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Entrepreneurship: The Role of Entrepreneurs and Small Businesses

Learn about the importance of entrepreneurs and small businesses, the difference between managers and entrepreneurs, and the need for entrepreneurship in large and medium-sized companies. Explore the personal characteristics of entrepreneurs and the role small businesses play in the economy.

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Entrepreneurship: The Role of Entrepreneurs and Small Businesses

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  1. Entrepreneurship • In this section: Professional managers are paid to manage companies, but they don’t own them. Businesses are started and run by entrepreneurs. This section discusses: • What Is an Entrepreneur? • Entrepreneurs in Large and Medium-Sized Businesses • The Importance of Small Businesses

  2. What You’ll Learn • What entrepreneurs do. • The difference between managers and entrepreneurs. • The need for entrepreneurship and innovation in large and medium-size companies. • The importance of small businesses.

  3. Why It’s Important Knowing what is involved in starting and running a business will help you decide whether you want to start your own company some day.

  4. Key Terms • professional manager • entrepreneur • small business

  5. What Is an Entrepreneur? • Entrepreneurs are people who launch and run their own businesses. • Being an entrepreneur is much riskier than being a professional manager. They can lose all the money invested in their business if the business fails. • Entrepreneurs tend to be more independent than managers and may have less formal education. • They start with an idea for creating or modifying a product or service that they believe in.

  6. A small business is a company that is independently owned and operated. • According to the Small Business Administration, a small business has fewer than 100 employees. • Owners of small businesses often perform all management tasks. • More that 98 percent of the businesses in the United States are small businesses. • The Importance of Small Businesses

  7. The Importance of Small Business • They play an important role in the U.S. economy because they employ millions of workers and sell billions of dollars of products and services. • Small businesses tend to produce more innovations than larger businesses.

  8. 1. List three personal characteristics shared by many entrepreneurs. 2. Being an entrepreneur is easier than being a professional manager—true or false? Explain. 3. Describe two things companies can do to encourage their managers to think more like entrepreneurs. 4. Name two important roles small business play in the economy. • Fact and Idea Review

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