RISK. WHY DO PEOPLE BECOME ENTREPRENEURS?. LEAVE CORPORATE ENVIRONMENT WORK FROM HOME PURSE A PERSONAL DREAM WORK FOR THEMSELVES. FAMOUS ENTREPRENEURS. HENRY FORD BILL GATES

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Chapter 1

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  1. Chapter 1 SHOULD YOU BECOME AN ENTREPRENEUR?

  2. WHAT DOES AN ENTREPRENEUR DO? • OWN • OPERATE • TAKE ALL THE RISK

  3. WHY DO PEOPLE BECOME ENTREPRENEURS? • LEAVE CORPORATE ENVIRONMENT • WORK FROM HOME • PURSE A PERSONAL DREAM • WORK FOR THEMSELVES

  4. FAMOUS ENTREPRENEURS • HENRY FORD • BILL GATES • JOHN D. ROCKEFELLER • OPRAH WINFREY • ELI WHITNEY • ANDREW CARNEGIE • WALT DISNEY • MILTON HERSHEY

  5. TYPES OF ENTREPRENEURIAL BUSINESSES • MANUFACTURING BUSINESS • WHOLESALING BUSINESS • RETAILING BUSINESS • AGRICULTURAL BUSINESS • MINING AND EXTRACTING BUSINESS

  6. CHARACTERISTICS OF SUCCESSFULENTREPRENEURS • SUCCESSFUL ENTREPRENEURS ARE INDEPENTENT- They want to make their own decisions and do something they enjoy. • SUCCESSFUL ENTREPRENEURS ARE SELF-CONFIDENT- Entrepreneurs make all the decisions. They must have the confidence to make choices alone and bounce back when a decision they made was poor. • SUCCESSFUL ENTREPRENEURS HAVE DETERMINATION AND PERSERVANCE- Entrepreneurs persist through hard times until goals are met.

  7. CHARACTERISTICS OF SUCCESSFULENTREPRENEURS • SUCCESSFUL ENTREPRENEURS ARE GOAL-ORIENTED- They know what they want, and they are able to focus on achieving it. • SUCCESSFUL ENTREPRENEURS HAVE A NEED TO ACHIEVE AND TO SET HIGH STANDARDS FOR THEMSELVES- They are constantly setting challenging new goals. • SUCCESSFUL ENTREPRENEURS ARE CREATIVE- They think of new ways to market their businesses and are always looking for new solutions to problems. • SUCCESSFUL ENTREPRENEURS ARE ABLE TO ACT QUICKLY- They are not afraid to make quick decisions when necessary, which helps them beat their competitors.

  8. ASSESS YOUR SUITABILITY SELF-ASSESSMENT TEST

  9. ASSESS YOUR APTITUDE APTITUDE- is the ability to learn a particular kind of job.

  10. JOB ATTRIBUTES CHECKLIST • I ENJOY WORKING WITH NUMBERS. • I ENJOY WORKING OUTDOORS. • I ENJOY WORKING WITH MY HANDS. • I ENJOY SELLING. • I LIKE WORKING WITH PEOPLE. • I PREFER TO WORK ALONE. • I LIKE SUPERVISING OTHER PEOPLE. • I LIKE KNOWING EXACTLY WHAT IT IS I AM SUPPOSED TO DO.

  11. ASSESS YOUR INTERESTS HOBBIES AND INTERESTS & PAST EXPERIENCES

  12. ADVANTAGES OF ENTREPRENEURSHIP • ENTREPRENEURS ARE THEIR OWN BOSSES- Nobody tells an entrepreneur what to do. Entrepreneurs control their own destinies. • ENTREPRENEURS CAN CHOOSE A BUSINESS THAT INTERESTS THEM- Entrepreneurs work in fields that interest them. Many combine hobbies and interests with business.

  13. ADVANTAGES OF ENTREPRENEURSHIP • ENTREPRENEURS CAN BE CREATIVE- Entrepreneurs are always implementing creative ideas they come up with themselves. • ENTREPRENUERS CAN MAKE LOTS OF MONEY- Entrepreneurship involves risk. This means that entrepreneurs can make a lot of money if their business succeeds.

  14. DISADVANTAGES OF ENTREPRENEURSHIP • ENTREPRENEURSHIP IS RISKY- All small businesses face the possibility of going out of business of losing money. • ENTREPRENEURS FACE UNCERTAIN AND IRREGULAR INCOMES- Entrepreneurs may make money one month and lose money the next.

  15. DISADVANTAGES OF ENTREPRENEURSHIP • ENTREPRENEURS WORK LONG HOURS- • Irregular hours • No paid days off • Even weekends and holidays • ENTREPRENEURS MUST MAKE ALL DECISIONS BY THEMSELVES- Unless they have partners, entrepreneurs must make all the decisions alone.

  16. COMPARING DIFFERENT OPPORTUNITIES • IS THERE A MARKET IN MY COMMUNITY FOR THIS KIND OF BUSINESS? WILL PEOPLE BUY MY PRODUCT OR SERVICE?

  17. COMPARING DIFFERENT OPPORTUNITIES • HOW MUCH MONEY WOULD IT TAKE TO START THIS BUSINESS? WILL I BE ABLE TO BORROW THAT MUCH MONEY?

  18. COMPARING DIFFERENT OPPORTUNITIES • HOW MANY HOURS A WEEK IS IT LIKELY TO TAKE TO RUN THIS BUSINESS? AM I WILLING TO COMMIT THAT MUCH TIME?

  19. COMPARING DIFFERENT OPPORTUNITIES • WHAT ARE THE PARTICULAR RISKS ASSOCIATED WITH THIS BUSINESS? WHAT IS THE RATE OF BUSINESS FAILURE?

  20. COMPARING DIFFERENT OPPORTUNITIES • DOES MY BACKGROUND PREPARE ME TO RUN THIS KIND OF BUSINESS? DO MOST PEOPLE WHO OWN THIS KIND OF BUSINESS HAVE MORE EXPERIENCE THAN I DO?

  21. COMPARING DIFFERENT OPPORTUNITIES • HOW MUCH MONEY COULD I MAKE RUNNING THIS BUSINESS?

  22. FINANCIAL GOALS • HOW MUCH MONEY WILL I EARN • QUICKLY PAY OFF DEBTS • SPECIFIC & REALISTIC • OBTAINABLE • 1 TO 5 YEARS (REPAID)

  23. NON-FINANCIAL GOALS • PERSONAL SATISFACTION • SERVE A COMMUNITY NEED • SOMETHING YOU LIKE OR ENJOY • PERSOANL INDEPENDENCE

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